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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 12Moz. of gold in the reserves and resources category of which 8Moz. are in the measured and indicated category. They have a market capitalisation of ~A$514.74M which is a fall of roughly 39% over the last nine months. As of 01/08/2023 they have no debt and ~A$111.85M cash. They have 1,023M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/08/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $841.45M $514.74M 01/08/2023
Total Assets: $581.56M $555.36M 01/08/2023
Total Liabilities: $142.17M $135.77M 01/08/2023
Current Assets: $225.45M $215.29M 01/08/2023
Current Liabilities: $103.58M $98.92M 01/08/2023
Total Debt: $0.00M $0.00M 01/08/2023
Cash: $150.30M $111.85M 04/28/2023
Enterprise Value: $691.15M $402.90M 10/07/1982
Cash Flow: $130.73M $109.30M never
Cash Flow Multiple: 6.44 4.71 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 01/08/2023
Misc 01/08/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,023,000,000 1,023,000,000 01/08/2023
Shares (FD): 1,034,000,000 1,034,000,000 01/08/2023
Insider Ownership: n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a 01/01/2020 01/08/2023
Production (Gold Eq Oz.): (guess) 
230,000		 (guess) 
220,000		 01/31/2023
Production (Silver Eq Oz.): (guess) 
17,957,877		 (guess) 
18,342,935		 01/31/2023
Initial CapEx (Outstanding): n/a n/a 01/08/2023
Funding Option: n/a n/a 01/08/2023
Documentation: none PRODUCER 04/28/2023
Future MCap Modifier: 0.2
Producer: Growth Potential
 0.2
Producer: Growth Potential
 04/24/2023
Cash Flow Multiplier: 5 8 04/12/2023

Resource Data

GOLD 01/08/2023
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.00M 6.40M 04/28/2023
Measured & Indicated: 8.00M 8.00M 01/08/2023
Inferred: 4.00M 4.00M 01/08/2023
Reserves & Resources: 12.00M 12.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 5.40M 5.76M 04/28/2023
Measured & Indicated: 6.84M 6.91M 01/08/2023
Inferred: 1.80M 1.80M 01/08/2023
Reserves & Resources: 8.64M 8.71M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
230,000oz.		 (guess) 
220,000oz.		 01/31/2023
Cash Cost: $800 $850 04/28/2023
Extra Operating Cost: $500 $500 01/08/2023
Average Grade: 1.20 g/t 1.20 g/t 01/08/2023
Recovery Rate: (CG)  90.00% (CG)  90.00% 04/28/2023
F
U
T
U
R
E		 Proven & Probable: 9.00M 9.00M 01/08/2023
Annual Production: 400,000oz. 400,000oz. 01/08/2023
Cash Cost: $850 $950 04/14/2023
Extra Operating Cost: $500 $500 01/08/2023
SILVER 01/08/2023
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 01/08/2023
Measured & Indicated: n/a n/a 01/08/2023
Inferred: n/a n/a 01/08/2023
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/08/2023
Measured & Indicated: n/a n/a 01/08/2023
Inferred: n/a n/a 01/08/2023
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 01/08/2023
Extra Operating Cost: n/a n/a 01/08/2023
Average Grade: n/a n/a 01/08/2023
Recovery Rate: n/a n/a 01/08/2023
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/08/2023
Annual Production: n/a n/a 01/08/2023
Cash Cost: n/a n/a 01/08/2023
Extra Operating Cost: n/a n/a 01/08/2023

Property

Last Analysis Data  (01/08/2023)
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		 01/08/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 6.00M 6.40M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 5.40M 5.76M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,069.36M $2,861.57M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,069.36M $2,861.57M n/a
Max Profit / Current MCap: 3.648 5.559 n/a
Max Profit Per Share (Gold): $2.97 $2.77 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.97 $2.77 n/a
Total Free Profit Per Share: $1.77 $2.00 n/a
FD MCap / Gold Eq.: $155.82 $89.37 n/a
FD MCap / Silver Eq.: $2.00 $1.07 n/a
FD MCap / Per Metal
as % Spot Price:		 8.34% 4.84% n/a
Measured &
Indicated		 01/08/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 8.00M 8.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.84M 6.91M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,887.86M $3,433.88M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,887.86M $3,433.88M n/a
Max Profit / Current MCap: 4.620 6.671 n/a
Max Profit Per Share (Gold): $3.76 $3.32 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.76 $3.32 n/a
Total Free Profit Per Share: $2.56 $2.55 n/a
FD MCap / Gold Eq.: $123.02 $74.47 n/a
FD MCap / Silver Eq.: $1.58 $0.89 n/a
FD MCap / Per Metal
as % Spot Price:		 6.58% 4.03% n/a

Reserves &
Resources		 01/08/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 12.00M 12.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 8.64M 8.71M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $4,910.98M $4,328.12M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,910.98M $4,328.12M n/a
Max Profit / Current MCap: 5.836 8.408 n/a
Max Profit Per Share (Gold): $4.75 $4.19 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.75 $4.19 n/a
Total Free Profit Per Share: $3.55 $3.42 n/a
FD MCap / Gold Eq.: $97.39 $59.08 n/a
FD MCap / Silver Eq.: $1.25 $0.71 n/a
FD MCap / Per Metal
as % Spot Price:		 5.21% 3.20% n/a

Future Valuation (Cash Flow & Totals)

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