Highlights

  • West African Resources (ASX:WAF) shares traded at AUD 3.67, up 1.38% on 10 November 2026.
  • The company operates the Sanbrado and Kiaka gold production centres in Burkina Faso.
  • Its March 2026 outlook projected average annual production of 533,000 ounces over 2026–2035.
  • The Toega satellite deposit is planned to provide additional ore feed for Sanbrado.

West African Resources Limited (ASX:WAF) develops and operates gold Assets in Burkina Faso, with production centred on Sanbrado and Kiaka and further work underway at the Toega deposit. Shares in the company traded at AUD 3.67 on 10 November 2026, rising 1.38% during the session. Its 2026 development programme combines mine sequencing, processing improvements and exploration, while its updated long-term production outlook sets out the contribution expected from its existing operations and planned ore sources.

Gold Operations at Sanbrado and Kiaka

West African Resources (ASX:WAF) has two operating gold production centres in Burkina Faso. Sanbrado is situated approximately 90 kilometres east-southeast of Ouagadougou and incorporates open-pit and underground Mining with associated processing facilities. The company identifies M5 North as a principal source of plant feed during 2026, while work at other deposits is intended to alter the ore mix over subsequent periods.

Kiaka is approximately 45 kilometres south of Sanbrado. Its 2026 mining programme includes the Kiaka Main Stage 1 open pit, alongside work at Kiaka South and Kiaka Central. The company expects higher-grade material from Kiaka South to supplement processing feed, while completion of mining at Kiaka Central is intended to create additional water storage capacity. These are distinct operational functions, and the timing and contribution of each remain dependent on mine execution.

2026 Production Outlook and Development Work

In March 2026, West African Resources (ASX:WAF) published a revised ten-year production outlook. The company projected average gold output of approximately 533,000 ounces annually for 2026–2035, with output above 500,000 ounces a year from 2027 through 2035 and a projected peak of 596,000 ounces in 2030. These figures are production targets, not completed results. The underlying estimates include Inferred Mineral Resources, which carry lower geological confidence than Ore Reserves.

For Sanbrado, the revised mine plan extends to 2036 and forecasts average annual production exceeding 250,000 ounces over its stated period. At Kiaka, the ten-year plan anticipates average output above 270,000 ounces annually. The company has identified secondary crushing for installation in 2028, with the intention of increasing fresh-ore throughput capacity to 12 million tonnes per year. Whether that capacity translates into production will depend on ore characteristics, plant availability and implementation.

The Toega deposit lies within trucking distance of Sanbrado and is designed as a satellite source of mill feed. During 2026, West African Resources (ASX:WAF) has outlined pre-stripping, construction and mine development activities at Toega. Its project timetable has evolved during the year, making subsequent operational updates important for confirming the actual timing of ore deliveries and first production rather than treating earlier targets as completed milestones.

Exploration, Financial Exposure and Sector Conditions

The company has also described a 2026 drilling programme exceeding 100,000 metres. Planned components include approximately 11,000 metres at M5 North, aimed at resource and reserve extensions, and 13,500 metres at Toega, aimed at testing depth extensions and improving resource classification. Exploration results can refine future mine planning, but drilling alone does not establish economically recoverable reserves.

West African Resources (ASX:WAF) remains exposed to gold prices, operating costs and the timing of capital expenditure. Mining and processing performance influence production volumes, while changes in ore grade, recovery and throughput affect unit costs. The scale of its mine-development programme also makes funding requirements and cash generation relevant to future financial reporting. Without a directly verified period-specific financial statement, no revenue, Earnings or cash-balance figure is asserted here.

Risks and What to Watch Next

Execution at Kiaka and Sanbrado, the integration of Toega feed, mine safety and regulatory requirements are operational considerations for West African Resources (ASX:WAF). Gold-price Volatility and movements in fuel, consumables and logistics costs may affect operating margins. Burkina Faso is the location of the company’s principal operating assets, creating geographic concentration alongside the normal permitting, infrastructure and security considerations of mining operations.

Upcoming company disclosures can clarify the latest output from each production centre, processing performance, capital spending and Toega development milestones. Investors may also monitor drilling results, changes to mine schedules and whether updated targets remain supported by the company’s resource and reserve assumptions.

Key Insights

West African Resources (ASX:WAF) is pursuing a multi-asset gold production plan centred on Sanbrado, Kiaka and the planned contribution from Toega. Its March 2026 outlook describes a higher longer-term production profile, but future delivery depends on mining schedules, processing improvements and project execution. Subsequent operating and financial reports will provide the evidence needed to assess progress against those plans.