West African Resources Ltd · ASX:WAF

West African Resources — Investor Presentation (October 2024)

29 slides from West African Resources's investor presentation, Oct 31, 2024

  1. 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 Investor Presentation October 2024

  2. 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$) or United States Dollars (US$)

  3. Slide 3: Important Notice (continued)

    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

  4. Slide 4: West Africa's Emerging Mid-Tier Gold Producer

    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$2,063m* A$464m in

  5. Slide 5: 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

  6. Slide 6: WAF Project Locations

    WAF PROJECT LOCATIONS For personal use only 6

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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 ▪ YTD 2024 Summary: For personal use only 300,000 ‒ Processed: 2.5Mt at 2.0 g/t gold ‒ 93.7% recovery 250,000 ‒ Produced: 155,443 oz 200,000 Recovered Gold

  12. Slide 12: 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

  13. 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

  14. Slide 14: Near Mine Growth: M1 North 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

  15. 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 ▪ 5 new drill rigs ordered arriving Q4 2024 ▪ Drill program targeting high-grade shoots identified in open-pit grade RC control drilli

  16. 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

  17. 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 September 2024 17

  18. Slide 18: Kiaka Gold Project: 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

  19. Slide 19: Kiaka Gold Project Key Project Metrics

    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

  20. Slide 20: 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

  21. Slide 21: 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 70% complete as at end of September. For personal use only ▪ WAF team major work fronts open or complete include WSD, TSF, camp and buildings, power

  22. Slide 22: Kiaka Construction Photos

    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 1. 2. 3. 4. Kiaka Construction: 1. Ball mill lift, 2. Primary crusher, 3. Thickener and 4. Heavy vehicle workshop 22

  23. Slide 23: 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

  24. Slide 24: 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

  25. Slide 25: +420,000 ozpa 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

  26. Slide 26: 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

  27. Slide 27: 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 ASX: WAF Australia & NZ 47.4% Total Ordinary Shares on Issue 1,139,726,844 For personal use only North America 33.5% Options and performance rights on issue 9,644,018 Top 20 Shareholders1 61% Europe 18.2% Ca

  28. Slide 28: 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 (

  29. Slide 29: 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

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