West African Resources Ltd · ASX:WAF
West African Resources — Investor Presentation (March 2025)
26 slides from West African Resources's investor presentation, Mar 11, 2025
Slide 1: West Africa's Growing Mid Tier Producer: Flight to 500
Red-necked Buzzard, Toega WEST AFRICA’S GROWING MID TIER PRODUCER FLIGHT TO 500 Investor Presentation March 2025
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 making any other use of this Presentation or any information contained in this Presentation. . All dollar values in th
Slide 3: Important Notice: Forward Looking Statements
IMPORTANT NOTICE FORWARD LOOKING STATEMENTS continued officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect WAF’s forward-looking information. Should one or more of these risks and
Slide 4: West Africa's Growing Mid-Tier Gold Producer
WEST AFRICA’S GROWING MID-TIER GOLD PRODUCER 100% UNHEDGED MINERAL RESOURCES AND ORE RESERVES 2025 Mineral Ore 10 Year Exploration Market Production Guidance Resources Reserves Production Target Permits Capitalisation 290 – 360k oz 12.5 Moz 6.2 Moz 4.2 Moz +1,200 km² A$2,405m* 100% Unhedged 83% Ore
Slide 5: Board and Management
WEST AFRICAN RESOURCES LTD BOARD AND MANAGEMENT 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 Chairman Chief Operat
Slide 6: WAF Project Locations
| WAF PROJECT LOCATIONS Burkina Faso a I AFRICAN RESOURCES @® War Mine Q@ WAF Project © War Tenement Current / Former Gold Mine Q Project / Deposit Ml Greenstones Capital city Town HH Rail — Major Roads 0 7N 100 km
Slide 7: Flight to 500
WEST AFRICAN RESOURCES LTD FLIGHT TO 500 WAF aims to be a sustainable +500koz gold producer by 2030 2025 Drilling Programs Targeting Resource Upgrades ▪ M1 South underground resource growth ▪ M5 South underground resource growth ▪ M5 central and north open-pit resource growth Future Work Programs Ma
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: 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 based on 83% Ore 250,
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 9
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 Resources 83 Mt at 1.83 g/t for 4.9 Moz gold (US$2,000) Reserves 19.8 Mt at 2.4 g/t for 1.5 Moz gold (US$1,400) Reserve
Slide 11: Sanbrado Gold Mine: Years of Meeting or Beating Guidance
SANBRADO GOLD MINE 4 Y E A 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 ▪ 2024 Summary: 300,000 ‒ Processed: 3.4Mt at 2.0 g/t gold ‒ 93.3% recovery 250,000 ‒ Produced: 206,622 oz 200,000 Recovered Gold Ounces ‒ Gold sold: 199,550 oz ‒ Costs: AISC US$1,240/o
Slide 12: Resource Extension: M1 South
RESOURCE EXTENSION M1 SOUTH ▪ +18,000m resource definition drilling program is in progress, targeting inferred mineral resource between 1600mRL and 1350mRL ▪ Results to date are in-line with current Mineral Resource Estimate, targeting +10 year reserve. ▪ Significant results from resource definition
Slide 13: Near Mine Growth: Sanbrado Underground Potential
NEAR MINE GROWTH SANBRADO UNDERGROUND POTENTIAL ▪ Over 70,000m of surface and underground drilling planned to accelerate resource and reserve growth ▪ Mineralisation at M1 South and M5 remain open at depth supporting potential to lift production output and extend mine life at Sanbrado ▪ M5 explorati
Slide 14: Near Mine Growth: M5 Exploration Potential
NEAR MINE GROWTH M5 EXPLORATION POTENTIAL ▪ WAF getting back into the drilling business! ▪ >25,000m diamond drilling program to commence Q2 2025 ▪ 5 new drill rigs ordered to arrive H1 2025 ▪ Drill program targeting high-grade shoots identified in open-pit grade RC control drilling Refer ASX announc
Slide 15: Near Mine Growth: Toega Project
NEAR MINE GROWTH TOEGA PROJECT ▪ Toega located 12.6 km from Sanbrado mill ▪ Granted mining licence, production to commence 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 g/t gold for 569,000
Slide 16: 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 November 2023 February 2025 16
Slide 17: Kiaka Gold Project: Key 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 Resources 285 Mt at 0.9 g/t for 7.9 Moz gold (US$2000) Reserves 164 Mt at 0.9 g/t for 4.8 Moz
Slide 18: Kiaka: Confirmed Thick Zones of Gold Mineralisation
KIAKA GOLD PROJECT C O N F I R M E D 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 ▪ RC grade control complete ▪ 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 gold ▪ Mineralis
Slide 19: Kiaka 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 1. 2. 3. 4. Kiaka Construction: 1. Thickener and Trash Screening, 2. Primary Crusher, 3. TSF and 4. Mine Services Area 19
Slide 20: 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 ✓Significant contributor to Burkina Faso in taxes and royalties +US$350million since project commencement ✓US$8 million invested in community projects
Slide 21: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q U I P E WA F ✓Total West African operational employees: 642 ─ +90% Burkinabé workers ─ 50% workers from local areas surrounding projects ─ 20% women across all business units ✓Total workforce for operations, exploration and project development, including contractors:
Slide 22: Flight to 500: Investment Summary
WEST AFRICAN RESOURCES LTD FLIGHT TO 500 • Quality board and management team aligned with shareholders TEAM • Building a reputation for consistent and reliable delivery GOLD • 6.2 Moz unhedged gold reserves EXPOSURE • 12.5 Moz unhedged gold resources • Social licence to operate through community pro
Slide 23: West Africa's Emerging Mid-Tier Gold Producer
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 24: 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 49.2% Total Ordinary Shares on Issue 1,139,776,844 North America 32.3% Performance rights on issue 7,166,209 Top 20 Shareholders1 64% Europe 17.6% Cash at 31 December 2024 AUD$392m As
Slide 25: 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 g/t (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (000) oz MV3 0.5 - - -
Slide 26: Ore Reserves
ORE RESERVES Proved Probable Proved + Probable 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 1.2 218 7,481 1.1 273 T
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