Our Sanbrado Gold Project is located ~90km east-southeast of Ouagadougou, the capital of Burkina Faso.  The Project covers an aggregate area of 116km², comprising one granted mining permit and one granted exploration licence.  WAF has a 90% interest in the Sanbrado Gold Project with the Government of Burkina Faso holding a 10% interest (free carried).  We poured first gold at Sanbrado in March 2020, six months ahead schedule and US$20m under budget.

We are on track to produce 210,000-230,000oz at Sanbrado in 2023 at AISC of <US$1,175/oz; with a remaining mine life of at least 10 years. We are focused on preparing MV3 for development, Resource and Reserve conversion drilling beneath the existing M1 South underground reserve and exploring the underground potential beneath the M5 open-pit reserve.

Exploration drilling in 2023 will test targets with potential to provide high-grade oxide feed to Sanbrado.

Sanbrado comprises several open pits, all within 1-2km of the plant site, and an underground mine accessed through a box-cut and portal immediately south west of the M1 South open pit.  The plant comprises a conventional SABC milling circuit, gravity and carbon in leach processing with a nominal throughput capacity of 2.5Mtpa. 

As of February 2022, Sanbrado Gold Project Mineral Resources were 302 Mt at 1.2 g/t for 11.6 million oz gold and Ore Reserves were 26 Mt at 2.0 g/t for 1.7 million oz gold.

For further information read the ASX announcements from 22 February 2022 and 31 January 2023.

West African acquired 90% of the Kiaka gold project in Burkina Faso from B2 Gold Corp and partner GAMS-Mining F&I Ltd in November 2021. The remaining 10% interest is held by the Government of Burkina Faso.

Kiaka is 45km south of West African’s flagship Sanbrado Gold Mine in Burkina Faso and about 110km southeast of the capital Ouagadougou.

Kiaka’s feasibility study confirmed it is a long-life, low-cost gold project averaging 219,000oz of gold production per annum for 18.5 years from 2025. Early works construction, design and planning are underway at Kiaka, including camp, access and clearance roads, site security infrastructure and award and order of project mills.

In June 2023, the Company secured a US$265 million syndicated corporate loan facility from Sprott Resource Lending Corp. and Coris Bank International SA, ensuring that the Project is fully funded to production, also using existing cash and internal cash flow from Sanbrado.

Major works at the project are underway, and Kiaka is on track for first gold in 2025.

In 2020, West African acquired the Toega Gold Project from Canadian mining company B2 Gold Corporation.  The project is located 14km from our existing Sanbrado gold operation. The deposit has a strike of over 1,200m, is up to 430m wide and has been drilled to a depth of 400m below surface. The project has an Inferred Mineral Resource comprising 22 Mt at a grade of 1.9 g/t Au for 1.3 Moz gold at a lower cut-off grade of 0.5 g/t Au.

Toega is expected to increase Sanbrado’s production profile and mine life, and West African aims to bring it into the Sanbrado mine plan in 2023.

For further information about Toega read the ASX announcement from 29th April 2020 and 9th March 2021.

 

Mineral Resources

WAF Mineral Resources at 31 December 2022

WAF Mineral Resources by deposit at 31 December 2022


WAF Ore Reserves by deposit at 31 December 2022


WAF 10-year Production Target – Recovered Gold By Source

Mineral Resource estimates were updated by independent resource consultants International Resource Solutions Pty Ltd (IRS). The portion of M1 South Mineral Resources termed “M1 South Deeps” was updated by Neil Silvio who is an employee of WAF. Mineral resources were estimated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) 2012 edition. There are no changes to Mineral Resource estimates for the Toega and Kiaka deposits previously reported on 22 February 2022 and 3 August 2022, respectively.

The production target contains Inferred Mineral Resources. An Inferred Mineral Resource has a lower level of confidence than an Indicated Mineral Resource and there is no certainty that further exploration work will result in the conversion of the material into an Indicated Mineral Resource or that the production target based on the Inferred Mineral Resource will be realised and if so, to what extent.

Further information regarding the Sanbrado production schedule can be found in WAF’s ASX announcement titled “WAF Resource, Reserve and 10 year production update 2023” dated 5 April 2023. Further information regarding the Kiaka production schedule can be found in ASX announcement titled “Kiaka Feasibility Delivers 4.5Moz Reserve, 18.5 year Mine Life” dated 3 August 2022.