West African Resources (ASX: WAF) released its WAF ASX quarterly activities report on 28 January 2026. The Company produced 112,019 ounces of gold in the December 2025 quarter at all-in sustaining costs of US$1,561 per ounce. This marks the fifth consecutive year of meeting or beating production guidance.
Figure 1: Regional map showing West African Resources’ permit holdings and project locations in Burkina Faso, including the Sanbrado and Kiaka gold operations. (Source: West African Resources)
The West African Resources ASX announcement revealed a cash balance of $584 million and $177 million in unsold gold bullion. Operating activities generated $389 million of cash flow after making $48 million of income tax payments. The Kiaka gold project Burkina Faso completed its first full quarter of operations.
West African Resources ASX: Q4 2025 Operational Performance
The WAF ASX quarterly activities report showed the Company sold 105,995 ounces of gold in Q4 2025. The average realised price was US$4,058 per ounce with the Company remaining fully unhedged. Full year 2025 production reached 300,383 ounces of gold, achieving annual guidance of 290,000 to 360,000 ounces.
Executive Chairman and Chief Executive Officer Richard Hyde stated the Company met annual guidance. Sanbrado produced 205,228 ounces at a site sustaining cost of US$1,348 per ounce. The Kiaka gold project Burkina Faso saw excellent ramp-up progress with 62,287 ounces produced in its first full quarter.
Kiaka Gold Project Burkina Faso: First Full Quarter Success
The Kiaka gold project produced 62,287 ounces of gold in Q4 2025 at a site sustaining cost of US$1,649 per ounce. This represented a 90 per cent quarter-on-quarter increase, supported by higher mill throughput and improved head grades. Gold sales totalled 56,293 ounces at an average realised price of US$4,039 per ounce.
Figure 2: Overview layout of the Kiaka Gold Operation. (Source: West African Resources)
At quarter end, Kiaka held 15,468 ounces of unsold gold bullion valued at approximately US$68 million. Open pit mining delivered 3,271 kilotonnes of ore at an average grade of 0.8 grams per tonne, while plant ramp-up progressed with additional power capacity supporting higher throughput.
How Did Sanbrado Perform in the WAF ASX Quarterly Activities Report?
Sanbrado produced 49,732 ounces of gold in Q4 2025 at a site sustaining cost of US$1,399 per ounce. Annual production reached 205,228 ounces at a site sustaining cost of US$1,348 per ounce, meeting guidance of 190,000 to 210,000 ounces.
Figure 3: Sanbrado Gold Operation layout showing open pits, underground workings, waste dumps, processing plant, tailings storage, and associated infrastructure. (Source: West African Resources)
The operation sold 49,702 ounces during the quarter at an average realised price of US$4,079 per ounce. Unsold bullion totalled 11,627 ounces valued at approximately US$51 million, while mining recommenced under the owner-mining model using feed from M5 North and underground ore from M1 South.
What Does the West African Resources ASX Report Say About Exploration?
The West African Resources ASX announcement highlighted diamond drilling beneath the M5 North open-pit Ore Reserve. Results confirmed gold mineralisation more than 300 metres below current reserves, indicating potential to extend open-pit mining at Sanbrado.
Significant intercepts included 16 metres at 11.2 grams per tonne gold from 176 metres. Drilling continues at M5 South Underground and Toega Underground for resource infill and extensions, with further results expected in the coming quarters.
West African Resources ASX: Financial Position and Cash Flow
The West African Resources quarterly report showed a notional net cash balance of US$210 million at quarter end, compared with US$33 million at the start of Q4. Operating activities generated $389 million of cash after payment of $48 million in Burkina Faso income taxes.
Figure 4: Group financial summary and unit cost breakdown for West African Resources across Q1–Q4 2025, including all-in sustaining costs, cash position, and realised gold prices. (Source: West African Resources)
Investing activities used $113 million, mainly for Kiaka and Toega, while financing activities used $23 million, including interest payments. Non-sustaining growth capital totalled $159 million, largely related to Kiaka completion and owner-mining equipment purchases.
What Are the Royalty Costs for the Kiaka Gold Project Burkina Faso?
The WAF ASX quarterly activities report explained that Burkina Faso applies a gross production royalty starting at 8 per cent for gold prices between US$3,000 and US$3,500 per ounce. The rate increases by 1 per cent for each additional US$500 per ounce above US$3,500.
Royalty costs rose 19 per cent at Sanbrado due to higher gold prices and increased 351 per cent at Kiaka due to production ramp-up. Additional charges include a 1 per cent community development levy and a 3 per cent net smelter return royalty payable at Kiaka.
What Is the 2026 Guidance Outlook for West African Resources ASX?
The Company plans to release 2026 annual guidance in Q1 2026, covering production, unit costs, capital expenditure and exploration spend. The guidance will also outline future capital management strategies, including dividends or share buybacks.
Figure 5: Long section of the M5 North. (Source: West African Resources)
Next quarter objectives include releasing production guidance, reporting drilling results from M5 South Underground and updating the Resource, Reserve and 10-year production plan. Growth capital exceeded guidance in 2025 due to owner-mining equipment purchases.
West African Resources ASX Share Price and Market Performance
West African Resources ASX shares are currently trading at $3.810 with a market capitalisation of $4.23 billion. The stock has traded in a 52-week range of $1.570 to $3.870 per share. The Company’s share price performance reflects strong operational execution and cash generation.
Figure 6: One-year share price performance of West African Resources (ASX: WAF) through January 2026. (Source: ASX)
The fifth consecutive year of meeting or beating guidance demonstrates management credibility. Investors will monitor the 2026 production guidance release and capital management strategy announcement. The Company’s securities were reinstated to quotation on ASX following an announcement on 25 November 2025.
About West African Resources Limited
West African Resources Limited is an unhedged gold mining company operating in Burkina Faso. The Company operates the Sanbrado Gold Production Centre and the Kiaka Gold Production Centre. West African Resources employs a workforce focused on safe and efficient operations.
The Company holds multiple exploration licences and mining licences in Burkina Faso. West African Resources is headquartered in Subiaco, Western Australia and is listed on the Australian Securities Exchange. The Company is advancing the Toega gold deposit with open-pit mining operations expected to commence in 2026.
West African Resources maintains a Total Reportable Injury Frequency Rate of 1.49 at the end of the quarter. This compares favourably to the Western Australian gold industry rate of 5.0 for the most recent available reporting period.
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Final Thoughts
The WAF ASX quarterly activities report demonstrates another strong quarter with operational consistency. The fifth consecutive year of meeting production guidance reinforces management’s track record. The Company’s cash position of $584 million plus $177 million in unsold bullion provides financial strength.
The Kiaka gold project Burkina Faso successful ramp-up adds significant production to the portfolio. Exploration results at M5 North support potential mine life extensions. The upcoming 2026 West African Resources ASX guidance release and capital management strategy announcement will provide important direction for investors.
FAQs
Q1. What did the WAF ASX quarterly activities report reveal about production?
Ans. The WAF ASX quarterly activities report showed the Company produced 112,019 ounces of gold in Q4 2025, meeting annual guidance for the fifth consecutive year.
Q2. How did the Kiaka gold project Burkina Faso perform in Q4 2025?
Ans. The Kiaka gold project Burkina Faso produced 62,287 ounces of gold at a site sustaining cost of US$1,649 per ounce in its first full quarter.
Q3. What was West African Resources ASX cash position at December 2025?
Ans. West African Resources ASX had a cash balance of $584 million and $177 million in unsold gold bullion at the end of the December 2025 quarter.
Q4. What exploration results were highlighted in the WAF ASX quarterly activities report?
Ans. The WAF ASX quarterly activities report highlighted diamond drilling at M5 North with results including 16 metres at 11.2 grams per tonne gold from 176 metres.
