Highlights

  • West African Resources reports September quarter production of 127,950 ounces and year-to-date output of 360,857 ounces, on track for 2026 guidance of 430,000–490,000 ounces.
  • Cash and cash equivalents reach A$1.195 billion at 30 September 2026, with net operating cash flow of A$458.2 million for the quarter.
  • Kiaka produces 76,030 ounces in the quarter — about 13% more than the June quarter — after mill throughput rises 15% to 2,871 kilotonnes at 0.9 g/t and 93.1% recovery.
  • A permit for explosives manufacturing and storage at Kiaka remains outstanding; the company has engaged a second supplier to manage supply.

West African Resources Ltd has followed its early-October production update with its September-quarter activities and cash flow reports, lodged with the ASX on 28 October 2026. The cash flow figures show the Burkina Faso-focused gold producer (ASX:WAF) continuing to build its balance sheet as its second mine, Kiaka, carries a growing share of group output.

Cash Flow

Receipts from customers totalled A$812.7 million for the three months to 30 September 2026. Net operating cash flow was A$458.2 million for the quarter and A$1,148.0 million year to date. Cash and cash equivalents stood at A$1,195.4 million at quarter end. Investing outflows were A$77.1 million, mainly on property, plant and equipment, while financing outflows were A$38.1 million, including A$21.5 million of debt repayments. The report listed A$307.2 million of drawn loan facilities and A$370.3 million of secured and equipment finance facilities, so the company carries debt alongside its cash.

Production

West African reported September quarter gold production of 127,950 ounces, taking year-to-date output to 360,857 ounces. It sold 135,245 ounces in the quarter at a realised price of US$4,240 per ounce. The company said production remained on track for its 2026 guidance of 430,000 to 490,000 ounces.

Kiaka produced 76,030 ounces — about 13% more than the June quarter — after mill throughput rose about 15% to 2,871 kilotonnes at a head grade of 0.9 g/t and 93.1% recovery. Sanbrado produced 51,920 ounces, about 10% less than the prior quarter. The plant processed 716 kilotonnes at 2.4 g/t with 94.7% recovery. Ore from the M1 South underground mine totalled 171 kilotonnes at 6.5 g/t gold, with lower mined ounces attributed mainly to a roughly 20% fall in grade. Pre-strip work continued at the Toega open pit.

Constraints and Limitations

A permit for explosives manufacturing and storage at Kiaka was still awaiting government approval at the time of the production update. The company said explosives supply was a constraint, though access had improved after engaging a second supplier. The Burkina Faso government approved an updated Sanbrado life-of-mine plan including the M5 South underground deposit, but stoping there is not planned until early in the second half of 2027, with minimal contribution to 2027 output expected. Burkina Faso carries security and regulatory risks that investors routinely weigh. All-in sustaining cost data and the full activities report narrative have not been reviewed for this article and are not reported here.

Next Steps

With nine months of production at 360,857 ounces, the company needs between about 69,000 and 129,000 ounces in the December quarter to land within its annual guidance range. Key milestones include the pending Kiaka explosives permit, continued M5 South development and maintaining higher throughput rates at Kiaka.