West African Resources (ASX:WAF): How Are Kiaka and Sanbrado Shaping 2026 Gold Output?

Aditi Sarkar

29 October 2026 03:15 PM AEDT

West African Resources (ASX:WAF): How Are Kiaka and Sanbrado Shaping 2026 Gold Output?

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Highlights

West African Resources (ASX:WAF) produced 127,950 ounces of gold in the September 2026 quarter.
Kiaka contributed 76,030 ounces and Sanbrado delivered 51,920 ounces during the quarter.
September-quarter gold sales totalled 135,245 ounces at an average realised price of US$4,240 per ounce.
The company retained 2026 production guidance of 430,000–490,000 ounces and reported A$458 million in quarterly operating cash flow.

West African Resources Limited operates gold mines in Burkina Faso, with production centred on Sanbrado and Kiaka and further mine development under way at Toega. Its September 2026 quarterly update reported higher group production, substantial gold sales and progress on infrastructure and underground mining activities. Shares in West African Resources (ASX:WAF) traded at AUD 3.415 on 29 October 2026, an increase of 1.34% during the session. The operational focus now includes maintaining output at the two production centres, delivering ore from Toega to the Sanbrado processing plant and managing mine-development schedules and production costs.

Company Business

West African Resources (ASX:WAF) is an Australia-listed gold producer whose operating exposure is concentrated in Burkina Faso. Sanbrado, approximately 90 kilometres east-southeast of Ouagadougou, combines open-pit and underground mining with an established processing plant. Ore sources include the M5 North open pit and the M1 South underground mine. The company holds a 90% interest in Sanbrado, with the Burkina Faso government holding a 10% free-carried interest.

Kiaka is the company’s second gold production centre and operates alongside the Sanbrado asset within its national portfolio. Toega is being developed as a satellite open-pit ore source for Sanbrado, with material planned to be transported to the existing mill. The company is also advancing M5 South underground development and exploration around its operating and development assets.

Recent Development

In its September 2026 quarter, West African Resources (ASX:WAF) reported group gold production of 127,950 ounces, comprising 76,030 ounces from Kiaka and 51,920 ounces from Sanbrado. Total gold sales reached 135,245 ounces, including 73,492 ounces from Kiaka and 61,753 ounces from Sanbrado. Group production for the first nine months of 2026 stood at 360,857 ounces, while cumulative gold sales were 350,127 ounces.

At Sanbrado, the M5 North open pit delivered an 8% quarterly increase in mined gold ounces, helped by higher grades. The M1 South underground mine produced 171,000 tonnes of ore grading 6.5 grams per tonne, equivalent to 35,898 mined gold ounces. Government approval to include M5 South underground in the Sanbrado mine plan was received, and development began. Stoping is now scheduled for early in the second half of 2027.

Pre-strip activity continued at Toega, with ore deliveries to Sanbrado expected in early 2027. At Kiaka, better supply arrangements increased access to explosives, although the permit for a proposed explosives manufacturing and storage facility remained outstanding. This dependency continues to affect the scheduling of waste stripping and mining activity.

Financial Performance and Sector Context

West African Resources (ASX:WAF) reported an all-in sustaining cost (AISC) of US$1,570 per ounce for the September quarter, compared with a year-to-date AISC of US$1,725 per ounce. The quarterly update recorded A$458 million of net cash from operating activities and approximately A$1.195 billion of cash at 30 September 2026. The company also held approximately 36,085 ounces of unsold gold bullion, with a reported value of about A$217 million.

Quarterly gold sales were realised at an average US$4,240 per ounce, against a nine-month average of US$4,550 per ounce. Realised selling prices and production costs are important to operating cash generation because the business sells gold without forward hedging. The company retained 2026 guidance for gold production of 430,000–490,000 ounces at an AISC below US$1,900 per ounce. Gold prices, processing recovery rates, consumables, mine grades and expenditure on stripping and new development remain relevant financial variables.

Risks to Consider

Concentration of mining activity in Burkina Faso creates exposure to local regulatory decisions, security conditions, infrastructure and the availability of essential inputs. The outstanding explosives facility permit at Kiaka illustrates a current operational constraint. Underground development at M5 South, mine sequencing at Toega and transport arrangements for ore deliveries carry execution and timing risks. Gold-price volatility, changes in ore grade, sustaining expenditure and currency movements may affect earnings and cash flow.

What to Watch Next

For West African Resources (ASX:WAF), subsequent updates will show whether production remains within the 430,000–490,000-ounce calendar-2026 target and costs remain below the US$1,900-per-ounce AISC threshold. Other scheduled developments include mobilisation of Toega ore haulage, commencement of Toega feed to the Sanbrado mill in early 2027, further drilling results and an updated longer-term Sanbrado production forecast. Progress on Kiaka explosives permitting and the M5 South underground timetable will also be relevant.

Key Insights

West African Resources (ASX:WAF) ended the September quarter with 127,950 ounces of gold production across Kiaka and Sanbrado and reported significant quarterly operating cash inflows. The company maintained its 2026 production and cost guidance as it continued work at Toega and M5 South. Future operating reports will provide evidence on production consistency, cost control, permitting and development schedules, alongside movements in cash and gold inventories.

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