Nathan Ryan
IR Contact

And welcome to the West African Resources Investor Webinar and Conference Call. [Operator Instructions]

I'll now hand over to West African Executive Chairman and CEO, Richard Hyde. Thank you, Richard.

Richard Hyde
Founder, Executive Chairman & CEO

Thanks, Nathan. Good morning, and thanks for joining us for West African Resources March 2026 quarterly call.

It was a productive quarter for our gold operations at Sanbrado and Kiaka in Burkina Faso. But before I get into discussing our performance, I want to address the ownership structure changes at Kiaka in regard to the Burkina Faso government.

This has been under discussion for a while now. And as we've announced this week, the Burkina government plans to acquire an additional 25% equity interest, in our subsidiary, Kiaka SA, who is the operator of the Kiaka Gold Mine. This will take the government's interest at Kiaka at 40% as it has an existing 15% free-carried stake already. This additional capital share in Kiaka SA has been valued by the government at XOF 70 billion, which roughly equates to AUD 175 million.

There has been no discussion with the government regarding the ownership of Sanbrado or Toega and Toega is obviously on track to start producing later this year. And they were not referred to in the decree that was published in regards to Kiaka.

We are working with the government to finalize the terms of