West African Resources unearths thick gold zones below reserves in M5 North drilling update

West African Resources shares are in focus after high-grade gold hits at Sanbrado hint at a longer mine life and future production growth.

Laura Stewart

Author bio Laura Stewart is a Finance Editor at The Motley Fool, where she covers Australian and international equity markets. She joined the company in 2022, following a career transition from legal advisory work in Southeast Asia into the investment industry. Prior to her current editorial role, Laura spent three years as an Equity Analyst and Writer, producing investment research across the ASX, NYSE, and NASDAQ. Her coverage included small-cap growth companies, thematic investment ideas, and high-quality U.S.-listed businesses. Laura holds a Master of Applied Finance and brings additional expertise in accounting, taxation, and estate and wealth planning from her postgraduate studies. She also has a background in law and communications, which supports her analytical and reporting work in financial markets. Outside of work, she enjoys spending time in the Adelaide Hills with her flock of sheep. Education Laura holds a Bachelor of Laws, a Bachelor of Communication (Journalism), and a Bachelor of Commerce with majors in Accounting and Corporate Finance. In 2025, she completed a Master of Applied Finance at the University of Adelaide, receiving postgraduate awards in Accounting Concepts & Methods, Ethical Principles in Accounting & Finance, Real Estate Valuation & Investment, and Tax, Estate & Wealth Planning. Social media LinkedIn FYI – I am taking a break from social media at the moment, so this account isn’t active at the moment, but I will let you know when I rejoin. Favorite investment quote "Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it." — Albert Einstein

Published December 9, 2025 9:36 am AEDT

The West African Resources Ltd (ASX: WAF) share price is in focus today after the company reported standout high-grade gold hits from its M5 North drilling campaign, including 16 metres at 11.2 grams per tonne gold and confirmation of mineralisation well below current ore reserves.

Happy miner giving ok sign in front of a mine. — Image source: Getty Images

What did West African Resources report?

Diamond drilling at M5 North, Sanbrado delivered 16m at 11.2g/t Au and 45m at 1.9g/t Au
Gold mineralisation extends 300m+ below current ore reserves, remaining open at depth
The M5 North drilling program is only half complete, with further drilling scheduled into 2026
A cutback study of the M5 North open pit is planned for Q1 2026
Current open pit reserves at the M5 deposit last estimated using US$1,400/oz gold
Ongoing exploration underway at both M5 South Underground and Toega Underground targets

What else do investors need to know?

Diamond drilling results confirm strong potential to extend mine life at Sanbrado, with thick, high-grade gold intercepts found significantly below the current pit design. The mineralisation remains open at depth, suggesting further upside as the program continues.

A review of the M5 open pit reserves is pegged for next year, and the company highlights peak gold production of 569,000 ounces is expected in 2029 as part of its 10-year plan. West African Resources holds unhedged resources of 12.2 million gold ounces and ore reserves of 6.5 million ounces.

Exploration momentum remains high, with drilling underway at other key prospects, and further studies—such as geotechnical and metallurgical—progressing in parallel.

What's next for West African Resources?

Investors can look forward to ongoing drilling results from M5 North into 2026, with a focus on infill work to support reserve and resource updates. The company is also preparing an open-pit cutback assessment, flagging the potential to extend Sanbrado's mine life materially.

A refreshed 10-year production plan and updated resource and reserve statement are slated for release in the June 2026 quarter, which could further shape the company's growth outlook.

West African Resources share price snapshot

Over the past 12 months, West African Resources shares have risen 71%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen around 2% over the same period.

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