Balance Sheet West African Resources Limited

Stocks

WAF

AU000000WAF6

Gold

Delayed Australian S.E. Other stock markets 10:22:15 21/07/2026 am IST			5-day change	1st Jan Change
2.845 ^AUD	+2.71%		+0.89%	-5.17%

15/07	West African Resources Expected to Generate Strong Free Cash Flow Through 2027, Euroz Hartleys Says	MT
14/07	West African Resources Intersects High-Grade Gold Mineralization in Burkina Faso Project	MT

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Published financial data: WEST AFRICAN RESOURCES LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	71Cr	61Cr	66Cr	73Cr	154.3Cr
Total Revenues	71Cr	61Cr	66Cr	73Cr	154.3Cr
Cost of Goods Sold, Total	31Cr	32Cr	39Cr	38Cr	66Cr
Gross Profit	41Cr	28Cr	27Cr	35Cr	88Cr
Selling General & Admin Expenses, Total	57.41L	77.85L	97.89L	1.16Cr	1.4Cr
Exploration / Drilling Costs, Total	22.84L	48.95L	40.7L	19.49L	65L
Provision for Bad Debts	-	-	-	-	-
Stock-Based Compensation (IS)	24.92L	24.56L	25.97L	30.82L	61L
R&D Expenses	12.18L	-	-	-	-
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses	61.76L	96.95L	1.75Cr	58.05L	3.39Cr
Other Operating Expenses, Total	1.79Cr	2.48Cr	3.39Cr	2.24Cr	6.05Cr
Operating Income	39Cr	26Cr	24Cr	33Cr	82Cr
Interest Expense, Total	-5.87Cr	-21.1L	-17.7L	-27.72L	-3Cr
Net Interest Expenses	-5.87Cr	-21.1L	-17.7L	-27.72L	-3Cr
Currency Exchange Gains (Loss)	-71.47L	9L	64.46L	1.5Cr	1.84Cr
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	32Cr	26Cr	24Cr	34Cr	81Cr
Asset Writedown	-	-	-	-	-
EBT, Incl. Unusual Items	32Cr	26Cr	24Cr	34Cr	81Cr
Income Tax Expense	11Cr	7.39Cr	7.63Cr	9.59Cr	24Cr
Earnings From Continuing Operations	21Cr	18Cr	16Cr	25Cr	57Cr
Net Income to Company	21Cr	18Cr	16Cr	25Cr	57Cr
Minority Interest	-2.55Cr	-1.93Cr	-1.79Cr	-2.24Cr	-9.35Cr
Net Income - (IS)	19Cr	16Cr	15Cr	22Cr	47Cr
Net Income to Common Incl Extra Items	19Cr	16Cr	15Cr	22Cr	47Cr
Net Income to Common Excl. Extra Items	19Cr	16Cr	15Cr	22Cr	47Cr
Per Share Items
Net EPS - Basic	0.21	0.16	0.14	0.21	0.42
Basic EPS - Continuing Operations	0.21	0.16	0.14	0.21	0.42
Basic Weighted Average Shares Outstanding	90Cr	102.11Cr	102.47Cr	108.01Cr	114.04Cr
Net EPS - Diluted	0.21	0.16	0.14	0.21	0.41
Diluted EPS - Continuing Operations	0.21	0.16	0.14	0.21	0.41
Diluted Weighted Average Shares Outstanding	91Cr	103.13Cr	103.11Cr	108.62Cr	114.78Cr
Normalized Basic EPS	0.19	0.14	0.13	0.18	0.36
Normalized Diluted EPS	0.19	0.14	0.13	0.18	0.36
Supplemental Items
EBITDA	44Cr	32Cr	32Cr	40Cr	92Cr
EBITA	39Cr	26Cr	24Cr	33Cr	82Cr
EBIT	39Cr	26Cr	24Cr	33Cr	82Cr
EBITDAR	44Cr	32Cr	32Cr	40Cr	92Cr
Effective Tax Rate - (Ratio)	33.31	28.67	31.65	28.02	29.77
Total Current Taxes	10Cr	5.64Cr	7.93Cr	9.33Cr	21Cr
Total Deferred Taxes	-7L	1.48Cr	13.53L	6L	3.33Cr
Normalized Net Income	18Cr	14Cr	13Cr	19Cr	41Cr
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	8L	7L	4L	10.82L	21L
Supplemental Operating Expense Items
General and Administrative Expenses	57.41L	77.85L	97.89L	1.16Cr	1.4Cr
Research And Development Expense From Footnotes	12.18L	-	-	-	-
Exploration/Drilling Costs	22.84L	48.95L	40.7L	19.49L	65L
Net Rental Expense, Total	22T	55T	30T	31T	1L
Imputed Operating Lease Interest Expense	62.67T	16.9T	4.96T	2.39T	54.6T
Imputed Operating Lease Depreciation	-40.67T	38.1T	25.04T	28.61T	45.4T
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	24.92L	24.56L	25.97L	30.82L	61L
Total Stock-Based Compensation	24.92L	24.56L	25.97L	30.82L	61L

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	18Cr	17Cr	14Cr	39Cr	58Cr
Short Term Investments	39T	-	-	-	-
Total Cash And Short Term Investments	18Cr	17Cr	14Cr	39Cr	58Cr
Other Receivables	3.62Cr	4.05Cr	7.92Cr	11Cr	13Cr
Notes Receivable	-	-	14Cr	-	-
Total Receivables	3.62Cr	4.05Cr	22Cr	11Cr	13Cr
Inventory	5.9Cr	6.8Cr	10Cr	13Cr	26Cr
Prepaid Expenses	62.94L	28.56L	29.63L	30.37L	47L
Restricted Cash	16.26L	1.03Cr	32.68L	58.32L	79L
Other Current Assets, Total	-	-	73.03L	-	-
Total Current Assets	29Cr	30Cr	47Cr	65Cr	99Cr
Gross Property Plant And Equipment	60Cr	72Cr	97Cr	162.79Cr	213.93Cr
Accumulated Depreciation	-8.09Cr	-14Cr	-22Cr	-30Cr	-42Cr
Net Property Plant And Equipment	52Cr	58Cr	75Cr	132.51Cr	172.41Cr
Deferred Charges Long-Term	-	5L	-	-	-
Total Assets	80Cr	88Cr	122.08Cr	197.43Cr	271.56Cr
Liabilities
Accounts Payable, Total	2.16Cr	2.39Cr	4.63Cr	6.88Cr	7.43Cr
Accrued Expenses, Total	2.16Cr	2.75Cr	3.64Cr	4.15Cr	10Cr
Short-term Borrowings	6.19Cr	-	-	-	-
Current Portion of Long-Term Debt	2L	1.41Cr	1.41Cr	2.38Cr	10Cr
Current Portion of Leases	55.91L	66.24L	19.7L	64.92L	61L
Current Income Taxes Payable	8.54Cr	1.44Cr	3Cr	5.43Cr	13Cr
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	10.07L	10.27L	-	-	7.29Cr
Total Current Liabilities	20Cr	8.76Cr	13Cr	19Cr	49Cr
Long-Term Debt	1.29Cr	-	13Cr	38Cr	33Cr
Long-Term Leases	70.96L	14.5L	-	1.3Cr	88L
Pension & Other Post Retirement Benefits	-	-	21.39L	30.01L	32L
Deferred Tax Liability Non Current	2Cr	3.47Cr	3.61Cr	3.67Cr	7Cr
Other Non Current Liabilities	1.26Cr	1.44Cr	1.51Cr	3.01Cr	5.01Cr
Total Liabilities	25Cr	14Cr	32Cr	66Cr	96Cr
Common Stock, Total	34Cr	34Cr	34Cr	48Cr	48Cr
Retained Earnings	19Cr	35Cr	49Cr	72Cr	114.04Cr
Comprehensive Income and Other	41.73L	1.58Cr	3.07Cr	5Cr	9.92Cr
Total Common Equity	53Cr	70Cr	86Cr	124.7Cr	172Cr
Minority Interest	2.94Cr	4.01Cr	4.46Cr	6.69Cr	3.82Cr
Total Equity	55Cr	74Cr	91Cr	131.39Cr	175.82Cr
Total Liabilities And Equity	80Cr	88Cr	122.08Cr	197.43Cr	271.56Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	102.1Cr	102.36Cr	102.66Cr	113.98Cr	114.23Cr
ECS Total Common Shares Outstanding	102.08Cr	102.28Cr	102.63Cr	113.98Cr	114.23Cr
Book Value / Share	0.51	0.68	0.84	1.09	1.51
Tangible Book Value	53Cr	70Cr	86Cr	124.7Cr	172Cr
Tangible Book Value Per Share	0.51	0.68	0.84	1.09	1.51
Total Debt	8.77Cr	2.22Cr	15Cr	43Cr	45Cr
Net Debt	-9.57Cr	-15Cr	1.41Cr	3.43Cr	-13Cr
Debt Equivalent Oper. Leases	2L	4L	2L	2L	8L
Minority Interest, Total (Incl. Fin. Div)	2.94Cr	4.01Cr	4.46Cr	6.69Cr	3.82Cr
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	5Cr	5.87Cr	8.81Cr	11Cr	20Cr
Inventories - Finished Goods, Total	89.99L	93.1L	1.58Cr	2.43Cr	6.74Cr
Land - (BS)	3.34Cr	3.47Cr	3.57Cr	3.69Cr	7.66Cr
Buildings, Total	-	-	-	-	-
Machinery, Total	24Cr	24Cr	27Cr	30Cr	99Cr
Full Time Employees	550	729	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	19Cr	16Cr	15Cr	22Cr	47Cr
Depreciation & Amortization - CF	6.21Cr	6.45Cr	8.7Cr	7.53Cr	10Cr
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	6.21Cr	6.45Cr	8.7Cr	7.53Cr	10Cr
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	24.92L	24.56L	25.97L	30.82L	61L
Other Operating Activities, Total	8Cr	31.94L	1.2Cr	59.22L	11Cr
Change In Accounts Receivable	-1.98Cr	-30.97L	-3.75Cr	-2.45Cr	-59L
Change In Inventories	-76.07L	-91.42L	-3.59Cr	-2.73Cr	-9.08Cr
Change In Accounts Payable	-2.71Cr	2.17Cr	1.36Cr	-3.31Cr	6.4Cr
Change In Income Taxes	7.23Cr	-7.47Cr	1.54Cr	2.72Cr	9.79Cr
Change In Deferred Taxes	-16.81L	1.48Cr	13.53L	6L	3.33Cr
Change in Other Net Operating Assets	-	-	31.57L	6L	2L
Cash from Operations	35Cr	18Cr	21Cr	25Cr	79Cr
Capital Expenditure	-11Cr	-18Cr	-23Cr	-49Cr	-43Cr
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-11Cr	-18Cr	-23Cr	-49Cr	-43Cr
Long-Term Debt Issued, Total	-	-	-	38Cr	2.43Cr
Total Debt Issued	-	-	-	38Cr	2.43Cr
Long-Term Debt Repaid, Total	-24Cr	-75.44L	-53.28L	-81.55L	-4.19Cr
Total Debt Repaid	-24Cr	-75.44L	-53.28L	-81.55L	-4.19Cr
Issuance of Common Stock	14Cr	6L	2L	15Cr	-
Other Financing Activities, Total	-5.15Cr	-88.14L	-1.81Cr	-5.19Cr	-16Cr
Cash from Financing	-15Cr	-1.57Cr	-2.32Cr	47Cr	-17Cr
Foreign Exchange Rate Adjustments	12.06L	24.2L	45.93L	2.63Cr	67L
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	8.83Cr	-99.81L	-3.83Cr	26Cr	19Cr
Supplemental Items
Cash Interest Paid	1.42Cr	13.75L	17.54L	2.68Cr	5.8Cr
Cash Income Tax Paid (Refund)	3.65Cr	13Cr	5.95Cr	6.78Cr	13Cr
Levered Free Cash Flow	18Cr	-3.48Cr	-16Cr	-7.08Cr	24Cr
Unlevered Free Cash Flow	21Cr	-3.34Cr	-16Cr	-6.91Cr	26Cr
Change In Net Working Capital	-1.58Cr	8.13Cr	17Cr	-13Cr	-6.64Cr
Net Debt Issued / Repaid	-24Cr	-75.44L	-53.28L	37Cr	-1.76Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	36.28	19.22	14.08	12.9	21.84
Return on Total Capital	45.84	23.02	16.26	14.75	25.93
Return On Equity %	59.02	28.37	20.02	22.19	36.94
Return on Common Equity	54.75	26.84	18.81	21.24	31.94
Margin Analysis
Gross Profit Margin %	56.92	46.62	40.89	48.26	57.03
SG&A Margin	0.81	1.28	1.48	1.59	0.91
EBITDA Margin %	62.45	52.3	48.09	54.89	59.32
EBITA Margin %	54.4	42.54	35.75	45.18	53.11
EBIT Margin %	54.4	42.54	35.75	45.18	53.11
Income From Continuing Operations Margin %	30.11	30.2	24.92	33.73	36.77
Net Income Margin %	26.53	27.04	22.21	30.66	30.71
Net Avail. For Common Margin %	26.53	27.04	22.21	30.66	30.71
Normalized Net Income Margin	24.64	23.3	20.08	26.22	26.66
Levered Free Cash Flow Margin	24.97	-5.71	-24.77	-9.7	15.34
Unlevered Free Cash Flow Margin	30.13	-5.5	-24.6	-9.46	16.56
Asset Turnover
Asset Turnover	1.07	0.72	0.63	0.46	0.66
Fixed Assets Turnover	1.62	1.11	0.99	0.7	1.01
Inventory Turnover (Average Inventory)	5.53	5.11	4.55	3.17	3.32
Short Term Liquidity
Current Ratio	1.45	3.37	3.69	3.33	2.02
Quick Ratio	1.11	2.44	1.67	2.6	1.45
Operating Cash Flow to Current Liabilities	1.77	2.1	1.62	1.29	1.61
Days Outstanding Inventory (Average Inventory)	65.98	71.39	80.29	115.36	109.86
Average Days Payable Outstanding	26.74	24.84	29.98	51.63	32.93
Long Term Solvency
Total Debt/Equity	15.82	3	16.47	32.42	25.77
Total Debt / Total Capital	13.66	2.91	14.14	24.48	20.49
LT Debt/Equity	3.61	0.2	14.69	30.12	19.52
Long-Term Debt / Total Capital	3.11	0.19	12.61	22.74	15.52
Total Liabilities / Total Assets	31.07	15.72	25.8	33.45	35.26
EBIT / Interest Expense	6.6	122.62	133.57	118.99	27.32
EBITDA / Interest Expense	7.65	153.17	182.74	146.17	30.72
(EBITDA - Capex) / Interest Expense	5.82	67.49	53.74	-29.64	16.34
Total Debt / EBITDA	0.2	0.07	0.46	1.05	0.49
Net Debt / EBITDA	-0.21	-0.47	0.04	0.08	-0.14
Total Debt / (EBITDA - Capex)	0.26	0.16	1.57	-5.18	0.92
Net Debt / (EBITDA - Capex)	-0.28	-1.06	0.15	-0.42	-0.27
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	128.86	-14.59	8.71	10.4	111.37
Gross Profit, 1 Yr. Growth %	144.15	-30.05	-4.66	30.3	149.79
EBITDA, 1 Yr. Growth %	150.73	-28.48	1.58	26.02	128.43
EBITA, 1 Yr. Growth %	152.7	-33.22	-8.62	39.51	148.41
EBIT, 1 Yr. Growth %	152.7	-33.22	-8.62	39.51	148.41
Earnings From Cont. Operations, 1 Yr. Growth %	116.82	-14.33	-10.29	49.41	130.46
Net Income, 1 Yr. Growth %	111.46	-12.98	-10.68	52.41	111.75
Normalized Net Income, 1 Yr. Growth %	122.66	-19.25	-6.32	44.19	114.95
Diluted EPS Before Extra, 1 Yr. Growth %	104.95	-23.19	-10.69	45.07	100.49
Inventory, 1 Yr. Growth %	13.53	15.35	52.76	29.11	97.39
Net Property, Plant and Equip., 1 Yr. Growth %	43.39	12.63	28.05	77.47	30.11
Total Assets, 1 Yr. Growth %	51.54	9.26	38.94	61.72	37.55
Tangible Book Value, 1 Yr. Growth %	217.77	33.42	22.94	44.8	37.93
Common Equity, 1 Yr. Growth %	217.77	33.42	22.94	44.8	37.93
Cash From Operations, 1 Yr. Growth %	136.38	-47.35	13.32	20.63	213.87
Capital Expenditures, 1 Yr. Growth %	-7.88	67.46	26.3	113.43	-11.49
Levered Free Cash Flow, 1 Yr. Growth %	-1.9T	-119.54	311.55	-56.75	-434.24
Unlevered Free Cash Flow, 1 Yr. Growth %	3.21T	-115.59	322.78	-57.52	-469.85
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.3T	39.81	-3.64	9.55	52.76
Gross Profit, 2 Yr. CAGR %	1.79T	30.69	-18.33	11.46	80.42
EBITDA, 2 Yr. CAGR %	790.03	33.91	-15.44	13.14	69.66
EBITA, 2 Yr. CAGR %	724.22	29.91	-21.88	12.91	86.18
EBIT, 2 Yr. CAGR %	724.22	29.91	-21.88	12.91	86.18
Earnings From Cont. Operations, 2 Yr. CAGR %	603.41	36.29	-12.34	15.77	85.55
Net Income, 2 Yr. CAGR %	564.85	35.65	-11.84	16.67	79.63
Normalized Net Income, 2 Yr. CAGR %	713.82	34.09	-13.02	16.22	76.04
Diluted EPS Before Extra, 2 Yr. CAGR %	543.43	25.47	-17.18	13.82	70.54
Inventory, 2 Yr. CAGR %	-	14.44	32.74	40.44	59.66
Net Property, Plant and Equip., 2 Yr. CAGR %	43.67	27.08	20.09	50.75	51.96
Total Assets, 2 Yr. CAGR %	54.72	28.67	23.21	49.89	49.14
Tangible Book Value, 2 Yr. CAGR %	162.23	105.9	28.07	33.42	41.32
Common Equity, 2 Yr. CAGR %	162.23	105.9	28.07	33.42	41.32
Cash From Operations, 2 Yr. CAGR %	628.58	11.56	-22.76	16.91	94.56
Capital Expenditures, 2 Yr. CAGR %	-28.12	24.2	45.43	64.19	37.44
Levered Free Cash Flow, 2 Yr. CAGR %	-7.17	87.74	-4.04	33.41	20.23
Unlevered Free Cash Flow, 2 Yr. CAGR %	1.97	127.24	-12.93	34.01	25.33
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	857.99	688.86	28.56	0.83	36.38
Gross Profit, 3 Yr. CAGR %	693.92	530.55	17.65	-4.57	45.86
EBITDA, 3 Yr. CAGR %	307.5	284.08	21.48	-3.41	43
EBITA, 3 Yr. CAGR %	285.7	256.65	15.53	-5.22	46.86
EBIT, 3 Yr. CAGR %	285.7	256.65	15.53	-5.22	46.86
Earnings From Cont. Operations, 3 Yr. CAGR %	211.39	248.67	18.55	4.72	45.63
Net Income, 3 Yr. CAGR %	198.96	237.57	18.01	5.81	42.31
Normalized Net Income, 3 Yr. CAGR %	241.44	276.76	18.98	2.94	42.66
Diluted EPS Before Extra, 3 Yr. CAGR %	174.65	216.82	12.03	-0.16	37.46
Inventory, 3 Yr. CAGR %	-	-	26	31.52	57.32
Net Property, Plant and Equip., 3 Yr. CAGR %	199.78	32.47	27.4	36.79	43.53
Total Assets, 3 Yr. CAGR %	107.82	37.78	32.01	34.9	45.66
Tangible Book Value, 3 Yr. CAGR %	87.34	109.34	73.38	33.42	34.91
Common Equity, 3 Yr. CAGR %	87.34	109.34	73.38	33.42	34.91
Cash From Operations, 3 Yr. CAGR %	245.75	203.47	12.14	-10.39	62.48
Capital Expenditures, 3 Yr. CAGR %	65.67	-4.71	24.9	65.27	33.62
Levered Free Cash Flow, 3 Yr. CAGR %	-	-44.77	155.13	-26.43	81.2
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-45.48	192.87	-31.46	87.96
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	282.27	258.14	37.74
Gross Profit, 5 Yr. CAGR %	-	-	219.66	215.27	39.59
EBITDA, 5 Yr. CAGR %	-	-	117.24	134.81	38.85
EBITA, 5 Yr. CAGR %	-	-	103.63	125.13	39.83
EBIT, 5 Yr. CAGR %	-	-	103.63	125.13	39.83
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	87.55	124.33	41.82
Net Income, 5 Yr. CAGR %	-	-	83.43	120.7	39.61
Normalized Net Income, 5 Yr. CAGR %	-	-	97.58	135.37	39.17
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	70.03	110.37	32.53
Inventory, 5 Yr. CAGR %	-	-	-	-	38.52
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	107.91	39.5	36.71
Total Assets, 5 Yr. CAGR %	-	-	68.6	42.5	38.61
Tangible Book Value, 5 Yr. CAGR %	-	-	60.9	74.83	59.77
Common Equity, 5 Yr. CAGR %	-	-	60.9	74.83	59.77
Cash From Operations, 5 Yr. CAGR %	-	-	89.84	107.21	39.79
Capital Expenditures, 5 Yr. CAGR %	-	-	57.26	18.45	29.77
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-19.26	88.83
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-19.65	108.56