West African Resources Ltd · ASX:WAF

West African Resources — Investor Presentation (March 2023)

29 slides from West African Resources's investor presentation, Mar 7, 2023

  1. Slide 1: West Africa's Emerging Mid Tier Producer

    WEST AFRICA’S EMERGING MID TIER PRODUCER INVESTOR PRESENTATION ROTTNEST ISLAND 2023

  2. 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

  3. 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

  4. Slide 4: West Africa's Emerging Mid-Tier Gold Producer

    WEST AFRICA’S EMERGING MID-TIER GOLD PRODUCER 10 Year 2023 Mineral Ore Exploration Market Production Guidance Resources Reserves Permits Capitalisation Target 210 - 230 Koz 12.6 Moz 6.2 Moz 3.5 Moz +1,700km2 A$995m AISC No Senior Debt <US$1175/oz 4 4 Refer ASX announcement dated 3 August 2022 titled

  5. 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

  6. 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 1,023m Europe 23.5% Options and performance rights on issue 10.5m Top 20 Shareholders2 57% Asia 1.2% Cash at 31 December 2022 AUD$173

  7. Slide 7: West African Gold Project Locations

    WEST AFRICAN GOLD PROJECT LOCATIONS 7

  8. Slide 8: West African Resources Ltd: Gold Operations

    WEST AFRICAN RESOURCES LTD G O L D O P E R AT I O NS 88

  9. 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

  10. Slide 10: Sanbrado Gold Mine

    SANBRADO GOLD MINE TW O C O NS E CU T I V E Y E A RS O F ME E T I N G O R BE AT I NG G U I DAN CE  First gold March 2020, first annual guidance 2021  2022 second year of meeting or beating guidance  2022 Production: ‒ OP: 2.7Mt mined at 1.4 g/t gold ‒ UG: 0.4Mt mined at 8.1 g/t gold ‒ Processed:

  11. Slide 11: Kiaka Gold Project – +8 Years at >200,000 Oz Per Annum

    WEST AFRICAN RESOURCES LTD KI A KA G O L D P RO J E CT – + 1 8 Y E AR S AT > 2 0 0 , 0 0 0 O Z P E R ANN UM Kiaka Gold Project April 2022 11 11

  12. Slide 12: Kiaka Gold Project

    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

  13. Slide 13: Kiaka Feasibility Study

    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

  14. Slide 14: Kiaka Feasibility Study

    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

  15. Slide 15: Kiaka Feasibility Study

    KIAKA FEASIBILITY STUDY FREE MILLING ORE  Extensive metallurgical test work  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 & ball mill

  16. Slide 16: Kiaka Feasibility Study

    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 back-up  Site power: 11 kV from substation to

  17. Slide 17: Kiaka Feasibility

    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

  18. Slide 18: Kiaka Feasibility

    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  EPCM contract, commencing with engineering and pr

  19. 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

  20. Slide 20: Year 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

  21. 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$

  22. Slide 22: Targeted Exploration

    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

  23. Slide 23: ESG

    ESG O UR CO MM I T ME 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 loc

  24. Slide 24: ESG

    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 diversif

  25. Slide 25: Building a Strong Workforce

    BUILDING A STRONG WORKFORCE É Q UI P E WA F Total WAF workforce 1,350: ─ 93% Burkinabè workers ─ 7% Expatriate workers ─ 80% senior roles Burkinabè ─ 33% senior roles female ─ 50% Sanbrado site workers local Providing vocational training opportunities: ─ 170 internships completed ─ 35% female part

  26. Slide 26: Why Invest?

    WHY INVEST? + 4 0 0 , 0 0 0 O Z PA G O L D P R O DUCT I O N BY 2 0 2 5 • 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 ope

  27. Slide 27: West African Resources Ltd

    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

  28. 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

  29. 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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