Overview of West African Resources' announcement on new mining code in Burkina Faso

West African Resources Limited (ASX: $WAF) has announced the adoption of a new mining code in Burkina Faso, along with the implementation of a new local content law. The new laws are designed to enhance the mining sector's contribution to the State of Burkina Faso and foster greater local involvement and capacity in the mining industry's services, supply chain, and workforce.

Executive commentary on the impact of the new mining code

Burkina Faso's adoption of new mining and local content laws is aimed at bolstering the mining sector's role in the state and encouraging increased local engagement and capability in the mining industry's services, supply chain, and workforce. West African Resources remains committed to its 2024 cost and production guidance of 190,000 - 210,000 OZ gold at AISC of <US$1,300/oz. The construction of Kiaka is progressing as planned, with the first gold expected to be poured in Q3 2025, positioning WAF as a gold producer of over 420,000 ounces per year. The company intends to maintain constructive engagement with the Burkina Faso government regarding the new mining and local content laws.

Summary of West African Resources' adoption of new mining code and outlook

West African Resources Limited (ASX: $WAF) has announced the adoption of a new mining code and local content law in Burkina Faso, with the aim of increasing the mining sector's contribution to the state and promoting greater local participation and capability in the industry. The new laws include provisions such as increasing the State's free-carried equity interest in mining projects from 10% to 15% for new projects, and reducing the maximum tenure of initial mining permits from 20 years to 10 years. WAF's 2024 gold production guidance of 190,000 - 210,000 OZ gold at AISC of <US$1,300/oz remains unchanged, and the construction of Kiaka is on track, with first gold expected in Q3 2025, positioning WAF as a gold producer of over 420,000 ounces per year. The company plans to continue engaging constructively with the Burkina Faso government regarding the new mining and local content laws.