OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor WAF ASX

WEST AFRICAN RESOURCES LIMITED

Producer · Gold · Burkina Faso Rating locked: sign in to view v8 · waf-20261024t193341-full
Last 2026-11-06
A$3.45
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$3.9B
EV
A$3.3B
Cash
A$876.3M
Debt
A$388.1M
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Sanbrado (M1/M5 and ROM)

Burkina Faso

Producer85% ownedGold

Operating at 85% registered ownership. M5 South development has begun following approval, with stoping targeted in early H2 2027. Toega and MV3 are separately registered and excluded from this asset inventory and valuation.

Producer · Producer
Production annualised (attributable)
176.5k ozd
Production (last FY, 100%)
205.2k oz
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
8.5 yrsd
Head grade
2.40 g/t

Project location

Location confirmed

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred; gross and inclusive of reserves46.3M tSource deposit grades retained in March table2; aggregate contained gold 2970000 oz, grossGold2025-12-31
Ore ReserveProved and Probable; gross26.8M tSource deposit grades in March table4; gross contained gold 1740000 ozGold2025-12-31
Tenements1
sanbrado-mlGranted25.89 km2 · 2029-04-16
Economic studies1
StudyStageStatusDateSummary
March2026 Resource, Reserve and10-year production targetOperating PlanCurrent2026-03-31Published target contains82% reserves,3% indicated resources and15% inferred resources; later permitting delays override earlier2026 start dates.

Core asset

Kiaka

Burkina Faso

Producer85% ownedGold

Operating at 85% registered ownership. The proposed 25% state acquisition remains conditional and would reduce WAF to 60% following completion. Kiaka explosives facility approval remains pending.

Producer · Producer
Production annualised (attributable)
258.5k ozd
Production (last FY, 100%)
95.2k oz
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
49.0 yrsd
Head grade
0.90 g/t

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred; gross and inclusive of reserves391.1M tSource deposit grades retained in March table2; aggregate contained gold 9240000 oz, grossGold2025-12-31
Ore ReserveProved and Probable; gross177.3M tSource deposit grades in March table4; gross contained gold 4660000 ozGold2025-12-31
Tenements1
kiaka-mlGranted54.02 km2 · 2036-07-07
Economic studies1
StudyStageStatusDateSummary
March2026 Resource, Reserve and10-year production targetOperating PlanCurrent2026-03-31Published target contains82% reserves,3% indicated resources and15% inferred resources; later permitting delays override earlier2026 start dates.

Material

Toega open pit and underground

Burkina Faso

Construction85% ownedGold

Development ore source feeding Sanbrado; its production, royalties and development costs are included in the Sanbrado-centre DCF. No second stand-alone value.

Developer · Construction
Study
—
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
—
Capital intensity
—
LoM AISC
—
Mine life
—

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred; gross and inclusive of reserves16.2M tSource deposit grades retained in March table2; aggregate contained gold 1160000 oz, grossGold2025-12-31
Ore ReserveProved and Probable; gross10.4M tSource deposit grades in March table4; gross contained gold 580000 ozGold2025-12-31
Tenements1
toega-mlGranted10.93 km2 · 2032-04-16
Economic studies1
StudyStageStatusDateSummary
March2026 Resource, Reserve and10-year production targetOperating PlanCurrent2026-03-31Published target contains82% reserves,3% indicated resources and15% inferred resources; later permitting delays override earlier2026 start dates.

Other

MV3

Burkina Faso

Resource Stage100% ownedGold

Resource deposit; optional later feed in the disclosed Sanbrado production target, with no additional stand-alone value and no assertion of converted reserves.

Resource / scoping · Resource stage
Contained metal (attributable)
300.0k ozd
Resource grade
1.94 g/td
% Measured + Indicated
53.3%d
Resource tonnes
4.81 Mtd
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred; gross and inclusive of reserves4.8M tSource deposit grades retained in March table2; aggregate contained gold 300000 oz, grossGold2025-12-31
Tenements1
mv3-elRenewal Pending52.6 km2 · 2026-07-15
Economic studies1
StudyStageStatusDateSummary
March2026 Resource, Reserve and10-year production targetOperating PlanCurrent2026-03-31Published target contains82% reserves,3% indicated resources and15% inferred resources; later permitting delays override earlier2026 start dates.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)