West African Resources Ltd · ASX:WAF
West African Resources — Diggers and Dealers Conference 2022
30 slides from West African Resources's conference presentation, Aug 3, 2022
Slide 1: West Africa's Emerging Mid Tier Producer
For personal use only WEST AFRICA’S EMERGING MID TIER PRODUCER DIGGERS AND DEALERS CONFERENCE, KALGOORLIE 1 – 3 AUGUST 2022
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 tonnage
Slide 3: Important Notice: Disclaimer and Non-IFRS Financial 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 Newest Gold Producer
WEST AFRICA’S NEWEST GOLD PRODUCER For personal use only 10 Year 2022 Mineral Ore Exploration Market Production Guidance Resources Reserves Permits Capitalisation Target 220 - 240 Koz 12.6 Moz 6.2 Moz 3.5 Moz +1,700km2 A$1,399m AISC No Senior Debt <US$1100/oz 4 4 Refer ASX announcement dated 3 Augus
Slide 5: Why West Africa? Golden Potential
WHY WEST AFRICA? GOLDEN POTENTIAL West Africa is one of the most attractive mining regions For personal use only globally with many of the world’s leading producers 1 1,2 1. Source Euroz Hartleys research 5 2. Corporate all in cost (CAIC) takes into account all costs with the exception of capital ex
Slide 6: West African Resources Ltd
WEST AFRICAN RESOURCES LTD C A P I TA L S T R U C T U R E INVESTOR BY GEOGRAPHIC LOCATION4 For personal use only Australia & NZ 29.9% ASX: WAF North America 45.4% Total Ordinary Shares on Issue 1,021m Europe 23.5% Options and performance rights on issue 13.2m Top 20 Shareholders2 57% Asia 1.2% Cash
Slide 7: West African Gold Project Locations
WEST AFRICAN GOLD PROJECT LOCATIONS For personal use only 7
Slide 8: Kiaka Gold Project – A Project of Scale
WEST AFRICAN RESOURCES LTD KIAKA GOLD PROJECT – A PROJECT OF SCALE For personal use only Kiaka Gold Project April 2022 88
Slide 9: Kiaka Gold Project Feasibility Study
KIAKA GOLD PROJECT FEASIBILITY STUDY For personal use only Project Details Ownership: 90% WAF, 10% BF Government Acquired from B2Gold and GAMS in 2021: ‒ US$100m cash and shares ‒ 3% NSR <2.5Moz, 0.5% NSR <4Moz 140km southeast of Ouagadougou, 45km south of Sanbrado Granted 54km² 20-year mini
Slide 10: Kiaka Feasibility Study: 7.7Moz Gold Mineral Resource
KIAKA FEASIBILITY STUDY 7.7MOZ GOLD MINERAL RESOURCE For personal use only Geology & Mineralisation Gold mineralisation 100m to over 400m wide, +600m deep (open), strike +3km (open) Mafic volcanics and volcaniclastic sediments Gold associated with quartz veining & pyrrhotite +160,000m RC & d
Slide 11: Kiaka Feasibility Study: Ore Reserve
KIAKA FEASIBILITY STUDY 4 . 5 M O Z G O L D O R E R E S E RV E For personal use only Probable Ore Reserve 4.5 Moz gold (155Mt at 0.9g/t gold) 100% Measured Resources at US$1400/oz strip ratio 1.8 : 1 (waste : ore) Main pit 2km long, 900m wide and 460m deep Mine Plan Conventional open-pit m
Slide 12: Kiaka Feasibility Study: Free Milling Ore
KIAKA FEASIBILITY STUDY FREE MILLING ORE For personal use only Extensive metallurgical test work by B2 Gold Free-milling ore; 90% recovery at 100µm grind WAF preferred design 7Mtpa (nameplate) with oversized crushing and milling circuits; ‒ Primary gyratory crushing ‒ Crushed ore stockpile and
Slide 13: Kiaka Feasibility Study: Infrastructure
KIAKA FEASIBILITY STUDY INFRASTRUCTURE For personal use only Access: 100km bitumen 40km gravel, last 20km requires upgrading Camp: 270-person (same as Sanbrado) Power: grid (225kV hydro from Ghana) supplemented with solar & thermal minimising carbon footprint, on-site thermal back-up Site po
Slide 14: Kiaka Feasibility ESG
KIAKA FEASIBILITY ESG For personal use only Environmental Certificate awarded 2015, draft ESIA and RAP update documents submitted to Burkina Faso government Progressing to aligning ESIA and RAP with Equator Principles / IFC Performance Standards Strong, long-term relationship with community an
Slide 15: Kiaka Feasibility Key Metrics
KIAKA FEASIBILITY 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 For personal use only 250,000 4.1Moz gold recovered at 90% 200,000 Recovered Gold (oz) 233,000ozpa gold production Y1-5 150,000 219,000ozpa gold production LOM (18.5Y) 100,000 50,000 F
Slide 16: Kiaka Feasibility: First Gold 2025
KIAKA FEASIBILITY FIRST GOLD 2025 For personal use only Experienced WAF team, Project Director Matt Scully (ex-Perseus built Sissingué and Yaouré) WAF to manage earthworks, camp, power supply, mine services Lycopodium process plant construction management WAF is aiming to fund Kiaka through
Slide 17: Outstanding History of Resource 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 G R O W T H 14,000,000 For personal use only 12,000,000 10,000,000 Mineral Resource Gold Ounces 8,000,000 6,000,000 4,000,000 2,000,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 Indicated Inferred Measured For furth
Slide 18: Updated 10-Year Production Target
WEST AFRICAN RESOURCES LTD UPDAT E D 10 YEA R PRO D U CTIO N TARG ET For personal use only 500,000 2022 unhedged gold production guidance: 450,000 220,000 - 240,000 oz at AISC of US$1,040 - 1,100/oz 400,000 350,000 10-year production target to average: Recovered Gold Ounces – 210,000ozpa 2022-24
Slide 19: Gold Operations
WEST AFRICAN RESOURCES LTD G O L D O P E R AT I O N S For personal use only 1919
Slide 20: Sanbrado Gold Mine Key Project Metrics
SANBRADO GOLD MINE KEY PROJECT METRICS For personal use only Location South-central Burkina Faso, West Africa Ownership WAF 90%; BF Government 10% Type Contract open-pit and underground mining Resources 80Mt at 1.8 g/t for 4.9 Moz gold 1. Reserves 26Mt at 2.0 g/t for 1.7 Moz gold Reserves + Inventor
Slide 21: Sanbrado: Production and Costs Tracking to Guidance
SANBRADO GOLD MINE P R O D U C T I O N A N D C O S T S T R A C K I N G TO G U I D A N C E For personal use only YTD Production metrics: 100,000 1,250 ‒ OP 1.5Mt mined at 1.5 g/t gold 90,000 ‒ UG 198Kt mined at 9.9 g/t gold 80,000 932 959 1,000 ‒ Process 1.5Mt at 2.8 g/t gold 70,000 721 Gold produc
Slide 22: 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 For personal use only Consolidated 1,700km2 land position +150km strike of prolific Markoye Fault Outstanding potential build on existing resources at Sanbrado and Kiaka Two operating centers within 50km by 2025
Slide 23: Targeted Exploration: Early Success at MV
TARGETED EXPLORATION E A R LY S U C C E S S AT M V 3 – O N LY 6 K M F R O M S A N B R A D O For personal use only Early drilling success at MV3 800m strike, open in all directions Outstanding satellite open-pit target First pass drilling has returned – 14m at 3.5 g/t Au – 13m at 2.5 g/t Au –
Slide 24: ESG: Our Commitment
ESG OUR COMMITMENT “Integrating sustainability into our operations with a long term view; beyond production, beyond closure for a For personal use only positive mine legacy” Sanbrado nursery growing thousands of seedlings for Sanbrado’s progressive rehabilitation and revegetation program in collab
Slide 25: 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 For personal use only Donation of bicycles and tricycles to support transport needs of local students and people with disabilities Commencement of a scholarship program Livelihood diversif
Slide 26: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q U I P E WA F For personal use only Total WAF workforce 1,350: ─ 90% Burkinabè workers ─ 10% Expatriate workers ─ 65% Burkinabè senior roles (2021: 60%) ─ 20% women senior roles ─ 50% local Sanbrado site workers Providing vocational training opportunities: ─ 170 in
Slide 27: Why Invest?
WHY INVEST? LOWEST COST PRODUCER ON THE ASX For personal use only • Quality board and management team aligned with shareholders TEAM • Building a reputation consistent and reliable delivery GOLD • 6.2 Moz unhedged gold reserves EXPOSURE • 12.6 Moz unhedged gold resources • Social licence to operate
Slide 28: West Africa's Newest Unhedged Gold Producer
For personal use only WEST AFRICAN RESOURCES LTD WEST AFRICA’ S NEWE S T UNH E DG E D G O LD PRO D U C E R 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 29: Mineral Resources: Sanbrado Project
MINERAL RESOURCES SANBRADO PROJECT MINERAL RESOURCES Measured Resource Indicated Resource Inferred Resource Total Resource For personal use only Cutoff Contained Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Tonnes Grade Au Au Au Au g/t t g/t oz t g/t oz t g/t oz t g/t oz M1 S
Slide 30: Ore Reserves: Sanbrado and Kiaka Projects
ORE RESERVES S A N B R A D O P R O J E C T O R E R E S E RV E S For personal use only Proved Probable Proved + Probable Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au t g/t oz t g/t oz t g/t oz M1 South UG 1,000,000 8.4592 290,000 1,100,000 5.8753 200,000 2,100,000 7.1
West African Resources — Diggers and Dealers Conference 2022 on 6ix