West African Resources Ltd · ASX:WAF
West African Resources — Investor Presentation (March 2024)
29 slides from West African Resources's investor presentation, Mar 12, 2024
Slide 1: West Africa's Emerging Mid Tier Producer
WEST AFRICA’S EMERGING MID TIER PRODUCER TARGETING +400,000 ozpa GOLD PRODUCTION BY 2025 Investor presentation Euroz Hartleys Rottnest Island 2024
Slide 2: Important Notice
IMPORTANT NOTICE This presentation has been prepared by West African Resources Limited ABN 70 121 539 375 (ASX: WAF) (Company or WAF). Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ
Slide 3: Important Notice
IMPORTANT NOTICE NOT AN OFFER This presentation is for information purposes only. This presentation is not, and should not be considered as, an offer or an invitation to acquire securities in the Company or any other financial products and neither this document nor any of its contents will form the
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 2024 Mineral Ore 10 Year Exploration Market Guidance Resources Reserves Production Target Permits Capitalisation 190 – 210 Koz 12.8 Moz 6.1 Moz 4.03 Moz +1,300km2 A$1,036
Slide 5: WAF Project Locations
WAF PROJECT LOCATIONS Burkina Faso a ‘Vi I AFRICAN RESOURCES ® War Mine @ WAF Project ED War Tenement Current / Former Gold Mine Q Project / Deposit : Ml Greenstones 3 > Capital city a ‘ — a Town He Rail — Major Roads 0 rN 100 km
Slide 6: Key Geopolitical Events & WAF Milestones
KEY GEOPOLITICAL EVENTS & WAF MILESTONES 3 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 1.6 1 Dec 2021 2,500 Acquisition of Kiaka Gold Project 15 Dec 2022 WAF intercepts 25m at 5 Sep 2021 90 g/t gold at M1S 1.4 6 Jul 2023 Guinea Nigerien coup d'état coup d'état 10 Jan 2024 2,250 WAF
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 77
Slide 8: Sanbrado Gold Mine
SANBRADO GOLD MINE KEY PROJECT METRICS Location South-central Burkina Faso, West Africa Ownership WAF 90%; BF Government 10% Type Contract open-pit and underground mining 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 gold (US$1400) Reserves + Inventor
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 10 Year Sanbrado Production Plan ▪ 2023 Summary: 300,000 ‒ Processed: 3.3Mt at 2.3 g/t gold ‒ 93.7% recovery 250,000 ‒ Produced: 226,823 oz 200,000 Recovered Gold Ounces ‒ Gold sold: 224
Slide 10: Kiaka Gold Project
KIAKA GOLD PROJECT 7.9 MOZ GOLD GROWTH PROJECT 10
Slide 11: Kiaka Gold Project
KIAKA GOLD PROJECT 1 9 Y E A R S AT 2 2 0 , 0 0 0 O Z P E R Y E A R 11
Slide 12: Kiaka Gold Project
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 Ownership WAF 90%; BF 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 155 Mt at 0.9 g/t for 4.5 Moz g
Slide 13: Kiaka Gold Project: Key Metrics
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 ) 300,000 250,000 Production ▪ 4.1Moz gold at 90% met. recoveries 200,000 ▪ 233,000 ozpa gold production Y1-5 Recovered Gold Ounces ▪ 219,000 ozpa gold production LOM (18.5Y) 150,000 Financial ▪ US$430 million
Slide 14: 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 currently 35% complete ▪ Experienced WAF team managing earthworks, camp and buildings, power supply, mine services, overland HDPE piping ▪ Lycopodium managing process plant construction. Concrete pouring continues, CIL tan
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 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 2023 Ore Reserves Mineral Resources For further details, plea
Slide 16: 10 Year Production Target
WEST AFRICAN RESOURCES LTD 10 YEA R PR O D U C T ION TA R G ET 500,000 450,000 ▪ 10-year production target to average: – >400,000 oz pa 2024-33 400,000 – >450,000 oz pa 2026-31 350,000 – 4.03 Moz production 2024-33 Recovered Gold Ounces 300,000 ▪ 10-year production target based on 82% Ore 250,000 Re
Slide 17: Near Mine Growth: M5 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 ▪ 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 ▪ Historic results by WAF include:
Slide 18: Near Mine Growth: M5 Underground Potential
NEAR MINE GROWTH M 5 U N D ER G R OU N D PO T E N T I AL ▪ Grade and tenor of previous drilling confirmed, +1.5 g/t Au mineralisation core below the M5 South open pit ▪ High-grade shoots remain open at depth at more than 400m below surface ▪ Maiden underground Mineral Resource Estimate delivers 2.4M
Slide 19: Near Mine Growth: M5 Exploration Potential
NEAR MINE GROWTH M5 EXPLORATION POTENTIAL Refer ASX announcements dated 13 December 2023 titled “Amended M5 South UG Mineral Resource and Scoping Study” and dated 28 February 2024 titled “WAF Resource, Reserve and 10 year production update 2024” 19
Slide 20: 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 ✓Sanbrado nursery growing thousands of seedlings for Sanbrado’s progressive rehabilitation and revegetation program in collaboration with local Government
Slide 21: 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 ✓Scholarship program in its second year ✓Livelihood diversification training aimed a
Slide 22: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q U I P E WA F ✓Total WAF workforce: 844 ─ 91% Burkinabè workers ─ 9% expatriate (operations) ─ ~50% workers from local areas surrounding projects ✓Employment opportunities: total workforce including contractors: 2,077 ✓WAF senior leadership roles: 30% women ✓Providing
Slide 23: Peer Group Comparison
WEST AFRICAN RESOURCES LTD PEER GROUP COMPARISON Cash Flow vs NPAT, H2 2023 350,000 300,000 PRU Operating activities cashflow AUD $'000's 2.54b 250,000 WGX 200,000 1.03b SLR 1.10b 150,000 WAF RMS 0.97b 1.92b 100,000 RSG 0.99b 50,000 EMR CMM Bubble area = Market capitalisation value 1.88b 1.78b AUD B
Slide 24: Peer Group Comparison
WEST AFRICAN RESOURCES LTD PEER GROUP COMPARISON Cash Flow vs NPAT, H2 2023 350,000 WAF H2CY25 300,000 PRU Operating activities cashflow AUD $'000's 2.54b 250,000 WGX 200,000 1.03b SLR 1.10b 150,000 WAF RMS 0.97b 1.92b 100,000 RSG 0.99b 50,000 EMR CMM Bubble area = Market capitalisation value 1.88b
Slide 25: 400,000+ oz pa Gold Production by 2025
WEST AFRICAN RESOURCES LTD + 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 TEAM • Building a reputation for consistent and reliable delivery GOLD • 6.1 Moz unhedged gold reserves EXPOSURE • 12.8 Moz unhedged gold resources
Slide 26: 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 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 LOCATION4 Australia & NZ 40.6% ASX: WAF Total Ordinary Shares on Issue 1,027m North America 36.5% Options and performance rights on issue 7.1m Europe 21.8% Top 20 Shareholders1 62% Asia 1.1% Cash at 7 March 2024 AUD$343
Slide 28: Mineral Resources
MINERAL RESOURCES Measured Resource Indicated Resource Inferred Resource Total Resource Cutoff Contained Contained Contained Tonnes Grade Tonnes Grade Tonnes Grade Contained A Tonnes Grade Au Au 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 29: Ore Reserves
ORE RESERVES Proved Probable Proved + Probable Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au (000) t g/t (000) oz (000) t g/t (000) oz (000) t g/t (000) oz M1 South UG 1,298 7.3 304 1,591 7.7 392 2,889 7.5 696 M5 1,635 1.1 55 5,846 1.2 218 7,481 1.1 273 Toega - - - 9,
West African Resources — Investor Presentation (March 2024) on 6ix