21 June 2024
WAF Draws Final US$100m for Kiaka Gold Project Construction
WAF has drawn the final US$100 million under the US$265 million secured loan facility with Sprott
and Coris to finalise construction of its Kiaka Gold Project in Burkina Faso, West Africa
WAF cash and gold bullion balance now US$320 million (A$484 million2), and substantial unhedged
free cashflow to fund remaining Kiaka construction
Kiaka construction remains on budget and schedule, with first gold pour on track for Q3 CY2025
Kiaka is our second major gold operation and will transform WAF into a +400,000ozpa mid-tier gold
producer from 2025
Unhedged gold mining company West African Resources Limited (the ‘Company’, ASX: WAF, together with
its subsidiaries ‘West African’ or ‘WAF’) is pleased to advise that the US$265 million secured loan facility
(‘Facility’) from Sprott Resource Lending Corp. and Coris Bank International SA for the development of our
Kiaka Gold Project in Burkina Faso, and other corporate purposes has now been fully drawn.
West African has received the final FCFA 61 billion (equivalent to US$100 million) from Burkina Faso-based
Coris Bank International SA, strengthening the Company’s cash position for completing Kiaka construction
and commencing gold production in Q3 CY2025.
Kiaka construction is now 50% complete, with 75% of costs now committed and fixed. At the time of
reporting, construction of the main camp ancillary, plant security and mine services buildings are well
advanced, with 304 camp rooms available for occupancy and dry and wet mess in full operation.
West African has progressed construction of the carbon-in leach (CIL) tanks, with tanks 1 and 2 completed
and tanks 3 to 9 progressing well. Primary crusher concrete foundations and the first structure lift have been
completed and apron feeder installed. Perimeter fencing of the project area is now practically complete, and
all project affected people within the project area have been relocated. Bulk earthworks for the main water
storage dam have been completed and TSF earthworks are progressing well.
Major equipment deliveries have continued during the quarter with major equipment including semi-
autogenous (SAG) mill shells, ball and SAG ring gears, trunnions, pinions, heads and all mill motors
successfully arriving on site. We look forward to providing further information on the construction progress
of Kiaka in our June Quarterly Activities Report, due towards the end of July 2024.
West African Executive Chairman Richard Hyde commented:
“Drawing the final US$100m from Burkina Faso based Coris Bank strengthens WAF’s cash and bullion
position of US$320 million for completing construction of Kiaka and commencing gold production from our
second major gold operation.
“Kiaka is one of the best gold projects in development globally. Construction of Kiaka is passing its half-way
point, and we look forward to pouring first gold in Q3 2025.
“WAF is on track to produce 4 million ounces over the next decade, with annual production set to peak in
2029 at 473,000 ounces of gold. Our unhedged resources now stand at 12.8 million ounces and Ore
Reserves at 6.1Moz of gold.”
This announcement was authorised for release by Mr Richard Hyde, Executive Chairman and CEO.
Further information is available at www.westafricanresources.com
wcsecure.weblink.com.au/pdf/WAF/02819556.pdf
WAF Draws Final US$100m for Kiaka Gold Project Construction
WAF has drawn the final US$100 million under the US$265 million secured loan facility with Sprott
and Coris to finalise construction of its Kiaka Gold Project in Burkina Faso, West Africa
WAF cash and gold bullion balance now US$320 million (A$484 million2), and substantial unhedged
free cashflow to fund remaining Kiaka construction
Kiaka construction remains on budget and schedule, with first gold pour on track for Q3 CY2025
Kiaka is our second major gold operation and will transform WAF into a +400,000ozpa mid-tier gold
producer from 2025
Unhedged gold mining company West African Resources Limited (the ‘Company’, ASX: WAF, together with
its subsidiaries ‘West African’ or ‘WAF’) is pleased to advise that the US$265 million secured loan facility
(‘Facility’) from Sprott Resource Lending Corp. and Coris Bank International SA for the development of our
Kiaka Gold Project in Burkina Faso, and other corporate purposes has now been fully drawn.
West African has received the final FCFA 61 billion (equivalent to US$100 million) from Burkina Faso-based
Coris Bank International SA, strengthening the Company’s cash position for completing Kiaka construction
and commencing gold production in Q3 CY2025.
Kiaka construction is now 50% complete, with 75% of costs now committed and fixed. At the time of
reporting, construction of the main camp ancillary, plant security and mine services buildings are well
advanced, with 304 camp rooms available for occupancy and dry and wet mess in full operation.
West African has progressed construction of the carbon-in leach (CIL) tanks, with tanks 1 and 2 completed
and tanks 3 to 9 progressing well. Primary crusher concrete foundations and the first structure lift have been
completed and apron feeder installed. Perimeter fencing of the project area is now practically complete, and
all project affected people within the project area have been relocated. Bulk earthworks for the main water
storage dam have been completed and TSF earthworks are progressing well.
Major equipment deliveries have continued during the quarter with major equipment including semi-
autogenous (SAG) mill shells, ball and SAG ring gears, trunnions, pinions, heads and all mill motors
successfully arriving on site. We look forward to providing further information on the construction progress
of Kiaka in our June Quarterly Activities Report, due towards the end of July 2024.
West African Executive Chairman Richard Hyde commented:
“Drawing the final US$100m from Burkina Faso based Coris Bank strengthens WAF’s cash and bullion
position of US$320 million for completing construction of Kiaka and commencing gold production from our
second major gold operation.
“Kiaka is one of the best gold projects in development globally. Construction of Kiaka is passing its half-way
point, and we look forward to pouring first gold in Q3 2025.
“WAF is on track to produce 4 million ounces over the next decade, with annual production set to peak in
2029 at 473,000 ounces of gold. Our unhedged resources now stand at 12.8 million ounces and Ore
Reserves at 6.1Moz of gold.”
This announcement was authorised for release by Mr Richard Hyde, Executive Chairman and CEO.
Further information is available at www.westafricanresources.com
wcsecure.weblink.com.au/pdf/WAF/02819556.pdf
