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West African Resources (ASX:$WAF) completes first drawdown for Kiaka construction

West African Resources draws down US$100 million for Kiaka Gold Project


West African Resources Limited (ASX:$WAF) has successfully completed its first drawdown under the US$265 million secured loan facility for the development of the Kiaka Gold Project in Burkina Faso. The company received US$100 million from a fund managed by Sprott Resource Lending Corp. and Coris Bank International SA, which will be utilized for the construction of the Kiaka Gold Project and other corporate purposes.

Executive Commentary on Kiaka Gold Project Development


The additional funding from Sprott and Coris strengthens WAF's balance sheet and cash position for the construction of Kiaka. The build is well-underway and on track for first gold in the second half of 2025. Kiaka will be a long-life low-cost gold project averaging 219,000 ounces of gold production per annum for 18.5 years. WAF aims to be producing more than 400,000 ounces of gold annually from its two mines from 2025.

Summary of West African Resources Announcement


West African Resources Limited has successfully secured US$100 million for the development of the Kiaka Gold Project in Burkina Faso. The company's Managing Director, Richard Hyde, expressed confidence in the project's progress and highlighted the significant increase in the company's resource base. The Kiaka Gold Project is expected to have a substantial economic and social impact on the communities in the Manga region, contributing significantly to Burkina Faso's GDP. With the project's development well underway, WAF aims to achieve its production targets and strengthen its position in the gold mining sector.

Sourcehttps://announcements.asx.com.au/asxpdf/20240102/pdf/05z2nc5nyfnd2w.pdf

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