West African Resources Cash Flow Statement

Financials in millions AUD. Fiscal year is January - December.

Millions AUD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	473.9	223.8	146.87	164.44	188.96
Depreciation & Amortization	102.1	75.2	87.03	59.45	62.09
Stock-Based Compensation	6.1	3.1	2.6	2.46	2.49
Other Operating Activities	108.9	6.1	12.01	8.23	80.04
Change in Accounts Receivable	-5.9	-24.5	-37.53	-3.1	-19.82
Change in Inventory	-90.8	-27.3	-35.89	-9.14	-7.61
Change in Accounts Payable	64	-33.1	13.56	21.68	-27.07
Change in Income Taxes	97.9	27.2	15.44	-74.68	72.25
Change in Other Net Operating Assets	0.2	0.6	3.16	-	-
Operating Cash Flow	789.7	251.6	208.61	184.1	349.66
Operating Cash Flow Growth	213.87%	20.61%	13.32%	-47.35%	136.38%
Capital Expenditures	-431.3	-487.3	-228.34	-180.79	-107.96
Investing Cash Flow	-431.3	-487.3	-228.34	-180.79	-107.96
Long-Term Debt Issued	24.3	375.9	-	-	-
Long-Term Debt Repaid	-41.9	-8.2	-5.33	-7.54	-240.4
Net Debt Issued (Repaid)	-17.6	367.7	-5.33	-7.54	-240.4
Issuance of Common Stock	-	150.2	0.25	0.65	137.29
Other Financing Activities	-155.1	-51.9	-18.1	-8.81	-51.46
Financing Cash Flow	-172.7	466	-23.18	-15.71	-154.56
Foreign Exchange Rate Adjustments	6.7	26.3	4.59	2.42	1.21
Net Cash Flow	192.4	256.6	-38.31	-9.98	88.35
Free Cash Flow	358.4	-235.7	-19.73	3.31	241.7
Free Cash Flow Growth	-	-	-	-98.63%	686.60%
Free Cash Flow Margin	23.23%	-32.29%	-2.98%	0.54%	33.94%
Free Cash Flow Per Share	0.31	-0.22	-0.02	0.00	0.27
Cash Interest Paid	58	26.8	1.75	1.38	14.25
Cash Income Tax Paid	134.2	67.9	59.5	133.77	36.54
Levered Free Cash Flow	236.74	-70.83	-163.76	-39.79	177.85
Unlevered Free Cash Flow	255.49	-69.08	-162.66	-38.47	214.56
Change in Working Capital	98.7	-56.6	-39.9	-50.47	16.08