West African Resources (WAF) Earnings Call Presentation

Company Overview - West African Resources (WAF) aims to become a sustainable +500koz gold producer by 2029 [37, 98] - The company targets an average production of 477,000 oz per annum from 2025 to 2034 [44] - WAF's market capitalization is A$3,252 million as of August 25, 2025, with 1,141,029,225 ordinary shares outstanding at A$2.85 per share [24, 25] - As of June 30, 2025, the company holds A$328 million in cash and bullion [24] Operations and Resources - The company's mineral resources are estimated at 12.2 Moz of gold [24, 98, 102] - Ore reserves are estimated at 6.5 Moz of gold, with 83% of the production target based on ore reserves [24, 98] - The Sanbrado Gold Mine has resources of 4.7 Moz gold and reserves of 2.0 Moz gold [49] - The Kiaka Gold Project has resources of 7.5 Moz gold and reserves of 4.5 Moz gold [53] Production and Exploration - The company provides a production guidance of 290,000 - 360,000 oz for 2025 [24] - WAF plans to conduct +200,000m of drilling in 2025-2026 [44, 98] - Key programs for 2025 include 30,000m underground drilling at M5, 15,000m surface drilling beneath M5 open-pit, and 13,500m drilling at Toega [44] Sustainability and Community - In 2024, A$154 million in taxes and royalties were paid to the Government of Burkina Faso [61] - Since the start of mining operations in 2020, US$370 million has been contributed to Burkina Faso in taxes and royalties [67]