West African Resources Ltd · ASX:WAF
West African Resources — Diggers & Dealers 2024
30 slides from West African Resources's conference presentation, Aug 5, 2024
Slide 1: West Africa's Emerging Mid Tier Producer
For personal use only WEST AFRICA’S EMERGING MID TIER PRODUCER TARGETING +420,000 ozpa GOLD PRODUCTION BY 2025 Presentation August 2024
Slide 2: Important Notice
IMPORTANT NOTICE DISCLAIMER FINANCIAL DATA . The following notice and disclaimer apply to this presentation (Presentation) and you are advised to read this carefully before reading or All dollar values in this Presentation are in either Australian Dollars (A$ or AUD$) or United States Dollars (US$)
Slide 3: Important Notice: Forward Looking Statements continued
IMPORTANT NOTICE FORWARD LOOKING STATEMENTS continued officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect WAF’s forward-looking information. Should one or more of these risks and
Slide 4: West Africa's Emerging Mid-Tier Gold Producer
WEST AFRICA’S EMERGING MID -TIER GOLD PRODUCER 1 M I L L I O N T H U N H E D G E D O U N C E P R O D U C E D AT S A N B R A D O For personal use only 4
Slide 5: 100% Unhedged Mineral Resources and Ore Reserves
WEST AFRICA’S EMERGING MID -TIER GOLD PRODUCER 100% UNHEDGED MINERAL RESOURCES AND ORE RESERVES For personal use only 2024 Mineral Ore 10 Year Exploration Market Guidance Resources Reserves Production Target Permits Capitalisation 190 – 210 Koz 12.8 Moz 6.4 Moz 4.2 Moz +1,300 km² A$1,683m* A$464m in
Slide 6: WAF Project Locations
WAF PROJECT LOCATIONS For personal use only 6
Slide 7: Outstanding History of Resource & Reserve Growth
WEST AFRICAN RESOURCES LTD O U T S TA N D I N G H I S T O R Y O F R E S O U R C E & R E S E R V E G R O W T H 14,000,000 Gold Ounces use only 12,000,000 10,000,000 For personal 8,000,000 6,000,000 4,000,000 2,000,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Mineral Resources Ore Rese
Slide 8: 10 Year Production Target
WEST AFRICAN RESOURCES LTD 1 0 Y E A R P R O D U C T I O N TA R G E T 500,000 ▪ 10-year production target to average: For personal use only 450,000 ‒ >420,000 oz pa 2024-33 400,000 ‒ >480,000 oz pa 2026-31 350,000 ‒ 4.2 Moz production 2024-33 Recovered Gold Ounces 300,000 ▪ 10-year production target
Slide 9: Sanbrado Gold Operations
WEST AFRICAN RESOURCES LTD S A N B R A D O G O L D O P E R AT I O N S For personal use only 99
Slide 10: Sanbrado Gold Mine Key Project Metrics
SANBRADO GOLD MINE KEY PROJECT METRICS Location South-central Burkina Faso, West Africa Ownership WAF 90%; Burkina Faso government 10% Type Contract open-pit and underground mining For personal use only Resources 83 Mt at 1.83 g/t for 4.9 Moz gold (US$2000) Reserves 19.8 Mt at 2.4 g/t for 1.5 Moz go
Slide 11: Sanbrado Gold Mine: Consecutive Quarters of Meeting or Beating Guidance
SANBRADO GOLD MINE 1 4 C O N S E C U T I V E Q U A R T E R S O F M E E T I N G O R B E AT I N G G U I D A N C E 10 Year Sanbrado Production Plan ▪ H1 2024 Summary: For personal use only 300,000 ‒ Processed: 1.7Mt at 2.1 g/t gold ‒ 93.9% recovery 250,000 ‒ Produced: 107,644 oz 200,000 Recovered Gold
Slide 12: Resource Extension: M1 South Northern Shoot
RESOURCE EXTENSION M1 SOUTH NORTHERN SHOOT ▪ Recent diamond drilling at the M1S northern shoot intercepts high grade mineralisation outside of Ore For personal use only Reserve ▪ Significant results from diamond drilling at the M1S northern shoot include: ‒ 9.5m at 81.9 g/t Au ‒ 8.5m at 41.4 g/t Au
Slide 13: Near Mine Growth: M5 Underground Potential
NEAR MINE GROWTH M5 UNDERGROUND POTENTIAL ▪ Grade and tenor of previous drilling confirmed, +1.5 g/t Au mineralisation core below the M5 For personal use only South open pit ▪ High-grade shoots remain open at depth at more than 400m below surface ▪ Maiden underground Mineral Resource Estimate delive
Slide 14: Near Mine Growth: M5 Underground Potential
NEAR MINE GROWTH M 5 U N D ER G R OU N D PO T E N T I AL ▪ Infill drilling complete For personal use only ▪ New results include: – 20.5m at 4.1 g/t gold and 7m at 5 g/t gold – 12.5m at 4.6 g/t gold – 4m at 5.3 g/t gold and 9m at 5.7 g/t gold – 10m at 3.8 g/t gold and 6m at 2.6 g/t gold ▪ Historic re
Slide 15: Near Mine Growth: M5 Exploration Potential
NEAR MINE GROWTH M5 EXPLORATION POTENTIAL For personal use only ▪ WAF getting back into the drilling business! ▪ >25,000m diamond drilling program commencing Q1 2025 ▪ Two new diamond drill rigs ordered 1,000m downhole capacity due on ▪ Drill program targeting high-grade shoots identified in open-pi
Slide 16: Near Mine Growth: Toega Project
NEAR MINE GROWTH TOEGA PROJECT For personal use only ▪ Toega located 12.6 km from Sanbrado mill ▪ Granted mining licence, commences production H2 2025, 7 year open-pit ▪ Mineral Resource Estimate of 21.7 million tonnes at 1.8 g/t gold for 1,279,000 oz gold ▪ Ore reserve of 9.5 million tonnes at 1.9
Slide 17: Kiaka Gold Project
KIAKA GOLD PROJECT 2 0 Y E A R S AT 2 3 4 , 0 0 0 O Z P E R Y E A R For personal use only July 2023 July 2024 17
Slide 18: Kiaka Gold Project
KIAKA GOLD PROJECT 2 0 Y E A R S AT 2 3 4 , 0 0 0 O Z P E R Y E A R Location South-central Burkina Faso, West Africa Ownership WAF 90%; Burkina Faso government 10% Type Open-pit, low strip ratio 1.8 : 1 LOM For personal use only Resources 285 Mt at 0.9 g/t for 7.9 Moz gold (US$2000) Reserves 164 Mt
Slide 19: Kiaka Gold Project Key Metrics
KIAKA GOLD PROJECT K E Y M E T R I C S AT U S $ 2 , 1 0 0 / O Z ( 1 0 0 % P R O J E C T B A S I S ) Production ▪ 4.5Moz gold at 90% met. recoveries For personal use only ▪ 258,000 ozpa gold production Y1-5 ▪ 234,000 ozpa gold production LOM (20Y) Financial ▪ US$447 million pre-production capital cos
Slide 20: Kiaka Gold Project: First Gold Estimated for 2025
KIAKA GOLD PROJECT F I R S T G O L D E S T I M AT E D F O R 2 0 2 5 ▪ Project tracking to schedule and budget, first gold Q3 2025 ▪ Project currently 50% complete For personal use only ▪ Experienced WAF team managing earthworks, camp and buildings, power supply, mine services, overland HDPE piping ▪
Slide 21: Kiaka Plant Construction
KIAKA GOLD PROJECT 2 0 Y E A R S AT 2 3 4 , 0 0 0 O Z P E R Y E A R For personal use only Kiaka Plant Construction: CIL tank fabrication and mills area & Bondek Base installation 21
Slide 22: Kiaka: Thick Zones of Gold Mineralization from Surface
KIAKA GOLD PROJECT T H I C K Z O N E S O F G O L D M I N E R A L I Z AT I O N F R O M S U R FA C E ▪ >50,000m RC grade control underway For personal use only ▪ New results include: – 30m at 4.1g/t gold – 29m at 2.6g/t gold – 31m at 2.0g/t gold – 32m at 1.9g/t gold – 30m at 1.9g/t gold – 28m at 2.0/t
Slide 23: ESG: Our Commitment
ESG OUR COMMITMENT Integrating sustainability into our operations with a long-term view; beyond production and closure for a positive mine legacy For personal use only ✓Sanbrado nursery growing thousands of seedlings for Sanbrado’s progressive rehabilitation and revegetation program in collaboration
Slide 24: ESG: Making a Positive Impact
ESG M A K I N G A P O S I T I V E I M PA C T Positive social impact from Sanbrado in education and health ✓Donation of bicycles and tricycles to support transport needs of local students and people with disabilities For personal use only ✓Scholarship program in its second year ✓Livelihood diversific
Slide 25: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q U I P E WA F ✓Total West African workforce: 844 For personal use only ─ +90% Burkinabè workers ─ 50% workers from local areas surrounding projects ─ 20% women across all business units ✓Employment opportunities: total workforce including contractors: 2,077 ✓WAF senior
Slide 26: +420,000oz pa Gold Production by 2025
WEST AFRICAN RESOURCES LTD + 4 2 0 , 0 0 0 O Z PA G O L D P R O D U C T I O N B Y 2 0 2 5 • Quality board and management team aligned with shareholders TEAM For personal use only • Building a reputation for consistent and reliable delivery GOLD • 6.4 Moz unhedged gold reserves EXPOSURE • 12.8 Moz un
Slide 27: West Africa's Emerging Mid-Tier Gold Producer
For personal use only WEST AFRICAN RESOURCES LTD WEST A F R I C A’S EMER G IN G M I D - TI ER G O LD PR O D U C ER w w w. w e s t a f r i c a n r e s o u r c e s . c o m A S X : WA F
Slide 28: Capital Structure
WEST AFRICAN RESOURCES LTD C A P I TA L S T R U C T U R E INVESTOR BY GEOGRAPHIC LOCATION1,4 Australia & NZ 40.7% ASX: WAF Total Ordinary Shares on Issue 1,137,295,927 For personal use only North America 36.4% Options and performance rights on issue 9,655,163 Europe 21.0% Top 20 Shareholders1 62% Ca
Slide 29: Mineral Resources
MINERAL RESOURCES Measured Resource Indicated Resource Inferred Resource Total Resource Cutoff Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained A Tonnes Grade Contained Au For personal use only g/t (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (
Slide 30: Ore Reserves
ORE RESERVES Proved Probable Proved + Probable For personal use only Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au Cutoff (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (000) oz M1 South UG 1.5 1,298 7.3 304 1,591 7.7 392 2,889 7.5 696 M5 0.4 1,635 1 55 5,846 1