West African Resources Ltd · ASX:WAF
West African Resources — Gold Forum Americas 2024
32 slides from West African Resources's conference presentation, Sep 18, 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 Denver Presentation September 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
IMPORTANT NOTICE FORWARD LOOKING STATEMENTS continued WAF’s forward-looking information is based on the reasonable beliefs, expectations and opinions of the relevant management on the date the statements are made and WAF does not assume any obligation to update forward looking information if circums
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$1,627m* A$464m in
Slide 6: Board and Management
WEST AFRICAN RESOURCES LTD BOARD AND MANAGEMENT For personal use only Richard Hyde Lyndon Hopkins Rod Leonard Nigel Spicer Libby Mounsey Stewart Findlay Robin Romero Founder, CEO and Executive Director and Independent Non-Executive Executive Director of Non-Executive Director Non-Executive Executive
Slide 7: WAF Project Locations
WAF PROJECT LOCATIONS For personal use only 7
Slide 8: 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 9: 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 10: 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 1010
Slide 11: 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 12: 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 13: Resource Extension M1 South
RESOURCE EXTENSION M1 SOUTH ▪ 18,000m resource definition drilling program is in progress, targeting inferred mineral resource For personal use only between 1600mRL and 1350mRL ▪ Results to date are in-line with current Mineral Resource Estimate ▪ Significant results from resource definition drillin
Slide 14: 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 15: Near Mine Growth: M1 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 ▪ 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 result
Slide 16: 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 ▪ 5 new drill rigs ordered arriving Q4 2024 ▪ Drill program targeting high-grade shoots identified in open-pit grade RC control drilli
Slide 17: 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 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 For personal use only July 2023 August 2024 18
Slide 19: Kiaka: Thick Zones of Gold Mineralisation 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 S 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 20: 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 21: 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 22: Kiaka: 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 60% complete For personal use only ▪ Experienced WAF team managing earthworks, camp and buildings, power supply, mine services, overland HDPE piping ▪
Slide 23: 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, mills area and Bondek Base installation, primary crusher and ROM pad development 23
Slide 24: ESG Highlights 2023
ESG HIGHLIGHTS 2023 ENVIRONMENT OPERATIONS For personal use only $97 million 226,823 oz 28,000 Plants Biodiversity & $145,000 $661 million Taxes and royalties Annual gold for revegetation Ecosystem Services for community from Annual revenue paid to Govt of production projects policy release waste re
Slide 25: 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 20,000+ seedlings annually for progressive rehabilitation and community revegetation programs ✓Release of
Slide 26: ESG: Social Investment
ESG SOCIAL INVESTMENT Integrating sustainability into our operations with a long-term view; beyond production and closure for a positive mine legacy For personal use only ✓Significant contributor to Burkina Faso in taxes and royalties +US$325 million since project commencement ✓US$6.2 million invest
Slide 27: 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 28: +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 29: 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 30: 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 1,137,307,072 For personal use only North America 36.4% Options and performance rights on issue 9,644,018 Europe 21.0% Top 20 Shareholders1 62% Ca
Slide 31: 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 32: 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