West African Resources Limited

recording in progress good morning and welcome to the west african resources investor webinar and conference call all attendees are a listen-only mode if you would like to ask a question directly to the company please use the raise hand function within zoom i'll now hand over to west african executive chairman and ceo richard hyde thank you richard thanks nathan good morning and welcome to the december 2025

Investor Conference call for West African Resources, and thanks for joining us today. Joining me on the call today, we have our Chief Financial Officer, Padraig O'Donoghue, and our General Manager of Finance, Todd Giltay. Our Chief Operating Officer, Lyndon Hopkins, is on site at the moment in Burkina. The December 2025 quarter has delivered another strong period of gold production across both our Sanbrado and Kiaka gold operations in Burkina Faso. with just over 112,000 ounces of gold produced across the operations, delivering an operating run rate that bodes well for our gold production in calendar year 2026. Our total gold production for calendar year 2025 was a touch over 300,000 ounces of gold, with Kyaka stepping up in Q4. This was well within our production guidance for the year. What's more is that we completed this achievement with no significant health, safety or social incidents, which is especially important to us and demonstrates our commitment to operating in a safe and responsible manner at all times. We sold 105,995 ounces of gold at an average price of $4,058 per ounce for the quarter, and we remain fully unhedged. therefore allowing WAF to take full advantage of the record gold prices we are currently seeing. With our all-in standing costs averaging US$1,561 per ounce across the two operations, we've been able to deliver AU$389 million of cash flow in a quarter, and that's after making income tax payments. of AU$48 million. Our cash balance at 31 December 2025 is AU$584 million, plus we still held another AU$177 million worth of unsold gold bullion, and that's just due to timing of shipments. Looking at our sites, the Kiyaka ramp-up has been excellent since its second quarter start-up. And its performance in Q4 really demonstrated that. This is the first full quarter of operations for the site. It produced 63,287 ounces of gold for the quarter, surpassing production at Zambrano for the first time. Kiyaka's costs continue to improve as production has increased. which was what we expected, and it's pleasing to see this pounding out. We expect costs to further reduce as our reliance on diesel-generated power reduces over the coming quarters. QR can produce just over 95,000 ounces of gold for the year after commencing operations in Q2 and having a short and operational phase in Q3. Open pit mining continues to ramp up as more equipment is commissioned for use. At Samburado, our steady production continued and we produced just under 50,000 ounces of gold for the quarter, bringing our total for the year to 205,228 ounces. Samburado performed well against production guidance, achieving the upper end of our 190,000 to 210,000 ounces production range. Open Pit recommenced in the quarter under our new owner mining operating model. Open pit mill feed in Q4 was sourced from both the M5 north pit and previously mined ore stockpiles. Mined ounces for the quarter from M1 south underground was 37,955 ounces, which was 16% below the previous quarter. This was due to a 14% drop in mined grade, as well as slightly lower ore tonnes mined. With that overview of our production, I'll hand it over to Padraig to discuss our financial details for the quarter.

Thank you, Richard. WAF, as Richard mentioned, WAF has benefited tremendously from being unhedged and generated $662 million Australian of gold sales revenue in the quarter, an average realized price of US dollars $4,058 per ounce. For the full year 2025, WAF generated more than Australian $1.5 billion of revenues. As Richard mentioned already also, we generated $389 million of operating cash flow in Q4 and ended the year with a very strong cash balance of $584 million Australian. Our capital investing activities in Q4 used $113 million of cash, which included $89 million for Kiaka and $23 million for Tawiga. Financing activities used $23 million of cash in Q4, with payments for loan interest, principal and financing expenses offsetting cash received from the drawdown of equipment finance facilities. I now hand back to Richard. Thanks, Frederick.