West African Resources : Appendix 3B

Appendix 3B

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12

Name of entity

WEST AFRICAN RESOURCES LIMITED

ABN

70 121 539 375

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1	+Class of +securities issued or to be issued	Unlisted Options
2	Number of +securities issued or to be issued (if known) or maximum number which may be issued	875,000* Unlisted Options *In addition to these options, the Board agreed on 9 May 2017 to offer Mr Hyde (a Director) 2,000,000 unlisted options under the Employee Share Option Plan on the same terms as this issue. Mr Hyde has accepted the offer, which is subject to shareholder approval.
3	Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	Exercise price $0.24 expiring 12 May 2020 vesting on first production of gold from the Sanbrado Gold Project.

4	Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	Yes - on exercise
5	Issue price or consideration	Nil
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Issued pursuant to Employee Share Option Plan
6a	Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A? If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i	N/A
6b	The date the security holder resolution under rule 7.1A was passed	N/A
6c	Number of +securities issued without security holder approval under rule 7.1	-
6d	Number of +securities issued with security holder approval under rule 7.1A	-

6e	Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)	-
6f	Number of securities issued under an exception in rule 7.2	-
6g	If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the issue date and both values. Include the source of the VWAP calculation.	-
6h	If securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements	-
6i	Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements	rule 7.1 72,637,238 rule 7.1A 48,424,825 Total 121,062,063
7	Dates of entering +securities into uncertificated holdings or despatch of certificates	12 May 2017
Number	+Class
8	Number and +class of all +securities quoted on ASX (including the securities in section 2 if applicable)	484,248,253 (WAF)	Ordinary shares

Number	+Class
568,750 (WAFAZ)	West African Replacement Options with exercise prices of between 62 cents and $0.81 expiring between 22 Jan 17 and 26 Jul 17
40,545,224 (WAFAZ)	Options with an exercise price of 14 cents expiring 30 Sep 2017
5,375,000 (WAFAA)	Options with an exercise price of 14.5 cents expiring 20 Feb 2018
500,000 (WAFAZ)	Options with an exercise price of 10.0 cents expiring 18 Aug 2018
2,000,000 (WAFAZ)	Options with an exercise price of 14.5 cents expiring 1 Dec 2018
5,000,000 (WAFAZ)	Options with an exercise price of 8.45 cents expiring 6 June 2019
1,000,000 (WAFAZ)	Options with an exercise price of 10.0 cents expiring 3 June 2019
1,000,000 (WAFAZ)	Options with an exercise price of 15.0 cents expiring 3 June 2019
400,000 (WAFAZ)	Options with an exercise price of 24.0 cents expiring 21 March 2020
875,000	Options with an exercise price of 24.0 cents expiring 12 May 2020

1. Number and +class of all

   +securities not quoted on ASX (including the securities in section 2 if applicable)

   n/a

2. Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)