Is West African Resources Entering a New Phase of Long-Term Gold Production Growth?

Source: Kapitales Research

Highlights

• Ten-year production outlook targets ~5.3 million ounces, with annual output averaging ~533,000 ounces.
• Mineral Resources expanded to 13.7 million ounces, supported by strong growth at the Kiaka project.
• Ore Reserves rose to 7.0 million ounces, strengthening long-term output outlook and supporting an extended operational lifespan for the mine.

West African Resources Limited (ASX: WAF) reported a gain of 4.754%, with its share price rising by AU$0.145 to close at AU$3.195. The movement follows the release of its updated 10-year production outlook, highlighting significant scale-up in gold production and resource growth across its key assets.

Production Outlook Signals Scale and Stability

The company’s updated long-term plan outlines total gold production of approximately 5.3 million ounces over the 2026 to 2035 period, with annual output expected to average around 533,000 ounces and peak at 596,000 ounces. This reflects a transition toward sustained high-volume production, supported by contributions from both the Sanbrado and Kiaka operations.

Resource Expansion Strengthens Asset Base

West African Resources reported a Mineral Resource base of approximately 13.7 million ounces, representing a year-on-year increase driven largely by growth at the Kiaka project. The update reflects improved pit optimization and continued drilling success, enhancing confidence in the scale and continuity of mineralization across its portfolio.

Reserves Growth Enhances Production Visibility

Ore Reserves increased to approximately 7.0 million ounces, supported by resource conversion, optimization of mining parameters, and higher gold price assumptions. This expansion provides a stronger foundation for long-term production planning and reinforces the company’s ability to sustain output over an extended period.

Operational Pipeline Supports Future Upside

The company plans to undertake more than 100,000 metres of drilling in 2026, targeting resource conversion and extensions across key deposits including M5, Toega, and Kiaka. These programs are expected to further enhance reserve growth and support future mine life extensions, particularly as mineralization remains open at depth across several zones.

Strategic Positioning Strengthens Long-Term Outlook

With a combination of expanding resources, increasing reserves, and a clearly defined production pipeline, West African Resources is positioning itself as a significant mid-tier gold producer. The integration of Sanbrado and Kiaka operations provides scale, operational flexibility, and long-term growth potential within a favourable gold market environment.

 Note- All data presented is based on information available at the time of writing.

Disclaimer for Kapitales Research

The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au