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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 one exploration property. They have approximately 4.4Moz. of gold in the reserves and resources category of which 2.4Moz. are in the measured and indicated category. They have a market capitalisation of ~A$915.35M which is a rise of roughly 39% over the last nine months. As of 01/16/2021 they have ~A$216M debt and ~A$75.51M cash. They have 883M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/16/2021
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $660.79M $915.35M 10/03/2021 $254.56M
Total Assets: $134.87M $128.81M 01/16/2021 $-6.06M
Total Liabilities: $271.30M $259.10M 01/16/2021 $-12.20M
Current Assets: $79.06M $75.51M 01/16/2021 $-3.55M
Current Liabilities: $10.85M $10.36M 01/16/2021 $-0.49M
Total Debt: $226.34M $216.16M 01/16/2021 $-10.18M
Cash: $79.06M $75.51M 01/16/2021 $-3.55M
Enterprise Value: $808.06M $1,056.00M 06/19/2003 $247.94M
Cash Flow: $101.95M $123.01M never $21.06M
Cash Flow Multiple: 6.48 7.44 never 0.96
Net Debt to
Cash Flow Ratio:
1.44 1.14 never -0.30
Finance within 1 year: 01/16/2021 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/16/2021 0.00%
Misc 01/16/2021
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 878,932,000 883,000,000 10/03/2021 4,068,000
Shares (FD): 888,000,000 896,000,000 10/03/2021 8,000,000
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 01/16/2021 n/a
Production (Gold Eq Oz.): (guess) 
200,000
(guess) 
280,000
10/03/2021 80,000
Production (Silver Eq Oz.): (guess) 
14,773,333
(guess) 
21,134,947
10/03/2021 6,361,614
Initial CapEx (Outstanding): $260.00M
39.35% of Mkt.Cap
$260.00M
28.4% of Mkt.Cap
01/16/2021 $0.00M
Funding Option: n/a n/a 01/16/2021 n/a
Documentation: none PRODUCER 10/03/2021 n/a
Value Adjustment: 30% 30% never 0%

Resource Data

GOLD 01/16/2021
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 1.70M 1.70M 01/16/2021 0.00M
Measured & Indicated: 2.40M 2.40M 01/16/2021 0.00M
Inferred: 2.00M 2.00M 01/16/2021 0.00M
Reserves & Resources: 4.40M 4.40M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.53M 1.53M 01/16/2021 0.00M
Measured & Indicated: 2.03M 2.03M 01/16/2021 0.00M
Inferred: 0.90M 0.90M 01/16/2021 0.00M
Reserves & Resources: 2.93M 2.93M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
200,000oz.
(guess) 
280,000oz.
10/03/2021 80,000oz.
Cash Cost: $650 $700 10/03/2021 $50.00
Extra Operating Cost: $450 $450 01/16/2021 $0.00
Average Grade: 1.20 g/t 1.20 g/t 01/16/2021 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 10/03/2021 0.00%
F
U
T
U
R
E
Proven & Probable: 3.50M 3.50M 01/16/2021 0.00M
Annual Production: 250,000oz. 250,000oz. 01/16/2021 0oz.
Cash Cost: $650 $700 10/03/2021 $50
Extra Operating Cost: $400 $450 10/03/2021 $50
SILVER 01/16/2021
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 01/16/2021 0.00M
Measured & Indicated: n/a n/a 01/16/2021 0.00M
Inferred: n/a n/a 01/16/2021 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 01/16/2021 0.00M
Measured & Indicated: n/a n/a 01/16/2021 0.00M
Inferred: n/a n/a 01/16/2021 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 01/16/2021 $0.00
Extra Operating Cost: n/a n/a 01/16/2021 $0.00
Average Grade: n/a n/a 01/16/2021 n/a
Recovery Rate: n/a n/a 01/16/2021 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/16/2021 0.00M
Annual Production: n/a n/a 01/16/2021 n/a
Cash Cost: n/a n/a 01/16/2021 n/a
Extra Operating Cost: n/a n/a 01/16/2021 n/a

Property

Last Analysis Data  (01/16/2021)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Burkina Faso Sanbrado 100% (guess) 60,000 Open Pit show
3 million oz open pit

Producing 200,000 annually.
Development West Africa, Burkina Faso Toega 100% (guess) 25,000 Open Pit show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.
Exploration Fox Creek, Canada Fox Creek 100% n/a n/a n/a
Total Land Package Size (ha): 85,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development West Africa, Burkina Faso Sanbrado 100% (guess) 60,000 Open Pit show
3 million oz open pit

Producing 200,000 annually.
Development West Africa, Burkina Faso Toega 100% (guess) 25,000 Open Pit show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.
Exploration Fox Creek, Canada Fox Creek 100% n/a n/a n/a
Total Land Package Size (ha): 85,000  

Profitability (by resource)

Proven &
Probable
01/16/2021
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.): 1.70M 1.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 2.75M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.53M 1.53M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 2.47M
Maximum Profit (Gold): $1,013.87M $873.81M n/a $-140.07M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,013.87M $873.81M n/a $-140.07M
Max Profit / Current MCap: 1.534 0.955 n/a -0.580
Max Profit Per Share (Gold): $1.14 $0.98 n/a $-0.17
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.14 $0.98 n/a $-0.17
Total Free Profit Per Share: $0.18 $0.00 n/a $-0.18
FD Mkt. Cap / Gold Eq.: $431.89 $598.27 n/a $166.38
FD Mkt. Cap / Silver Eq.: $5.85 $7.93 n/a $2.08
FD Mkt. Cap / Per Metal
as % Spot Price:
23.62% 33.66% n/a 10.03%
Measured &
Indicated
01/16/2021
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.): 2.40M 2.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 3.88M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.03M 2.03M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 3.29M
Maximum Profit (Gold): $1,347.85M $1,161.65M n/a $-186.20M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,347.85M $1,161.65M n/a $-186.20M
Max Profit / Current MCap: 2.040 1.269 n/a -0.771
Max Profit Per Share (Gold): $1.52 $1.30 n/a $-0.22
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.52 $1.30 n/a $-0.22
Total Free Profit Per Share: $0.56 $0.00 n/a $-0.56
FD Mkt. Cap / Gold Eq.: $324.87 $450.02 n/a $125.15
FD Mkt. Cap / Silver Eq.: $4.40 $5.96 n/a $1.56
FD Mkt. Cap / Per Metal
as % Spot Price:
17.77% 25.32% n/a 7.55%

Reserves &
Resources
01/16/2021
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.): 4.40M 4.40M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.11M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.93M 2.93M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 4.74M
Maximum Profit (Gold): $1,944.25M $1,675.65M n/a $-268.60M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,944.25M $1,675.65M n/a $-268.60M
Max Profit / Current MCap: 2.942 1.831 n/a -1.112
Max Profit Per Share (Gold): $2.19 $1.87 n/a $-0.32
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.19 $1.87 n/a $-0.32
Total Free Profit Per Share: $1.23 $0.49 n/a $-0.74
FD Mkt. Cap / Gold Eq.: $225.22 $311.98 n/a $86.76
FD Mkt. Cap / Silver Eq.: $3.05 $4.13 n/a $1.08
FD Mkt. Cap / Per Metal
as % Spot Price:
12.32% 17.55% n/a 5.23%

Future Valuation (Cash Flow & Totals)

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