Highlights

  • West African Resources paid an unfranked special dividend of 20.0 cents per share on 7 October 2026.
  • The distribution totalled approximately A$228.8 million and was classified as a special payment.
  • At 30 June 2026, the group held A$876.3 million in cash against A$388.1 million in borrowings.
  • September-quarter gold production reached 127,950 ounces across the Kiaka and Sanbrado operations.
  • The company maintained its 2026 production guidance of 430,000 to 490,000 ounces.

West African Resources Limited (ASX:WAF) operates the Kiaka and Sanbrado gold mines in Burkina Faso, with its business centred on gold production and development in West Africa. The company paid an unfranked special dividend in October 2026, following its half-year financial results and an operational update that detailed contributions from both mines. The distribution provides a distinct picture of the group’s reported cash position and production activity during 2026.

A Special Distribution Following Half-Year Results

West African Resources (ASX:WAF) paid its special dividend of 20.0 cents per share on 7 October 2026. The board determined the distribution on 8 September 2026, ahead of its disclosure with the half-year result released on 10 September. The aggregate amount was approximately A$228.8 million. The payment was wholly unfranked and designated as conduit foreign income.

What the June Financial Statements Showed

For the six months ended 30 June 2026, West African Resources (ASX:WAF) reported revenue of A$1,462.7 million and statutory profit after tax of A$436.6 million. Profit attributable to owners of the parent was A$351.4 million. Basic earnings per share were 30.7 cents, while diluted earnings per share were 30.5 cents.

At the same balance date, cash and cash equivalents were A$876.3 million and total borrowings stood at A$388.1 million, equivalent to reported net cash of A$488.2 million. These are June balance-sheet figures rather than a post-dividend cash position. West African Resources (ASX:WAF) also reported sales of 214,883 ounces of gold during the half-year and all-in sustaining costs of A$2,596 per ounce, or US$1,823 per ounce.

Kiaka and Sanbrado Contributed to Quarterly Output

In the September 2026 quarter, West African Resources (ASX:WAF) produced 127,950 ounces of gold. Kiaka accounted for 76,030 ounces, with Sanbrado contributing 51,920 ounces. The production mix illustrates the role of the newer Kiaka operation alongside the established Sanbrado mine.

The company stated that its full-year 2026 production guidance of 430,000 to 490,000 ounces remained on track in the September-quarter update. That range is company guidance rather than an achieved annual result. The December-quarter production report will provide the remaining operational information needed to assess the full-year outcome.

Operating Risks and Distribution Limits

Operating conditions in Burkina Faso, movements in the gold price and mine development schedules remain relevant to reported performance. The company also indicated that underground stoping at M5 South had moved to early in the second half of 2027. The timing of such development activities can affect how planned production is delivered.

Key Insights

West African Resources (ASX:WAF) combined gold production from two Burkina Faso mines with a reported June net cash position and an October special dividend. The payment was expressly designated as non-periodic, making its classification different from an established regular distribution. Subsequent production reports, debt movements and financial statements will clarify how operating cash generation and capital commitments develop after the payment.