West African Resources Posts Record Q3 Output of 127,950oz, Guides to 2026
Key Takeaways
- WAF produced 127,950 oz at Group level in the September 2026 quarter, which management calls a record and says holds its run rate above 500,000 oz a year.
- Year-to-date output of 360,857 oz keeps WAF on track for its 2026 guidance of 430,000–490,000 oz.
- Kiaka lifted production 13% to 76,030 oz on a 15% jump in mill throughput, while Sanbrado fell 10% to 51,920 oz as underground grade dropped 20%.
- Burkina Faso approved the M5 South underground, but stoping now starts in early H2 2027, and Kiaka's explosives permit is still outstanding.
- Sales of 135,245 oz at US$4,240/oz sit below the YTD realised average of US$4,550/oz, and costs and AISC are only coming in the full quarterly report.
September 2026 quarter highlights: 127,950 oz produced at Group level
In its September 2026 quarter production update, West African Resources reported Group gold production of 127,950 oz and gold sales of 135,245 oz at a realised price of US$4,240/oz. The company labels this period “Q3”, meaning the calendar-year third quarter, and the figures cover its Sanbrado and Kiaka gold production centres in Burkina Faso.
Year to date (YTD), WAF gold production reached 360,857 oz, while YTD sales totalled 350,127 oz at a realised price of US$4,550/oz. WAF describes itself as an unhedged gold mining company, which means its revenue tracks the market gold price directly.
The company said production is on track to achieve its 2026 annual guidance of 430,000 – 490,000 oz of gold, as set out in its 31 March 2026 guidance announcement.
| Centre | Q3 produced (oz) | Q3 sold (oz) | Realised price (US$/oz) | YTD produced (oz) |
|---|---|---|---|---|
| Sanbrado | 51,920 | 61,753 | $4,214 | 151,552 |
| Kiaka | 76,030 | 73,492 | $4,262 | 209,305 |
| Group | 127,950 | 135,245 | $4,240 | 360,857 |
Executive Chairman and CEO Richard Hyde characterised the period as a record for the company:
Richard Hyde, Executive Chairman and CEO
“WAF delivered another record quarter in Q3, with Group gold production of 127,950 ounces from our two large low-cost gold production centres of Sanbrado and Kiaka, which maintains our run rate at over 500,000 ounces per annum.”
That “record” label is management’s own description. Hyde also stated that YTD production “well-positions WAF to achieve our 2026 annual production guidance of 430,000 – 490,000 ounces of gold.”
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Operational performance across Sanbrado and Kiaka
The two centres moved in different directions during the quarter. Kiaka lifted output, while Sanbrado produced less than in the prior quarter.
Kiaka lifts output
Kiaka gold production rose 13% on a 15% increase in mill throughput (the volume of ore put through the processing plant), with 76,030 oz produced. The plant processed 2,871kt of ore at an average head grade of 0.9 g/t and recovery of 93.1%.
In mining, Kiaka delivered 82,643 mined ounces from 3,214kt of ore at 0.8 g/t, up 11% on the previous quarter. Mining continued to focus on the Kiaka Main Stage 1 pit.
Sanbrado steady but lower
Sanbrado produced 51,920 oz, which was 10% lower than the prior quarter on 9% lower mill throughput. The plant milled 716kt of ore at a head grade of 2.4 g/t with recovery of 94.7%.
Other Sanbrado operating metrics for the quarter:
- M5 North open pit: mined ounces rose 8% on a 10% increase in mined grade, partially offset by a 2% decrease in ore tonnes mined.
- M1 South underground: delivered 171kt of ore at 6.5 g/t for 35,898 mined ounces, 18% below Q2 on a 20% lower grade, partially offset by a 2% increase in mined tonnes.
- Toega open pit pre-strip: 1,689kbcm of material moved, a 4% decrease from Q2.
Grade is the main swing factor here. Underground mined ounces fell largely because the ore was lower grade, not because less rock was moved.
Permitting progress and what it means for investors
Two permitting items shape the operating outlook, and they point in different directions.
M5 South underground approved
The Government of Burkina Faso approved the application to update the Sanbrado life of mine (LOM) plan to include the M5 South underground, with approval received during the quarter. Development activities have commenced.
Stoping, the process of extracting ore from underground, is now scheduled to start in early H2 2027. The company said there is flexibility within the overall Sanbrado mine plan, so the delayed start is expected to have minimal impact on 2027 gold production.
Kiaka explosives permit and supply
The application for a permit to operate the explosives manufacturing and storage facility at Kiaka has not yet been approved by the Government of Burkina Faso. Access to explosives supplies improved during the quarter following better performance from the existing supplier and the engagement of a second supplier.
That allowed a greater focus on waste stripping at the Kiaka and Toega open-pit operations. However, WAF said explosives supply remains an operational bottleneck, so it is an item to watch.
Understanding gold production, sales and realised price
Ounces produced are the gold poured from the processing plant during the quarter. Ounces sold are what the company actually delivered to buyers in the same period, and the two can differ because of timing.
In Q3, Group sales of 135,245 oz exceeded production of 127,950 oz. The announcement does not explain the gap, but the centre table shows Sanbrado sold more than it produced, while Kiaka sold slightly less.
Because WAF is unhedged, its realised price (the average price received per ounce sold) reflects market gold prices rather than a locked-in contract rate. The Q3 realised price of US$4,240/oz sat below the YTD average of US$4,550/oz. The announcement gives no reason for the difference.
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What’s next for WAF
Richard Hyde said he looks forward to releasing the full quarterly activities report in the coming weeks, though no date was disclosed. This production update did not include costs, all-in sustaining costs (AISC) or cash figures, so those details will have to wait for that report.
For now, the company’s message is that production is on track to achieve 2026 annual guidance of 430,000 – 490,000 oz. The other date to track is the early H2 2027 start for stoping at M5 South underground, where development has already commenced.
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