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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$983.1M which is a rise of roughly 51% over the last twelve months. As of 07/09/2024 they have ~A$178M debt and ~A$308.75M cash. They have 1,026M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/09/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $650.77M $983.10M 01/09/2024
Total Assets: $575.43M $535.78M 01/09/2024
Total Liabilities: $140.68M $311.87M 07/09/2024
Current Assets: $223.07M $343.05M 08/26/2024
Current Liabilities: $102.49M $95.43M 01/09/2024
Total Debt: $0.00M $177.76M 07/09/2024
Cash: $115.89M $308.75M 08/26/2024
Enterprise Value: $534.88M $852.12M 01/01/1997
Cash Flow: $136.48M $224.08M never
Cash Flow Multiple: 4.77 4.39 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 01/09/2024
Misc 01/09/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,026,338,077 1,026,338,077 01/09/2024
Shares (FD): 1,039,000,000 1,039,000,000 01/09/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a 01/01/2020 01/09/2024
Production (Gold Eq Oz.): (guess) 
200,000		 (guess) 
200,000		 01/09/2024
Production (Silver Eq Oz.): (guess) 
17,619,419		 (guess) 
17,813,732		 01/09/2024
Initial CapEx (Outstanding): n/a n/a 01/09/2024
Funding Option: n/a n/a 01/09/2024
Documentation: none PRODUCER 11/15/2024
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 12/14/2023
Cash Flow Multiplier: 8 12 09/01/2024

Resource Data

GOLD 01/09/2024
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 01/09/2024
Measured & Indicated: 8.50M 8.50M 01/09/2024
Inferred: 4.00M 4.00M 01/09/2024
Reserves & Resources: 12.50M 12.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 6.03M 6.03M 01/09/2024
Measured & Indicated: 7.33M 7.33M 01/09/2024
Inferred: 1.80M 1.80M 01/09/2024
Reserves & Resources: 9.13M 9.13M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
200,000oz.		 (guess) 
200,000oz.		 01/09/2024
Cash Cost: $850 $1,000 02/06/2024
Extra Operating Cost: $500 $500 01/09/2024
Total: $1,350 $1,500 02/06/2024
Margin (Free Cash Flow): $682 (34%) $1,120 (43%)
G
R
A
D
E		 Underground (Avg): 1.20 g/t n/a 03/24/2024
Open Pit (Avg): n/a 1.20 g/t 03/24/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 11/15/2024
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 01/09/2024
Annual Production: 400,000oz. 400,000oz. 01/09/2024
Cash Cost: $950 $1,000 02/06/2024
Extra Operating Cost: $500 $500 01/09/2024
SILVER 01/09/2024
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 01/09/2024
Measured & Indicated: n/a n/a 01/09/2024
Inferred: n/a n/a 01/09/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/09/2024
Measured & Indicated: n/a n/a 01/09/2024
Inferred: n/a n/a 01/09/2024
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 01/09/2024
Extra Operating Cost: n/a n/a 01/09/2024
Total: n/a n/a 01/09/2024
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 01/09/2024
Open Pit (Avg): n/a n/a 01/09/2024
Recovery Rate: n/a n/a 01/09/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/09/2024
Annual Production: n/a n/a 01/09/2024
Cash Cost: n/a n/a 01/09/2024
Extra Operating Cost: n/a n/a 01/09/2024

Property

Last Analysis Data  (01/09/2024)
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		 01/09/2024
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): $4,114.87M $6,756.01M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,114.87M $6,756.01M n/a
Max Profit / Current MCap: 6.323 6.872 n/a
Max Profit Per Share (Gold): $3.96 $6.50 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.96 $6.50 n/a
Total Free Profit Per Share: $3.03 $4.99 n/a
FD MCap / Gold Eq.: $107.92 $163.03 n/a
FD MCap / Silver Eq.: $1.23 $1.83 n/a
FD MCap / Per Metal
as % Spot Price:		 5.31% 6.22% n/a
Measured &
Indicated		 01/09/2024
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): $4,999.26M $8,208.05M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,999.26M $8,208.05M n/a
Max Profit / Current MCap: 7.682 8.349 n/a
Max Profit Per Share (Gold): $4.81 $7.90 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.81 $7.90 n/a
Total Free Profit Per Share: $3.88 $6.38 n/a
FD MCap / Gold Eq.: $88.83 $134.19 n/a
FD MCap / Silver Eq.: $1.01 $1.51 n/a
FD MCap / Per Metal
as % Spot Price:		 4.37% 5.12% n/a

Reserves &
Resources		 01/09/2024
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): $6,227.58M $10,224.77M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,227.58M $10,224.77M n/a
Max Profit / Current MCap: 9.570 10.401 n/a
Max Profit Per Share (Gold): $5.99 $9.84 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.99 $9.84 n/a
Total Free Profit Per Share: $5.06 $8.32 n/a
FD MCap / Gold Eq.: $71.31 $107.73 n/a
FD MCap / Silver Eq.: $0.81 $1.21 n/a
FD MCap / Per Metal
as % Spot Price:		 3.51% 4.11% n/a

Future Valuation (Cash Flow & Totals)

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