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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$1636.28M which is a rise of roughly 54% over the last four months. As of 01/06/2025 they have ~A$235M debt and ~A$275.22M cash. They have 1,140M shares outstanding and trade on

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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 $1,636.28M 01/06/2025 $570.37M
Total Assets: $985.90M $1,008.06M 01/06/2025 $22.16M
Total Liabilities: $364.94M $373.14M 01/06/2025 $8.20M
Current Assets: $394.36M $403.22M 01/06/2025 $8.87M
Current Liabilities: $93.90M $96.01M 01/06/2025 $2.11M
Total Debt: $229.73M $234.89M 01/06/2025 $5.16M
Cash: $269.17M $275.22M 01/06/2025 $6.05M
Enterprise Value: $1,026.47M $1,595.95M 07/28/2020 $569.48M
Cash Flow: $327.25M $630.46M never $303.21M
Cash Flow Multiple: 3.26 2.60 never -0.66
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) 
420,000		 02/20/2025 70,000
Production (Silver Eq Oz.): (guess) 
30,865,127		 (guess) 
41,365,101		 02/20/2025 10,499,974
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 04/01/2025 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) 
420,000oz.		 02/20/2025 70,000oz.
Cash Cost: $1,100 $1,150 02/20/2025 $50.00
Extra Operating Cost: $600 $600 01/06/2025 $0.00
Total: $1,700 $1,750 02/20/2025 $50.00
Margin (Free Cash Flow): $935 (35%) $1,501 (46%) $566.10
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% 04/01/2025 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 $1,200 02/20/2025 $100
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 69.03M
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 62.12M
Maximum Profit (Gold): $5,638.05M $9,051.63M n/a $3,413.58M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,638.05M $9,051.63M n/a $3,413.58M
Max Profit / Current MCap: 5.289 5.532 n/a 0.242
Max Profit Per Share (Gold): $4.91 $7.88 n/a $2.97
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.91 $7.88 n/a $2.97
Total Free Profit Per Share: $3.42 $5.65 n/a $2.23
FD MCap / Gold Eq.: $176.77 $271.36 n/a $94.59
FD MCap / Silver Eq.: $2.00 $2.76 n/a $0.75
FD MCap / Per Metal
as % Spot Price:		 6.71% 8.35% n/a 1.64%
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 87.57M
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 75.47M
Maximum Profit (Gold): $6,849.81M $10,997.06M n/a $4,147.25M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,849.81M $10,997.06M n/a $4,147.25M
Max Profit / Current MCap: 6.426 6.721 n/a 0.295
Max Profit Per Share (Gold): $5.96 $9.57 n/a $3.61
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.96 $9.57 n/a $3.61
Total Free Profit Per Share: $4.48 $7.35 n/a $2.87
FD MCap / Gold Eq.: $145.50 $223.35 n/a $77.86
FD MCap / Silver Eq.: $1.65 $2.27 n/a $0.62
FD MCap / Per Metal
as % Spot Price:		 5.52% 6.87% n/a 1.35%

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 128.78M
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 94.02M
Maximum Profit (Gold): $8,532.81M $13,699.04M n/a $5,166.23M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $8,532.81M $13,699.04M n/a $5,166.23M
Max Profit / Current MCap: 8.005 8.372 n/a 0.367
Max Profit Per Share (Gold): $7.43 $11.92 n/a $4.50
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $7.43 $11.92 n/a $4.50
Total Free Profit Per Share: $5.94 $9.70 n/a $3.75
FD MCap / Gold Eq.: $116.80 $179.30 n/a $62.50
FD MCap / Silver Eq.: $1.32 $1.82 n/a $0.50
FD MCap / Per Metal
as % Spot Price:		 4.43% 5.52% n/a 1.08%

Future Valuation (Cash Flow & Totals)

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