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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$2933.27M which is a rise of roughly 15% over the last one months. As of 01/11/2026 they have ~A$291M debt and ~A$239.73M cash. They have 1,141M shares outstanding and trade on

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General Details

Financial 01/11/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $2,542.50M $2,933.27M 01/11/2026 $390.77M
MCap (OS): $2,521.03M $2,908.50M 01/11/2026 $387.47M
Total Assets: $1,517.48M $1,600.58M 01/11/2026 $83.10M
Total Liabilities: $538.81M $568.31M 01/11/2026 $29.50M
Current Assets: $409.12M $431.52M 01/11/2026 $22.40M
Current Liabilities: $230.63M $243.26M 01/11/2026 $12.63M
Total Debt: $275.42M $290.50M 01/11/2026 $15.08M
Cash: $227.29M $239.73M 01/11/2026 $12.45M
Debt (Net): $48.13M $50.77M $2.64M
Enterprise Value: $2,590.63M $2,984.03M $393.40M
Cash Flow: $829.33M $966.00M never $136.67M
Cash Flow Multiple: 3.07 3.04 never -0.03
Net Debt to
Cash Flow Ratio:		 0.06 0.05 never -0.01
Finance within 1 year: 01/11/2026 n/a
Misc 01/11/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,141,064,088 1,141,064,088 01/11/2026 0
Shares (FD): 1,150,780,043 1,150,780,043 01/11/2026 0
Insider Ownership: 10% 10% 01/11/2026 n/a
Dividend (Annual): n/a n/a 01/11/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 01/01/2020 01/11/2026 n/a
Production (Gold Eq Oz.): (guess) 
300,000		 (guess) 
300,000		 01/11/2026 0
Production (Silver Eq Oz.): (guess) 
16,727,730		 (guess) 
19,027,126		 01/11/2026 2,299,395
Development Phase: Producer (Single Mine) Producer (Single Mine) 01/11/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 01/11/2026 0
Cash Flow Multiple: 10 10 01/11/2026 0.00

Resource Data

GOLD 01/11/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 6.70M 6.70M 01/11/2026 0.00M
Measured & Indicated: 8.50M 8.50M 01/11/2026 0.00M
Inferred: 4.00M 4.00M 01/11/2026 0.00M
Reserves & Resources: 12.50M 12.50M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 6.03M 6.03M 01/11/2026 0.00M
Measured & Indicated: 7.33M 7.33M 01/11/2026 0.00M
Inferred: 1.80M 1.80M 01/11/2026 0.00M
Reserves & Resources: 9.13M 9.13M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
300,000oz.		 (guess) 
300,000oz.		 01/11/2026 0oz.
Cash Cost: $1,200 $1,200 01/11/2026 $0.00
Extra Operating Cost: $600 $600 01/11/2026 $0.00
Total: $1,800 $1,800 01/11/2026 $0.00
Margin (Free Cash Flow): $2,764 (61%) $3,220 (64%) $455.55
MCap / Production (AuEq): $8,475.00 $9,777.55 $1,302.55
EV / Production (AuEq): $8,635.44 $9,946.77 $1,311.34
G
R
A
D
E		 Underground (Avg): n/a n/a 01/11/2026 n/a
Open Pit (Avg): n/a 1.20 g/t 01/11/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/11/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 01/11/2026 0.00M
Annual Production: 450,000oz. 450,000oz. 01/11/2026 0oz.
Cash Cost: $1,300 $1,300 01/11/2026 $0
Extra Operating Cost: $600 $600 01/11/2026 $0
SILVER 01/11/2026
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 01/11/2026 0.00M
Measured & Indicated: n/a n/a 01/11/2026 0.00M
Inferred: n/a n/a 01/11/2026 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 01/11/2026 0.00M
Measured & Indicated: n/a n/a 01/11/2026 0.00M
Inferred: n/a n/a 01/11/2026 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 01/11/2026 $0.00
Extra Operating Cost: n/a n/a 01/11/2026 $0.00
Total: n/a n/a 01/11/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $151.99 $154.16 $2.17
EV / Production (AgEq): $154.87 $156.83 $1.96
G
R
A
D
E		 Underground (Avg): n/a n/a 01/11/2026 n/a
Open Pit (Avg): n/a n/a 01/11/2026 n/a
Recovery Rate: n/a n/a 01/11/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 01/11/2026 0.00M
Annual Production: n/a n/a 01/11/2026 n/a
Cash Cost: n/a n/a 01/11/2026 n/a
Extra Operating Cost: n/a n/a 01/11/2026 n/a

Property

Last Analysis Data  (01/11/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Sanbrado
100 show
5 million oz open pit

Producing 200,000 annually.

Size: 60,000 ha
Dev Toega
100 show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.

Size: 25,000 ha
Exp Kiaka
90 show
7 million oz resource.
Development in 2023-24
Exp Fox Creek
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Sanbrado
100 show
5 million oz open pit

Producing 200,000 annually.

Size: 60,000 ha
Dev Toega
100 show
1 million oz surface deposit at 2.1 gpt.

Feasibility in 2021.

Next mine.

Size: 25,000 ha
Exp Kiaka
90 show
7 million oz resource.
Development in 2023-24
Exp Fox Creek
100 n/a

Profitability (by resource)

Proven &
Probable		 01/11/2026
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.): 6.70M 6.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 51.35M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 6.03M 6.03M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 46.22M
Maximum Profit (Gold): $16,669.57M $19,416.54M n/a $2,746.97M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $16,669.57M $19,416.54M n/a $2,746.97M
Max Profit / Current MCap: 6.556 6.619 n/a 0.063
Max Profit Per Share (Gold): $14.49 $16.87 n/a $2.39
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $14.49 $16.87 n/a $2.39
Total Free Profit Per Share: $11.18 $13.26 n/a $2.08
FD MCap / Gold Eq.: $421.64 $486.45 n/a $64.80
FD MCap / Silver Eq.: $7.56 $7.67 n/a $0.11
FD MCap / Per Metal
as % Spot Price:		 9.24% 9.69% n/a 0.45%
EV / Gold Eq.: $429.62 $494.86 n/a $65.24
EV / Silver Eq.: $7.70 $7.80 n/a $0.10
EV / Per Metal
as % Spot Price:		 9.41% 9.86% n/a 0.45%
Measured &
Indicated		 01/11/2026
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.): 8.50M 8.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 65.15M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.33M 7.33M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 56.15M
Maximum Profit (Gold): $20,252.29M $23,589.65M n/a $3,337.36M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $20,252.29M $23,589.65M n/a $3,337.36M
Max Profit / Current MCap: 7.966 8.042 n/a 0.077
Max Profit Per Share (Gold): $17.60 $20.50 n/a $2.90
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $17.60 $20.50 n/a $2.90
Total Free Profit Per Share: $14.29 $16.88 n/a $2.59
FD MCap / Gold Eq.: $347.05 $400.39 n/a $53.34
FD MCap / Silver Eq.: $6.22 $6.31 n/a $0.09
FD MCap / Per Metal
as % Spot Price:		 7.60% 7.98% n/a 0.37%
EV / Gold Eq.: $353.62 $407.32 n/a $53.70
EV / Silver Eq.: $6.34 $6.42 n/a $0.08
EV / Per Metal
as % Spot Price:		 7.75% 8.11% n/a 0.37%

Reserves &
Resources		 01/11/2026
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.): 12.50M 12.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 95.81M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 9.13M 9.13M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 69.95M
Maximum Profit (Gold): $25,228.28M $29,385.63M n/a $4,157.35M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $25,228.28M $29,385.63M n/a $4,157.35M
Max Profit / Current MCap: 9.923 10.018 n/a 0.095
Max Profit Per Share (Gold): $21.92 $25.54 n/a $3.61
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $21.92 $25.54 n/a $3.61
Total Free Profit Per Share: $18.62 $21.92 n/a $3.30
FD MCap / Gold Eq.: $278.60 $321.42 n/a $42.82
FD MCap / Silver Eq.: $5.00 $5.07 n/a $0.07
FD MCap / Per Metal
as % Spot Price:		 6.10% 6.40% n/a 0.30%
EV / Gold Eq.: $283.87 $326.98 n/a $43.11
EV / Silver Eq.: $5.09 $5.16 n/a $0.06
EV / Per Metal
as % Spot Price:		 6.22% 6.51% n/a 0.29%

Future Valuation (Cash Flow & Totals)

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