West African Resources Ltd · ASX:WAF
West African Resources — Macquarie Australia Conference 2023
27 slides from West African Resources's conference presentation, May 2, 2023
Slide 1: West Africa's Emerging Mid Tier Producer
WEST AFRICA’S EMERGING MID TIER PRODUCER MACQUARIE AUSTRALIA CONFERENCE - MAY 2023
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 Emerging Mid-Tier Gold Producer
WEST AFRICA’S EMERGING MID-TIER GOLD PRODUCER 1 0 0 % UNHE D G E D MI N E RA L RE S O URC E S AND O RE RE S E RV E S 2023 Mineral Ore 10 Year Exploration Market Guidance Resources Reserves Production Target Permits Capitalisation 210 - 230 Koz 12.6 Moz 6.4 Moz 3.6 Moz +1,000km2 A$982m AISC <US$1175/
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 Largest gold producing region globally +16 Moz/yr 1 Burkina Faso 2nd largest producer in West Africa +3 Moz/yr Top region globally for gold
Slide 6: WAF Project Locations
| WAF PROJECT LOCATIONS a ~ BURKINA FASO eo AFRICA a I AFRICAN RESOURCES Bouroum (Norégold @ mine ® Past Producer © Resource / Advanced Exploration Deposit Towns oo Major Roads — Rail Gl Greenstones 0 A 100 km
Slide 7: Sanbrado Gold Operations
WEST AFRICAN RESOURCES LTD S AN BRA DO G O L D O P E RAT I O N S 77
Slide 8: 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 1.9 g/t for 4.9 Moz gold (US$1850) Reserves 27Mt at 2.2 g/t for 1.9 Moz gold (US$1400) Reserves + Inven
Slide 9: Sanbrado Gold Mine: Nine Consecutive Quarters Meeting or Beating Guidance
SANBRADO GOLD MINE NI N E C O NS E CU T I V E Q UART E R S O F ME E T I NG O R BE AT I NG G U I DA NC E 2023 guidance 210,000 – 230,000 oz gold 10 Year Sanbrado Production Plan production at <US$1,175/oz 250,000 10-year production plan to average 185,000 oz/yr incl. Toega and MV3 200,000 Q1 20
Slide 10: Kiaka Gold Project
KIAKA GOLD PROJECT G RO W T H P I P E L I NE 10
Slide 11: Kiaka Gold Project
KIAKA GOLD PROJECT KI A KA G O L D P RO J E CT + 1 8 Y E AR 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 AR S AT 2 2 0 , 0 0 0 O Z G O L D P E R Y E AR Location South-central Burkina Faso, West Africa Ownership WAF 90%; BF Government 10% Type Open-pit, low strip ratio 1.8 : 1 LOM Resources 279Mt at 0.9 g/t for 7.7 Moz gold (US$1850) Reserves 155Mt at 0.9 g/t for 4.5 Moz gold
Slide 13: Kiaka Gold Project Key Metrics
KIAKA GOLD PROJECT 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
Slide 14: Kiaka First Gold
KIAKA GOLD PROJECT 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 managing earthworks, camp, power supply, mine services Lycopodium managing process plant construction management EPCM contract, commencing with engineeri
Slide 15: 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 16: 10 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 2023 unhedged gold production guidance: 210,000 - 450,000 230,000 oz at AISC of US$1,175/oz 400,000 10-year production target to average: 350,000 – 208,000ozpa 2023-24 Recovered Gold Ounces 300,
Slide 17: Sanbrado Underground Potential
WEST AFRICAN RESOURCES LTD M 5 U N DE RG R OU ND P O T E N T I AL 10,000m diamond drilling campaign underway UG scoping studies commenced Historic results by WAF include: – TAN17-DD097A: 11m at 6.53 g/t Au – TAN18-DD183: 11m at 11.45 g/t Au – TAN17-DD101: 26m at 5.97 g/t Au – TAN18-DD222B: 15m
Slide 18: 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 >1,000km2 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 2023 exploration budget US
Slide 19: 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 local
Slide 20: 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
Slide 21: 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
Slide 22: 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 • 6.4 Moz unhedged gold reserves EXPOSURE • 12.6 Moz unhedged gold resources • Social licence to ope
Slide 23: 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 24: Capital Structure
WEST AFRICAN RESOURCES LTD CA P I TAL S TR UCT U R E INVESTOR BY GEOGRAPHIC LOCATION4 Australia & NZ 35.1% ASX: WAF North America 42.7% Total Ordinary Shares on Issue 1,024m Options and performance rights on issue 10.5m Europe 20.7% Top 20 Shareholders2 61% Asia 1.5% Cash at 31 March 2023 AUD$160m G
Slide 25: Recent ASX Announcements
WEST AFRICAN RESOURCES LTD RE C E NT A S X AN NO UN C E ME N T S August 2022 3rd WAF Updates Resources, Reserves and Production Target 3rd Kiaka Feasibility Study Delivers 4.5Moz Gold Ore Reserve December 2022 15th WAF intercepts 25m at 90 g/t gold at M1 South 5th WAF Receives Strong Interes
Slide 26: Mineral Resources
MINERAL RESOURCES Refer ASX announcement dated 4 April 2023 titled “West African Updates Resources, Reserves and Production Target. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Ore Reserves. Mineral Resources that are not Mineral Ore Reserves
Slide 27: Ore Reserves
ORE RESERVES Refer ASX announcement dated 4 April 2023 titled “West African Updates Resources, Reserves and Production Target”. 27
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