West African Resources Ltd · ASX:WAF
West African Resources — Gold Forum Americas 2022
29 slides from West African Resources's conference presentation, Sep 20, 2022
Slide 1: West Africa's Emerging Mid Tier Producer
For personal use only WEST AFRICA’S EMERGING MID TIER PRODUCER GOLD FORUM AMERICAS SEPTEMBER 18 - 21 2022
Slide 2: Important Notice: Forward Looking Statements
IMPORTANT NOTICE For personal use only This presentation has been prepared by West African Resources Limited ABN 70 121 539 375 (ASX: WAF) (Company or WAF). the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the project, t
Slide 3: Important Notice: Disclaimer and Non-IFRS Financial Measures
IMPORTANT NOTICE For personal use only DISCLAIMER NON IFRS FINANCIAL MEASURES The Company and its related bodies corporate and each of their respective directors, agents, officers, employees and advisers expressly The Company has included certain non-IFRS financial measures in this presentation, inc
Slide 4: West Africa's Newest Gold Producer
WEST AFRICA’S NEWEST GOLD PRODUCER For personal use only 10 Year 2022 Mineral Ore Exploration Market Production Guidance Resources Reserves Permits Capitalisation Target 220 - 240 Koz 12.6 Moz 6.2 Moz 3.5 Moz +1,700km2 A$1,276m AISC No Senior Debt <US$1100/oz 4 4 Refer ASX announcement dated 3 Augus
Slide 5: Why West Africa? Golden Potential
WHY WEST AFRICA? GOLDEN POTENTIAL For personal use only West Africa is one of the most attractive mining regions globally with many of the world’s leading producers 1 1,2 1. Source Euroz Hartleys research 5 2. Corporate all in cost (CAIC) takes into account all costs with the exception of capital ex
Slide 6: West African Resources Ltd Capital Structure
WEST AFRICAN RESOURCES LTD C A P I TA L S T R U C T U R E INVESTOR BY GEOGRAPHIC LOCATION4 For personal use only Australia & NZ 29.9% ASX: WAF North America 45.4% Total Ordinary Shares on Issue 1,021m Options and performance rights on issue 13.2m Europe 23.5% Top 20 Shareholders2 57% Asia 1.2% Cash
Slide 7: West African Gold Project Locations
WEST AFRICAN GOLD PROJECT LOCATIONS For personal use only 7
Slide 8: Gold Operations
WEST AFRICAN RESOURCES LTD G O L D O P E R AT I O N S For personal use only 88
Slide 9: Sanbrado Gold Mine Key Project Metrics
SANBRADO GOLD MINE KEY PROJECT METRICS For personal use only Location South-central Burkina Faso, West Africa Ownership WAF 90%; BF Government 10% Type Contract open-pit and underground mining Resources 80Mt at 1.8 g/t for 4.9 Moz gold 1. Reserves 26Mt at 2.0 g/t for 1.7 Moz gold Reserves + Inventor
Slide 10: Sanbrado Production and Costs Tracking to Guidance
SANBRADO GOLD MINE PRODUCTION AND COSTS TRACKING TO GUIDANCE For personal use only Production metrics to 30 June 22: 100,000 1,250 ‒ OP 1.5Mt mined at 1.5 g/t gold 90,000 ‒ UG 198Kt mined at 9.9 g/t gold 80,000 932 959 1,000 ‒ Process 1.5Mt at 2.8 g/t gold 70,000 Gold produced (oz) 721 ‒ 130,021oz
Slide 11: Kiaka Gold Project – A Project of Scale
WEST AFRICAN RESOURCES LTD KIAKA GOLD PROJECT – A PROJECT OF SCALE For personal use only Kiaka Gold Project April 2022 11 11
Slide 12: Kiaka Gold Project Feasibility Study
KIAKA GOLD PROJECT FEASIBILITY STUDY For personal use only Project Details Ownership: 90% WAF, 10% BF Government Acquired from B2Gold and GAMS in 2021: 140km southeast of Ouagadougou, 45km south of Sanbrado Granted 54km² 20-year mining licence: ‒ 2015 Mining Code (same as Sanbrado) ‒ 27.5% C
Slide 13: Kiaka Feasibility Study: 7.7Moz Gold Mineral Resource
KIAKA FEASIBILITY STUDY 7.7MOZ GOLD MINERAL RESOURCE For personal use only Geology & Mineralisation Gold mineralisation 100m to over 400m wide, +600m deep (open), strike +3km (open) Mafic volcanics and volcaniclastic sediments Gold associated with quartz veining & pyrrhotite +160,000m RC & d
Slide 14: Kiaka Feasibility Study: 4.5Moz Gold Ore Reserve
KIAKA FEASIBILITY STUDY 4 . 5 M O Z G O L D O R E R E S E RV E For personal use only Probable Ore Reserve 4.5 Moz gold (155Mt at 0.9g/t gold) 100% Indicated Mineral Resources at US$1400/oz strip ratio 1.8 : 1 (waste : ore) Main pit 2km long, 900m wide and 460m deep Mine Plan Conventional o
Slide 15: Kiaka Feasibility Study: Free Milling Ore
KIAKA FEASIBILITY STUDY FREE MILLING ORE For personal use only Extensive metallurgical test work by B2 Gold Free-milling ore; 90% recovery at 100µm grind WAF preferred design 7Mtpa (nameplate) with oversized crushing and milling circuits; ‒ Primary gyratory crushing ‒ Crushed ore stockpile and
Slide 16: Kiaka Feasibility Study: Infrastructure
KIAKA FEASIBILITY STUDY INFRASTRUCTURE For personal use only Access: 100km bitumen 40km gravel, last 20km requires upgrading Camp: 270-person (same as Sanbrado) Power: grid (225kV hydro from Ghana) supplemented with solar & thermal minimising carbon footprint, on-site thermal back-up Site po
Slide 17: Kiaka Feasibility: Key Metrics at US$
KIAKA FEASIBILITY K E Y M E T R I C S AT U S $ 1 7 5 0 ( 1 0 0 % P R O J E C T B A S I S ) For personal use only 300,000 Production 250,000 4.1Moz gold recovered at 90% 200,000 Recovered Gold (oz) 233,000ozpa gold production Y1-5 150,000 219,000ozpa gold production LOM (18.5Y) 100,000 50,000 F
Slide 18: Kiaka Feasibility: First Gold 2025
KIAKA FEASIBILITY FIRST GOLD 2025 For personal use only Experienced WAF team, Project Director Matt Scully (ex-Perseus built Sissingué and Yaouré) WAF to manage earthworks, camp, power supply, mine services Lycopodium process plant construction management WAF is aiming to fund Kiaka through
Slide 19: Outstanding History of Resource Growth
WEST AFRICAN RESOURCES LTD O U T S TA N D I N G H I S TO RY O F R E S O U R C E G R O W T H For personal use only 14,000,000 12,000,000 10,000,000 Mineral Resource Gold Ounces 8,000,000 6,000,000 4,000,000 2,000,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Indicated Inferred Measured For furth
Slide 20: Updated 10 Year Production Target
WEST AFRICAN RESOURCES LTD U P D ATE D 1 0 Y E A R P RO D U CT I O N TA R G E T For personal use only 500,000 2022 unhedged gold production guidance: 220,000 - 450,000 240,000 oz at AISC of US$1,040 - 1,100/oz 400,000 10-year production target to average: 350,000 – 210,000ozpa 2022-24 Recovered
Slide 21: Targeted Exploration: Creating Value Through the Drill Bit
TARGETED EXPLORATION C R E AT I N G VA L U E T H R O U G H T H E D R I L L B I T For personal use only Consolidated 1,700km2 land position +150km strike of prolific Markoye Fault Outstanding potential build on existing resources at Sanbrado and Kiaka Two operating centers within 50km by 2025
Slide 22: Targeted Exploration: Early Success at MV3
TARGETED EXPLORATION E A R LY S U C C E S S AT M V 3 – O N LY 6 K M F R O M S A N B R A D O For personal use only Early drilling success at MV3 800m strike, open in all directions Outstanding satellite open-pit target First pass drilling has returned – 14m at 3.5 g/t Au – 13m at 2.5 g/t Au –
Slide 23: ESG: Our Commitment
ESG OUR COMMITMENT For personal use only “Integrating sustainability into our operations with a long term view; beyond production, beyond closure for a positive mine legacy” Sanbrado nursery growing thousands of seedlings for Sanbrado’s progressive rehabilitation and revegetation program in collab
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 For personal use only 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 Commencement of a scholarship program – first two graduates
Slide 25: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q U I P E WA F For personal use only Total WAF workforce 1,350: ─ 90% Burkinabè workers ─ 10% Expatriate workers ─ 65% Burkinabè senior roles (2021: 60%) ─ 20% women senior roles ─ 50% local Sanbrado site workers Providing vocational training opportunities: ─ 170 in
Slide 26: Why Invest?
WHY INVEST? LOWEST COST PRODUCER ON THE ASX For personal use only • Quality board and management team aligned with shareholders TEAM • Building a reputation consistent and reliable delivery GOLD • 6.2 Moz unhedged gold reserves EXPOSURE • 12.6 Moz unhedged gold resources • Social licence to operate
Slide 27: West Africa's Newest Unhedged Gold Producer
For personal use only WEST AFRICAN RESOURCES LTD W E S T A F RI CA’ S NE WE S T U N HE D G E D G O L D P R O DU C E R 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: Mineral Resources: Sanbrado Project
MINERAL RESOURCES SANBRADO PROJECT MINERAL RESOURCES For personal use only Measured Resource Indicated Resource Inferred Resource Total Resource Cutoff Contained Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Au Au Au Au g/t t g/t oz t g/t oz t g/t oz t g/t oz M1 S
Slide 29: Ore Reserves: Sanbrado and Kiaka Projects
ORE RESERVES S A N B R A D O P R O J E C T O R E R E S E RV E S For personal use only Proved Probable Proved + Probable Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au t g/t oz t g/t oz t g/t oz M1 South UG 1,000,000 8.4592 290,000 1,100,000 5.8753 200,000 2,100,000 7.1