West African resources shines as gold production surges in 2025

ASX-listed West African Resources (WAF) has capped off 2025 with a powerful operational and financial performance, reinforcing its position as a standout gold producer in West Africa. With operations centred in Burkina Faso, the company delivered strong quarterly and full-year results, driven by consistent output at Sanbrado and a successful ramp-up at its flagship Kiaka project.

For the quarter ended December 31, 2025, WAF produced 49 732 oz of gold at a site sustaining cost of $1 399/oz, while full-year gold production reached 300 383 oz, comfortably within the company’s guidance range of 290 000 oz to 360 000 oz.

Gold sales during the fourth quarter totalled 105 995 oz at an average price of $4 058/oz, with WAF remaining fully unhedged and well positioned to benefit from elevated gold prices. The group’s all-in sustaining cost came in at $1 561/oz for the quarter and $1 488/oz for the year, reflecting disciplined cost control despite inflationary pressures.

Cash flow from operating activities reached A$389 million for the quarter, even after A$48 million in income tax payments. By quarter-end, WAF reported a robust A$584-million cash balance, along with A$177-million worth of unsold gold bullion, highlighting its strong liquidity and balance sheet strength.

Sanbrado delivers consistency as Kiaka gains momentum

The Sanbrado gold production centre continued its reliable performance, producing 49 732 oz of gold in the fourth quarter and 205 228 oz for the full year at a site sustaining cost of $1 348/oz, in line with guidance. Openpit mining resumed under WAF’s new owner-mining model, while underground operations at M1 South delivered high-grade ore despite a planned mill shutdown impacting quarterly output.

Considering rising gold prices and their impact on royalties, CEO Richard Hyde praised the result, stating:
“This is another outstanding yearly result for Sanbrado and the fifth consecutive year of either meeting or beating guidance.”

Meanwhile, Kiaka emerged as a key growth driver. In its first full quarter since construction completion, the operation produced 62 287 oz of gold at a site sustaining cost of $1 649/oz, lifting total 2025 production to 95 155 oz. Gold production rose 90% quarter-on-quarter, supported by higher throughput, improved grades, and increased power availability.

Hyde highlighted the strong progress at Kiaka, noting:
“We look forward to releasing WAF’s 2026 annual production guidance and outlining our capital management strategy later in the first quarter of 2026.”

With diamond drilling confirming the potential to extend open pit mining at M5 North, and upcoming updates to resources, reserves, and the company’s ten-year production plan, WAF enters 2026 with strong momentum and clear growth visibility.