West African Resources Posts $437M Profit and $229M Dividend in Record H1
Key Takeaways
- West African Resources reported record H1 2026 results including $1.46 billion revenue, $437 million NPAT, and $690 million operating cash flow — the first full period of combined two-mine production from Sanbrado and Kiaka.
- WAF produced 232,905 ounces of gold at an AISC of US$1,823/oz against a realised price of US$4,744/oz, generating a per-ounce margin of approximately US$2,921 — one of the widest in the sector.
- A special dividend of 20 cents per share ($228.8 million aggregate, unfranked) has been declared, with a record date of 18 September 2026 and payment on 7 October 2026.
- The company held $876 million cash plus 42,453 ounces of unsold gold bullion at period end, with net assets reaching $1.99 billion.
- WAF is simultaneously accelerating debt repayment, advancing pre-production mining at Toega, and planning more than 100,000 metres of exploration drilling across 2026.
H1 2026 highlights — record results across the board
West African Resources delivered record financial results across every major metric in its H1 2026 report, covering the first full six months of combined production from its Sanbrado and Kiaka gold mines. The company posted a net profit after tax (NPAT) of $437 million for the January to June 2026 period, with revenue, operating cash flow, and net assets all reaching new highs.
The company also reported zero significant health or safety incidents across the half year.
| Metric | Result |
|---|---|
| Revenue | $1.46 billion |
| Profit before tax | $684 million |
| Net profit after tax (NPAT) | $437 million |
| Operating cash flow | $690 million |
| Cash and bullion balance | $876 million cash + 42,453 oz unsold gold bullion |
| Net assets | $1.99 billion |
These results represent the baseline investors can now use to assess the earnings power of the combined two-mine production platform — the first full reporting period in which both operations contributed simultaneously.
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Production performance and gold price tailwind
WAF produced 232,905 ounces of gold and sold 214,883 ounces during the half year. The company achieved a realised sales price of US$4,744/oz against an All-In Sustaining Cost (AISC) of US$1,823/oz, sitting at the core of the record cash generation reported for the period.
Richard Hyde, Executive Chairman and CEO
“WAF delivered an outstanding result for the first half of 2026, with the Group’s first full six months of combined production from Sanbrado and Kiaka. WAF reported record numbers across the board for the half year including group revenue $1.46 billion, NPAT $437 million and operating cash flow $690 million with cash balance of $876 million and 42,453 ounces of gold bullion at the end of the half year. The Group continued to generate strong profit margins from 232,905 gold ounces produced and 214,883 ounces sold at a realised sales price of US$4,744/oz and an AISC of US$1,823/oz…”
What AISC means for gold investors
All-In Sustaining Cost (AISC) is the gold mining industry’s standard measure of the true cost to produce an ounce of gold. It captures not just direct mining costs but also sustaining capital expenditure, site overhead, and royalties — everything a miner needs to spend to keep production running at its current level.
The gap between a miner’s AISC and the prevailing gold price is effectively the per-ounce profit margin. A lower AISC means more of every dollar of gold revenue flows through to earnings, and it also means the company can remain profitable even if the gold price falls significantly from current levels.
WAF’s US$1,823/oz AISC, measured against a realised price of US$4,744/oz, reflects the company’s low-cost production centres at Sanbrado and Kiaka. That cost position amplifies the company’s leverage to the gold price — when gold rises, the benefit flows disproportionately to the bottom line because the fixed cost base stays relatively stable.
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Shareholder returns and the path ahead
WAF has declared a special dividend alongside these results, returning a substantial portion of its cash generation directly to shareholders. The key details are:
- Amount: 20 cents per ordinary share (aggregate: $228.8 million)
- Franking: Unfranked
- Record date: 18 September 2026
- Payment date: 7 October 2026
- Shareholder action: Update banking details via the Computershare Investor Centre at www.investorcentre.com/au or call 1300 850 505 (within Australia) before 18 September 2026
Beyond the dividend, WAF has stated its intention to accelerate debt repayments with its secured lenders over the next 12 months. The company is simultaneously investing in its next growth phase, with pre-production mining described as well-progressed at Toega and more than 100,000 metres of exploration drilling planned for 2026. The updated 10-year production outlook, released on 31 March 2026, provides the long-term strategic context for both the capital returns programme and the ongoing investment in growth.
For income-oriented investors, the $228.8 million special dividend is a tangible return-of-capital event. For growth-oriented investors, the active exploration programme and Toega development signal that WAF is not simply harvesting its existing asset base — it is actively building toward future production capacity.
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