The West African Resources Ltd (ASX: WAF) share price is in focus after the company posted record quarterly results, including a cash balance of A$847 million and Q1 gold production of 107,728 ounces at an all-in sustaining cost (AISC) of US$1,921/oz.
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What did West African Resources report?
- Q1 2026 gold production: 107,728 ounces at AISC of US$1,921/oz
- Q1 gold sales: 104,145 ounces at a realised price of US$4,945/oz
- Record cash balance of A$847 million at 31 March 2026
- Operating cash flow of A$440 million for the quarter
- A$213 million in unsold gold bullion at quarter-end
- Ore Reserves increased to 7 million ounces, Mineral Resources up to 13.7 million ounces
What else do investors need to know?
West African Resources continued its strong safety performance during the quarter, reporting no significant health or safety incidents and an industry-leading injury frequency rate of 1.64.
Operationally, both the Sanbrado and Kiaka production centres performed well. Kiaka saw an 18% increase in mined ounces and a 6% rise in gold produced versus the previous quarter, while Sanbrado delivered production broadly in line with its annual plan.
Post-quarter, the Burkina Faso Government published a decree to acquire 25% of Kiaka SA for A$175 million. The company also updated its 10-year production outlook, targeting 5.3 million ounces of gold output from 2026 to 2035 and annual production peaking at 596,000 ounces in 2030.
What did West African Resources management say?
Executive Chairman and CEO Richard Hyde said:
With quarterly production of 107,728 ounces gold at an AISC of US$1,921/oz from our two large low-cost gold production centres of Sanbrado and Kiaka in Burkina Faso and based on our planned production profile for 2026, WAF is on-track to achieve annual production guidance of 430,000 – 490,000 ounces of gold at an AISC below US$1,900/oz.
Our updated Resources, Reserves and 10-year Production Plan also released in the quarter, reported further increases to the production plans for Kiaka and Sanbrado on the back of outstanding results from our 2025 drilling programs. At Kiaka we have also modelled higher production throughputs based on exceptional performance of the process plant. Planned production increases from Sanbrado and Kiaka underpin WAF's goal of being a sustainable 500,000+ ounce gold producer.
WAF is on an exciting growth trajectory, and we continue to create value through the drill-bit with a US$20 million exploration budget and more than 100,000 metres of drilling planned at our Sanbrado and Kiaka production centres and surrounding exploration areas in 2026.
What's next for West African Resources?
Looking ahead, West African Resources plans to maintain its annual gold production guidance of 430,000–490,000 ounces at an AISC below US$1,900/oz for 2026. Production is anticipated to rise further towards 500,000 ounces per year as the company executes its long-term expansion strategy.
The business is set to ramp up exploration activities with over 100,000 metres of drilling budgeted for 2026, aiming to extend mine life and boost resources. Upcoming milestones include reporting results from key drilling programs at M5 South and M5 North, and progressing pre-production mining activities at the Toega deposit.
West African Resources share price snapshot
Over the past 12 months, West African Resources shares have risen 47%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 12% over the same period.
