Update on Toega and Sanbrado mining permits

West African Resources Limited (ASX: $WAF) has received approval for the Toega mining permit application and the renewal of the Sanbrado mining permit in Burkina Faso. The Toega gold deposit, with gold Resources of 1,268,000 ounces and gold Reserves of 569,000 ounces, is scheduled to provide 8 years of ore feed to the Company's Sanbrado process plant via a 14km haul road commencing in 2025. The Sanbrado gold project is expected to produce 190,000 to 210,000 ounces of gold in 2024 at an AISC less than US$1,300 per ounce, with an outlook of averaging more than 210,000 ounces of gold production per annum over the next decade.

Executive Commentary on Toega and Sanbrado mining permits

WAF continues to demonstrate its ability to operate effectively and sustainably in Burkina Faso and deliver on its business strategy. Mining at Toega will provide 8 years of ore feed for Sanbrado and bring taxes, jobs, and other economic benefits to Burkina Faso and the communities surrounding Sanbrado and Toega. With the Toega mining permit in place, and the development of the Kiaka gold project tracking on schedule and on budget, we are steadily progressing our strategy of doubling WAF's annual gold production to over 400,000 ounces per year by 2025.

Summary of Toega and Sanbrado mining permits update

West African Resources Limited (ASX: $WAF) has successfully secured the Toega mining permit and the renewal of the Sanbrado mining permit in Burkina Faso. The Toega gold deposit is expected to provide 8 years of ore feed to the Company's Sanbrado process plant, while the Sanbrado gold project is set to produce 190,000 to 210,000 ounces of gold in 2024 at an AISC less than US$1,300 per ounce. WAF's Executive Chairman and CEO, Richard Hyde, expressed confidence in the company's ability to operate effectively and sustainably in Burkina Faso, emphasizing the positive impact on taxes, jobs, and economic benefits to the region. The company is on track to double its annual gold production to over 400,000 ounces per year by 2025, with the development of the Kiaka gold project progressing as planned.