West African Resources Ltd · ASX:WAF
West African Resources — 2022 Macquarie Western Australia Forum
29 slides from West African Resources's conference presentation, Nov 29, 2022
Slide 1: West Africa's Emerging Mid Tier Producer
WEST AFRICA’S EMERGING MID TIER PRODUCER 2022 MACQUARIE WE STERN AUSTRALIA FORUM
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). 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
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 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$1,150m AISC No Senior Debt <US$1100/oz 4 4 Refer ASX announcement dated 3 August 2022 titled “West Af
Slide 5: Why West Africa?
WHY WEST AFRICA? G O L D E N P O T E NT I A L West Africa is one of the most attractive mining regions globally with many of the world’s leading producers 1 1,2 1. Source Euroz Hartleys research 5 2. Corporate all in cost (CAIC) for ASX companies takes into account all costs with the exception of ca
Slide 6: West African Resources Ltd
WEST AFRICAN RESOURCES LTD CA P I TAL S TR UCT U R E INVESTOR BY GEOGRAPHIC LOCATION4 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 at 30 September 2022 AUD$17
Slide 7: West African Gold Project Locations
WEST AFRICAN GOLD PROJECT LOCATIONS 7
Slide 8: Gold Operations
WEST AFRICAN RESOURCES LTD G O LD O P E R AT I O NS 88
Slide 9: Sanbrado Gold Mine
SANBRADO GOLD MINE KE Y P RO J E CT ME T RI CS 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 + Inventory 28Mt at 2.7
Slide 10: Sanbrado Gold Mine
SANBRADO GOLD MINE P RO D UCT I O N AN D C O S T S T R ACK I NG TO G U I DAN CE : 2 2 0 – 2 4 0 KO Z G O L D AT < US $ 11 0 0 / O Z Production metrics to 30 September 22: ‒ OP: 2.0Mt mined at 1.5 g/t gold ‒ UG: 291Kt mined at 9.0 g/t gold ‒ Process: 2.4Mt at 2.5 g/t gold ‒ Produced: 179,417oz gold
Slide 11: Kiaka Gold Project – A Project of Scale
WEST AFRICAN RESOURCES LTD KI A KA G O L D P RO J E CT – A P RO J E CT O F S CAL E Kiaka Gold Project April 2022 11 11
Slide 12: Kiaka Gold Project Feasibility Study
KIAKA GOLD PROJECT FE A S I BI L I T Y S T U DY Project Details Ownership: 90% WAF, 10% BF Government Acquired from B2Gold and GAMS in 2021: 140km southeast of Ouagadougou, 45km south of Sanbrado Granted 54km² 20-year mining licence: ‒ 2015 Mining Code (same as Sanbrado) ‒ 27.5% Corporate Ta
Slide 13: Kiaka Feasibility Study: Mineral Resource
KIAKA FEASIBILITY STUDY 7 . 7 MO Z G O L D MI NE R AL RE S O U RCE 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 & diamond d
Slide 14: Kiaka Feasibility Study: Ore Reserve
KIAKA FEASIBILITY STUDY 4 . 5 MO Z G O L D O RE R E S E RV E Probable Ore Reserve 4.5 Moz gold (155Mt at 0.9g/t gold) 100% Indicated Mineral 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 mining, 140t & 2
Slide 15: Kiaka Feasibility Study: Free Milling Ore
KIAKA FEASIBILITY STUDY FREE MILLING ORE 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 reclaim system ‒ SAG
Slide 16: Kiaka Feasibility Study: Infrastructure
KIAKA FEASIBILITY STUDY INFRASTRUCTURE 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 power: 11 kV from substa
Slide 17: Kiaka Feasibility Key Metrics
KIAKA FEASIBILITY KE Y ME T RI CS AT U S $ 1 7 5 0 ( 1 0 0 % P R O J E CT BAS I S ) 300,000 Production 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 Financial - US$430 million p
Slide 18: Kiaka Feasibility: First Gold
KIAKA FEASIBILITY FI R S T G O L D 2 0 2 5 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 a combination
Slide 19: Outstanding History of Resource & Reserve Growth
WEST AFRICAN RESOURCES LTD O UT S TAN D I NG HI S TO RY O F R E S O URC E & R E S E RV E G RO WT 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 Ore Reserves Mineral Resources For further details, please refer to t
Slide 20: Production Target & Growth Potential
WEST AFRICAN RESOURCES LTD 1 0 Y E AR P RO DU C TIO N TA RG E T & G R O WT H P O T E N T IA L 500,000 2022 unhedged gold production guidance: 220,000 - 450,000 240,000 oz at AISC of US$1,040 - 1,100/oz 400,000 10-year production target to average: 350,000 – 210,000ozpa 2022-24 Recovered Gold Oun
Slide 21: Targeted Exploration
TARGETED EXPLORATION CR E AT I N G VAL UE T HRO U G H T HE D RI L L BI T Consolidated 1,700km2 land position +150km strike of prolific Markoye Fault Outstanding potential build on existing resources at Sanbrado and Kiaka Two operating centers within 50km by 2025 2022 exploration budget US$
Slide 22: Targeted Exploration: Early Success at MV3
TARGETED EXPLORATION E AR LY S U CCE S S AT M V 3 – O NLY 6 KM F R O M S AN BRA DO Early drilling success at MV3 800m strike, open in all directions Outstanding satellite open-pit target First pass drilling has returned – 25m at 3.9 g/t Au – 6m at 15.6 g/t Au – 15m at 5.2 g/t Au – 21m at 2.2
Slide 23: ESG: Our Commitment
ESG O UR CO MM I T M E N T “Integrating sustainability into our operations with a long term view; beyond production, beyond closure for a positive mine legacy” Sanbrado nursery growing thousands of seedlings for Sanbrado’s progressive rehabilitation and revegetation program in collaboration with l
Slide 24: ESG: Making a Positive Impact
ESG MA KI NG A P O S I TI V E I MPAC 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 Commencement of a scholarship program – first two graduates inducted Livelihood diver
Slide 25: Building a Strong Workforce
BUILDING A STRONG WORKFORCE É Q UI P E WA F 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 internships completed ─ 3
Slide 26: Why Invest?
WHY INVEST? LO W E S T CO S T P RO D UCE R O N T HE AS X • 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 through c
Slide 27: West Africa's Emerging Mid-Tier Gold Producer
WEST AFRICAN RESOURCES LTD WE S T A F R I CA’ S E M E R G I NG M I D- T I E R G O L D P R O D U CE 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 28: Mineral Resources
MINERAL RESOURCES S AN BRA DO P RO J E CT M I NE RA L R E S O URC E S Measured Resource Indicated Resource Inferred Resource Total Resource 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 South
Slide 29: Ore Reserves
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 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 7.1461 490,000 M1 South 5
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