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    WAF   AU000000WAF6

WEST AFRICAN RESOURCES LIMITED

(WAF)
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West African Resources : ADU Presentation 2021

09/01/2021 EDT

WEST AFRICA'S NEWEST GOLD PRODUCER

AFRICA DOWN UNDER PRESENTATION 1 SEPTEMBER 2021

IMPORTANT NOTICE

  • IMPORTANT NOTICE AND DISCLAIMER
    All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of the Company, are forward- looking statements. When used in this announcement, forward-looking statements can be identified by words such as 'anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.
    These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of the Company that could cause the Company's actual results to differ materially from the results expressed or anticipated in these statements.
    The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update or revise forward- looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.
    COMPETENT PERSONS STATEMENT
    Information in this announcement that relates to mineral resources (excluding M1 South Deeps) is based on, and fairly represents, information and supporting documentation prepared by Mr Brian Wolfe, an independent consultant specialising in mineral resource estimation, evaluation, and exploration. Mr Wolfe is a Member of the Australian Institute of Geoscientists. Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or "CP") as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Wolfe has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.
    Information in this announcement that relates to mineral resources for the M1 South Deeps is based on, and fairly represents, information and supporting documentation prepared by Mr Neil Silvio, an employee and Resource Geologist of the Company. Mr Silvio is a Member of the Australian Institute of Geoscientists.

Mr Silvio has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or "CP") as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Silvio has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to open pit ore reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Stuart Cruickshanks, a fulltime employee of the Company. Mr Cruickshanks is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Cruickshanks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or "CP") as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cruickshanks has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

Information in this announcement that relates to underground ore reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Andrew Fox, an independent specialist mining consultant. Mr Fox is a Member of the Australian Institute of Mining and Metallurgy. Mr Fox has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or "CP") as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Fox has reviewed the contents of this announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

NON IFRS FINANCIAL PERFORMANCE MEASURES

The Company has included certain non-IFRS financial measures in this presentation, including adjusted cash costs and all-in sustaining costs ("AISC") per ounce of gold produced. These non-IFRS financial measures do not have any standardised meaning. Accordingly, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards ("IFRS"). Operating cash costs and all-in-sustaining cash costs are a common financial performance measure in the mining industry but have no standard definition under IFRS. Operating cash costs are reflective of the cost of production. AISC include operating cash costs, net-smelter royalty, corporate costs, sustaining capital expenditure, sustaining exploration expenditure and capitalised stripping costs. The Company also includes EBITDA in this presentation, which also has no standard definition under IFRS. The Company calculates EBITDA as net profit or loss for the period excluding finance costs, income tax expense and depreciation. EBITDA excludes the impact of cash costs of financing activities and taxes and the effects of changes in working capital balances and therefore is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

2

WEST AFRICA'S NEWEST GOLD PRODUCER

+200,000 OUNCES UNHEDGED GO LD BEYOND 2030

2021

Mineral

Ore

Production

Exploration

Market

Guidance

Resources1 Reserves1

Target2

Permits

Capitalisation

250 - 280 Koz

5.1 Moz

1.5 Moz

2.8 Moz

+1,200km2

A$927m

AISC

Senior Debt

US $720-800/oz

US $111m

WHY WEST AFRICA?

GO LDEN PO TENTIAL

West Africa is one of the most attractive mining regions globally with many of the world's leading producers

1,2

  • No. 1 Region for globally significant gold discoveries
  • 2nd largest gold producing region globally
  • 78% growth in production in the past 10 years
  • +80Moz discovered in the past 10 years
  • Lowest discovery cost per ounce globally at $75/oz
  • Highest margin gold producers on the ASX1

1. Corporate all in cost (CAIC) takes into account all costs with the exception of capital

expenditure on new production centres, adjusting for equity raised and dividends paid.

4

2.

Source Euroz Hartleys research

CAPITAL STRUCTURE

ASX: WAF

Total Ordinary Shares on Issue

883m

Options and performance rights on issue

12.9m

Top 20 Shareholders2

60%

Cash at 30 June 2021

US$45.1m

Gold at 30 June 20213

US$18.0m

Senior debt at 30 June 2021

US$111m

Market Capitalisation (at AUD$1.05/share)

AUD$927m

INVESTOR BY GEOGRAPHIC LOCATION4

Australia & NZ

31.6%

North America

43.2%

Europe

24.1%

Asia

1.1%

  1. Further information at www.westafricanresources.com/investor-centre
  2. Share holdings as at 23rd August 2021
  3. US$1,763 gold price
  4. For 85% of investors

Analyst Coverage1

Euroz Hartleys

Mike Millikan

Macquarie

Andrew Bowler

Sprott

Brock Salier

INVESTOR BY TYPE2

Sprott Group

VanEck Global

3.9%

10.0%

Retail

Mason Hill (incl

Equinox)

27.5%

4.7%

L1 Capital

6.2%

Insiders &

Management

2.9%

Institutional 44.8%

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

West African Resources Limited published this content on 01 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2021 12:41:01 UTC.


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Sales 2021 692 M 520 M 520 M
Net income 2021 216 M 162 M 162 M
Net cash 2021 24,0 M 18,0 M 18,0 M
P/E ratio 2021 5,81x
Yield 2021 -
Capitalization 1 233 M 926 M 927 M
EV / Sales 2021 1,75x
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Nbr of Employees 375
Free-Float 88,6%
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Last Close Price 1,40 AUD
Average target price 1,75 AUD
Spread / Average Target 25,4%
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Managers and Directors
Richard Hyde Executive Chairman & Chief Executive Officer
Padraig O'Donoghue Chief Financial Officer & Secretary
Lyndon George Hopkins Chief Operating Officer & Executive Director
Rodney Lloyd Leonard Lead Independent Director
Nigel Spicer Independent Non-Executive Director
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