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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$717.27M which is a fall of roughly 15% over the last one months. As of 01/08/2023 they have no debt and ~A$154.46M cash. They have 1,023M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/08/2023
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $841.45M $717.27M 01/08/2023 $-124.17M
Total Assets: $581.56M $597.67M 01/08/2023 $16.11M
Total Liabilities: $142.17M $146.11M 01/08/2023 $3.94M
Current Assets: $225.45M $231.69M 01/08/2023 $6.25M
Current Liabilities: $103.58M $106.45M 01/08/2023 $2.87M
Total Debt: $0.00M $0.00M 01/08/2023 $0.00M
Cash: $150.30M $154.46M 01/08/2023 $4.16M
Enterprise Value: $691.15M $562.81M 11/01/1987 $-128.34M
Cash Flow: $91.51M $89.47M never $-2.04M
Cash Flow Multiple: 9.19 8.02 never -1.18
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 01/08/2023 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/08/2023 0.00%
Misc 01/08/2023
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 1,023,000,000 1,023,000,000 01/08/2023 0
Shares (FD): 1,034,000,000 1,034,000,000 01/08/2023 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 01/08/2023 n/a
Production (Gold Eq Oz.): (guess) 
230,000
(guess) 
220,000
01/31/2023 -10,000
Production (Silver Eq Oz.): (guess) 
17,957,877
(guess) 
18,474,107
01/31/2023 516,230
Initial CapEx (Outstanding): n/a n/a 01/08/2023 n/a
Funding Option: n/a n/a 01/08/2023 n/a
Documentation: none PRODUCER 01/31/2023 n/a
Value Adjustment: -10% -10% never 0%

Resource Data

GOLD 01/08/2023
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 6.00M 6.00M 01/08/2023 0.00M
Measured & Indicated: 8.00M 8.00M 01/08/2023 0.00M
Inferred: 4.00M 4.00M 01/08/2023 0.00M
Reserves & Resources: 12.00M 12.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 5.40M 5.40M 01/08/2023 0.00M
Measured & Indicated: 6.84M 6.84M 01/08/2023 0.00M
Inferred: 1.80M 1.80M 01/08/2023 0.00M
Reserves & Resources: 8.64M 8.64M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
230,000oz.
(guess) 
220,000oz.
01/31/2023 -10,000oz.
Cash Cost: $800 $800 01/08/2023 $0.00
Extra Operating Cost: $500 $500 01/08/2023 $0.00
Average Grade: 1.20 g/t 1.20 g/t 01/08/2023 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/31/2023 0.00%
F
U
T
U
R
E
Proven & Probable: 9.00M 9.00M 01/08/2023 0.00M
Annual Production: 400,000oz. 400,000oz. 01/08/2023 0oz.
Cash Cost: $850 $850 01/08/2023 $0
Extra Operating Cost: $500 $500 01/08/2023 $0
SILVER 01/08/2023
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 01/08/2023 0.00M
Measured & Indicated: n/a n/a 01/08/2023 0.00M
Inferred: n/a n/a 01/08/2023 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 01/08/2023 0.00M
Measured & Indicated: n/a n/a 01/08/2023 0.00M
Inferred: n/a n/a 01/08/2023 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 01/08/2023 $0.00
Extra Operating Cost: n/a n/a 01/08/2023 $0.00
Average Grade: n/a n/a 01/08/2023 n/a
Recovery Rate: n/a n/a 01/08/2023 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/08/2023 0.00M
Annual Production: n/a n/a 01/08/2023 n/a
Cash Cost: n/a n/a 01/08/2023 n/a
Extra Operating Cost: n/a n/a 01/08/2023 n/a

Property

Last Analysis Data  (01/08/2023)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Burkina Faso Sanbrado 100% (guess) 60,000 Open Pit show
5 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
7 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
5 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
7 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
01/08/2023
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.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 35.37M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.40M 5.40M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 31.84M
Maximum Profit (Gold): $1,933.70M $1,976.56M n/a $42.87M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,933.70M $1,976.56M n/a $42.87M
Max Profit / Current MCap: 2.298 2.756 n/a 0.458
Max Profit Per Share (Gold): $1.87 $1.91 n/a $0.04
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.87 $1.91 n/a $0.04
Total Free Profit Per Share: $0.67 $0.91 n/a $0.25
FD Mkt. Cap / Gold Eq.: $155.82 $132.83 n/a $-22.99
FD Mkt. Cap / Silver Eq.: $2.00 $1.58 n/a $-0.41
FD Mkt. Cap / Per Metal
as % Spot Price:
8.34% 7.06% n/a -1.28%
Measured &
Indicated
01/08/2023
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 47.16M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.84M 6.84M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 40.33M
Maximum Profit (Gold): $2,449.35M $2,503.65M n/a $54.30M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,449.35M $2,503.65M n/a $54.30M
Max Profit / Current MCap: 2.911 3.490 n/a 0.580
Max Profit Per Share (Gold): $2.37 $2.42 n/a $0.05
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.37 $2.42 n/a $0.05
Total Free Profit Per Share: $1.17 $1.42 n/a $0.26
FD Mkt. Cap / Gold Eq.: $123.02 $104.86 n/a $-18.15
FD Mkt. Cap / Silver Eq.: $1.58 $1.25 n/a $-0.33
FD Mkt. Cap / Per Metal
as % Spot Price:
6.58% 5.57% n/a -1.01%

Reserves &
Resources
01/08/2023
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 70.75M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 8.64M 8.64M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 50.94M
Maximum Profit (Gold): $3,093.91M $3,162.50M n/a $68.58M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,093.91M $3,162.50M n/a $68.58M
Max Profit / Current MCap: 3.677 4.409 n/a 0.732
Max Profit Per Share (Gold): $2.99 $3.06 n/a $0.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.99 $3.06 n/a $0.07
Total Free Profit Per Share: $1.79 $2.06 n/a $0.27
FD Mkt. Cap / Gold Eq.: $97.39 $83.02 n/a $-14.37
FD Mkt. Cap / Silver Eq.: $1.25 $0.99 n/a $-0.26
FD Mkt. Cap / Per Metal
as % Spot Price:
5.21% 4.41% n/a -0.80%

Future Valuation (Cash Flow & Totals)

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