ASX-listed West African Resources (WAF), which has operations in Burkina Faso, has reported solid results for the quarter ended December 31, 2025, with 49 732 oz of gold produced at a site sustaining cost of $1 399/oz.

WAF group produced 300 383 oz of gold in 2025 and achieved full-year guidance of 290 000 oz to 360 000 oz.

In its December 2025 quarterly report, the company notes that gold sales for the fourth quarter amounted to 105 995 oz at an average price of $4 058/oz, adding that the company remains fully unhedged.

The all-in-sustaining cost of the combined group was $1 561/oz for the fourth quarter and $1 488/oz for the full-year.

Non-sustaining, or growth, capital expenditure of A$159-million in the fourth quarter mainly comprised of A$73-million for items related to completion of Kiaka construction, A$55-million for owner mining equipment for Toega and Sanbrado and A$26-million for site establishment of Toega.

Cash flow from operating activities for the quarter totalled A$389-million after making A$48-million of income tax payments.

The company reports a A$584-million cash balance and A$177-million of unsold gold bullion held at end of the quarter.

Additionally, WAF notes that diamond drilling beneath the M5 North openpit ore reserve has confirmed potential to extend openpit mining at Sanbrado.

WAF notes that the Sanbrado gold production centre continued its steady performance in the fourth quarter.

The company says openpit mining restarted in the fourth quarter under WAF’s new owner-mining operating model.

Openpit mill feed in the quarter was sourced from both the M5 North pit and from previously mined ore stockpiles.

Sanbrado produced 49 732 oz of gold in the fourth quarter at a site sustaining cost of $1 399/oz.

This brings Sanbrado’s yearly production to 205 228 oz of gold at a site sustaining cost of $1 348/oz, in line with guidance of 190 000 oz to 210 000 oz of gold at a site sustaining cost under $1 350/oz.

Considering the strong rise in the gold price during 2025 significantly increased royalty costs, CEO Richard Hyde describes this as another outstanding yearly result for Sanbrado and the fifth consecutive year of either meeting or beating guidance.

Sanbrado sold 49 702 oz of gold in the quarter at an average realised price of $4 079/oz, bringing year-to-date gold sales to 205 517 oz at an average realised price of $3 407/oz.

Sanbrado held 11 627 oz of unsold gold bullion – valued at about $51-million – at the end of the quarter.

Openpit mining at Sanbrado delivered 299 000 t of ore from the M5 North pit at an average grade of 0.8 g/t for 7 927 mined ounces of gold.

Full-year 2025 openpit mining totalled 2.25-million tonnes of ore at a grade of 0.8 g/t for 60 510 mined ounces. Openpit mill feed in the fourth quarter was sourced from both the M5 North pit and from previously mined ore stockpiles.

Underground mining from M1 South delivered 141 000 t of ore at a grade of 8.4 g/t for 37 955 mined ounces of gold in the quarter.

WAF explains that mined ounces were 16% below the third quarter, primarily owing to a 14% drop in mined grade and slightly lower ore tonnes mined.

Full-year 2025 underground mining totalled 587 000 t of ore at a grade of 7.7 g/t for 145 894 mined ounces of gold.

Moreover, gold production decreased 17% in the fourth quarter compared to the third, mainly owing to 14% lower mill throughput following a planned shutdown during the quarter.

KIAKA

Meanwhile, Hyde points out that the ramp-up of production at the company’s Kiaka operation saw excellent progress in its first full quarter since startup, with 62 287 oz of gold produced at a site sustaining cost of $1 649/oz, bringing yearly 2025 gold production to 95 155 oz.

WAF notes that Kiaka completed its first full quarter of operations phase reporting since completion of construction, with the previous quarter reflecting a shortened period of August 1 to September 30, 2025.

WAF notes that gold sales revenue at Kiaka was 267% higher than the previous quarter from 208% more ounces sold and a 19% higher realised gold price.

Kiaka produced 62 287 oz of gold in the fourth quarter at a site sustaining cost of $1 649/oz.

Kiaka sold 56 293 oz gold at an average realised price of $4 039/oz and held 15 468 ounces of unsold gold bullion – valued at about $68-million – at the end of the quarter.

Openpit mining continued to ramp up well during the fourth quarter, delivering 3 271 000 t of ore at an average grade of 0.8 g/t for 83 270 oz of contained gold.

This represents a 76% increase in mined ounces compared to the third quarter, driven by 46% more ore tonnes mined and a 21% improvement in ore grade following the completion of the run-of-mine pad construction and focus on the Kiaka Main Stage 1 pit.

Full-year 2025 openpit mining totalled 6 606 000 t of ore at a grade of 0.7 g/t for 148 946 mined ounces of gold.

The Kiaka processing plant ramp-up continued on-schedule, delivering strong operational performance in the fourth quarter.

Additional diesel-generated power was brought on-line in the quarter and grid power made a significant contribution in the month of December.

This enabled an increase in plant throughput and treatment of a feed blend containing a higher proportion of the harder, higher-grade ore.

Gold production rose 90% quarter-on-quarter, driven by a 25% increase in mill throughput and a 44% higher head grade.

During the fourth quarter, Kiaka produced 62 287 oz of gold from 2.17-million tonnes of ore processed at an average head grade of 1 g/t and metallurgical recovery of 92.9%, bringing total 2025 production to 95 155 oz.

The company says its next quarter objectives are to release this year’s annual production guidance; report drilling results from M5 South Underground; update WAF’s resource, reserve and ten-year production plan; and outline WAF’s capital management strategy for 2026 and beyond.

The company says it plans to release its annual guidance in the first quarter of this year.

“We look forward to releasing WAF’s 2026 annual production guidance and outlining our capital management strategy later in the first quarter of 2026,” says Hyde.