West African Resources Ltd · ASX:WAF
West African Resources — Investor Presentation (March 2024)
30 slides from West African Resources's investor presentation, Mar 19, 2024
Slide 1: West Africa's Emerging Mid Tier Producer
For personal use only WEST AFRICA’S EMERGING MID TIER PRODUCER TARGETING +400,000 ozpa GOLD PRODUCTION BY 2025 Investor presentation March 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 EXPLORATION RESULTS This presentation is for information purposes only. This presentation is not, and should not be considered as, an offer or an invitation to The exploration results referred to in this presentation were reported in the announcements titled “Amended M5
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 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
Slide 5: WAF Project Locations
WAF PROJECT LOCATIONS For personal use only 5
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 14 Mar 2024 2023 Annual NPAT $164.8M 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 For personal use only Gui
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% 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 gold (US$140
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: For personal use only 300,000 ‒ Processed: 3.3Mt at 2.3 g/t gold ‒ 93.7% recovery 250,000 ‒ Produced: 226,823 oz 200,000 Recovered Gold O
Slide 10: Kiaka Gold Project
KIAKA GOLD PROJECT 7.9 MOZ GOLD GROWTH PROJECT For personal use only 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 For personal use only 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 For personal use only 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
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 For personal use only Production 250,000 ▪ 4.1Moz gold at 90% met. recoveries ▪ 233,000 ozpa gold production Y1-5 200,000 Recovered Gold Ounces ▪ 219,000 ozpa gold production LOM (18.5Y) Financial 150
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 For personal use only ▪ Lycopodium managing process plant construction. Concrete pour
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 2023 Ore Reserves Mineral Resources For
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: For personal use only ‒ >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
Slide 17: Resource Extension: M1 South Northern Shoot
RESOURCE EXTENSION M 1 S O U T H N O R T H ER N S H O O T ▪ Recent diamond drilling at the M1S northern shoot intercepts high grade mineralisation outside of Ore For personal use only Reserve ▪ Significant results from diamond drilling at the M1S northern shoot include: ‒ 9.5m at 81.9 g/t Au ‒ 8.5m
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 For personal use only ▪ 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
Slide 19: 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 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 ▪ Historic re
Slide 20: Near Mine Growth: M5 Exploration Potential
NEAR MINE GROWTH M5 EXPLORATION POTENTIAL For personal use only Refer ASX announcements titled “Amended M5 South UG Mineral Resource and Scoping Study” released 13 December 2023 and “WAF Resource, Reserve and 10 year production update 2024” released 28 February 2024. 20
Slide 21: 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 For personal use only ✓Sanbrado nursery growing thousands of seedlings for Sanbrado’s progressive rehabilitation and revegetation program in collaboration
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 ✓Scholarship program in its second year ✓Livelihood diversific
Slide 23: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q U I P E WA F ✓Total WAF 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 leadersh
Slide 24: Peer Group Comparison
WEST AFRICAN RESOURCES LTD PEER GROUP COMPARISON Cash Flow vs NPAT, H2 2023 400,000 For personal use only 350,000 PRU 2.54b 300,000 Operating activities cashflow AUD $'000's 250,000 200,000 SLR WGX 1.10b 150,000 1.03b RSG WAF 0.99b 100,000 RMS 0.97b GMD 1.92b 1.97b 50,000 CMM EMR 1.78b 0 BGL 1.88b 1
Slide 25: Peer Group Comparison
WEST AFRICAN RESOURCES LTD PEER GROUP COMPARISON Cash Flow vs NPAT, H2 2023 400,000 For personal use only 350,000 WAF PRU H2CY25 2.54b 300,000 Operating activities cashflow AUD $'000's 250,000 200,000 SLR WGX 1.10b 150,000 1.03b RSG WAF 0.99b 100,000 RMS 0.97b GMD 1.92b 1.97b 50,000 CMM EMR 1.78b 0
Slide 26: +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 For personal use only • Building a reputation for consistent and reliable delivery GOLD • 6.1 Moz unhedged gold reserves EXPOSURE • 12.8 Moz un
Slide 27: 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 28: 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 For personal use only 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 a
Slide 29: 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 For personal use only 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 (
Slide 30: Ore Reserves
ORE RESERVES Proved Probable Proved + Probable Tonnes Grade Contained Au Tonnes Grade Contained Au Tonnes Grade Contained Au For personal use only (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
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