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West African Resources Ltd

www: www.westafricanresources.com   email: info@westafricanresources.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
ASX:WAF AUD
OTCMKTS:WFRSF USD

Description

West African Resources Ltd are a gold focused mid-tier producer with two mines in development in Burkina Faso and two exploration properties. They have approximately 12Moz. of gold in the reserves and resources category of which 8Moz. are in the measured and indicated category. They have a market capitalisation of ~A$663.27M which is a fall of roughly 29% over the last nine months. As of 01/09/2022 they have ~A$29M debt and ~A$65.24M cash. They have 1,021M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/09/2022
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $933.06M $663.27M 01/09/2022 $-269.79M
Total Assets: $358.21M $322.97M 01/09/2022 $-35.25M
Total Liabilities: $128.96M $116.27M 01/09/2022 $-12.69M
Current Assets: $107.46M $96.89M 01/09/2022 $-10.57M
Current Liabilities: $93.14M $83.97M 01/09/2022 $-9.16M
Total Debt: $32.24M $29.07M 01/09/2022 $-3.17M
Cash: $72.36M $65.24M 01/09/2022 $-7.12M
Enterprise Value: $892.94M $627.10M 11/14/1989 $-265.84M
Cash Flow: $136.57M $144.65M never $8.08M
Cash Flow Multiple: 6.83 4.59 never -2.25
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 01/09/2022 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/09/2022 0.00%
Misc 01/09/2022
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 1,021,000,000 1,021,000,000 01/09/2022 0
Shares (FD): 1,032,000,000 1,032,000,000 01/09/2022 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2020 01/09/2022 n/a
Production (Gold Eq Oz.): (guess) 
280,000
(guess) 
280,000
01/09/2022 0
Production (Silver Eq Oz.): (guess) 
22,520,322
(guess) 
23,870,130
01/09/2022 1,349,808
Initial CapEx (Outstanding): n/a n/a 01/09/2022 n/a
Funding Option: n/a n/a 01/09/2022 n/a
Documentation: none PRODUCER 01/09/2022 n/a
Value Adjustment: 10% 10% never 0%

Resource Data

GOLD 01/09/2022
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 4.00M 4.00M 01/09/2022 0.00M
Measured & Indicated: 8.00M 8.00M 01/09/2022 0.00M
Inferred: 4.00M 4.00M 01/09/2022 0.00M
Reserves & Resources: 12.00M 12.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 3.60M 3.60M 01/09/2022 0.00M
Measured & Indicated: 6.48M 6.48M 01/09/2022 0.00M
Inferred: 1.80M 1.80M 01/09/2022 0.00M
Reserves & Resources: 8.28M 8.28M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
280,000oz.
(guess) 
280,000oz.
01/09/2022 0oz.
Cash Cost: $700 $700 01/09/2022 $0.00
Extra Operating Cost: $400 $400 01/09/2022 $0.00
Average Grade: 1.20 g/t 1.20 g/t 01/09/2022 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/09/2022 0.00%
F
U
T
U
R
E
Proven & Probable: 8.00M 8.00M 01/09/2022 0.00M
Annual Production: 400,000oz. 400,000oz. 01/09/2022 0oz.
Cash Cost: $750 $750 01/09/2022 $0
Extra Operating Cost: $400 $400 01/09/2022 $0
SILVER 01/09/2022
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 01/09/2022 0.00M
Measured & Indicated: n/a n/a 01/09/2022 0.00M
Inferred: n/a n/a 01/09/2022 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 01/09/2022 0.00M
Measured & Indicated: n/a n/a 01/09/2022 0.00M
Inferred: n/a n/a 01/09/2022 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/09/2022 $0.00
Extra Operating Cost: n/a n/a 01/09/2022 $0.00
Average Grade: n/a n/a 01/09/2022 n/a
Recovery Rate: n/a n/a 01/09/2022 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/09/2022 0.00M
Annual Production: n/a n/a 01/09/2022 n/a
Cash Cost: n/a n/a 01/09/2022 n/a
Extra Operating Cost: n/a n/a 01/09/2022 n/a

Property

Last Analysis Data  (01/09/2022)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Burkina Faso Sanbrado 100% (guess) 60,000 Open Pit show
3 million oz open pit

Producing 200,000 annually.
Development West Africa, Burkina Faso Toega 100% (guess) 25,000 Open Pit show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.
Exploration West Africa, Burkina Faso Kiaka 90% (guess) n/a n/a show
6 million oz resource.
Development in 2023-24
Exploration Fox Creek, Canada Fox Creek 100% n/a n/a n/a
Total Land Package Size (ha): 85,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Burkina Faso Sanbrado 100% (guess) 60,000 Open Pit show
3 million oz open pit

Producing 200,000 annually.
Development West Africa, Burkina Faso Toega 100% (guess) 25,000 Open Pit show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.
Exploration West Africa, Burkina Faso Kiaka 90% (guess) n/a n/a show
6 million oz resource.
Development in 2023-24
Exploration Fox Creek, Canada Fox Creek 100% n/a n/a n/a
Total Land Package Size (ha): 85,000  

Profitability (by resource)

Proven &
Probable
01/09/2022
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.00M 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 19.28M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.60M 3.60M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 17.35M
Maximum Profit (Gold): $1,931.53M $2,045.74M n/a $114.21M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,931.53M $2,045.74M n/a $114.21M
Max Profit / Current MCap: 2.070 3.084 n/a 1.014
Max Profit Per Share (Gold): $1.87 $1.98 n/a $0.11
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.87 $1.98 n/a $0.11
Total Free Profit Per Share: $0.61 $0.99 n/a $0.38
FD Mkt. Cap / Gold Eq.: $259.18 $184.24 n/a $-74.94
FD Mkt. Cap / Silver Eq.: $3.22 $2.16 n/a $-1.06
FD Mkt. Cap / Per Metal
as % Spot Price:
14.42% 10.02% n/a -4.40%
Measured &
Indicated
01/09/2022
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 8.00M 8.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 38.57M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.48M 6.48M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 31.24M
Maximum Profit (Gold): $3,476.75M $3,682.32M n/a $205.57M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,476.75M $3,682.32M n/a $205.57M
Max Profit / Current MCap: 3.726 5.552 n/a 1.826
Max Profit Per Share (Gold): $3.37 $3.57 n/a $0.20
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.37 $3.57 n/a $0.20
Total Free Profit Per Share: $2.11 $2.57 n/a $0.47
FD Mkt. Cap / Gold Eq.: $143.99 $102.36 n/a $-41.63
FD Mkt. Cap / Silver Eq.: $1.79 $1.20 n/a $-0.59
FD Mkt. Cap / Per Metal
as % Spot Price:
8.01% 5.57% n/a -2.44%

Reserves &
Resources
01/09/2022
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 12.00M 12.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 57.85M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 8.28M 8.28M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 39.92M
Maximum Profit (Gold): $4,442.52M $4,705.19M n/a $262.67M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,442.52M $4,705.19M n/a $262.67M
Max Profit / Current MCap: 4.761 7.094 n/a 2.333
Max Profit Per Share (Gold): $4.30 $4.56 n/a $0.25
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.30 $4.56 n/a $0.25
Total Free Profit Per Share: $3.04 $3.56 n/a $0.52
FD Mkt. Cap / Gold Eq.: $112.69 $80.11 n/a $-32.58
FD Mkt. Cap / Silver Eq.: $1.40 $0.94 n/a $-0.46
FD Mkt. Cap / Per Metal
as % Spot Price:
6.27% 4.36% n/a -1.91%

Future Valuation (Cash Flow & Totals)

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