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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$1703.31M which is a rise of roughly 60% over the last five months. As of 01/06/2025 they have ~A$239M debt and ~A$279.58M cash. They have 1,140M shares outstanding and trade on

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General Details

Financial 01/06/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $1,065.91M $1,703.31M 01/06/2025
Total Assets: $985.90M $1,024.04M 01/06/2025
Total Liabilities: $364.94M $379.06M 01/06/2025
Current Assets: $394.36M $409.62M 01/06/2025
Current Liabilities: $93.90M $97.53M 01/06/2025
Total Debt: $229.73M $238.62M 01/06/2025
Cash: $269.17M $279.58M 01/06/2025
Enterprise Value: $1,026.47M $1,662.35M 09/04/2022
Cash Flow: $327.25M $689.54M never
Cash Flow Multiple: 3.26 2.47 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 01/06/2025
Misc 01/06/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,139,776,844 1,139,776,844 01/06/2025
Shares (FD): 1,149,000,000 1,149,000,000 01/06/2025
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a 01/01/2020 01/06/2025
Production (Gold Eq Oz.): (guess) 
350,000		 (guess) 
420,000		 02/20/2025
Production (Silver Eq Oz.): (guess) 
30,865,127		 (guess) 
39,265,254		 02/20/2025
Initial CapEx (Outstanding): n/a n/a 01/06/2025
Funding Option: n/a n/a 01/06/2025
Documentation: none PRODUCER 04/01/2025
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 12/14/2023
Cash Flow Multiplier: 12 12 09/01/2024

Resource Data

GOLD 01/06/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.70M 6.70M 01/06/2025
Measured & Indicated: 8.50M 8.50M 01/06/2025
Inferred: 4.00M 4.00M 01/06/2025
Reserves & Resources: 12.50M 12.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 6.03M 6.03M 01/06/2025
Measured & Indicated: 7.33M 7.33M 01/06/2025
Inferred: 1.80M 1.80M 01/06/2025
Reserves & Resources: 9.13M 9.13M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
350,000oz.		 (guess) 
420,000oz.		 02/20/2025
Cash Cost: $1,100 $1,150 02/20/2025
Extra Operating Cost: $600 $600 01/06/2025
Total: $1,700 $1,750 02/20/2025
Margin (Free Cash Flow): $935 (35%) $1,642 (48%)
G
R
A
D
E		 Underground (Avg): n/a n/a 01/06/2025
Open Pit (Avg): n/a 1.20 g/t 03/24/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 04/01/2025
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 01/06/2025
Annual Production: 450,000oz. 450,000oz. 01/06/2025
Cash Cost: $1,100 $1,200 02/20/2025
Extra Operating Cost: $600 $600 01/06/2025
SILVER 01/06/2025
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 01/06/2025
Measured & Indicated: n/a n/a 01/06/2025
Inferred: n/a n/a 01/06/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 01/06/2025
Measured & Indicated: n/a n/a 01/06/2025
Inferred: n/a n/a 01/06/2025
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 01/06/2025
Extra Operating Cost: n/a n/a 01/06/2025
Total: n/a n/a 01/06/2025
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 01/06/2025
Open Pit (Avg): n/a n/a 01/09/2024
Recovery Rate: n/a n/a 01/06/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/06/2025
Annual Production: n/a n/a 01/06/2025
Cash Cost: n/a n/a 01/06/2025
Extra Operating Cost: n/a n/a 01/06/2025

Property

Last Analysis Data  (01/06/2025)
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		 01/06/2025
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.): 6.70M 6.70M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.03M 6.03M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $5,638.05M $9,899.87M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $5,638.05M $9,899.87M n/a
Max Profit / Current MCap: 5.289 5.812 n/a
Max Profit Per Share (Gold): $4.91 $8.62 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.91 $8.62 n/a
Total Free Profit Per Share: $3.42 $6.34 n/a
FD MCap / Gold Eq.: $176.77 $282.47 n/a
FD MCap / Silver Eq.: $2.00 $3.02 n/a
FD MCap / Per Metal
as % Spot Price:		 6.71% 8.33% n/a
Measured &
Indicated		 01/06/2025
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.): 8.50M 8.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.33M 7.33M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,849.81M $12,027.61M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,849.81M $12,027.61M n/a
Max Profit / Current MCap: 6.426 7.061 n/a
Max Profit Per Share (Gold): $5.96 $10.47 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.96 $10.47 n/a
Total Free Profit Per Share: $4.48 $8.19 n/a
FD MCap / Gold Eq.: $145.50 $232.50 n/a
FD MCap / Silver Eq.: $1.65 $2.49 n/a
FD MCap / Per Metal
as % Spot Price:		 5.52% 6.85% n/a

Reserves &
Resources		 01/06/2025
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.): 12.50M 12.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.13M 9.13M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $8,532.81M $14,982.79M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $8,532.81M $14,982.79M n/a
Max Profit / Current MCap: 8.005 8.796 n/a
Max Profit Per Share (Gold): $7.43 $13.04 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $7.43 $13.04 n/a
Total Free Profit Per Share: $5.94 $10.76 n/a
FD MCap / Gold Eq.: $116.80 $186.64 n/a
FD MCap / Silver Eq.: $1.32 $2.00 n/a
FD MCap / Per Metal
as % Spot Price:		 4.43% 5.50% n/a

Future Valuation (Cash Flow & Totals)

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