West African Resources Limited (ASX: WAF) - ETF Exposure

Current share price for WAF : $3.780 0.03 (0.80%)⁺

West African Resources (WAF) is an ASX-listed company and is held by a number of exchange traded funds (ETFs). It is on track to produce 4Moz over the next decade, with annual production set to peak at 473,000oz of Au in FY2029. The Company's unhedged resources stand at 12.8Moz and Ore Reserves at 6.1Moz of Au.

WAF General Information ⁺

ASX Code	WAF
Website	http://westafricanresources.com
Industry/Sector	Gold
Market Cap ($M)	4,323
WAF Share Price	$3.780
Day High	$3.810
Day Low	$3.720
Last Close	$3.750
WAF Share Price Movement	$0.03 ( 0.80% )

Prices as at 16:40, 21 Aug 2026

⁺Security prices are delayed by at least 20 minutes and are indicative only.

Already own an Australian ETF? You may already have meaningful exposure to WAF

As a significant Australian company by market capitalisation, WAF is held across 26 ETFs spanning strategies that include gold exposure . Its weighting in those funds means performance can have an outsized influence - when WAF moves, funds like MVS, ISO, SSO, AUMF and VSO that hold it can move with it.

For more concentrated exposure, ETFs such as MVS (VanEck Small Companies Masters ETF) allocate about 2% to WAF , while the average exposure across all 26 ETFs that hold it is around 0.4% .

Top ETF holdings

VanEck Small Companies Masters ETF (MVS) ~ 2%
iShares S&P/ASX Small Ordinaries ETF Index Fund (ISO) ~ 1.4%
SPDR S&P/ASX Small Ordinaries Fund (SSO) ~ 1.4%
ishares Edge MSCI Australia Multifactor ETF (AUMF) ~ 0.8%
Vanguard MSCI Australian Small Companies Index ETF (VSO) ~ 0.6%

Last updated: ETF data and holdings as at 22 August 2026

Own WAF directly or through an ETF?

How does holding West African Resources Limited (WAF) shares directly compare to ETFs that include it?

	WAF Direct	MVS ASX	ISO ASX	SSO ASX	AUMF ASX	VSO ASX
Holdings	1 company	59 holdings	198 holdings	201 holdings	127 holdings	194 holdings
WAF Weight	100%	2%	1.4%	1.4%	0.8%	0.6%
Diversification	Single Stock	Broad	Broad	Broad	Broad	Broad
Annual Cost	Brokerage only	0.49% p.a.	0.55% p.a.	0.5% p.a.	0.3% p.a.	0.3% p.a.
Approx. Yield	-	2.68%	4.17%	8.88%	2.81%	4.64%
Star Ratings	-

Yields and costs are approximate. ETF yields reflect the fund's dividend distributions, not WAF's direct yield. Annual cost uses each ETF's MER.

WAF Exposure on $10,000 investment

How a $10,000 investment in West African Resources Limited (WAF) one week ago compares with ETFs that hold it.

Security	Investment type	Current price	7-day price movement	Dollar change	Value today
West African Resources Limited (WAF)	Direct share	$3.780	11.50%	+$1,150	$11,150
VanEck Small Companies Masters ETF (MVS)	Equity - Australia Small/Mid Cap	$22.350	2.19%	+$219	$10,219
iShares S&P/ASX Small Ordinaries ETF Index Fund (ISO)	Equity - Australia Small/Mid Cap	$5.240	0.77%	+$77	$10,077
SPDR S&P/ASX Small Ordinaries Fund (SSO)	Equity - Australia Small/Mid Cap	$15.100	0.73%	+$73	$10,073
ishares Edge MSCI Australia Multifactor ETF (AUMF)	Equity - Australia Strategy	$39.320	0.03%	+$3	$10,003
Vanguard MSCI Australian Small Companies Index ETF (VSO)	Equity - Australia Small/Mid Cap	$75.320	-0.13%	-$13	$9,987

Assumes $10,000 invested 7 days ago. Figures are based on price movement only and exclude distributions, fees and brokerage.

West African Resources Limited (WAF) ETFs

26 ETFs hold West African Resources Limited (WAF).

ETF	WAF Weight	MER	Yield
VanEck Small Companies Masters ETF (MVS)	2%	0.49%	2.68%
iShares S&P/ASX Small Ordinaries ETF Index Fund (ISO)	1.4%	0.55%	4.17%
SPDR S&P/ASX Small Ordinaries Fund (SSO)	1.4%	0.5%	8.88%
ishares Edge MSCI Australia Multifactor ETF (AUMF)	0.8%	0.3%	2.81%
Vanguard MSCI Australian Small Companies Index ETF (VSO)	0.6%	0.3%	4.64%
VanEck Morningstar Australian Moat Income ETF (DVDY)	0.5%	0.35%	-
SPDR S&P/ASX200 Resources Fund (OZR)	0.5%	0.34%	2.17%
Dimensional Australian Value Trust - Active ETF (DAVA)	0.4%	0.34%	6.55%
Betashares Australian Resources Sector ETF (QRE)	0.4%	0.34%	2.1%
iShares Core MSCI Australia ESG Leaders ETF (IESG)	0.3%	0.09%	2.49%

View all 26 ETFs

West African Resources Limited (WAF) Upcoming Dividends & Yields

Distribution Type	Dividend	Franking	Ex-dividend date	Payment date	Current Price⁺	Price 7D Avg	Dividend Yield

See all dividends from West African Resources Limited (WAF) or use our Upcoming Dividends tool to search for dividends across all ASX-listed securities.

West African Resources Limited (WAF) price-sensitive announcements

WAF - Quarterly Cashflow Report

West African Resources Limited has published its quarterly cash flow report for the period

West African Resources Limited (WAF)
29 Jul 2026 | 8:18 AM

WAF - Quarterly Activities Report

West African Resources Limited's quarterly activities report for Q2 2026 highlights signif

West African Resources Limited (WAF)
29 Jul 2026 | 8:18 AM

WAF - WAF hits 27m at 6.7 g/t gold 200m below M5 South UG reserve

West African Resources Limited (WAF) announced the results of their diamond drilling at th

West African Resources Limited (WAF)
14 Jul 2026 | 8:25 AM

WAF - Production Update - June 2026 Quarter

West African Resources Limited reported its production update for the June 2026 quarter, s

West African Resources Limited (WAF)
7 Jul 2026 | 8:22 AM

West African Resources Limited (WAF) Recent ASX Announcements

Company	Sector	Market Cap ($m)	Headline	Release date/time⁺	Price at release⁺	Current price⁺	Gain/Loss
West African Resources Limited (WAF) ORDINARY FULLY PAID	Materials	$4,323	Ceasing to be a substantial holder from MS	20 Aug 2026 4:46PM	$3.750	$3.780	risen by 0.80%
West African Resources Limited (WAF) ORDINARY FULLY PAID	Materials	$4,323	Becoming a substantial holder from MUFG	18 Aug 2026 6:05PM	$3.460	$3.780	risen by 9.25%
West African Resources Limited (WAF) ORDINARY FULLY PAID	Materials	$4,323	Becoming a substantial holder from MS	18 Aug 2026 3:24PM	$3.500	$3.780	risen by 8%
West African Resources Limited (WAF) ORDINARY FULLY PAID	Materials	$4,323	Change in substantial holding	17 Aug 2026 6:13PM	$3.500	$3.780	risen by 8%
West African Resources Limited (WAF) ORDINARY FULLY PAID	Materials	$4,323	Becoming a substantial holder	17 Aug 2026 5:09PM	$3.500	$3.780	risen by 8%
West African Resources Limited (WAF) ORDINARY FULLY PAID	Materials	$4,323	Ceasing to be a substantial holder	12 Aug 2026 8:16AM	$3.550	$3.780	risen by 6.48%

WAF Financial Summary

Year to Dec	NPAT	EPS	EPS chg (%)	PER	Yield (%)	Franking (%)
2027F	C2	$83.40	0.00%	4.50	0.00%	0.0%
2026F	C2	$83.40	101.80%	4.50	0.00%	0.0%
2025A	$567.40	$41.30	100.50%	6.00	0.00%	0.0%

WAF Peer Comparison

Company	Mkt Cap	EPS Growth (%)			P/E (%)			Dividend Yield (%)
Company	Mkt Cap	2025 A	2026 F	2027 F	2025 A	2026 F	2027 F	2025 A	2026 F	2027 F
Evolution Mining Limited (EVN)	$30,609M	0.6196	0.1702	0.2901	19.4452	16.6170	12.8803	2.72%	2.48%	4.11%
Genesis Minerals Limited (GMD)	$9,400M	1.6353	1.4004	-0.0851	40.9091	17.0426	18.6279	0.00%	0.00%	0.00%
Newmont Corporation (NEM)	$13,630M	1.3091	0.1712	0.1317	15.9962	13.6579	12.0680	0.85%	0.84%	0.87%
Northern Star Resources Ltd (NST)	$34,110M	0.0367	0.4431	0.6230	20.6914	14.3379	8.8339	2.30%	2.38%	3.29%
West African Resources Limited (WAF)	$4,289M	1.0049	1.0189	0.0000	9.0799	4.4975	4.4975	0.00%	0.00%	0.00%

WAF Market Comparison

	Earnings	P/E Ratio	P/B Ratio	P/E Growth
Company	0.00	5.54	2.51	0.13
Market	0.35	13.10	1.15	0.80
Sector	1.90	15.20	1.70	0.38

WAF Directors

Name	Position	Start Date
Mr Richard Hyde	Chief Executive Officer, Executive Chairman, Executive Director	1 Sep 2006
Mr Lyndon George Hopkins	Chief Operating Officer, Executive Director	6 Sep 2019
Ms Elizabeth(Libby) Mounsey	Executive Director	29 May 2020
Mr Stewart Findlay	Non-Executive Director	29 May 2020
Ms Robin Margaret Romero	Non-Executive Director	1 Dec 2022
Ms Jayde Webb	Non-Executive Director	9 May 2025
Mr Rodney (Rod) Lloyd Leonard	Non-Executive Director, Lead Independent Director	6 Sep 2019

West African Resources Limited (WAF) Changes in Directors' Interest & Trades

Date of change	Director	Buy/Sell	Security Type	Qty	Trade Price	Value
28 Apr 2026	HYDE, Richard	Sell	Direct Shares	400,000	$3.014	$1,205,682.500
27 Apr 2026	HYDE, Richard	Sell	Direct Shares	2,100,000	$3.203	$6,727,326.440
27 Apr 2026	MOUNSEY, Elizabeth(Libby)	Sell	Direct Shares	50,000	$3.171	$158,538.740

See all changes in directors' interest & trades for West African Resources Limited (WAF) or use our Changes in directors' interest tool to search for changes & trades across all ASX-listed securities.

WAF Management

Name	Position
Padraig O'Donoghue	Chief Financial Officer,Company Secretary
Ann Atkins	Company Secretary

WAF Substantial Shareholders

Under ASX rules large investors and investment funds must disclose when they own more than a 5% stake in West African Resources Limited (WAF). However, you won't necessarily see their names in the company’s annual report, as many trade under nominee names. These shareholders are obliged to provide ongoing substantial notices relating to any change of 1% or more.

Holding	Name
129,465,571 (11.33%)	L1 Capital Pty Ltd
94,855,126 (8.30%)	UBS Group AG and its related bodies corporate
70,467,209 (6.17%)	State Street Corporation and subsidiaries
58,378,487 (5.11%)	BlackRock Group
57,297,811 (5.02%)	Aigle Royal Superannuation Pty Ltd
57,192,475 (5.01%)	Vaneck Global (New York)

WAF Calendar of Events

Date	Event
28 July 2027	Report (Quarterly)
22 April 2027	Report (Quarterly)
16 March 2027	Report (Annual)
27 January 2027	Report (Quarterly)
02 November 2026	Report (Quarterly)

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