WAF SECURES FINAL US$100M FOR KIAKA GOLD PROJECT

West African Resources Advances Toward Production at Burkina Faso Site

West African Resources Limited (ASX: WAF) has successfully drawn the final US$100 million from its US$265 million secured loan facility with Sprott Resource Lending Corp. and Coris Bank International SA for the construction of the Kiaka Gold Project in Burkina Faso.

This latest funding bolsters WAF’s cash and gold bullion balance to US$320 million (A$484 million), providing the financial strength needed to complete the Kiaka construction. The project remains on budget and schedule, with first gold pour expected in Q3 2025.

West African Resources Executive Chairman Richard Hyde commented:

Drawing the final US$100m from Burkina Faso based Coris Bank strengthens WAF’s cash and bullion position of US$320 million for completing construction of Kiaka and commencing gold production from our second major gold operation.”

Kiaka is one of the best gold projects in development globally. Construction of Kiaka is passing its half-way point, and we look forward to pouring first gold in Q3 2025.

The construction of Kiaka is currently 50% complete, with 75% of costs committed and fixed. Major advancements include the near-completion of the main camp’s ancillary structures, plant security, and mine service buildings, with 304 camp rooms now available. Progress is also notable on the carbon-in-leach (CIL) tanks and primary crusher foundations.

With a projection to produce 4 million ounces over the next decade, WAF anticipates peak annual production of 473,000 ounces by 2029. The company’s unhedged resources stand at 12.8 million ounces, with ore reserves of 6.1 million ounces of gold.

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