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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$862.4M which is a fall of roughly 8% over the last four months. As of 01/09/2022 they have ~A$31M debt and ~A$70.04M cash. They have 1,021M shares outstanding and trade on the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 01/09/2022
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $933.06M $862.40M 01/09/2022 $-70.66M
Total Assets: $358.21M $346.75M 01/09/2022 $-11.47M
Total Liabilities: $128.96M $124.83M 01/09/2022 $-4.13M
Current Assets: $107.46M $104.02M 01/09/2022 $-3.44M
Current Liabilities: $93.14M $90.15M 01/09/2022 $-2.98M
Total Debt: $32.24M $31.21M 01/09/2022 $-1.03M
Cash: $72.36M $70.04M 01/09/2022 $-2.32M
Enterprise Value: $892.94M $823.56M 02/05/1996 $-69.38M
Cash Flow: $136.57M $142.47M never $5.90M
Cash Flow Multiple: 6.83 6.05 never -0.78
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 01/09/2022 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 01/09/2022 0.00%
Misc 01/09/2022
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 1,021,000,000 1,021,000,000 01/09/2022 0
Shares (FD): 1,032,000,000 1,032,000,000 01/09/2022 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 01/09/2022 n/a
Production (Gold Eq Oz.): (guess) 
280,000
(guess) 
280,000
01/09/2022 0
Production (Silver Eq Oz.): (guess) 
22,520,322
(guess) 
23,551,197
01/09/2022 1,030,875
Initial CapEx (Outstanding): n/a n/a 01/09/2022 n/a
Funding Option: n/a n/a 01/09/2022 n/a
Documentation: none PRODUCER 01/09/2022 n/a
Value Adjustment: 10% 10% never 0%

Resource Data

GOLD 01/09/2022
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 4.00M 4.00M 01/09/2022 0.00M
Measured & Indicated: 8.00M 8.00M 01/09/2022 0.00M
Inferred: 4.00M 4.00M 01/09/2022 0.00M
Reserves & Resources: 12.00M 12.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 3.60M 3.60M 01/09/2022 0.00M
Measured & Indicated: 6.48M 6.48M 01/09/2022 0.00M
Inferred: 1.80M 1.80M 01/09/2022 0.00M
Reserves & Resources: 8.28M 8.28M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
280,000oz.
(guess) 
280,000oz.
01/09/2022 0oz.
Cash Cost: $700 $700 01/09/2022 $0.00
Extra Operating Cost: $400 $400 01/09/2022 $0.00
Average Grade: 1.20 g/t 1.20 g/t 01/09/2022 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/09/2022 0.00%
F
U
T
U
R
E
Proven & Probable: 8.00M 8.00M 01/09/2022 0.00M
Annual Production: 400,000oz. 400,000oz. 01/09/2022 0oz.
Cash Cost: $750 $750 01/09/2022 $0
Extra Operating Cost: $400 $400 01/09/2022 $0
SILVER 01/09/2022
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 01/09/2022 0.00M
Measured & Indicated: n/a n/a 01/09/2022 0.00M
Inferred: n/a n/a 01/09/2022 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 01/09/2022 0.00M
Measured & Indicated: n/a n/a 01/09/2022 0.00M
Inferred: n/a n/a 01/09/2022 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 01/09/2022 $0.00
Extra Operating Cost: n/a n/a 01/09/2022 $0.00
Average Grade: n/a n/a 01/09/2022 n/a
Recovery Rate: n/a n/a 01/09/2022 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 01/09/2022 0.00M
Annual Production: n/a n/a 01/09/2022 n/a
Cash Cost: n/a n/a 01/09/2022 n/a
Extra Operating Cost: n/a n/a 01/09/2022 n/a

Property

Last Analysis Data  (01/09/2022)
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 West Africa, Burkina Faso Kiaka 90% (guess) n/a n/a show
6 million oz resource.
Development in 2023-24
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 West Africa, Burkina Faso Kiaka 90% (guess) n/a n/a show
6 million oz resource.
Development in 2023-24
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
01/09/2022
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.): 4.00M 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 14.73M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.60M 3.60M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 13.25M
Maximum Profit (Gold): $1,931.53M $2,014.97M n/a $83.44M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,931.53M $2,014.97M n/a $83.44M
Max Profit / Current MCap: 2.070 2.336 n/a 0.266
Max Profit Per Share (Gold): $1.87 $1.95 n/a $0.08
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.87 $1.95 n/a $0.08
Total Free Profit Per Share: $0.61 $0.75 n/a $0.14
FD Mkt. Cap / Gold Eq.: $259.18 $239.56 n/a $-19.63
FD Mkt. Cap / Silver Eq.: $3.22 $2.85 n/a $-0.37
FD Mkt. Cap / Per Metal
as % Spot Price:
14.42% 13.11% n/a -1.31%
Measured &
Indicated
01/09/2022
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.): 8.00M 8.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 29.45M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.48M 6.48M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 23.86M
Maximum Profit (Gold): $3,476.75M $3,626.94M n/a $150.19M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,476.75M $3,626.94M n/a $150.19M
Max Profit / Current MCap: 3.726 4.206 n/a 0.479
Max Profit Per Share (Gold): $3.37 $3.51 n/a $0.15
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.37 $3.51 n/a $0.15
Total Free Profit Per Share: $2.11 $2.31 n/a $0.20
FD Mkt. Cap / Gold Eq.: $143.99 $133.09 n/a $-10.91
FD Mkt. Cap / Silver Eq.: $1.79 $1.58 n/a $-0.21
FD Mkt. Cap / Per Metal
as % Spot Price:
8.01% 7.28% n/a -0.73%

Reserves &
Resources
01/09/2022
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.): 12.00M 12.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 44.18M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 8.28M 8.28M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 30.48M
Maximum Profit (Gold): $4,442.52M $4,634.42M n/a $191.91M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,442.52M $4,634.42M n/a $191.91M
Max Profit / Current MCap: 4.761 5.374 n/a 0.613
Max Profit Per Share (Gold): $4.30 $4.49 n/a $0.19
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.30 $4.49 n/a $0.19
Total Free Profit Per Share: $3.04 $3.29 n/a $0.24
FD Mkt. Cap / Gold Eq.: $112.69 $104.15 n/a $-8.53
FD Mkt. Cap / Silver Eq.: $1.40 $1.24 n/a $-0.16
FD Mkt. Cap / Per Metal
as % Spot Price:
6.27% 5.70% n/a -0.57%

Future Valuation (Cash Flow & Totals)

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