Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Jayde Webb was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 22
Société de Participation Minière du Burkina Faso signed a letter of intent to acquire 25% stake in Kiaka S.A from West African Resources Limited (ASX:WAF) for AUD 175 million. Société de Participation Minière du Burkina Faso signed a letter of intent to acquire 25% stake in Kiaka S.A from West African Resources Limited (ASX:WAF) for AUD 175 million on February 19, 2026. As part of consideration, AUD 175 million is paid towards common equity of Kiaka S.A. Duyuru • Mar 19
West African Resources Limited, Annual General Meeting, May 08, 2026 West African Resources Limited, Annual General Meeting, May 08, 2026. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.95, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 146% over the past three years. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Director Jayde Webb was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
First half 2025 earnings released: EPS: AU$0.16 (vs AU$0.08 in 1H 2024) First half 2025 results: EPS: AU$0.16 (up from AU$0.08 in 1H 2024). Revenue: AU$477.3m (up 39% from 1H 2024). Net income: AU$185.8m (up 126% from 1H 2024). Profit margin: 39% (up from 24% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.02, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.05, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 90% over the past three years. Recent Insider Transactions • Sep 13
COO & Executive Director recently sold €539k worth of stock On the 9th of September, Lyndon Hopkins sold around 665k shares on-market at roughly €0.81 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lyndon has been a net seller over the last 12 months, reducing personal holdings by €1.2m. Reported Earnings • Aug 28
First half 2024 earnings released: EPS: AU$0.08 (vs AU$0.073 in 1H 2023) First half 2024 results: EPS: AU$0.08 (up from AU$0.073 in 1H 2023). Revenue: AU$344.4m (up 11% from 1H 2023). Net income: AU$82.2m (up 11% from 1H 2023). Profit margin: 24% (in line with 1H 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Jul 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10.0% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Significant insider selling over the past 3 months (€2.3m sold). Buy Or Sell Opportunity • Jul 12
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 6.4% to €0.90. The fair value is estimated to be €0.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Duyuru • Jul 04
West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 150.000001 million. West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 150.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 109,489,052
Price\Range: AUD 1.37
Discount Per Security: AUD 0.04795
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • May 05
COO & Executive Director recently sold €695k worth of stock On the 26th of April, Lyndon Hopkins sold around 874k shares on-market at roughly €0.79 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.6m. This was Lyndon's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock has risen 1.2% to €0.59. The fair value is estimated to be €0.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: AU$0.14 (vs AU$0.16 in FY 2022) Full year 2023 results: EPS: AU$0.14 (down from AU$0.16 in FY 2022). Revenue: AU$661.2m (up 8.7% from FY 2022). Net income: AU$146.9m (down 11% from FY 2022). Profit margin: 22% (down from 27% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Duyuru • Mar 11
West African Resources Limited, Annual General Meeting, May 10, 2024 West African Resources Limited, Annual General Meeting, May 10, 2024. New Risk • Feb 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Duyuru • Nov 14
West African Resources Limited Appoints Ann Atkins as an Additional Company Secretary West African Resources Limited announced that Ms. Ann Atkins has been appointed as an additional Company Secretary of WAF and a nominated ASX contact for WAF with effect from 13 November 2023. New Risk • Oct 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Aug 30
First half 2023 earnings released: EPS: AU$0.073 (vs AU$0.093 in 1H 2022) First half 2023 results: EPS: AU$0.073 (down from AU$0.093 in 1H 2022). Revenue: AU$309.7m (down 3.9% from 1H 2022). Net income: AU$74.4m (down 22% from 1H 2022). Profit margin: 24% (down from 29% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Aug 30
West African Resources Limited Provides Production Guidance for the Year 2023 West African Resources Limited provided production guidance for the year 2023. For the year, the company's Production and cost guidance for 2023 is maintained at 210,000 - 230,000 ounces of gold at an AISC of less than USD 1,175/oz. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Robin Romero was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: AU$0.16 (vs AU$0.21 in FY 2021) Full year 2022 results: EPS: AU$0.16 (down from AU$0.21 in FY 2021). Revenue: AU$608.2m (down 15% from FY 2021). Net income: AU$164.4m (down 13% from FY 2021). Profit margin: 27% (in line with FY 2021). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 10
West African Resources Limited Intercepts 20.5M At 2.98 G/T Gold At MV3 East West African Resources Limited reported high grade gold mineralisation in ongoing diamond drilling at the MV3 East prospect, located 6km from Sanbrado Gold Operations (Sanbrado), Burkina Faso. WAF is undertaking a diamond drilling program targeting high grade sulphide mineralisation at the MV3 East prospect, located 6km northwest of the Sanbrado mine site, Burkina Faso. A total of 140 holes for 13,392m have been drilled to date, with today's release reporting results for 6 diamond holes. Recent diamond drilling has focused on extending the southern high-grade shoot down plunge at the MV3 East prospect with high grade mineralisation intercepted up to 200m below surface. This deeper drilling campaign was temporarily on hold due to limited access from wet weather and cropping. Significant results from this drilling program include: MAK22-RCDT009: 20.5m at 2.98 g/t Au from 192m, MAK22-RCDT004: 16m at 2.88 g/t Au from 254.5m, MAK22-RCDT006: 21m at 2.16 g/t Au from 254m and MAK22-RCDT007: 12m at 2.02 g/t Au from 260.5m. Deeper drilling confirms the geological and mineralisation interpretation developed from earlier near-surface drilling. Flexures along the main shear corridor appear to control the high-grade shoots with grade and widths increasing at these zones. Structural measurements from the recent diamond drilling indicate that there is a steep northerly plunge to the high-grade mineralisation. The strike of the southern high-grade shoot now extends over 200m and remains open to the south where MAK22 RCDT009 intercepted 20m at 2.98 g/t Au. Work at MV3 East has now resumed with further drilling planned to test down plunge of the remaining high-grade shoots and surface mineralisation along strike of the MV3 East prospect. Additionally, several targets generated from an IP survey, historical RAB and WAF Auger drilling will be tested in the coming months. These targets all lie within 700m of the MV3 East prospect. Recent Insider Transactions • Dec 26
Founder recently sold €1.7m worth of stock On the 19th of December, Richard Hyde sold around 2m shares on-market at roughly €0.73 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Board Change • Dec 07
Less than half of directors are independent Following Non-Executive Director Robin Romero's arrival on 01 December 2022, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Lead Independent Director Rod Leonard was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 31
High number of new directors Independent Non-Executive Director Libby Mounsey was the last director to join the board, commencing their role in 2020. Reported Earnings • Aug 24
First half 2022 earnings released: EPS: AU$0.093 (vs AU$0.074 in 1H 2021) First half 2022 results: EPS: AU$0.093 (up from AU$0.074 in 1H 2021). Revenue: AU$322.3m (up 21% from 1H 2021). Net income: AU$94.8m (up 45% from 1H 2021). Profit margin: 29% (up from 25% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 26% compared to a 4.4% growth forecast for the Metals and Mining industry in Germany. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Founder, Executive Chairman & CEO Richard Hyde is the most experienced director on the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: AU$0.21 (vs AU$0.10 in FY 2020) Full year 2021 results: EPS: AU$0.21 (up from AU$0.10 in FY 2020). Revenue: AU$712.1m (up 129% from FY 2020). Net income: AU$189.0m (up 112% from FY 2020). Profit margin: 27% (down from 29% in FY 2020). The decrease in margin was driven by higher expenses. Production and reserves: Gold Production: 288.72 troy koz (136.48 troy koz in FY 2020) Proved and probable reserves (ore): 26 Mt (20 Mt in FY 2020) Number of mines: 1 (1 in FY 2020) Over the next year, revenue is expected to shrink by 19% compared to a 37% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 23
Founder recently sold €881k worth of stock On the 17th of December, Richard Hyde sold around 1m shares on-market at roughly €0.88 per share. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Reported Earnings • Aug 28
First half 2021 earnings released: EPS AU$0.074 (vs AU$0.003 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: AU$266.8m (up 353% from 1H 2020). Net income: AU$65.2m (up AU$62.4m from 1H 2020). Profit margin: 25% (up from 4.9% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS AU$0.10 (vs AU$0.005 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: AU$311.2m (up AU$309.9m from FY 2019). Net income: AU$89.4m (up AU$93.6m from FY 2019). Profit margin: 29% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Production and reserves: Gold Production: 136.48 troy koz Proved and probable reserves (ore): 20 Mt (21.6 Mt in FY 2019) Number of mines: 1 (1 in FY 2019) Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 25
New 90-day low: €0.49 The company is down 10.0% from its price of €0.55 on 27 November 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 59% over the same period. 
