FY2021
30 November 2021 · Kiaka and Toega acquisitions close
WAF closed the Kiaka and Toega acquisitions and repaid its Taurus facility during 2021. Sanbrado produced 288,719oz.
ASX: WAF · Five-year financial review
West African Resources Limited (ASX: WAF) - Five-Year Financial Review FY2021-FY2025
The five audited calendar years show Sanbrado earnings funding Kiaka's construction and the latter's 2025 start-up. Statutory financial tables are A$ million unless a row states another unit; operating measures have their own mine and cost boundaries.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 revenue
A$1,543.0m
Continuing operations; FY2024 A$730.0m
FY2025 group profit
A$567.4m
A$473.9m attributable to owners
FY2025 operating cash
A$789.7m
Net operating cash inflow
31 December 2025 cash
A$584.1m
Cash and cash equivalents
Five years in context
WAF entered 2021 as a Sanbrado producer, completed the Kiaka and Toega acquisitions that November and then spent 2022–2024 building Kiaka. Sanbrado production declined from 288,719oz in 2021 to 206,622oz in 2024, while Kiaka reached first gold in June 2025 and entered operations in August.
Group profit rose to A$567.4m in 2025 as Kiaka contributed and realised gold prices increased. Cash grew to A$584.1m at year-end after A$430.0m of property, plant and equipment payments and A$99.4m of subsidiary minority distributions. The 2025 change in Burkina Faso's free-carried interests also alters the ownership context for future comparisons.
Events behind the numbers
FY2022
3 August 2022 · Kiaka feasibility study
The Kiaka study set out a 4.5Moz maiden Ore Reserve and an 18.5-year mine life. Sanbrado gold production fell to 229,224oz.
FY2023
29 December 2023 · Kiaka debt facility signed
The US$265m Sprott/Coris syndicated facility was finalised to support Kiaka construction. It was undrawn at 31 December; the first US$100m draw followed on 2 January 2024.
FY2024
July 2024 · Equity placement supports Kiaka build
A$150m of share placement proceeds accompanied the Kiaka construction program. Investing cash outflow was A$487.3m.
FY2025
June–August 2025 · Kiaka reaches first gold and operations
Kiaka poured first gold in June and moved into operations on 1 August. Burkina Faso's free-carried stakes in SOMISA, Kiaka and Toega increased from 10% to 15% during the year.
FINANCIAL REVIEW / 01
Earnings and shareholder result
Revenue and group profit rose sharply in 2025 following Kiaka's start-up and higher realised gold prices. The profit attributable to owners is lower than group profit because the latter includes non-controlling interests.
Revenue and group profit
A$ million
Revenue from continuing operationsProfit after tax, group
AI-generated presentation · values from Consolidated profit or loss; no missing values plotted as zero.
Consolidated profit or loss
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue from continuing operations | 712.14 | 608.228 | 661.225 | 729.984 | 1,543 |
| Cost of sales | -306.805 | -324.677 | -390.874 | -377.704 | -663 |
| Exploration and evaluation expenses | -2.284 | -4.895 | -4.07 | -1.949 | -6.5 |
| Corporate and technical services | -5.741 | -7.785 | -9.789 | -11.608 | -14 |
| Share-based payments | -2.492 | -2.456 | -2.597 | -3.082 | -6.1 |
| Net foreign exchange gain/(loss) | -7.147 | 0.947 | 6.446 | 15.021 | 18.4 |
| Other expenses | -6.176 | -9.695 | -17.478 | -5.805 | -33.9 |
| Finance expenses | -58.73 | -2.11 | -1.77 | -2.772 | -30 |
| Profit before tax | 321.547 | 257.557 | 241.093 | 342.085 | 807.9 |
| Income tax expense | -107.109 | -73.851 | -76.296 | -95.861 | -240.5 |
| Profit after tax, group | 214.438 | 183.706 | 164.797 | 246.224 | 567.4 |
| Profit attributable to owners | 188.964 | 164.443 | 146.873 | 223.844 | 473.9 |
| Profit attributable to non-controlling interests | 25.474 | 19.263 | 17.924 | 22.38 | 93.5 |
Current-year statutory columns are used for every period. FY2025 source tables use $ million; A$ is established by the issuer's A$ profit summary and accompanying narrative.
FY2021 net FX combines separately reported realised and unrealised losses; later years report one net FX line.
The displayed expense lines are selected material components, not a full arithmetic bridge to profit before tax.
Source: West African Resources annual reports 2021–2025; exact cell records and source-table lineage are retained in the evidence bundle.
Per-share results and dividends
cents per share
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic earnings per share | 20.9 | 16.1 | 14.3 | 20.7 | 41.6 |
| Diluted earnings per share | 20.7 | 15.9 | 14.2 | 20.6 | 41.3 |
| Dividends per share | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
Nil dividends are reported in the issuer's five-year summary. EPS is attributable to ordinary shareholders, while group profit above includes non-controlling interests.
Basis and presentation notes (5)
- Dividends per share / FY2021 — 0 (nil): Source presents a dash/nil
- Dividends per share / FY2022 — 0 (nil): Source presents a dash/nil
- Dividends per share / FY2023 — 0 (nil): Source presents a dash/nil
- Dividends per share / FY2024 — 0 (nil): Source presents a dash/nil
- Dividends per share / FY2025 — 0 (nil): Source presents a dash/nil
Source: West African Resources annual reports 2021–2025; exact cell records and source-table lineage are retained in the evidence bundle.
FINANCIAL REVIEW / 02
Assets, borrowings and equity
Kiaka construction and commissioning increased property, plant and equipment and borrowings. At 31 December 2025, assets were A$2,715.6m, borrowings A$438.2m and net assets A$1,758.2m; current provisions include an A$72.9m line not separately presented in prior years' selected statements.
Cash and borrowings
A$ million
Cash and cash equivalentsBorrowings — currentBorrowings — non-current
AI-generated presentation · values from Consolidated financial position at 31 December; no missing values plotted as zero.
Consolidated financial position at 31 December
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 183.374 | 173.393 | 135.08 | 391.67 | 584.1 |
| Restricted cash | 1.626 | 10.272 | 3.268 | 5.832 | 7.9 |
| Trade and other receivables | 42.507 | 43.367 | 231.917 | 117.555 | 134.6 |
| Inventories | 58.977 | 68.031 | 103.923 | 134.2 | 264.9 |
| Total current assets | 286.523 | 295.063 | 474.188 | 649.232 | 991.5 |
| Property, plant and equipment | 329.556 | 518.06 | 682.53 | 1,286.564 | 1,647.2 |
| Right-of-use assets | 12.713 | 7.469 | 2.226 | 21.284 | 58.7 |
| Exploration and evaluation assets | 175.455 | 57.581 | 61.895 | 17.22 | 18.2 |
| Total non-current assets | 517.724 | 583.642 | 746.651 | 1,325.068 | 1,724.1 |
| Total assets | 804.247 | 878.705 | 1,220.839 | 1,974.3 | 2,715.6 |
| Trade and other payables (current) | 106.072 | 52.408 | 82.608 | 110.378 | 176.4 |
| Borrowings — current | 0.214 | 14.106 | 14.102 | 23.776 | 103.8 |
| Lease liabilities — current | 5.591 | 6.624 | 1.97 | 6.492 | 6.1 |
| Provisions — current | Not separately presented | Not separately presented | Not separately presented | Not separately presented | 72.9 |
| Current tax payable | 85.418 | 14.44 | 29.966 | 54.33 | 131.7 |
| Total current liabilities | 197.295 | 87.578 | 128.646 | 194.976 | 490.9 |
| Borrowings — non-current | 12.904 | 0 (nil) | 133.078 | 382.715 | 334.4 |
| Lease liabilities — non-current | 7.096 | 1.45 | 0 (nil) | 12.989 | 8.8 |
| Provisions — non-current | 12.579 | 14.376 | 17.197 | 33.054 | 53.3 |
| Deferred tax liabilities | 19.967 | 34.734 | 36.087 | 36.689 | 70 |
| Total non-current liabilities | 52.546 | 50.56 | 186.362 | 465.447 | 466.5 |
| Total liabilities | 249.841 | 138.138 | 315.008 | 660.423 | 957.4 |
| Net assets | 554.406 | 740.567 | 905.831 | 1,313.877 | 1,758.2 |
| Issued capital | 335.334 | 335.63 | 335.857 | 480.375 | 480.4 |
| Reserves | 4.173 | 15.785 | 30.673 | 49.966 | 99.2 |
| Accumulated profit / (losses) | 185.54 | 349.083 | 494.674 | 716.643 | 1,140.4 |
| Equity attributable to owners of the parent | 525.047 | 700.498 | 861.204 | 1,246.984 | 1,720 |
| Non-controlling interest | 29.359 | 40.069 | 44.627 | 66.893 | 38.2 |
| Total equity | 554.406 | 740.567 | 905.831 | 1,313.877 | 1,758.2 |
Each column is the balance at 31 December of that year. Comparative columns in later reports were not substituted for an original year without an explicit source-row correction.
The current-provisions line is separately presented in FY2025; earlier selected statements do not separately present it. Component rows are selective where an annual statement has other minor lines.
The FY2025 comparative extractor records a zero for FY2024 current provisions but tags it not_disclosed; the accompanying nil provision note covers only the subsidiary minority-interest component. The FY2024 total current-provisions cell therefore remains not separately presented, not a confirmed zero.
Basis and presentation notes (6)
- Provisions — current / FY2021 — Not separately presented: The FY2021 original financial-position table (current-liabilities row R001065) does not separately present total current provisions; non-current provision amounts are not substituted.
- Provisions — current / FY2022 — Not separately presented: The FY2022 original financial-position table (current-liabilities row R002688) does not separately present total current provisions; non-current provision amounts are not substituted.
- Provisions — current / FY2023 — Not separately presented: The FY2023 original financial-position table (current-liabilities row R004195) does not separately present total current provisions; non-current provision amounts are not substituted.
- Provisions — current / FY2024 — Not separately presented: The FY2024 original financial-position table does not separately present current provisions. FY2025 comparative R006438 has value 0 but value_status not_disclosed; R007126's dash is only the subsidiary minority-interest provision. Neither establishes a zero for total current provisions.
- Borrowings — non-current / FY2022 — 0 (nil): Source presents a dash/nil
- Lease liabilities — non-current / FY2023 — 0 (nil): Source presents a dash/nil
Source: West African Resources annual reports 2021–2025; exact cell records and source-table lineage are retained in the evidence bundle.
FINANCIAL REVIEW / 03
Cash generation and investment
Operating cash funded substantial investment in Kiaka. Investing cash outflow peaked at A$487.3m in 2024; 2025 operating cash of A$789.7m exceeded A$431.3m investing outflow, while financing cash turned negative as minority distributions and borrowing costs were paid.
Operating and investing cash flow
A$ million
Net cash inflow from operating activitiesNet cash outflow from investing activities
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Consolidated cash flows
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash inflow from operating activities | 349.66 | 184.098 | 208.612 | 251.64 | 789.7 |
| Payments for property, plant and equipment (cash capex) | -48.254 | -102.533 | -225.379 | -485.161 | -430 |
| Capitalised exploration and evaluation expenditure | -7.003 | -12.348 | -2.958 | -2.186 | -1.3 |
| Payment for acquisition of assets, net of cash acquired | -52.704 | -65.906 | 0 (nil) | Not separately presented | Not separately presented |
| Net cash outflow from investing activities | -107.961 | -180.787 | -228.337 | -487.347 | -431.3 |
| Proceeds from issue of shares (financing inflow) | 136.25 | 0.12 | 0 (nil) | 150 | 0 (nil) |
| Proceeds from exercise of share options | 1.042 | 0.526 | 0.247 | 0.232 | 0 (nil) |
| Proceeds from borrowings | 0 (nil) | 0 (nil) | 0 (nil) | 375.879 | 24.3 |
| Repayment of borrowings | -235.064 | 0 (nil) | 0 (nil) | 0 (nil) | -34.5 |
| Subsidiary minority interest profit distribution | -2.69 | -7.292 | -14.648 | -1.989 | -99.4 |
| Payments for share issue costs | -4.04 | -0.345 | -0.02 | -5.237 | 0 (nil) |
| Payments for lease liabilities (issuer cash-flow line) | -5.331 | -7.544 | -5.328 | -8.155 | -7.4 |
| Interest paid on borrowings (financing classification) | -13.395 | -0.653 | -1.42 | -25.713 | -42.5 |
| Financing costs (cash flow line) | -31.33 | 0 (nil) | 0 (nil) | Not separately presented | -13.2 |
| Transaction costs related to loans and borrowings | 0 (nil) | -0.524 | -2.012 | -18.982 | 0 (nil) |
| Net cash (outflow)/inflow from financing activities | -154.558 | -15.712 | -23.181 | 466.035 | -172.7 |
| Net increase/(decrease) in cash held | 87.141 | -12.401 | -42.906 | 230.328 | 185.7 |
| Effect of exchange rate changes on cash held in foreign currencies | 1.206 | 2.42 | 4.593 | 26.262 | 6.7 |
| Cash at the end of the financial period | 183.374 | 173.393 | 135.08 | 391.67 | 584.1 |
Cash outflows are negative. FY2021–FY2022 acquisition payments are the issuer's generic 'payment for acquisition of assets, net of cash acquired' line; the statement does not allocate it between Kiaka and Toega.
Lease payments retain the issuer's cash-flow line label; the underlying principal and interest composition can differ by year.
The FY2024 A$19.0m borrowing transaction-cost outflow is retained in financing cash flow and is not a nil value.
FY2024 separately reports A$18.982m of borrowing transaction costs; the generic financing-costs line is not separately presented. These rows are kept distinct so neither the cost nor a missing amount is duplicated.
Basis and presentation notes (18)
- Payment for acquisition of assets, net of cash acquired / FY2023 — 0 (nil): Issuer cash-flow statement presents a dash; no acquisition payment is recorded on this line
- Payment for acquisition of assets, net of cash acquired / FY2024 — Not separately presented: The issued FY2024 investing statement (net investing row R005722) has no separately reported acquisition-of-assets payment. This presentation is not treated as a zero or as an allocation within PP&E/exploration cash.
- Payment for acquisition of assets, net of cash acquired / FY2025 — Not separately presented: The issued FY2025 investing statement (net investing row R006809) has no separately reported acquisition-of-assets payment. This presentation is not treated as a zero or as an allocation within PP&E/exploration cash.
- Proceeds from issue of shares (financing inflow) / FY2023 — 0 (nil): Source presents a dash/nil
- Proceeds from issue of shares (financing inflow) / FY2025 — 0 (nil): Source presents a dash/nil
- Proceeds from exercise of share options / FY2025 — 0 (nil): Source presents a dash/nil
- Proceeds from borrowings / FY2021 — 0 (nil): Source presents a dash/nil
- Proceeds from borrowings / FY2022 — 0 (nil): Source presents a dash/nil
- Proceeds from borrowings / FY2023 — 0 (nil): Source presents a dash/nil
- Repayment of borrowings / FY2022 — 0 (nil): Source presents a dash/nil
- Repayment of borrowings / FY2023 — 0 (nil): Source presents a dash/nil
- Repayment of borrowings / FY2024 — 0 (nil): Source presents a dash/nil
- Payments for share issue costs / FY2025 — 0 (nil): Source presents a dash/nil
- Financing costs (cash flow line) / FY2022 — 0 (nil): Source presents a dash/nil
- Financing costs (cash flow line) / FY2023 — 0 (nil): Source presents a dash/nil
- Financing costs (cash flow line) / FY2024 — Not separately presented: The FY2024 financing statement separately reports A$18.982m transaction costs related to loans and borrowings. It has no separate generic financing-costs line; the named transaction-cost amount is retained on its own row and is not duplicated or assumed to exhaust all financing costs.
- Transaction costs related to loans and borrowings / FY2021 — 0 (nil): Source presents a dash/nil
- Transaction costs related to loans and borrowings / FY2025 — 0 (nil): Source presents a dash/nil
Source: West African Resources annual reports 2021–2025; exact cell records and source-table lineage are retained in the evidence bundle.
FINANCIAL REVIEW / 04
Mining activity and unit economics
Sanbrado's underground contained ounces rose in 2025 while open-pit mining paused for roughly five months during the switch to owner mining. Kiaka began contributing in 2025, so group sales and AISC have a different operating boundary from the earlier Sanbrado-heavy years.
Sanbrado gold produced
oz
Gold produced
AI-generated presentation · values from Sanbrado physical operating drivers; no missing values plotted as zero.
Sanbrado physical operating drivers
mixed units; see row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Gold producedoz | 288,719 | 229,224 | 226,823 | 206,622 | 205,228 |
| Gold soldoz | 295,215 | 233,930 | 224,970 | 199,550 | 205,517 |
| Underground ore minedkt | 372 | 424 | 470 | 478 | 587 |
| Underground contained goldoz | 113,259 | 110,183 | 104,519 | 122,161 | 145,894 |
| Ore milledkt | 3,155 | 3,251 | 3,321 | 3,435 | 3,300 |
| Head gradeg/t | 3 | 2.4 | 2.3 | 2 | 2.1 |
| Recovery% | 94.5 | 93.1 | 93.7 | 93.3 | 93 |
Sanbrado only. FY2025 open-pit mining paused for approximately five months during the transition to owner mining; Kiaka production is excluded from these series.
Source: West African Resources annual reports 2021–2025; exact cell records and source-table lineage are retained in the evidence bundle.
Issuer-reported unit cost and realised price
mixed units; see row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| All-in sustaining costA$/oz | 1,060 | 1,561 | 1,708 | 1,879 | 2,308 |
| All-in sustaining costUS$/oz | 796 | 1,086 | 1,136 | 1,240 | 1,488 |
| Average sales priceA$/oz | 2,406 | 2,586 | 2,923 | 3,624 | 5,466 |
AISC is issuer-defined and non-IFRS. FY2021–FY2024 schedules principally describe Sanbrado; FY2025 group per-ounce cost includes Kiaka and its ramp-up, so the FY2025 cost point has a boundary break.
The price series is issuer-reported. FY2025 group sales includes Kiaka, while the earlier years reflect Sanbrado sales.
Source: West African Resources annual reports 2021–2025; exact cell records and source-table lineage are retained in the evidence bundle.
FY2025 group sales and Kiaka start-up snapshot
mixed units; see row
| Metric | FY2025 |
|---|---|
| Group gold soldoz | 280,065 |
| Group average realised priceA$/oz | 5,466 |
A dated FY2025 snapshot, not a five-year Sanbrado operating series.
Source: West African Resources annual reports 2021–2025; exact cell records and source-table lineage are retained in the evidence bundle.
Reading the figures
- The source packet's FY2025 statutory income and financial-position facts carry a USD currency tag, but the original tables say '$ million'; 2024 comparatives match prior A$ statements, and issuer summaries identify A$ profit and gold revenue. This report presents the consolidated statements as A$ million; the metadata conflict is retained for review.
- FY2021–FY2022 acquisition cash-flow lines do not allocate the cash payment between the named Kiaka and Toega assets.
- AISC is issuer-defined and non-IFRS; the 2025 group mining boundary includes Kiaka, unlike the earlier Sanbrado-focused operating cost series.
- Earlier selected financial-position statements do not separately present a current-provisions line; missing presentation is not treated as zero.
Annual-report source registry
- 2021 Annual ReportYear ended 2021-12-31; report dated 2022-03-31.
- 2022 Annual ReportYear ended 2022-12-31; report dated 2023-03-20.
- 2023 Annual ReportYear ended 2023-12-31; report dated 2024-03-14.
- 2024 Annual ReportYear ended 2024-12-31; report dated 2025-03-06.
- 2025 Annual ReportYear ended 2025-12-31; report dated 2026-03-17.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.