See Spot Run

Research evidence excerpt

See Spot Run

luation. We assume

incremental mine life extensions at Mount Monger and Deflector see VAU outperform its 3-

year production outlook.

• West African Resources: On 28 July 2025, WAF announced a trading halt following a

request received from the Burkina Faso government to acquire an additional 35% interest

in Kiaka for 'valuable paid consideration'. We await a further update from the company. We

view this as a key risk.

• Westgold Resources: Timely development of the high-grade Great Fingall mine remains

key to our medium-term outlook along with continued output growth from Bluebird. We

also assume WGX ramps Beta Hunt up to ~2.6Mtpa following a mill expansion. We view the

multi-year guidance due in September 2025 as a key event.

• Resolute Mining: Execution of the Syama expansion project remains key to our outlook

for RSG in Mali. Delivery of the Doropo feasibility study and positive progress towards

development is also key longer term. RSG continues to be exposed to geopolitical risk in

Mali due to recent actions by the government.

• Ora Banda Mining: Movements in commodity prices present the most significant upside

and downside risks to our earnings forecasts and valuation.

We also make assumptions within our forecasts for production, capital expenditure and

operating costs, in addition to exchange rates. Variances in these assumptions versus our

base case present material risks, both to the upside and downside, to earnings forecasts

and valuation.

While OBM is currently exploring a plant expansion to ~3Mtpa we retain our original

assumption of debottlenecking to ~1.7Mtpa over the medium term. We also note that our

operation outlook for OBM relies on a very strong explorations/resource/reserve growth