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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$876.13M which is a rise of roughly 35% over the last four months. As of 01/09/2024 they have no debt and ~A$111.79M 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
Change
Item Value Value Updated Value
MCap (FD): $650.77M $876.13M 01/09/2024 $225.37M
Total Assets: $575.43M $555.06M 01/09/2024 $-20.37M
Total Liabilities: $140.68M $135.70M 01/09/2024 $-4.98M
Current Assets: $223.07M $215.17M 01/09/2024 $-7.90M
Current Liabilities: $102.49M $98.86M 01/09/2024 $-3.63M
Total Debt: $0.00M $0.00M 01/09/2024 $0.00M
Cash: $115.89M $111.79M 01/09/2024 $-4.10M
Enterprise Value: $534.88M $764.35M 03/22/1994 $229.47M
Cash Flow: $136.48M $164.38M never $27.90M
Cash Flow Multiple: 4.77 5.33 never 0.56
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 01/09/2024 n/a
Misc 01/09/2024
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,026,338,077 1,026,338,077 01/09/2024 0
Shares (FD): 1,039,000,000 1,039,000,000 01/09/2024 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 01/09/2024 n/a
Production (Gold Eq Oz.): (guess) 
200,000		 (guess) 
200,000		 01/09/2024 0
Production (Silver Eq Oz.): (guess) 
17,619,419		 (guess) 
17,060,250		 01/09/2024 -559,169
Initial CapEx (Outstanding): n/a n/a 01/09/2024 n/a
Funding Option: n/a n/a 01/09/2024 n/a
Documentation: none PRODUCER 03/24/2024 n/a
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 12/14/2023 0
Cash Flow Multiplier: 8 8 12/14/2023 0.00

Resource Data

GOLD 01/09/2024
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 01/09/2024 0.00M
Measured & Indicated: 8.50M 8.50M 01/09/2024 0.00M
Inferred: 4.00M 4.00M 01/09/2024 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 01/09/2024 0.00M
Measured & Indicated: 7.33M 7.33M 01/09/2024 0.00M
Inferred: 1.80M 1.80M 01/09/2024 0.00M
Reserves & Resources: 9.13M 9.13M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
200,000oz.		 (guess) 
200,000oz.		 01/09/2024 0oz.
Cash Cost: $850 $1,000 02/06/2024 $150.00
Extra Operating Cost: $500 $500 01/09/2024 $0.00
G
R
A
D
E		 Underground (Avg): 1.20 g/t n/a 03/24/2024 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% 03/24/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 01/09/2024 0.00M
Annual Production: 400,000oz. 400,000oz. 01/09/2024 0oz.
Cash Cost: $950 $1,000 02/06/2024 $50
Extra Operating Cost: $500 $500 01/09/2024 $0
SILVER 01/09/2024
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 01/09/2024 0.00M
Measured & Indicated: n/a n/a 01/09/2024 0.00M
Inferred: n/a n/a 01/09/2024 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 01/09/2024 0.00M
Measured & Indicated: n/a n/a 01/09/2024 0.00M
Inferred: n/a n/a 01/09/2024 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 01/09/2024 $0.00
Extra Operating Cost: n/a n/a 01/09/2024 $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 01/09/2024 n/a
Open Pit (Avg): n/a n/a 01/09/2024 n/a
Recovery Rate: n/a n/a 01/09/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/09/2024 0.00M
Annual Production: n/a n/a 01/09/2024 n/a
Cash Cost: n/a n/a 01/09/2024 n/a
Extra Operating Cost: n/a n/a 01/09/2024 n/a

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
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 -18.73M
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 -16.86M
Maximum Profit (Gold): $4,114.87M $4,956.06M n/a $841.19M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,114.87M $4,956.06M n/a $841.19M
Max Profit / Current MCap: 6.323 5.657 n/a -0.666
Max Profit Per Share (Gold): $3.96 $4.77 n/a $0.81
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.96 $4.77 n/a $0.81
Total Free Profit Per Share: $3.03 $3.47 n/a $0.44
FD MCap / Gold Eq.: $107.92 $145.30 n/a $37.37
FD MCap / Silver Eq.: $1.23 $1.70 n/a $0.48
FD MCap / Per Metal
as % Spot Price:		 5.31% 6.26% n/a 0.95%
Measured &
Indicated		 01/09/2024
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 -23.76M
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 -20.48M
Maximum Profit (Gold): $4,999.26M $6,021.24M n/a $1,021.98M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,999.26M $6,021.24M n/a $1,021.98M
Max Profit / Current MCap: 7.682 6.873 n/a -0.810
Max Profit Per Share (Gold): $4.81 $5.80 n/a $0.98
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.81 $5.80 n/a $0.98
Total Free Profit Per Share: $3.88 $4.49 n/a $0.61
FD MCap / Gold Eq.: $88.83 $119.59 n/a $30.76
FD MCap / Silver Eq.: $1.01 $1.40 n/a $0.39
FD MCap / Per Metal
as % Spot Price:		 4.37% 5.15% n/a 0.78%

Reserves &
Resources		 01/09/2024
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 -34.95M
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 -25.51M
Maximum Profit (Gold): $6,227.58M $7,500.66M n/a $1,273.08M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,227.58M $7,500.66M n/a $1,273.08M
Max Profit / Current MCap: 9.570 8.561 n/a -1.009
Max Profit Per Share (Gold): $5.99 $7.22 n/a $1.23
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.99 $7.22 n/a $1.23
Total Free Profit Per Share: $5.06 $5.91 n/a $0.86
FD MCap / Gold Eq.: $71.31 $96.00 n/a $24.70
FD MCap / Silver Eq.: $0.81 $1.13 n/a $0.32
FD MCap / Per Metal
as % Spot Price:		 3.51% 4.13% n/a 0.63%

Future Valuation (Cash Flow & Totals)

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