WAF Reports 45,611 Ounces Gold Production in Q2, Kiaka Project Operational

Steady Production at Sanbrado Amid Operational Changes

West African Resources Limited (ASX – WAF) reported a solid second quarter for its Sanbrado Gold Operations, producing 45,611 ounces of gold. This output, while 9% lower than the previous quarter, reflects a combination of a slightly reduced mill head grade, a planned mill shutdown, and a minor dip in recovery rates. Notably, the company successfully transitioned away from its open-pit mining contractor, African Mining Services, with owner-mining operations set to resume in late Q3 2025. This strategic shift aims to enhance operational control and potentially reduce costs.

Kiaka Project Achieves First Gold Pour, Commissioning Ahead of Schedule

The Kiaka Gold Project marked a significant milestone with its first gold pour in June 2025, signaling the start of production at this long-anticipated asset. Open-pit mining activities have ramped up as planned, with ore stockpiles building steadily on the run-of-mine pad. Early commissioning results from the Kiaka processing plant have exceeded expectations, demonstrating stable throughput and metallurgical recoveries. The full ramp-up is expected to accelerate in Q3 once grid power is connected, underpinning the project's production guidance of 100,000 to 150,000 ounces for 2025.

Balancing Underground and Surface Operations

Underground mining at Sanbrado’s M1S zone delivered 29,320 ounces during the quarter, a 13% decrease compared to the previous period. This decline was primarily due to a 15% reduction in ore grade, partially offset by a slight increase in tonnage mined. Despite this, the overall processing plant performance remained reliable, achieving a recovery rate of 92.2%. The company also reported a reduction in gold contained within ore stockpiles, reflecting steady processing throughput.

Outlook and Market Positioning

West African Resources remains confident in meeting its 2025 production targets, with Sanbrado expected to deliver between 190,000 and 210,000 ounces at a site sustaining cost below US$1,350 per ounce. The addition of Kiaka’s output will significantly bolster the company’s production profile, potentially enhancing its market positioning as a low-cost, long-life gold producer in West Africa. Executive Chairman Richard Hyde highlighted the transformative nature of this quarter, emphasizing the operational progress and the company’s readiness to provide a comprehensive quarterly activities report soon.