West African Resources delivered A$437 million in first-half net profit after tax as Sanbrado and Kiaka combined for their first full six months of production. The gold miner will return A$228.8 million to shareholders while accelerating debt repayments.
- A$437 million H1 net profit after tax
- A$690 million operating cash flow
- 232,905 ounces produced at US$1,823/oz AISC
- 20 cents per share unfranked special dividend
- Debt repayments to accelerate over the next 12 months
Record profit funds shareholder payout
West African Resources Limited (ASX:WAF) has paired a powerful first-half result with a A$228.8 million special dividend, giving shareholders 20 cents a share after the company generated A$437 million in net profit after tax.
The June 2026 half-year result was the first full six-month period combining production from the Sanbrado and Kiaka operations. Revenue reached A$1.46 billion, profit before tax was A$684 million and operating cash flow came in at A$690 million. WAF finished the period with A$876 million in cash and 42,453 ounces of unsold gold bullion.
Gold output and realised prices drive cash generation
WAF produced 232,905 ounces of gold and sold 214,883 ounces during the half. The company reported an all-in sustaining cost of US$1,823 an ounce against a realised sales price of US$4,744 an ounce, while describing the financial and operating figures as records.
That operating performance gives the dividend a substantial cash foundation, although the release does not quantify the company’s debt balance or say how much of the available cash will be directed to lenders. Management said secured debt repayments will be accelerated over the next 12 months, placing capital allocation between shareholder returns and balance-sheet reduction at the centre of the next reporting period.
Toega and exploration provide the next test
The dividend is unfranked and carries a record date of 18 September 2026, with payment scheduled for 7 October. The ASX distribution notice also sets 17 September as the ex-dividend date. Shareholders domiciled in New Zealand may receive the payment in New Zealand dollars under the stated banking arrangements.
WAF said pre-production mining at Toega was well advanced and that more than 100,000 metres of exploration drilling was planned for 2026. The company is also pointing to its updated 10-year production outlook as support for further performance, but those plans remain exposed to the usual operational, gold-price, regulatory and development risks. The immediate question is whether Toega and the exploration programme can extend the production story while debt falls and the enlarged shareholder payout becomes a recurring expectation.
Bottom Line?
The first-half numbers support a major cash return, but the next test is whether WAF can reduce debt while funding Toega and sustaining production across two operations.
Questions in the middle?
- How much debt will WAF repay over the next 12 months?
- Can Toega enter production without disrupting the cash returns from Sanbrado and Kiaka?
- Will the current gold price environment persist long enough to support further special distributions?