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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 12.5Moz. of gold in the reserves and resources category of which 8.5Moz. are in the measured and indicated category. They have a market capitalisation of ~A$1195.68M which is a rise of roughly 12% over the last two weeks. As of 01/06/2025 they have ~A$229M debt and ~A$268.43M cash. They have 1,140M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/06/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $1,065.91M $1,195.68M 01/06/2025 $129.77M
Total Assets: $985.90M $983.20M 01/06/2025 $-2.70M
Total Liabilities: $364.94M $363.94M 01/06/2025 $-1.00M
Current Assets: $394.36M $393.28M 01/06/2025 $-1.08M
Current Liabilities: $93.90M $93.64M 01/06/2025 $-0.26M
Total Debt: $229.73M $229.10M 01/06/2025 $-0.63M
Cash: $269.17M $268.43M 01/06/2025 $-0.74M
Enterprise Value: $1,026.47M $1,156.35M 08/23/2006 $129.88M
Cash Flow: $327.25M $368.48M never $41.23M
Cash Flow Multiple: 3.26 3.24 never -0.01
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 01/06/2025 n/a
Misc 01/06/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,139,776,844 1,139,776,844 01/06/2025 0
Shares (FD): 1,149,000,000 1,149,000,000 01/06/2025 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2020 01/06/2025 n/a
Production (Gold Eq Oz.): (guess) 
350,000		 (guess) 
350,000		 01/06/2025 0
Production (Silver Eq Oz.): (guess) 
30,865,127		 (guess) 
31,231,118		 01/06/2025 365,991
Initial CapEx (Outstanding): n/a n/a 01/06/2025 n/a
Funding Option: n/a n/a 01/06/2025 n/a
Documentation: none PRODUCER 01/06/2025 n/a
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 12/14/2023 0
Cash Flow Multiplier: 12 12 09/01/2024 0.00

Resource Data

GOLD 01/06/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.70M 6.70M 01/06/2025 0.00M
Measured & Indicated: 8.50M 8.50M 01/06/2025 0.00M
Inferred: 4.00M 4.00M 01/06/2025 0.00M
Reserves & Resources: 12.50M 12.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 6.03M 6.03M 01/06/2025 0.00M
Measured & Indicated: 7.33M 7.33M 01/06/2025 0.00M
Inferred: 1.80M 1.80M 01/06/2025 0.00M
Reserves & Resources: 9.13M 9.13M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
350,000oz.		 (guess) 
350,000oz.		 01/06/2025 0oz.
Cash Cost: $1,100 $1,100 01/06/2025 $0.00
Extra Operating Cost: $600 $600 01/06/2025 $0.00
Total: $1,700 $1,700 01/06/2025 $0.00
Margin (Free Cash Flow): $935 (35%) $1,053 (38%) $117.80
G
R
A
D
E		 Underground (Avg): n/a n/a 01/06/2025 n/a
Open Pit (Avg): n/a 1.20 g/t 03/24/2024 1.20 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/06/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 01/06/2025 0.00M
Annual Production: 450,000oz. 450,000oz. 01/06/2025 0oz.
Cash Cost: $1,100 $1,100 01/06/2025 $0
Extra Operating Cost: $600 $600 01/06/2025 $0
SILVER 01/06/2025
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 01/06/2025 0.00M
Measured & Indicated: n/a n/a 01/06/2025 0.00M
Inferred: n/a n/a 01/06/2025 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 01/06/2025 0.00M
Measured & Indicated: n/a n/a 01/06/2025 0.00M
Inferred: n/a n/a 01/06/2025 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 01/06/2025 $0.00
Extra Operating Cost: n/a n/a 01/06/2025 $0.00
Total: n/a n/a 01/06/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 01/06/2025 n/a
Open Pit (Avg): n/a n/a 01/09/2024 n/a
Recovery Rate: n/a n/a 01/06/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/06/2025 0.00M
Annual Production: n/a n/a 01/06/2025 n/a
Cash Cost: n/a n/a 01/06/2025 n/a
Extra Operating Cost: n/a n/a 01/06/2025 n/a

Property

Last Analysis Data  (01/06/2025)
Stage Name Owned Au Ag Cu Notes
Dev Sanbrado 100% show
5 million oz open pit

Producing 200,000 annually.
Dev Toega 100% show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.
Exp Kiaka 90% show
7 million oz resource.
Development in 2023-24
Exp Fox Creek 100% n/a
Total Land Package Size (ha): 85,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Dev Sanbrado 100% show
5 million oz open pit

Producing 200,000 annually.
Dev Toega 100% show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.
Exp Kiaka 90% show
7 million oz resource.
Development in 2023-24
Exp Fox Creek 100% n/a
Total Land Package Size (ha): 85,000  

Profitability (by resource)

Proven &
Probable		 01/06/2025
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.): 6.70M 6.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.01M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.03M 6.03M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 6.31M
Maximum Profit (Gold): $5,638.05M $6,348.38M n/a $710.33M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,638.05M $6,348.38M n/a $710.33M
Max Profit / Current MCap: 5.289 5.309 n/a 0.020
Max Profit Per Share (Gold): $4.91 $5.53 n/a $0.62
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.91 $5.53 n/a $0.62
Total Free Profit Per Share: $3.42 $3.86 n/a $0.43
FD MCap / Gold Eq.: $176.77 $198.29 n/a $21.52
FD MCap / Silver Eq.: $2.00 $2.22 n/a $0.22
FD MCap / Per Metal
as % Spot Price:		 6.71% 7.20% n/a 0.49%
Measured &
Indicated		 01/06/2025
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.): 8.50M 8.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 8.89M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.33M 7.33M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 7.66M
Maximum Profit (Gold): $6,849.81M $7,712.81M n/a $863.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,849.81M $7,712.81M n/a $863.00M
Max Profit / Current MCap: 6.426 6.451 n/a 0.024
Max Profit Per Share (Gold): $5.96 $6.71 n/a $0.75
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.96 $6.71 n/a $0.75
Total Free Profit Per Share: $4.48 $5.05 n/a $0.57
FD MCap / Gold Eq.: $145.50 $163.21 n/a $17.71
FD MCap / Silver Eq.: $1.65 $1.83 n/a $0.18
FD MCap / Per Metal
as % Spot Price:		 5.52% 5.93% n/a 0.41%

Reserves &
Resources		 01/06/2025
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.): 12.50M 12.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 13.07M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.13M 9.13M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 9.54M
Maximum Profit (Gold): $8,532.81M $9,607.85M n/a $1,075.04M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $8,532.81M $9,607.85M n/a $1,075.04M
Max Profit / Current MCap: 8.005 8.035 n/a 0.030
Max Profit Per Share (Gold): $7.43 $8.36 n/a $0.94
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $7.43 $8.36 n/a $0.94
Total Free Profit Per Share: $5.94 $6.69 n/a $0.75
FD MCap / Gold Eq.: $116.80 $131.02 n/a $14.22
FD MCap / Silver Eq.: $1.32 $1.47 n/a $0.14
FD MCap / Per Metal
as % Spot Price:		 4.43% 4.76% n/a 0.33%

Future Valuation (Cash Flow & Totals)

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