West African Resources draws final US$100m for Kiaka Gold Project Construction

West African Resources Limited (ASX: $WAF) has drawn the final US$100 million under the US$265 million secured loan facility with Sprott and Coris to finalize construction of its Kiaka Gold Project in Burkina Faso, West Africa. The company's cash and gold bullion balance now stands at US$320 million (A$484 million) with substantial unhedged free cashflow to fund the remaining Kiaka construction. The Kiaka construction remains on budget and schedule, with the first gold pour on track for Q3 CY2025. This milestone marks the company's progression towards becoming a +400,000ozpa mid-tier gold producer from 2025.

Executive Chairman's Commentary on Kiaka Gold Project Construction

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. WAF is on track to produce 4 million ounces over the next decade, with annual production set to peak in 2029 at 473,000 ounces of gold. Our unhedged resources now stand at 12.8 million ounces and Ore Reserves at 6.1Moz of gold.

Summary of West African Resources' Kiaka Gold Project Construction

West African Resources Limited has successfully drawn the final US$100 million under the secured loan facility to advance the construction of its Kiaka Gold Project in Burkina Faso. The company's cash and gold bullion balance of US$320 million provides a strong financial position for completing the Kiaka construction and commencing gold production in Q3 CY2025. With Kiaka construction progressing on budget and schedule, the company is poised to become a +400,000ozpa mid-tier gold producer from 2025. West African Resources' ambitions include producing 4 million ounces over the next decade, with annual production expected to peak in 2029 at 473,000 ounces of gold. The company's unhedged resources currently stand at 12.8 million ounces, with Ore Reserves at 6.1Moz of gold, reflecting a positive outlook for its corporate strategy and the Kiaka Gold Project.