West African Resources reported record quarterly gold production and substantial cash generation, while Sanbrado output declined and Kiaka’s explosives supply remained a bottleneck. The shares were unchanged, suggesting a neutral market reaction to the mixed operational update.
- Group production reached a record 127,950 ounces; all-in sustaining cost was USD 1,570 per ounce. Management said both were tracking within 2026 guidance of 430,000–490,000 ounces and below USD 1,900 per ounce, respectively.
- Kiaka produced 76,030 ounces, up 13% quarter on quarter, with mill throughput up 15%. Sanbrado produced 51,920 ounces, down 10%, mainly due to lower-grade ore from M1 South underground.
- Gold sales of 135,245 ounces at an average realized price of USD 4,240 per ounce generated AUD 813 million in revenue and AUD 458 million in operating cash flow. Notional net cash rose USD 220 million to USD 710 million.
- The group ended the quarter with approximately AUD 1.2 billion in cash and USD 217 million of unsold bullion. A special dividend of AUD 0.20 per share, totaling AUD 229 million, was paid after quarter-end.
- Toega ore deliveries to the Sanbrado mill are expected to begin in early 2027. Explosives supply has improved, but remains an operational bottleneck; M5 South underground stoping is now scheduled to start in early H2 2027.
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