L1 Capital boosts stake in West African Resources

L1 Capital Pty Ltd has substantially increased its relevant interest in West African Resources Limited (ASX:WAF), with its voting power rising from 10.03% to 11.35%. This change reflects an accumulation of FPO securities, bringing L1 Capital’s total votes to 129,465,571 based on an issued capital of 1,141,064,088 shares. This latest change occurred on November 26, 2025, with the previous notice dated August 7, 2025.

The increase in L1 Capital’s holdings stems primarily from multiple on-market purchases, including a significant acquisition on November 26, 2025, involving 6,640,012 FPO shares for $17,154,388.51. Further on-market purchases on November 27 and November 28, 2025, added 235,502 FPO shares for $634,701.44 and 924,457 FPO shares for $2,549,260.41, respectively.

This change follows a notice of initial substantial holder by Aigle Royal Superannuation Pty Ltd, Aigle Royal Capital Pty Ltd, and Aigle Royal Consolidated Pty Ltd, which reported an initial substantial holding of 57,297,811 Depository Interests & Fully Paid Ordinary Shares, representing 5.02% of the voting power, on November 28, 2025. Their holdings involved a series of buy and sell transactions, as well as transfers, in various trusts.