West African Resources Ltd · ASX:WAF

West African Resources — Technical Presentation (June 2018)

21 slides from West African Resources's technical presentation, Jun 22, 2018

1. Slide 1: Sanbrado Gold Project Feasibility Study

   For personal use only Sanbrado Gold Project Feasibility Study We s t A f r i c a ’s n e x t t i e r 1 g o l d a s s e t 22 June 2018 Richard Hyde – Managing Director & CEO

2. Slide 2: Important Notice

   IMPORTANT NOTICE For personal use only IMPORTANT NOTICE AND DISCLAIMER except as required by law. For the reasons set forth above, investors should not place undue reliance on forward- This presentation contains “forward-looking information” within the meaning of securities legislation, including lo

3. Slide 3: Feasibility Study Highlights

   SANBRADO GOLD PROJECT J U N E 2 0 1 8 - F E A S I B I LT Y S T U D Y H I G H L I G H T S For personal use only HIGH-GRADE  Sanbrado Gold Project: 1.6Moz Probable Mineral Reserve +200,000 oz pa  211,000 oz average gold production per annum for the first 5 years PRODUCTION  +4g/t average head grade

4. Slide 4: Sanbrado Gold Project location and infrastructure

   SANBRADO GOLD PROJECT For personal use only  Located in central Burkina Faso  110km, 1.5 hrs southeast of Ouagadougou  Excellent infrastructure ‒ 20km from sealed highway ‒ Excellent mobile phone coverage ‒ LV grid power on site ‒ 15km from HV grid power ‒ 18km from stable water source  Low popu

5. Slide 5: Key Project Metrics

   SANBRADO GOLD PROJECT F E A S I B I LT Y S T U D Y H I G H L I G H T S For personal use only KEY PROJECT METRICS Project  High-grade underground and open-pit operation with 2Mtpa SABC CIL plant Resource  MRE of 2.35Moz Au (Indicated) & 0.55Moz Au (Inferred) Production  Average 211koz per year for

6. Slide 6: M1 South Deposit

   SANBRADO GOLD PROJECT M1 SOUTH DEPOSIT For personal use only June 2018 MRE  OP 0-120m - 170koz at 6.6 g/t gold (Ind), 10koz at 4.8 g/t gold (Inf)  UG 120-530m - 620koz at 25.5 g/t gold (Ind), 70koz at 7.6 g/t gold (Inf) June 2018 Probable Reserves  OP 0-120m - 156koz at 6.9 g/t gold  UG 120-500m

7. Slide 7: M5 Deposit

   SANBRADO GOLD PROJECT M5 DEPOSIT For personal use only June 2018 MRE  37.2Mt at 1.3 g/t Au for 1.5Moz (Ind)  12.8Mt at 1.1 g/t Au for 0.45Moz (Inf) June 2018 Probable Reserves  0.8Moz at 1.5 g/t gold (16.4Mt)  Main pit 2km long, up to 400m wide and 290m deep in southwest  Ore from surface  Ove

8. Slide 8: Ore Mined by Source and Annual Production

   SANBRADO GOLD PROJECT ORE MINED BY SOURCE AND ANNUAL PRODUCTION For personal use only 300,000  M1 South OP 2 years 250,000  M5 OP 11 years  M1 South UG 4.5 years  TAN18-DD189: 11m at 10.5g/t Au and 6m at 24.4g/t Au 200,000 70m below current reserves M1 South UG reserve  Further drilling to exte

9. Slide 9: Processing & Metallurgy

   SANBRADO GOLD PROJECT P R O C E S S I N G & M E TA L L U R G Y For personal use only Standard 2Mtpa CIL plant design  Primary crushing & SABC grinding, gravity recovery  75-90 micron grind  CWi 4-11kWh/t (Oxide-Fresh)  BWi 8-22kWh/t (Oxide-Fresh)  15-40% gravity gold  LOM Processing costs:  $

10. Slide 10: Capital Expenditure Summary

    SANBRADO GOLD PROJECT C A P I TA L E X P E N D I T U R E S U M M A RY For personal use only DEVELOPMENT CAPEX BREAKDOWN1  US$185m development CAPEX inclusive 32.2 of open-pit and underground pre- production mining & development costs, contingencies, duties & taxes 65.4  Capital cost estimate prepa

11. Slide 11: Near Term Milestones

    NEAR TERM MILESTONES For personal use only CURRENT DEVELOPMENT PLAN FOR 2018 AND BEYOND 2018 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Resource upgrades M5 Scoping   Further resource / reserve and definition drilling Updated environmental and mining permits   Updated feasibility study  Form

12. Slide 12: Additional Information

    For personal use only Additional Information 12

13. Slide 13: Regional Development Potential

    SANBRADO PROJECT For personal use only PLACEHOLDER FOR REGIONAL DEVELOPMENT POTENTIAL MAP  Region hosts 14Moz FROM SHANE undeveloped resources  Potential for regional consolidation and infrastructure synergies  Sanbrado has the highest grade of all deposits in the vicinty and is key to unlocking

14. Slide 14: Exploration Potential & Upside Areas

    EXPLORATION POTENTIAL & UPSIDE AREAS For personal use only 1 NEAR MINE EXPLORATION 2 SURROUNDING EXPLORATION <5km from Sanbrado <30km from Sanbrado  Continue to chase M1 South below 500m depth, deposit  10km geochem Moktedu Trend – 28m at 9.2g/t Au from surface  Goudré rock chips +60 g/t Au has m

15. Slide 15: 2017 Open Pit FS v 2018 Updated FS

    SANBRADO GOLD PROJECT 2017 OPEN PIT FS V 2018 UPDATED FS For personal use only Feb 2017 June 2018 Feasibility Updated Metric Study Feasibility Study Description Mining OP OP & UG Following continued drilling success at depth on M1 South, a new study determined that concurrent OP & UG mining of M1 So

16. Slide 16: Financial Model Overview

    SANBRADO GOLD PROJECT F I N A N C I A L M O D E L O V E RV I E W For personal use only PRODUCTION AND FINANCIAL SUMMARY (BASE CASE) Base case is stated on a 100% basis Production LOM LOM average of 133kozpa, average of 211kozpa year 1 – 5 of full production Average Cash Costs of US$581/oz / A$775/oz

17. Slide 17: Corporate Overview

    CORPORATE OVERVIEW For personal use only INVESTORS BY TYPE ASX & TSX-V: WAF 1832 Asset Mgt Total Ordinary Shares on Issue 690.8m (Dynamic Funds) VanEck Global Options on issue 16.0m 7% 6% Top 20 Shareholders 51% Retail Insiders & Cash (31 May 2018) A$44m Management 35% Market Capitalisation (at A$21

18. Slide 18: Project Timeline

    PROJECT TIMELINE For personal use only Jan: WAF acquires Channel Jan: Drilling at M1 North Jan: WAF awarded Jan: High-grade • Detailed design and Resources and commences intersects 16m at 5.3g/t mining permit intersections commencement of $1600 work at Mankarga 5 Feb: M1 South high-grade Feb: Sanbra

19. Slide 19: Growth of Resource, Reserves and Grade 2014-2018

    SANBRADO GOLD PROJECT G R O W T H O F R E S O U R C E , R E S E RV E S A N D G R A D E 2 0 1 4 - 2 0 1 8 For personal use only 2,500 2.50 2.40 2,000 2.00 grams per tonne 1.70 1.70 1,500 1.50 koz Au 1,000 1.20 1.20 1.00 0.90 500 0.50 437 278 736 440 980 440 1,332 894 2,022 894 2,350 1,557 0 0.00 Jul

20. Slide 20: Mineral Resources and Ore Reserves

    MINERAL RESOURCES AND ORE RESERVES For personal use only SANBRADO GOLD PROJECT MINERAL RESOURCES | June 2018 INDICATED RESOURCES INFERRED RESOURCES Cutoff Deposit Grade Grade (Au g/t) Tonnes Au Oz Tonnes Au Oz (Au g/t) (Au g/t) O/P <120m 0.5 800,000 6.6 170,000 50,000 4.8 10,000 M1 South U/G >120m 3

21. Slide 21: West African Resources Ltd

    West African Resources Ltd – ASX / TSXV: WAF For personal use only www.westafricanresources.com

West African Resources — Technical Presentation (June 2018) on 6ix