West African Resources Limited is focused on creating shareholder value through the acquisition, exploration and development of gold projects in West Africa.
The company poured first gold at the Sanbrado Gold Operation in Burkina Faso in March 2020. Since then, West African Resources has continued to expand its operations, securing 90% of the Kiaka gold project in Burkina Faso from B2 Gold Corp and partner GAMS-Mining F&I Ltd in 2021.
The feasibility study for the Kiaka project confirms its potential as a long-life, low-cost gold project. It is projected to yield an average of 219,000oz of gold annually for 18.5 years starting from 2025. Early construction, design, and planning stages are currently underway, with developments including camp facilities, access and clearance roads, site security infrastructure, and the procurement of project mills.
West African Resources secured a US$265 million syndicated corporate loan facility from Sprott Resource Lending Corp. and Coris Bank International SA for the development of the Kiaka project. This financing arrangement ensures the company is fully funded for the completion of Kiaka’s development to commercial production, relying on the loan facility, existing cash, and internal cash flow from Sanbrado. The first drawdown of this loan facility is expected in Q4 2023.
The project is on schedule for first gold in 2025.
In addition, a feasibility study is in progress for the Toega project, which contains a 1.3Moz gold resource.
West African Resources pours first gold at Sanbrado in March 2020.