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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$2461.06M which is a fall of roughly 3% over the last two months. As of 01/11/2026 they have ~A$292M debt and ~A$241.17M cash. They have 1,141M shares outstanding and trade on

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General Details

Financial 01/11/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $2,542.50M $2,461.06M 01/11/2026
MCap (OS): $2,521.03M $2,440.28M 01/11/2026
Total Assets: $1,517.48M $1,610.16M 01/11/2026
Total Liabilities: $538.81M $571.71M 01/11/2026
Current Assets: $409.12M $434.10M 01/11/2026
Current Liabilities: $230.63M $244.72M 01/11/2026
Total Debt: $275.42M $292.24M 01/11/2026
Cash: $227.29M $241.17M 01/11/2026
Debt (Net): $48.13M $51.07M
Enterprise Value: $2,590.63M $2,512.13M
Cash Flow: $829.33M $923.50M never
Cash Flow Multiple: 3.07 2.66 never
Net Debt to
Cash Flow Ratio:		 0.06 0.06 never
Finance within 1 year: 01/11/2026
Misc 01/11/2026
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,141,064,088 1,141,064,088 01/11/2026
Shares (FD): 1,150,780,043 1,150,780,043 01/11/2026
Insider Ownership: 10% 10% 01/11/2026
Dividend (Annual): n/a n/a 01/11/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2020 01/11/2026
Production (Gold Eq Oz.): (guess) 
300,000		 (guess) 
300,000		 01/11/2026
Production (Silver Eq Oz.): (guess) 
16,727,730		 (guess) 
18,954,747		 01/11/2026
Development Phase: Producer (Single Mine) Producer (Single Mine) 01/11/2026
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 01/11/2026
Cash Flow Multiple: 10 10 01/11/2026

Resource Data

GOLD 01/11/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.70M 6.70M 01/11/2026
Measured & Indicated: 8.50M 8.50M 01/11/2026
Inferred: 4.00M 4.00M 01/11/2026
Reserves & Resources: 12.50M 12.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 6.03M 6.03M 01/11/2026
Measured & Indicated: 7.33M 7.33M 01/11/2026
Inferred: 1.80M 1.80M 01/11/2026
Reserves & Resources: 9.13M 9.13M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
300,000oz.		 (guess) 
300,000oz.		 01/11/2026
Cash Cost: $1,200 $1,200 01/11/2026
Extra Operating Cost: $600 $600 01/11/2026
Total: $1,800 $1,800 01/11/2026
Margin (Free Cash Flow): $2,764 (61%) $3,078 (63%)
MCap / Production (AuEq): $8,475.00 $8,203.54
EV / Production (AuEq): $8,635.44 $8,373.78
G
R
A
D
E		 Underground (Avg): n/a n/a 01/11/2026
Open Pit (Avg): n/a 1.20 g/t 01/11/2026
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/11/2026
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 01/11/2026
Annual Production: 450,000oz. 450,000oz. 01/11/2026
Cash Cost: $1,300 $1,300 01/11/2026
Extra Operating Cost: $600 $600 01/11/2026
SILVER 01/11/2026
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 01/11/2026
Measured & Indicated: n/a n/a 01/11/2026
Inferred: n/a n/a 01/11/2026
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/11/2026
Measured & Indicated: n/a n/a 01/11/2026
Inferred: n/a n/a 01/11/2026
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 01/11/2026
Extra Operating Cost: n/a n/a 01/11/2026
Total: n/a n/a 01/11/2026
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $151.99 $129.84
EV / Production (AgEq): $154.87 $132.53
G
R
A
D
E		 Underground (Avg): n/a n/a 01/11/2026
Open Pit (Avg): n/a n/a 01/11/2026
Recovery Rate: n/a n/a 01/11/2026
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/11/2026
Annual Production: n/a n/a 01/11/2026
Cash Cost: n/a n/a 01/11/2026
Extra Operating Cost: n/a n/a 01/11/2026

Property

Last Analysis Data  (01/11/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Sanbrado
100 show
5 million oz open pit

Producing 200,000 annually.

Size: 60,000 ha
Dev Toega
100 show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.

Size: 25,000 ha
Exp Kiaka
90 show
7 million oz resource.
Development in 2023-24
Exp Fox Creek
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Sanbrado
100 show
5 million oz open pit

Producing 200,000 annually.

Size: 60,000 ha
Dev Toega
100 show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.

Size: 25,000 ha
Exp Kiaka
90 show
7 million oz resource.
Development in 2023-24
Exp Fox Creek
100 n/a

Profitability (by resource)

Proven &
Probable		 01/11/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 6.70M 6.70M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.03M 6.03M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $16,669.57M $18,562.27M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $16,669.57M $18,562.27M n/a
Max Profit / Current MCap: 6.556 7.542 n/a
Max Profit Per Share (Gold): $14.49 $16.13 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $14.49 $16.13 n/a
Total Free Profit Per Share: $11.18 $13.12 n/a
FD MCap / Gold Eq.: $421.64 $408.14 n/a
FD MCap / Silver Eq.: $7.56 $6.46 n/a
FD MCap / Per Metal
as % Spot Price:		 9.24% 8.37% n/a
EV / Gold Eq.: $429.62 $416.61 n/a
EV / Silver Eq.: $7.70 $6.59 n/a
EV / Per Metal
as % Spot Price:		 9.41% 8.54% n/a
Measured &
Indicated		 01/11/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 8.50M 8.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.33M 7.33M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $20,252.29M $22,551.77M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $20,252.29M $22,551.77M n/a
Max Profit / Current MCap: 7.966 9.163 n/a
Max Profit Per Share (Gold): $17.60 $19.60 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $17.60 $19.60 n/a
Total Free Profit Per Share: $14.29 $16.58 n/a
FD MCap / Gold Eq.: $347.05 $335.94 n/a
FD MCap / Silver Eq.: $6.22 $5.32 n/a
FD MCap / Per Metal
as % Spot Price:		 7.60% 6.89% n/a
EV / Gold Eq.: $353.62 $342.91 n/a
EV / Silver Eq.: $6.34 $5.43 n/a
EV / Per Metal
as % Spot Price:		 7.75% 7.03% n/a

Reserves &
Resources		 01/11/2026
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 12.50M 12.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.13M 9.13M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $25,228.28M $28,092.75M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $25,228.28M $28,092.75M n/a
Max Profit / Current MCap: 9.923 11.415 n/a
Max Profit Per Share (Gold): $21.92 $24.41 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $21.92 $24.41 n/a
Total Free Profit Per Share: $18.62 $21.40 n/a
FD MCap / Gold Eq.: $278.60 $269.68 n/a
FD MCap / Silver Eq.: $5.00 $4.27 n/a
FD MCap / Per Metal
as % Spot Price:		 6.10% 5.53% n/a
EV / Gold Eq.: $283.87 $275.27 n/a
EV / Silver Eq.: $5.09 $4.36 n/a
EV / Per Metal
as % Spot Price:		 6.22% 5.64% n/a

Future Valuation (Cash Flow & Totals)

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