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West African Resources Ltd

www: www.westafricanresources.com   email: info@westafricanresources.com
Category: Junior: Near-term Producer
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Symbol Data

Symbol Currency
ASX:WAF AUD
OTCMKTS:WFRSF USD

Description

West African Resources Ltd are a gold focused junior near-term producer with two mines in development in Burkina Faso and one exploration property. 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$525.63M which is a rise of roughly 103% over the last five months. As of 01/18/2020 they have ~A$68M debt and ~A$40.94M cash. They have 870M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/18/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $259.53M $525.63M 01/18/2020 $266.09M
Total Assets: $120.00M $118.72M 01/18/2020 $-1.28M
Total Liabilities: $81.38M $80.51M 01/18/2020 $-0.87M
Current Assets: $41.38M $40.94M 01/18/2020 $-0.44M
Current Liabilities: $9.65M $9.55M 01/18/2020 $-0.10M
Total Debt: $68.96M $68.23M 01/18/2020 $-0.73M
Cash: $41.38M $40.94M 01/18/2020 $-0.44M
Enterprise Value: $287.12M $552.92M 07/10/1987 $265.80M
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: 01/18/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/18/2020 0.00%
Misc 01/18/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 870,481,000 870,481,000 01/18/2020 0
Shares (FD): 885,481,000 885,481,000 01/18/2020 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 01/18/2020 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 01/18/2020 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 01/18/2020 0
Initial CapEx (Outstanding): $260.00M
100.18% of Mkt.Cap		 $260.00M
49.46% of Mkt.Cap 		01/18/2020 $0.00M
Funding Option: n/a n/a 01/18/2020 n/a
Documentation: none FS 01/18/2020 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 01/18/2020
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 01/18/2020 0.00M
Measured & Indicated: 2.30M 2.30M 01/18/2020 0.00M
Inferred: 0.50M 0.50M 01/18/2020 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 01/18/2020 0.00M
Measured & Indicated: 1.93M 1.93M 01/18/2020 0.00M
Inferred: 0.23M 0.23M 01/18/2020 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 01/18/2020 $0.00
Extra Operating Cost: n/a n/a 01/18/2020 $0.00
Average Grade: 1.20 g/t 1.20 g/t 01/18/2020 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/18/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.50M 2.50M 01/18/2020 0.00M
Annual Production: 150,000oz. 150,000oz. 01/18/2020 0oz.
Cash Cost: $600 $600 01/18/2020 $0
Extra Operating Cost: $400 $400 01/18/2020 $0
SILVER 01/18/2020
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 01/18/2020 0.00M
Measured & Indicated: n/a n/a 01/18/2020 0.00M
Inferred: n/a n/a 01/18/2020 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 01/18/2020 0.00M
Measured & Indicated: n/a n/a 01/18/2020 0.00M
Inferred: n/a n/a 01/18/2020 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 01/18/2020 $0.00
Extra Operating Cost: n/a n/a 01/18/2020 $0.00
Average Grade: n/a n/a 01/18/2020 n/a
Recovery Rate: n/a n/a 01/18/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/18/2020 0.00M
Annual Production: n/a n/a 01/18/2020 n/a
Cash Cost: n/a n/a 01/18/2020 n/a
Extra Operating Cost: n/a n/a 01/18/2020 n/a

Property

Last Analysis Data  (01/18/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development 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 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 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 Fox Creek, Canada Fox Creek 100% n/a n/a n/a
Total Land Package Size (ha): 68,000  

Profitability (by resource)

Proven &
Probable		 01/18/2020
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 14.97M
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 13.48M
Maximum Profit (Gold): $526.08M $676.53M n/a $150.44M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $526.08M $676.53M n/a $150.44M
Max Profit / Current MCap: 2.027 1.287 n/a -0.740
Max Profit Per Share (Gold): $0.59 $0.76 n/a $0.17
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.59 $0.76 n/a $0.17
Total Free Profit Per Share: $0.17 $0.00 n/a $-0.17
FD Mkt. Cap / Gold Eq.: $192.25 $389.35 n/a $197.11
FD Mkt. Cap / Silver Eq.: $2.22 $4.03 n/a $1.81
FD Mkt. Cap / Per Metal
as % Spot Price:		 12.35% 22.69% n/a 10.34%
Measured &
Indicated		 01/18/2020
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 22.96M
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 19.23M
Maximum Profit (Gold): $750.54M $965.18M n/a $214.63M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $750.54M $965.18M n/a $214.63M
Max Profit / Current MCap: 2.892 1.836 n/a -1.056
Max Profit Per Share (Gold): $0.85 $1.09 n/a $0.24
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.85 $1.09 n/a $0.24
Total Free Profit Per Share: $0.42 $0.22 n/a $-0.20
FD Mkt. Cap / Gold Eq.: $134.75 $272.91 n/a $138.16
FD Mkt. Cap / Silver Eq.: $1.56 $2.83 n/a $1.27
FD Mkt. Cap / Per Metal
as % Spot Price:		 8.66% 15.90% n/a 7.25%

Reserves &
Resources		 01/18/2020
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 27.95M
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 21.47M
Maximum Profit (Gold): $838.22M $1,077.93M n/a $239.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $838.22M $1,077.93M n/a $239.71M
Max Profit / Current MCap: 3.230 2.051 n/a -1.179
Max Profit Per Share (Gold): $0.95 $1.22 n/a $0.27
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.95 $1.22 n/a $0.27
Total Free Profit Per Share: $0.52 $0.35 n/a $-0.17
FD Mkt. Cap / Gold Eq.: $120.66 $244.36 n/a $123.71
FD Mkt. Cap / Silver Eq.: $1.39 $2.53 n/a $1.14
FD Mkt. Cap / Per Metal
as % Spot Price:		 7.75% 14.24% n/a 6.49%

Future Valuation (Cash Flow & Totals)

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