• WAF halts trading ahead of Burkina Faso stake increase decree

• State may raise Kiaka mine stake from 15% to 40%

• Move aligns with 2024 mining law; terms remain undisclosed

Australian gold miner West African Resources Limited (WAF) suspended trading in its shares on the Australian Securities Exchange (ASX) on Friday ahead of an announcement on a Burkina Faso government decree that could raise the state's stake in the Kiaka gold mine to 40%.

The mine, which began operations in June 2025, is 85% owned by WAF, while the Burkinabe state holds the remaining 15%. Under mining legislation that took effect in 2024, authorities signaled as early as September that they intended to acquire an additional stake, with compensation. A draft decree for a further 25% interest has since been prepared, and the measure referenced by WAF is expected to formalize the move.

Issuing a decree is a legal prerequisite for the state to increase its stake in an existing mine. WAF nonetheless described the transaction as "potential" at this stage, and neither the status of talks nor the terms of any possible agreement have been disclosed.

For Ouagadougou, issuing the decree would signal its intention to advance the process and strengthen its position in one of the country's most strategically important gold assets.

WAF is projecting output of up to 280,000 ounces of gold at Kiaka in 2026, or about 8.7 metric tons. That would represent nearly 16% of national industrial production, estimated at 52 metric tons in 2025. The company said it may issue a further statement before trading resumes on the ASX.

A slightly tighter wire-style version would read:

Australian gold miner West African Resources Limited (WAF) suspended trading in its shares on the Australian Securities Exchange on Friday ahead of an announcement on a Burkina Faso government decree that could raise the state's stake in the Kiaka gold mine to 40%.

Kiaka, which began operations in June 2025, is 85% owned by WAF, with the Burkinabe state holding the remaining 15%. Under mining legislation that took effect in 2024, authorities signaled as early as September that they intended to acquire an additional stake, with compensation. A draft decree for a further 25% interest has since been prepared and is expected to formalize the move referenced by WAF.

Issuing such a decree is a legal requirement for the state to increase its stake in an existing mine. WAF nonetheless described the transaction as "potential" at this stage, and neither the status of talks nor the terms of any possible agreement have been disclosed.

For Ouagadougou, the decree would signal its intention to move ahead with the process and strengthen its position in one of the country's most strategically important gold assets.

WAF is projecting output of up to 280,000 ounces of gold at Kiaka in 2026, or about 8.7 metric tons. That would account for nearly 16% of national industrial production, estimated at 52 metric tons in 2025. The company said it may issue a further statement before trading resumes on the ASX.

Aurel Sèdjro Houenou