Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Jayde Webb was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 02
Founder recently sold AU$7.9m worth of stock On the 28th of April, Richard Hyde sold around 3m shares on-market at roughly AU$3.18 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Jayde Webb was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 22
Société de Participation Minière du Burkina Faso signed a letter of intent to acquire 25% stake in Kiaka S.A from West African Resources Limited (ASX:WAF) for AUD 175 million. Société de Participation Minière du Burkina Faso signed a letter of intent to acquire 25% stake in Kiaka S.A from West African Resources Limited (ASX:WAF) for AUD 175 million on February 19, 2026. As part of consideration, AUD 175 million is paid towards common equity of Kiaka S.A. Announcement • Mar 19
West African Resources Limited, Annual General Meeting, May 08, 2026 West African Resources Limited, Annual General Meeting, May 08, 2026. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Director Jayde Webb was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 27
First half 2025 earnings released: EPS: AU$0.16 (vs AU$0.08 in 1H 2024) First half 2025 results: EPS: AU$0.16 (up from AU$0.08 in 1H 2024). Revenue: AU$477.3m (up 39% from 1H 2024). Net income: AU$185.8m (up 126% from 1H 2024). Profit margin: 39% (up from 24% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Feb 04
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Robin Romero was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 24
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Robin Romero was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to AU$1.38, the stock trades at a forward P/E ratio of 6x. Average trailing P/E is 11x in the Metals and Mining industry in Australia. Total loss to shareholders of 5.2% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to AU$1.34, the stock trades at a forward P/E ratio of 7x. Average trailing P/E is 12x in the Metals and Mining industry in Australia. Total returns to shareholders of 6.5% over the past three years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$1.53, the stock trades at a forward P/E ratio of 8x. Average trailing P/E is 15x in the Metals and Mining industry in Australia. Total returns to shareholders of 64% over the past three years. Recent Insider Transactions • Sep 13
COO & Executive Director recently sold AU$896k worth of stock On the 9th of September, Lyndon Hopkins sold around 665k shares on-market at roughly AU$1.35 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lyndon has been a net seller over the last 12 months, reducing personal holdings by AU$2.0m. Reported Earnings • Aug 28
First half 2024 earnings released: EPS: AU$0.08 (vs AU$0.073 in 1H 2023) First half 2024 results: EPS: AU$0.08 (up from AU$0.073 in 1H 2023). Revenue: AU$344.4m (up 11% from 1H 2023). Net income: AU$82.2m (up 11% from 1H 2023). Profit margin: 24% (in line with 1H 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Jul 04
West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 150.000001 million. West African Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 150.000001 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 109,489,052
Price\Range: AUD 1.37
Discount Per Security: AUD 0.04795
Transaction Features: Subsequent Direct Listing Recent Insider Transactions • May 04
COO & Executive Director recently sold AU$1.1m worth of stock On the 26th of April, Lyndon Hopkins sold around 874k shares on-market at roughly AU$1.30 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth AU$2.6m. This was Lyndon's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$1.34, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 3x in the Metals and Mining industry in Australia. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$1.02 per share. Buy Or Sell Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock has risen 4.1% to AU$1.02. The fair value is estimated to be AU$1.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: AU$0.14 (vs AU$0.16 in FY 2022) Full year 2023 results: EPS: AU$0.14 (down from AU$0.16 in FY 2022). Revenue: AU$661.2m (up 8.7% from FY 2022). Net income: AU$146.9m (down 11% from FY 2022). Profit margin: 22% (down from 27% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Announcement • Mar 11
West African Resources Limited, Annual General Meeting, May 10, 2024 West African Resources Limited, Annual General Meeting, May 10, 2024. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AU$1.01, the stock trades at a forward P/E ratio of 9x. Average trailing P/E is 13x in the Metals and Mining industry in Australia. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$0.91 per share. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. High level of non-cash earnings (33% accrual ratio). Announcement • Nov 14
West African Resources Limited Appoints Ann Atkins as an Additional Company Secretary West African Resources Limited announced that Ms. Ann Atkins has been appointed as an additional Company Secretary of WAF and a nominated ASX contact for WAF with effect from 13 November 2023. Announcement • Aug 30
West African Resources Limited Provides Production Guidance for the Year 2023 West African Resources Limited provided production guidance for the year 2023. For the year, the company's Production and cost guidance for 2023 is maintained at 210,000 - 230,000 ounces of gold at an AISC of less than USD 1,175/oz. Reported Earnings • Aug 30
First half 2023 earnings released: EPS: AU$0.073 (vs AU$0.093 in 1H 2022) First half 2023 results: EPS: AU$0.073 (down from AU$0.093 in 1H 2022). Revenue: AU$309.7m (down 3.9% from 1H 2022). Net income: AU$74.4m (down 22% from 1H 2022). Profit margin: 24% (down from 29% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Robin Romero was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: AU$0.16 (vs AU$0.21 in FY 2021) Full year 2022 results: EPS: AU$0.16 (down from AU$0.21 in FY 2021). Revenue: AU$608.2m (down 15% from FY 2021). Net income: AU$164.4m (down 13% from FY 2021). Profit margin: 27% (in line with FY 2021). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Jan 10
West African Resources Limited Intercepts 20.5M At 2.98 G/T Gold At MV3 East West African Resources Limited reported high grade gold mineralisation in ongoing diamond drilling at the MV3 East prospect, located 6km from Sanbrado Gold Operations (Sanbrado), Burkina Faso. WAF is undertaking a diamond drilling program targeting high grade sulphide mineralisation at the MV3 East prospect, located 6km northwest of the Sanbrado mine site, Burkina Faso. A total of 140 holes for 13,392m have been drilled to date, with today's release reporting results for 6 diamond holes. Recent diamond drilling has focused on extending the southern high-grade shoot down plunge at the MV3 East prospect with high grade mineralisation intercepted up to 200m below surface. This deeper drilling campaign was temporarily on hold due to limited access from wet weather and cropping. Significant results from this drilling program include: MAK22-RCDT009: 20.5m at 2.98 g/t Au from 192m, MAK22-RCDT004: 16m at 2.88 g/t Au from 254.5m, MAK22-RCDT006: 21m at 2.16 g/t Au from 254m and MAK22-RCDT007: 12m at 2.02 g/t Au from 260.5m. Deeper drilling confirms the geological and mineralisation interpretation developed from earlier near-surface drilling. Flexures along the main shear corridor appear to control the high-grade shoots with grade and widths increasing at these zones. Structural measurements from the recent diamond drilling indicate that there is a steep northerly plunge to the high-grade mineralisation. The strike of the southern high-grade shoot now extends over 200m and remains open to the south where MAK22 RCDT009 intercepted 20m at 2.98 g/t Au. Work at MV3 East has now resumed with further drilling planned to test down plunge of the remaining high-grade shoots and surface mineralisation along strike of the MV3 East prospect. Additionally, several targets generated from an IP survey, historical RAB and WAF Auger drilling will be tested in the coming months. These targets all lie within 700m of the MV3 East prospect. Recent Insider Transactions • Dec 26
Founder recently sold AU$2.7m worth of stock On the 19th of December, Richard Hyde sold around 2m shares on-market at roughly AU$1.16 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Board Change • Dec 08
Less than half of directors are independent Following Non-Executive Director Robin Romero's arrival on 01 December 2022, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Lead Independent Director Rod Leonard was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 18% share price gain to AU$1.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Metals and Mining industry in Australia. Total returns to shareholders of 176% over the past three years. Board Change • Oct 31
High number of new directors Independent Non-Executive Director Libby Mounsey was the last director to join the board, commencing their role in 2020. Reported Earnings • Aug 24
First half 2022 earnings released: EPS: AU$0.093 (vs AU$0.074 in 1H 2021) First half 2022 results: EPS: AU$0.093 (up from AU$0.074 in 1H 2021). Revenue: AU$322.3m (up 21% from 1H 2021). Net income: AU$94.8m (up 45% from 1H 2021). Profit margin: 29% (up from 25% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 26% compared to a 80,096% growth forecast for the Metals and Mining industry in Australia. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Founder, Executive Chairman & CEO Richard Hyde is the most experienced director on the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: AU$0.21 (vs AU$0.10 in FY 2020) Full year 2021 results: EPS: AU$0.21 (up from AU$0.10 in FY 2020). Revenue: AU$712.1m (up 129% from FY 2020). Net income: AU$189.0m (up 112% from FY 2020). Profit margin: 27% (down from 29% in FY 2020). The decrease in margin was driven by higher expenses. Production and reserves: Gold Production: 288.72 troy koz (136.48 troy koz in FY 2020) Proved and probable reserves (ore): 26 Mt (20 Mt in FY 2020) Number of mines: 1 (1 in FY 2020) Over the next year, revenue is expected to shrink by 19% compared to a 409% growth forecast for the mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 16% share price gain to AU$1.30, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total returns to shareholders of 380% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to AU$1.06, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total returns to shareholders of 342% over the past three years. Recent Insider Transactions • Dec 22
Founder recently sold AU$1.4m worth of stock On the 17th of December, Richard Hyde sold around 1m shares on-market at roughly AU$1.39 per share. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 17% share price gain to AU$1.09, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total returns to shareholders of 282% over the past three years. Reported Earnings • Aug 29
First half 2021 earnings released: EPS AU$0.074 (vs AU$0.003 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: AU$266.8m (up 353% from 1H 2020). Net income: AU$65.2m (up AU$62.4m from 1H 2020). Profit margin: 25% (up from 4.9% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS AU$0.10 (vs AU$0.005 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: AU$311.2m (up AU$309.9m from FY 2019). Net income: AU$89.4m (up AU$93.6m from FY 2019). Profit margin: 29% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Production and reserves: Gold Production: 136.48 troy koz Proved and probable reserves (ore): 20 Mt (21.6 Mt in FY 2019) Number of mines: 1 (1 in FY 2019) Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
West African Resources Limited, Annual General Meeting, May 14, 2021 West African Resources Limited, Annual General Meeting, May 14, 2021. Announcement • Mar 10
West African Resources Limited Announces Resource, Reserve and Production Guidance Update 2021 West African Resources Limited anticipated Sanbrado will produce between 250,000 and 280,000 ounces of gold in 2021 with adjusted operating costs of USD 530 630/oz and all-in sustaining costs (AISC) of USD 720 800/oz. The 2021 sustaining capital is mainly comprised of: underground mine development, with the M1 South decline reaching 550 m below surface by year end, increasing stope availability and mining flexibility in 2022 to 2025; stripping of the M5 stage 2 and M1 North open pits; tailings storage facility expansion; and equipment leases. In addition, there are sustaining capital allowances for improvement projects such as: Completion of a paste fill study for the underground which will bring mining efficiencies over the current cemented rock fill method; Studies into the use of solar power to supplement the Sanbrado power supply. Key AISC increases since the 2019 Feasibility Study (ASX: 16/4/2019) were: A higher market gold price (from USD 1,300 used in the study) and an increase in the government gold royalty bracket from 4 % to 5 %, which combined for an increase of approximately USD 40/oz on AISC. Inclusion of head office corporate costs in the AISC has an impact of USD 15 to USD 20/oz. Site administration cost increases including: security management, insurance fees, bank charges, and COVID-19 (travel, quarantine and accommodation) have increased AISC by approximately USD 30 USD 35/oz. Increased support of local community programs increased AISC by approximately USD 10 15/oz. The updated Resources, Reserves and mine plan underpin a +10-year +200,000 ounces per annum production outlook which will provide sustainable cashflows to build a premier low-cost mid-tier West African gold producer. The update includes an increase of 2 Moz gold in Mineral Resources (see Table 3) highlighting the Company's growth potential around the Sanbrado Gold Operation, in the Ganzourgou region of central Burkina Faso, and includes a USD 12.5 M exploration and resource development budget for 2021. The updated production outlook includes a 1.5 Moz Ore Reserve and 1.3 Moz in production from Inferred Mineral Resources from the recently acquired Toega project and M1 South Deep drilling. For further information see Production Target Technical Evaluation on page31 of this announcement. The Sanbrado Mineral Resource estimates were updated by independent resource consultants International Resource Solutions Pty Ltd. (IRS) in accordance with JORC (2012) guidelines. The portion of M1 South Mineral Resources termed "M1 South Deeps" was updated by Neil Silvio who is an employee of the Company. Mineral resources have been estimated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the `JORC Code') 2012 edition. Mineral resources have been estimated for the Project consisting of the following gold deposits: Mankarga 1 North (M1 North), Mankarga 1 South (M1 South), Mankarga 3 (M3), Mankarga 5 (M5) and the newly acquired Toega deposit, which now forms part of the Sanbrado Gold Operation. The Ore Reserves statement is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the `JORC Code') 2012 edition. Key changes to the Ore Reserve statement from the 2019 Feasibility Study are: Ore Reserves have decreased principally due to mining depletion. Depletion due to mining is 146,000 oz. Open pit Ore Reserves are 870,000 oz after mining depletion of 108,000 oz. Underground Ore Reserves are 610,000 oz after mining depletion of 38,000 oz. Re-estimation of the M1 South Mineral Resources and changes to cut-off grade led to a decrease in open pit Ore Reserves of 46,000 oz. Redesign of the M5 final pit has increased Ore Reserves by 42,000 oz. The major Ore Reserve growth opportunity for 2021 will come from completion of the resource definition drilling campaign at the Toega deposit, which will allow for the estimation of Indicated Mineral Resources and Toega's first Ore Reserve estimate. As underground mining progresses at M1 South there will also be opportunity to convert Inferred Mineral Resources to higher resource categories using lower-cost diamond drilling from underground platforms. West African entered into a definitive agreement with B2Gold to acquire the nearby Toega deposit in 2020 (ASX: 29/4/2020) with the aim of upgrading the resource for future processing though the Sanbrado process plant. During 2020 the Company also returned positive results from extension drilling beneath the currently defined M1 South Ore Reserve (M1 South Deeps). WAF completed a technical evaluation including resource estimation, review of metallurgical test work, optimization and mine planning studies to determine the development requirements to extend the M1 South underground mine and the optimum timing of incorporating potential mill feed from an open pit at Toega into the overall life of mine schedule. As the Mineral Resources were all of the Inferred category no Ore Reserves have been derived from this work. Inferred Mineral Resource has lower confidence than an Indicated Mineral Resource and there is no certainty that further resource definition work will result in the conversion of Inferred Mineral Resources to the Indicated category. Is New 90 Day High Low • Mar 03
New 90-day low: AU$0.72 The company is down 25% from its price of AU$0.96 on 03 December 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 15% over the same period. Announcement • Feb 02
West African Resources Limited Appoints Rod Leonard as Lead Independent Director of the Board West African Resources Limited announced that Non executive Director Rod Leonard has accepted the new role of Lead Independent Director on the company's Board. The Lead Independent Director is an independent nonexecutive board role to enhance corporate governance. In addition to serving on WAF's Board since September 2019, Mr. Leonard has 15 years of experience as Executive Director of Lycopodium. Announcement • Dec 03
West African Resources Limited Intercepts 6m At 20.6 G/T Gold and 6.5M At 16.1 G/T Gold Beneath Reserves At M1 South West African Resources Limited reported high grades and extensive visible gold have been intercepted in the deep diamond drilling beneath reserves at the M1 South deposit, Sanbrado Gold Project, Burkina Faso. Deep drilling at the M1 South Deposit has further intercepted high-grade gold and has extended the depth of known mineralisation greater than 900m below surface, and more than 400m below the current underground Ore Reserve (Figure 1 and Photo 1). Drill hole TAN20-DD238 has closed off mineralisation on the north-western boundary of mineralisation at approximately 600m below surface. Drill holes TAN20-DD237 and TAN20-DD239 have extended mineralisation 40m and 80m, respectively, to the northwest of TAN20-DD235 at more than 900m vertical. Mineralisation currently remains open to the southeast and northwest and at depth. New drilling has reinforced WAF's geological model for M1 South and confirmed the predictable geometry of the main high-grade gold zone more than 900m below surface. Following the last drilling release TAN20-DD235, which ended in low grade mineralisation, was re-entered and extended a further 62.2m to 1323.5m. The whole interval was check assayed using 50g Fire Assay with a gravimetric finish and returned 7m at 20 g/t gold from 1238m. A further two deep holes are currently in progress at down hole depths of 980m (TAN20-DD240) and 330m (TAN20-DD241) to the southeast and northwest, respectively, which will be completed and assessed before geological models and resources are updated for M1 South, and a decision is made whether further drilling will be undertaken to close off mineralisation. Reporting of resources, reserves, and the updated life of mine production profile for Sanbrado, originally scheduled for release in fourth quarter of 2020, will now be released in first quarter of 2021 to allow the current drilling program to be completed and any further results to be assessed and incorporated into the resource estimates. Announcement • Jun 22
West African Resources Limited(ASX:WAF) dropped from S&P/ASX Emerging Companies Index West African Resources Limited(ASX:WAF) dropped from S&P/ASX Emerging Companies Index 
