West African Resources Ltd (ASX:WAF) has reported December quarter 2025 (Q4) gold production of 112,019 oz from its Sanbrado and Kiaka operations in Burkina Faso, with gold sales of 105,995 oz at an average realised price of US$4,058/oz.
For full year 2025, the unhedged producer delivered 300,383 oz of gold, meeting group production guidance. Full-year gold sales totalled 280,065 oz at an average realised price of US$3,525/oz.
Shares in WAF climbed to an all-time high on the news and are currently sitting at $3.32, a gain of 3.75% on the day so far.
“I would like to commend both our Sanbrado and Kiaka operational teams for achieving WAF’s gold production guidance for a fifth consecutive year. Combined group gold production of 300,383 ounces from our Sanbrado and Kiaka gold mining centres for the full year 2025 was well within WAF’s annual guidance of 290,000 to 360,000 ounces, and was a record year of production for WAF. We look forward to providing our full quarterly activities report in the coming weeks,” West African executive chairman and CEO Richard Hyde said.
Group summary
- Q4 production: 112,019 oz
- Q4 sales: 105,995 oz at US$4,058/oz
- FY2025 production: 300,383 oz (guidance achieved)
- FY2025 sales: 280,065 oz at US$3,525/oz
Sanbrado
Owner-mining open pit activity at the M5 North pit began in Q4, with 299 kt mined at 0.8 g/t for 7,927 oz. For FY2025, open pit mining totalled 2,253 kt at 0.8 g/t for 60,510 oz.
Underground mined ounces fell 16% quarter-on-quarter, reflecting a 14% decline in underground grade. WAF mined 141 kt from M1 South at 8.4 g/t for 37,955 oz in Q4. Full-year underground mining totalled 587 kt at 7.7 g/t for 145,894 oz.
Sanbrado gold production decreased 17% quarter-on-quarter, which WAF attributed mainly to 14% lower mill throughput following a planned shutdown during the quarter. The operation produced 49,732 oz in Q4 from 745 ktmilled at 2.2 g/t head grade and 93.2% recovery. Full-year Sanbrado production was 205,228 oz.
Kiaka
At Kiaka, open pit mining continued to ramp up, with mined ounces up 76% quarter-on-quarter. After completion of ROM pad construction, mining focused on the Kiaka Main stage 1 pit, lifting performance through 46% higher ore tonnes and a 21% increase in grade. Kiaka mined 3,271 kt at 0.8 g/t for 83,270 oz in Q4. For FY2025, mined ore totalled 6,606 kt at 0.7 g/t for 148,946 oz.
Processing plant ramp-up also continued on schedule in Q4. WAF said additional diesel generation and more stable grid power late in the quarter supported higher throughput and treatment of harder, higher-grade ore. Gold production rose 208% quarter-on-quarter, driven by a 25% increase in mill throughput and a 44% lift in head grade.
Kiaka produced 62,287 oz in Q4 from 2,174 kt processed at an average head grade of 1.0 g/t and 92.9% recovery, taking total 2025 production to 95,155 oz.
Gold sales
WAF sold 105,995 oz of unhedged gold in Q4 at an average realised price of US$4,058/oz. The company said the gap between production and sales reflected gold-in-circuit build at Kiaka and timing of shipments.