West African Resources Limited anticipated Sanbrado will produce between 250,000 and 280,000 ounces of gold in 2021 with adjusted operating costs of USD 530 ­ 630/oz and all-in sustaining costs (AISC) of USD 720 ­ 800/oz. The 2021 sustaining capital is mainly comprised of: underground mine development, with the M1 South decline reaching 550 m below surface by year end, increasing stope availability and mining flexibility in 2022 to 2025; stripping of the M5 stage 2 and M1 North open pits; tailings storage facility expansion; and equipment leases. In addition, there are sustaining capital allowances for improvement projects such as: Completion of a paste fill study for the underground which will bring mining efficiencies over the current cemented rock fill method; Studies into the use of solar power to supplement the Sanbrado power supply. Key AISC increases since the 2019 Feasibility Study (ASX: 16/4/2019) were: A higher market gold price (from USD 1,300 used in the study) and an increase in the government gold royalty bracket from 4 % to 5 %, which combined for an increase of approximately USD 40/oz on AISC. Inclusion of head office corporate costs in the AISC has an impact of USD 15 to USD 20/oz. Site administration cost increases including: security management, insurance fees, bank charges, and COVID-19 (travel, quarantine and accommodation) have increased AISC by approximately USD 30 ­ USD 35/oz. Increased support of local community programs increased AISC by approximately USD 10 ­ 15/oz. The updated Resources, Reserves and mine plan underpin a +10-year +200,000 ounces per annum production outlook which will provide sustainable cashflows to build a premier low-cost mid-tier West African gold producer. The update includes an increase of 2 Moz gold in Mineral Resources (see Table 3) highlighting the Company's growth potential around the Sanbrado Gold Operation, in the Ganzourgou region of central Burkina Faso, and includes a USD 12.5 M exploration and resource development budget for 2021. The updated production outlook includes a 1.5 Moz Ore Reserve and 1.3 Moz in production from Inferred Mineral Resources from the recently acquired Toega project and M1 South Deep drilling. For further information see Production Target Technical Evaluation on page31 of this announcement. The Sanbrado Mineral Resource estimates were updated by independent resource consultants International Resource Solutions Pty Ltd. (IRS) in accordance with JORC (2012) guidelines. The portion of M1 South Mineral Resources termed "M1 South Deeps" was updated by Neil Silvio who is an employee of the Company. Mineral resources have been estimated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the `JORC Code') 2012 edition. Mineral resources have been estimated for the Project consisting of the following gold deposits: Mankarga 1 North (M1 North), Mankarga 1 South (M1 South), Mankarga 3 (M3), Mankarga 5 (M5) and the newly acquired Toega deposit, which now forms part of the Sanbrado Gold Operation. The Ore Reserves statement is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the `JORC Code') 2012 edition. Key changes to the Ore Reserve statement from the 2019 Feasibility Study are: Ore Reserves have decreased principally due to mining depletion. Depletion due to mining is 146,000 oz. Open pit Ore Reserves are 870,000 oz after mining depletion of 108,000 oz. Underground Ore Reserves are 610,000 oz after mining depletion of 38,000 oz. Re-estimation of the M1 South Mineral Resources and changes to cut-off grade led to a decrease in open pit Ore Reserves of 46,000 oz. Redesign of the M5 final pit has increased Ore Reserves by 42,000 oz. The major Ore Reserve growth opportunity for 2021 will come from completion of the resource definition drilling campaign at the Toega deposit, which will allow for the estimation of Indicated Mineral Resources and Toega's first Ore Reserve estimate. As underground mining progresses at M1 South there will also be opportunity to convert Inferred Mineral Resources to higher resource categories using lower-cost diamond drilling from underground platforms. West African entered into a definitive agreement with B2Gold to acquire the nearby Toega deposit in 2020 (ASX: 29/4/2020) with the aim of upgrading the resource for future processing though the Sanbrado process plant. During 2020 the Company also returned positive results from extension drilling beneath the currently defined M1 South Ore Reserve (M1 South Deeps). WAF completed a technical evaluation including resource estimation, review of metallurgical test work, optimization and mine planning studies to determine the development requirements to extend the M1 South underground mine and the optimum timing of incorporating potential mill feed from an open pit at Toega into the overall life of mine schedule. As the Mineral Resources were all of the Inferred category no Ore Reserves have been derived from this work. Inferred Mineral Resource has lower confidence than an Indicated Mineral Resource and there is no certainty that further resource definition work will result in the conversion of Inferred Mineral Resources to the Indicated category.