West African Resources Limited announced the results of its Feasibility Study for the Kiaka Gold Project (`Kiaka'), Burkina Faso. Kiaka is 140km southeast of Ouagadougou, the capital of Burkina Faso, and 45km south of WAF's existing Sanbrado Gold Mine. It is situated within a granted mining permit covering an area of 54km² that is 100%-owned by Kiaka SA, a company incorporated in Burkina Faso.

WAF owns 90% of the share capital of Kiaka SA with the Government of Burkina Faso owning the other 10%. Gold mineralisation at Kiaka occurs within a sub-vertical to steeply southwest dipping shear zone. Broad continuous zones of outcropping gold mineralisation ranges from 100 metres to over 400 metres in width over a known strike length of approximately 2.3km.

The Kiaka mining study is based on conventional open pit mining methods, with run of mine ore being directly fed to the crushing circuit. Mining operations will utilise a combination of 140t and 230t hydraulic excavators matched to 95t dump trucks. Kiaka's free-milling gold ore will be processed through a conventional single stage gyratory crushing and semi-autogenous ball mill crusher (`SABC') milling circuit followed by carbon-in-leach (`CIL') processing.

Extensive metallurgical test work indicates Kiaka will deliver LOM gold recoveries of 90% at a nominal 100-micron grind size. The Kiaka Gold Project (the `Project') is located approximately 140km southeast of Ouagadougou, the capital of Burkina Faso. A 90% interest in Kiaka SA, which owns the Kiaka mining permit, was acquired from B2Gold Corp.

(`B2Gold') and GAMS-Mining F&I Ltd. by WAF in November 2021. WAF's study encompasses updates to the Mineral Resource Estimate, the mining plan including Ore Reserve Estimate, the process plant design and supporting project infrastructure. Updates to the ESIA and RAP are also in progress with completion dates expected to align with the project development schedule.

The Project stands within a granted mining permit covering an area of 54km² that is 100%-owned by Kiaka SA, a company incorporated in Burkina Faso. WAF owns 90% of the share capital of Kiaka SA with the Government of Burkina Faso owning the other 10%. The Study excludes the contiguous adjoining exploration licences shown in the Figure 4 `Kiaka Gold Project Location' map, which are owned by WAF's other 100%-owned Burkina Faso subsidiaries.

The Kiaka Gold Project Mineral Resource Estimates (MRE) were completed by resource consultants International Resource Solutions Pty Ltd. (IRS). The Project is comprised of two separate mineral resources, Kiaka Main and Kiaka South. The Kiaka Main MRE was updated by IRS in October 2021 and Kiaka South has been updated as part of this Study.

Both estimates have been reported in accordance with JORC (2012) guidelines. The current Kiaka Gold Project MRE is 212Mt at 0.9g/t Au for 5.9Moz Au (Indicated) and 68Mt at 0.8g/t Au for 1.8Moz Au (Inferred). The Kiaka Gold Project Ore Reserves have been estimated in this Study to a Probable Ore Reserve of 155M at 0.9g/t Au for 4.5Moz of contained gold, calculated at a gold price of USD 1400/oz.

The Project comprises the Kiaka Main and Kiaka South open pits and assumes conventional contract open-pit mining methods. The plant comprises a conventional single stage gyratory crushing and SABC milling circuit followed by CIL processing with a nominal throughput capacity of 8.4Mtpa, following commissioning, handover and ramp up, to utilise the installed milling capacity. The Project has an initial mine life of 18.5 years.

West African Resources in conjunction with Lycopodium Minerals Pty Ltd. (Lycopodium) have built up the capital cost estimate to provide current costs to assess the economic viability of the project and to provide the initial control of capital expenditure. The pre-production project capital cost is estimated to be USD 430 million, inclusive of pre-production mining, process and infrastructure development, contingencies, duties, and taxes. The Study concludes that the Project will be a conventional, low-cost operation with estimated LOM All in Sustaining Costs (AISC) averaging USD 1,052/oz.