West African Resources delivers record 2025 gold production – earnings update

West African Resources hit a new record for gold output in 2025.

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 January 7, 8:58 am AEDT

Key points

Record Gold Production Achieved: West African Resources produced 300,383 ounces of gold in 2025, meeting its guidance range and setting a new production record, with significant contributions from both Sanbrado and Kiaka operations.
Operational Highlights and Challenges: Kiaka's ramp-up showed strong progress with a 208% increase in quarterly production, while Sanbrado faced a temporary production dip due to lower grades and planned maintenance, affecting quarterly output.
Future Reporting and Strategic Positioning: Investors anticipate further details in the upcoming quarterly activities report and are mindful of the company's unhedged strategy, which offers full exposure to changes in the gold price, potentially affecting future revenues.

The West African Resources Ltd (ASX: WAF) share price is in focus today after the gold miner achieved its 2025 production guidance, producing a record 300,383 ounces of gold across its Sanbrado and Kiaka operations.

A man clenches his fists in excitement as gold coins fall from the sky. — Image source: Getty Images

What did West African Resources report?

Q4 gold production: 112,019 ounces
Q4 gold sales: 105,995 ounces at an average realised price of US$4,058 per ounce
Full year 2025 gold production: 300,383 ounces (within guidance of 290,000–360,000 ounces)
Full year gold sales: 280,065 ounces at an average price of US$3,525 per ounce
Sanbrado 2025 gold production: 205,228 ounces
Kiaka 2025 gold production: 95,155 ounces

What else do investors need to know?

The Sanbrado underground mine experienced a 16% decrease in ounces mined during Q4 compared to Q3, due to a 14% lower underground grade. This, combined with a planned mill shutdown, resulted in a 17% quarter-on-quarter fall in Sanbrado's gold production.

Kiaka's open pit mine ramped up strongly, with a 76% jump in mined ounces for the quarter. The new processing plant also made solid gains, driving a 208% increase in gold production from the previous quarter as plant throughput and ore grades improved.

There was a difference between ounces produced and sold, attributed to a build-up of gold in circuit at Kiaka and timing of shipments.

What did West African Resources management say?

Executive Chairman and CEO Richard Hyde said:

I would like to commend both our Sanbrado and Kiaka operational teams for achieving WAF's gold production guidance for a fifth consecutive year. Combined group gold production of 300,383 ounces from our Sanbrado and Kiaka gold mining centres for the full year 2025 was well within WAF's annual guidance of 290,000 to 360,000 ounces, and was a record year of production for WAF. We look forward to providing our full quarterly activities report in the coming weeks.

What's next for West African Resources?

West African Resources is set to release a full quarterly activities report soon, which will provide further details on operational performance and project progress. Investors will also be watching for further ramp-up progress at Kiaka and any updates on future production targets.

The company's strategy of unhedged gold production gives it full exposure to any moves in the gold price, which may influence future revenues and shareholder returns.

West African Resources share price snapshot

Over the past 12 months, West African Resources shares have risen 115%, significantly outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.

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