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Category: Junior: Late Stage Developer
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West African Resources Ltd
www: www.westafricanresources.com     email: info@westafricanresources.com

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Notes
Forum
Your Data

Symbol Data

Symbol Currency
ASX:WAF AUD
CVE:WAF CAD
OTCMKTS:WFRSF USD

Description

West African Resources Ltd are a gold focused junior, late stage development company with two mines in development in Burkina Faso and two exploration properties. They have approximately 2.5Moz. of gold in the reserves and resources category of which 2Moz. are in the measured and indicated category. They have a market capitalisation of ~A$107.53M which is a fall of roughly 45% over the last eleven months. As of 01/21/2018 they have no debt and ~A$18.73M cash. They have 578M shares outstanding and trade on the Australian Stock Exchange, the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 01/21/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $196.27M $107.53M 01/21/2018 $-88.74M
Total Assets: $8.81M $8.24M 01/21/2018 $-0.56M
Total Liabilities: $6.40M $5.99M 01/21/2018 $-0.41M
Current Assets: $20.01M $18.73M 01/21/2018 $-1.28M
Current Liabilities: $6.40M $5.99M 01/21/2018 $-0.41M
Total Debt: $0.00M $0.00M 01/21/2018 $0.00M
Cash: $20.01M $18.73M 01/21/2018 $-1.28M
Enterprise Value: $176.26M $88.80M 10/24/1972 $-87.46M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 01/21/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/21/2018 0.00%
Misc 01/21/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 578,000,000 578,000,000 01/21/2018 0
Shares (FD): 598,000,000 598,000,000 01/21/2018 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 01/21/2018 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
01/21/2018 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
01/21/2018 0
Initial CapEx (Outstanding): $130.00M
66.24% of Mkt.Cap
$130.00M
120.9% of Mkt.Cap
01/21/2018 $0.00M
Funding Option: n/a n/a 01/21/2018 n/a
Documentation: none PFS 01/21/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/21/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 0.90M 0.90M 01/21/2018 0.00M
Measured & Indicated: 2.00M 2.00M 01/21/2018 0.00M
Inferred: 0.50M 0.50M 01/21/2018 0.00M
Reserves & Resources: 2.50M 2.50M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.81M 0.81M 01/21/2018 0.00M
Measured & Indicated: 1.60M 1.60M 01/21/2018 0.00M
Inferred: 0.23M 0.23M 01/21/2018 0.00M
Reserves & Resources: 1.83M 1.83M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/21/2018 $0.00
Extra Operating Cost: n/a n/a 01/21/2018 $0.00
Average Grade: 1.20 g/t 1.20 g/t 01/21/2018 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/21/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 2.00M 2.00M 01/21/2018 0.00M
Annual Production: 100,000oz. 100,000oz. 01/21/2018 0oz.
Cash Cost: $750 $750 01/21/2018 $0
Extra Operating Cost: $400 $400 01/21/2018 $0
SILVER 01/21/2018
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 01/21/2018 0.00M
Measured & Indicated: n/a n/a 01/21/2018 0.00M
Inferred: n/a n/a 01/21/2018 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 01/21/2018 0.00M
Measured & Indicated: n/a n/a 01/21/2018 0.00M
Inferred: n/a n/a 01/21/2018 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 01/21/2018 $0.00
Extra Operating Cost: n/a n/a 01/21/2018 $0.00
Average Grade: n/a n/a 01/21/2018 n/a
Recovery Rate: n/a n/a 01/21/2018 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/21/2018 0.00M
Annual Production: n/a n/a 01/21/2018 n/a
Cash Cost: n/a n/a 01/21/2018 n/a
Extra Operating Cost: n/a n/a 01/21/2018 n/a

Property

Last Analysis Data  (01/21/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Burkina Faso Boulsa 100% (guess) 60,000 Open Pit show
Very large property

6 discoveries.

Early exploration.

1 gpt surface.
Development West Africa, Burkina Faso Tanlouka 100% (guess) 8,000 Open Pit show
1 million oz surface deposit at .8 gpt
Exploration Ouagadougou, Burkina Faso Tanlouka 90% n/a n/a n/a
Exploration Fox Creek, Canada Fox Creek 100% n/a n/a n/a
Total Land Package Size (ha): 68,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Burkina Faso Boulsa 100% (guess) 60,000 Open Pit show
Very large property

6 discoveries.

Early exploration.

1 gpt surface.
Development West Africa, Burkina Faso Tanlouka 100% (guess) 8,000 Open Pit show
1 million oz surface deposit at .8 gpt
Exploration Ouagadougou, Burkina Faso Tanlouka 90% n/a n/a n/a
Exploration Fox Creek, Canada Fox Creek 100% n/a n/a n/a
Total Land Package Size (ha): 68,000  

Profitability (by resource)

Proven &
Probable
01/21/2018
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.): 0.90M 0.90M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.19M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.81M 0.81M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.57M
Maximum Profit (Gold): $102.46M $49.95M n/a $-52.50M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $102.46M $49.95M n/a $-52.50M
Max Profit / Current MCap: 0.522 0.465 n/a -0.057
Max Profit Per Share (Gold): $0.17 $0.08 n/a $-0.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.17 $0.08 n/a $-0.09
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $242.31 $132.75 n/a $-109.56
FD Mkt. Cap / Silver Eq.: $3.10 $1.56 n/a $-1.54
FD Mkt. Cap / Per Metal
as % Spot Price:
18.21% 10.72% n/a -7.49%
Measured &
Indicated
01/21/2018
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.): 2.00M 2.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 13.75M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.60M 1.60M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 11.01M
Maximum Profit (Gold): $202.64M $98.80M n/a $-103.84M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $202.64M $98.80M n/a $-103.84M
Max Profit / Current MCap: 1.032 0.919 n/a -0.114
Max Profit Per Share (Gold): $0.34 $0.17 n/a $-0.17
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.34 $0.17 n/a $-0.17
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $122.52 $67.12 n/a $-55.39
FD Mkt. Cap / Silver Eq.: $1.57 $0.79 n/a $-0.78
FD Mkt. Cap / Per Metal
as % Spot Price:
9.21% 5.42% n/a -3.79%

Reserves &
Resources
01/21/2018
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.): 2.50M 2.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 17.19M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.83M 1.83M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 12.56M
Maximum Profit (Gold): $231.10M $112.67M n/a $-118.43M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $231.10M $112.67M n/a $-118.43M
Max Profit / Current MCap: 1.177 1.048 n/a -0.130
Max Profit Per Share (Gold): $0.39 $0.19 n/a $-0.20
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.39 $0.19 n/a $-0.20
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $107.43 $58.86 n/a $-48.57
FD Mkt. Cap / Silver Eq.: $1.37 $0.69 n/a $-0.68
FD Mkt. Cap / Per Metal
as % Spot Price:
8.07% 4.75% n/a -3.32%

Future Valuation (Cash Flow & Totals)

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