West African Resources Ltd.

West African Resources Ltd. is a mid-tier gold producer headquartered in Perth, Australia, operating primarily in Africa. The company's portfolio consists of 3 projects, comprising 1 operating mine and 2 development projects. Key assets include Sanbrado and Kiaka. The company's business model is centered on operating long-life, low-cost production centers through an integrated approach that combines open-pit and underground mining methods. A key operational characteristic is the implementation of an owner-mining strategy at its newer development project, shifting from a reliance on contractors. Processing capabilities are well-defined, utilizing conventional semi-autogenous ball mill crushing (SABC) and carbon-in-leach (CIL) circuits, which are standard and reliable technologies. A significant operational synergy is achieved by leveraging shared infrastructure, including the planned trucking of ore from a newly permitted deposit to an existing processing plant, which optimizes asset utilization and capital efficiency. The business undertakes the full scope of activities from exploration and project development to mineral processing, rehabilitation, and social sustainability programs. This comprehensive, in-house management of the value chain provides control over costs and operational execution, forming a core part of its competitive positioning.

Strategic priorities center on a multi-faceted growth plan aimed at significantly expanding production capacity. This involves optimizing cash flow from established operations while executing the construction and commissioning of a second major production center. A core component of the strategy is strengthening the long-term production profile through systematic resource-to-reserve conversion and targeted exploration. Management approach involves a disciplined capital allocation shift, moving from major development expenditures toward value creation through extensive drilling programs, with over 115,000 meters planned for 2025. The exploration strategy focuses on areas adjacent to existing infrastructure, including drilling beneath current reserves and developing new exploration drives to test for depth extensions. This approach is designed to organically extend the life of its production hubs and enhance the overall resource base without relying solely on acquisitions. The successful execution of this strategy is intended to solidify the company's position as a mid-tier producer.

Executive leadership is headed by an Executive Chairman and CEO who is a geologist with over 25 years of industry experience, including more than 20 years focused on the operational region. The board of directors is composed of 7 members, featuring a majority of 4 independent non-executive directors, ensuring robust oversight. Governance is structured through 5 distinct committees—Audit, Remuneration, Technical, Risk, and Nomination—all of which are chaired by independent directors. The board's governance framework is further demonstrated by its use of external remuneration consultants to benchmark executive and director compensation, ensuring alignment with market standards. A detailed remuneration framework links executive pay to specific performance targets through short-term and long-term incentive plans. This structure reflects a management philosophy that emphasizes accountability, independent oversight, and alignment of leadership interests with shareholder value creation through clearly defined and measurable objectives.

The organization's sustainability framework is guided by a commitment to environmental stewardship through a formal Environmental Management System and an impact assessment mitigation hierarchy. A specific commitment is made to align with the Kunming-Montreal Global Biodiversity Framework, with a comprehensive biodiversity outreach strategy forming a key long-term incentive target for executives. Social responsibility initiatives include a structured approach to resettlement when unavoidable, aiming to restore livelihoods to a standard equal to or better than pre-displacement levels; this includes providing new land parcels and water wells. The company supports local communities through agricultural, educational, and health improvement programs developed in partnership with government and non-governmental organizations. Workplace safety is a critical focus, with performance measured against external benchmarks and a target of over 80% compliance in external OHS audits. The company maintains a zero-tolerance policy against child, forced, or compulsory labor within its operations and supply chain.

Key operating assets are held within subsidiaries where the company maintains a 90% ownership interest, with the government holding the remaining 10%. This structure applies to its primary production and development centers. The corporate structure was significantly shaped by the acquisition of a major development project in December 2021 from B2Gold Corp and its partner GAMS-Mining F&I Ltd, as well as the acquisition of another key deposit in 2020. These transactions consolidated a strategic land package. As of February 2025, the company has a broad institutional shareholder base, with 4 entities identified as substantial shareholders holding over 5% of the issued capital: L1 CAPITAL holding 10.04%, VANECK GLOBAL with 7.77%, STATE STREET CORPORATION at 5.25%, and VANGUARD GROUP with 5.00%. All exploration licenses are held 100% by the group through wholly owned subsidiaries.