West African Resources Ltd · ASX:WAF
West African Resources — 2023 Macquarie WA Forum
29 slides from West African Resources's conference presentation, Nov 29, 2023
Slide 1: West Africa's Emerging Mid Tier Producer
For personal use only WEST AFRICA’S EMERGING MID TIER PRODUCER TARGETING +400,000ozpa GOLD PRODUCTION BY 2025
Slide 2: Important Notice – Forward Looking Statements
IMPORTANT NOTICE 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, the anticipated ton
Slide 3: Important Notice – Disclaimer and Non-IFRS Measures
IMPORTANT NOTICE 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, including adjusted cash c
Slide 4: West Africa's Emerging Mid-Tier Gold Producer
WEST AFRICA’S EMERGING MID -TIER GOLD PRODUCER 1 0 0 % U N H E D G E D M I N E R A L R E S O U R C E S A N D O R E R E S E RV E S For personal use only 2023 Mineral Ore 10 Year Exploration Market Guidance Resources Reserves Production Target Permits Capitalisation 210 - 230 Koz 12.6 Moz 6.4 Moz 3.6
Slide 5: Why West Africa? Golden Potential
WHY WEST AFRICA? GOLDEN POTENTIAL West Africa is one of the most attractive mining regions globally with many of the world’s leading producers For personal use only ▪ Largest gold producing region globally +16 Moz/yr 1 ▪ Burkina Faso 2nd largest producer in West Africa +3 Moz/yr ▪ Top region globall
Slide 6: WAF Project Locations
WAF PROJECT LOCATIONS For personal use only 6
Slide 7: 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 77
Slide 8: Sanbrado Gold Mine Key Project Metrics
SANBRADO GOLD MINE KEY PROJECT METRICS Location South-central Burkina Faso, West Africa Ownership WAF 90%; BF Government 10% For personal use only Type Contract open-pit and underground mining Resources 80Mt at 1.9 g/t for 4.9 Moz gold (US$1850) Reserves 27Mt at 2.2 g/t for 1.9 Moz gold (US$1400) Re
Slide 9: Sanbrado Gold Mine: Ten Consecutive Quarters of Meeting or Beating Guidance
SANBRADO GOLD MINE T E N 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 ▪ 2023 guidance 210,000 – 230,000 oz gold 10 Year Sanbrado Production Plan For personal use only production at <US$1,175/oz 250,000 ▪ 10-year production plan to average 185,000 oz/yr inc
Slide 10: Kiaka Gold Project Growth Pipeline
KIAKA GOLD PROJECT GROWTH PIPELINE For personal use only 10
Slide 11: Kiaka Gold Project
KIAKA GOLD PROJECT K I A K A G O L D P R O J E C T + 1 8 Y E A R S AT 2 2 0 , 0 0 0 O Z P E R Y E A R For personal use only 11
Slide 12: Kiaka Gold Project Key Metrics
KIAKA GOLD PROJECT 1 9 Y E A R S AT 2 2 0 , 0 0 0 O Z G O L D P E R Y E A R Location South-central Burkina Faso, West Africa For personal use only Ownership WAF 90%; BF Government 10% Type Open-pit, low strip ratio 1.8 : 1 LOM Resources 279Mt at 0.9 g/t for 7.7 Moz gold (US$1850) Reserves 155Mt at 0
Slide 13: Kiaka Gold Project Key Metrics at US$
KIAKA GOLD PROJECT 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 ) 300,000 Production 250,000 ▪ 4.1Moz gold recovered at 90% For personal use only 200,000 Recovered Gold (oz) ▪ 233,000ozpa gold production Y1-5 150,000 ▪ 219,000ozpa gold production LOM (18.5Y) 100,000 50,000
Slide 14: Kiaka Gold Project First Gold 2025
KIAKA GOLD PROJECT FIRST GOLD 2025 ▪ Experienced WAF team, Project Director Matt Scully (ex-Perseus built Sissingué and Yaouré) ▪ WAF managing earthworks, camp, power supply, mine services For personal use only ▪ Lycopodium managing process plant construction management ▪ EPCM contract, commencing w
Slide 15: Outstanding History of Resource & Reserve 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 & R E S E RV E G R O W T H 14,000,000 For personal use only 12,000,000 10,000,000 8,000,000 Gold Ounces 6,000,000 4,000,000 2,000,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Ore Reserves Mineral Resources For furt
Slide 16: 10 Year Production Target & Growth Potential
WEST AFRICAN RESOURCES LTD 1 0 Y E A R PR O D U C T ION TA R G ET & G R O W T H P O T E N T I AL 500,000 ▪ 2023 unhedged gold production guidance: 210,000 - For personal use only 450,000 230,000 oz at AISC of US$1,175/oz 400,000 ▪ 10-year production target to average: 350,000 – 208,000ozpa 2023-24 R
Slide 17: M5 Underground Potential
WEST AFRICAN RESOURCES LTD 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 ▪ H
Slide 18: M5 Underground Potential
WEST AFRICAN RESOURCES LTD M 5 U N D ER G R OU N D PO T E N T I AL ▪ Grade and tenor of previous drilling For personal use only confirmed ▪ +1.5 g/t Au mineralisation core below the M5 South open pit ▪ Two main shoots +4 g/t Au and 10m true width ▪ High-grade shoots remain open at depth at more than
Slide 19: M5 Exploration Potential
WEST AFRICAN RESOURCES LTD M5 EXPLORATION POTENTIAL For personal use only 19
Slide 20: 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 ▪ Consolidated >1,000km2 land position For personal use only ▪ +150km strike of prolific Markoye Fault ▪ Outstanding potential build on existing resources at Sanbrado and Kiaka ▪ Two operating centers within 50km by 202
Slide 21: ESG: Our Commitment
ESG OUR COMMITMENT Integrating sustainability into our operations with a long term view; beyond production, beyond 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 collabora
Slide 22: 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 ✓Commencement of a scholarship program – first two graduates i
Slide 23: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q U I P E WA F ✓Total WAF workforce 1,350: ─ 93% Burkinabè workers For personal use only ─ 7% Expatriate workers ─ 80% senior roles Burkinabè ─ 33% senior roles female ─ 50% Sanbrado site workers local ✓Providing vocational training opportunities: ─ 170 internships comp
Slide 24: Why Invest?
WHY INVEST? + 4 0 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 For personal use only TEAM • Building a reputation consistent and reliable delivery GOLD • 6.4 Moz unhedged gold reserves EXPOSURE • 12.6 Moz unhedged gold resourc
Slide 25: 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 26: 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 Australia & NZ 35.3% ASX: WAF For personal use only North America 42.2% Total Ordinary Shares on Issue 1,024m Options and performance rights on issue 13.4m Europe 20.8% Top 20 Shareholders2 60% Asia 1.7% Cash
Slide 27: Recent ASX Announcements
WEST AFRICAN RESOURCES LTD RECENT ASX ANNOUNCEMENTS January 2023 ▪ 25th Quarterly Cashflow Report For personal use only ▪ 25th WAF Achieves 2022 Production and Cost Guidance ▪ 31st 2023 Production Guidance March 2023 ▪ 20th 2022 Annual Report April 2023 ▪ 4th 2022 Sustainability Report ▪ 5th WAF Res
Slide 28: Mineral Resources
MINERAL RESOURCES For personal use only Refer ASX announcement dated 5 April 2023 titled “West African Updates Resources, Reserves and Production Target. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Ore Reserves. Mineral Resources that are no
Slide 29: Ore Reserves
ORE RESERVES For personal use only Refer ASX announcement dated 5 April 2023 titled “West African Updates Resources, Reserves and Production Target”. 29