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Category: Junior: Near-term Producer
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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
OTCMKTS:WFRSF USD
CVE:WAF CAD

Description

West African Resources Ltd are a gold focused junior near-term producer with two mines in development in Burkina Faso and two exploration properties. They have approximately 2.8Moz. of gold in the reserves and resources category of which 2.3Moz. are in the measured and indicated category. They have a market capitalisation of ~A$153.07M which is a rise of roughly 7% over the last four weeks. As of 01/20/2019 they have ~A$198M debt and ~A$17.77M cash. They have 863M 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 01/20/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $143.00M $153.07M 01/20/2019 $10.07M
Total Assets: $30.92M $30.56M 01/20/2019 $-0.36M
Total Liabilities: $204.91M $202.52M 01/20/2019 $-2.38M
Current Assets: $17.97M $17.77M 01/20/2019 $-0.21M
Current Liabilities: $3.16M $3.13M 01/20/2019 $-0.04M
Total Debt: $199.87M $197.55M 01/20/2019 $-2.32M
Cash: $17.97M $17.77M 01/20/2019 $-0.21M
Enterprise Value: $324.90M $332.85M 07/19/1980 $7.95M
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: 01/20/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/20/2019 0.00%
Misc 01/20/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 863,000,000 863,000,000 01/20/2019 0
Shares (FD): 884,000,000 884,000,000 01/20/2019 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 01/20/2019 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
01/20/2019 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
01/20/2019 0
Initial CapEx (Outstanding): $260.00M
181.81% of Mkt.Cap
$260.00M
169.86% of Mkt.Cap
01/20/2019 $0.00M
Funding Option: n/a n/a 01/20/2019 n/a
Documentation: none PFS 01/20/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/20/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 1.50M 1.50M 01/20/2019 0.00M
Measured & Indicated: 2.30M 2.30M 01/20/2019 0.00M
Inferred: 0.50M 0.50M 01/20/2019 0.00M
Reserves & Resources: 2.80M 2.80M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.35M 1.35M 01/20/2019 0.00M
Measured & Indicated: 1.93M 1.93M 01/20/2019 0.00M
Inferred: 0.23M 0.23M 01/20/2019 0.00M
Reserves & Resources: 2.15M 2.15M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 01/20/2019 $0.00
Extra Operating Cost: n/a n/a 01/20/2019 $0.00
Average Grade: 1.20 g/t 1.20 g/t 01/20/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/20/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 2.00M 2.00M 01/20/2019 0.00M
Annual Production: 150,000oz. 150,000oz. 01/20/2019 0oz.
Cash Cost: $600 $600 01/20/2019 $0
Extra Operating Cost: $400 $400 01/20/2019 $0
SILVER 01/20/2019
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 01/20/2019 0.00M
Measured & Indicated: n/a n/a 01/20/2019 0.00M
Inferred: n/a n/a 01/20/2019 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 01/20/2019 0.00M
Measured & Indicated: n/a n/a 01/20/2019 0.00M
Inferred: n/a n/a 01/20/2019 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 01/20/2019 $0.00
Extra Operating Cost: n/a n/a 01/20/2019 $0.00
Average Grade: n/a n/a 01/20/2019 n/a
Recovery Rate: n/a n/a 01/20/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/20/2019 0.00M
Annual Production: n/a n/a 01/20/2019 n/a
Cash Cost: n/a n/a 01/20/2019 n/a
Extra Operating Cost: n/a n/a 01/20/2019 n/a

Property

Last Analysis Data  (01/20/2019)
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
01/20/2019
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.): 1.50M 1.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.21M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.35M 1.35M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.19M
Maximum Profit (Gold): $265.83M $303.53M n/a $37.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $265.83M $303.53M n/a $37.71M
Max Profit / Current MCap: 1.859 1.983 n/a 0.124
Max Profit Per Share (Gold): $0.30 $0.34 n/a $0.04
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.30 $0.34 n/a $0.04
Total Free Profit Per Share: $0.08 $0.11 n/a $0.04
FD Mkt. Cap / Gold Eq.: $105.93 $113.38 n/a $7.46
FD Mkt. Cap / Silver Eq.: $1.27 $1.35 n/a $0.09
FD Mkt. Cap / Per Metal
as % Spot Price:
8.27% 8.58% n/a 0.31%
Measured &
Indicated
01/20/2019
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.): 2.30M 2.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.33M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.93M 1.93M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.27M
Maximum Profit (Gold): $379.25M $433.04M n/a $53.79M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $379.25M $433.04M n/a $53.79M
Max Profit / Current MCap: 2.652 2.829 n/a 0.177
Max Profit Per Share (Gold): $0.43 $0.49 n/a $0.06
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.43 $0.49 n/a $0.06
Total Free Profit Per Share: $0.20 $0.26 n/a $0.06
FD Mkt. Cap / Gold Eq.: $74.25 $79.47 n/a $5.23
FD Mkt. Cap / Silver Eq.: $0.89 $0.95 n/a $0.06
FD Mkt. Cap / Per Metal
as % Spot Price:
5.79% 6.02% n/a 0.22%

Reserves &
Resources
01/20/2019
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.): 2.80M 2.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.40M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.15M 2.15M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.31M
Maximum Profit (Gold): $423.55M $483.63M n/a $60.08M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $423.55M $483.63M n/a $60.08M
Max Profit / Current MCap: 2.962 3.160 n/a 0.198
Max Profit Per Share (Gold): $0.48 $0.55 n/a $0.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.48 $0.55 n/a $0.07
Total Free Profit Per Share: $0.25 $0.32 n/a $0.06
FD Mkt. Cap / Gold Eq.: $66.48 $71.16 n/a $4.68
FD Mkt. Cap / Silver Eq.: $0.79 $0.85 n/a $0.05
FD Mkt. Cap / Per Metal
as % Spot Price:
5.19% 5.39% n/a 0.20%

Future Valuation (Cash Flow & Totals)

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