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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$1281.47M which is a rise of roughly 20% over the last two months. As of 01/06/2025 they have ~A$234M debt and ~A$274.51M 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 $1,281.47M 01/06/2025 $215.56M
Total Assets: $985.90M $1,005.49M 01/06/2025 $19.59M
Total Liabilities: $364.94M $372.19M 01/06/2025 $7.25M
Current Assets: $394.36M $402.20M 01/06/2025 $7.84M
Current Liabilities: $93.90M $95.76M 01/06/2025 $1.87M
Total Debt: $229.73M $234.29M 01/06/2025 $4.56M
Cash: $269.17M $274.51M 01/06/2025 $5.35M
Enterprise Value: $1,026.47M $1,241.25M 05/02/2009 $214.78M
Cash Flow: $327.25M $497.78M never $170.53M
Cash Flow Multiple: 3.26 2.57 never -0.68
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) 
38,072,390		 02/20/2025 7,207,263
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 02/20/2025 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%) $1,185 (40%) $250.20
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% 02/20/2025 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 16.50M
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 14.85M
Maximum Profit (Gold): $5,638.05M $7,146.76M n/a $1,508.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,638.05M $7,146.76M n/a $1,508.71M
Max Profit / Current MCap: 5.289 5.577 n/a 0.288
Max Profit Per Share (Gold): $4.91 $6.22 n/a $1.31
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.91 $6.22 n/a $1.31
Total Free Profit Per Share: $3.42 $4.47 n/a $1.05
FD MCap / Gold Eq.: $176.77 $212.52 n/a $35.75
FD MCap / Silver Eq.: $2.00 $2.34 n/a $0.34
FD MCap / Per Metal
as % Spot Price:		 6.71% 7.24% n/a 0.53%
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 20.93M
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 18.04M
Maximum Profit (Gold): $6,849.81M $8,682.78M n/a $1,832.97M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,849.81M $8,682.78M n/a $1,832.97M
Max Profit / Current MCap: 6.426 6.776 n/a 0.349
Max Profit Per Share (Gold): $5.96 $7.56 n/a $1.60
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.96 $7.56 n/a $1.60
Total Free Profit Per Share: $4.48 $5.81 n/a $1.33
FD MCap / Gold Eq.: $145.50 $174.92 n/a $29.42
FD MCap / Silver Eq.: $1.65 $1.93 n/a $0.28
FD MCap / Per Metal
as % Spot Price:		 5.52% 5.96% n/a 0.44%

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 30.78M
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 22.47M
Maximum Profit (Gold): $8,532.81M $10,816.14M n/a $2,283.33M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $8,532.81M $10,816.14M n/a $2,283.33M
Max Profit / Current MCap: 8.005 8.440 n/a 0.435
Max Profit Per Share (Gold): $7.43 $9.41 n/a $1.99
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $7.43 $9.41 n/a $1.99
Total Free Profit Per Share: $5.94 $7.67 n/a $1.72
FD MCap / Gold Eq.: $116.80 $140.42 n/a $23.62
FD MCap / Silver Eq.: $1.32 $1.55 n/a $0.22
FD MCap / Per Metal
as % Spot Price:		 4.43% 4.78% n/a 0.35%

Future Valuation (Cash Flow & Totals)

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