west african
resources limited
ANNUAL
REPORT
2023
2
West African Resources LimitedAnnual Report 2023 3
Contents.
01
Corporate Information
02
Chairman’s Letter
03
2023 in Brief
04
2023 Results
05
Directors’ Report
06
09
Consolidated Statement of Changes
58
in Equity
10
Consolidated Statement of Cash Flows
59
11
Notes to the Consolidated Financial
60
Statements
12
Directors’ Declaration
90
5
6
8
9
13
10
Auditor’s Independence Declaration
92
14
Remuneration Report (Audited)
41
Independent Auditor’s Report
93
07
Consolidated Statement of Profit or
Loss & Other Comprehensive Income
08
15
56
ASX Additional Information
99
16
Consolidated Statement of
57
Summary of Tenements
102
Financial Position
West African Resources LimitedAnnual Report 2023 4
Sanbrado dam malachite kingfisher
West African Resources LimitedAnnual Report 2023 01
Corporate Information
5
Company
West African Resources Limited
ABN
70 121 539 375
Board of Directors
Richard Hyde (Executive Chairman and CEO)
Lyndon Hopkins (Executive Director and COO)
Libby Mounsey (Executive Director of HR)
Rod Leonard (Lead Independent Director)
Website
www.westafricanresources.com
Principal place of business
Level 1, 1 Alvan Street
Subiaco WA 6008 Australia
SOMISA office
Secteur 27, Quartier Ouayalghin,
Parcelle 07, Lot 22, Section SL,
Ouagadougou, Burkina Faso
Nigel Spicer (Non-Executive Director)
T: +226 25 39 58 45
Stewart Findlay (Non-Executive Director)
Robin Romero (Non-Executive Director)
Company Secretaries
Padraig O’Donoghue
Annie Atkins
Share registry
Computershare Investor Services Pty Ltd
Level 17, 221 St Georges Terrace
Perth WA 6000 Australia
T: +61 (8) 9323 2000
Kiaka SA office
Secteur 53, Parcelle 06,
Lot 12, Section 480, Zone A7
Ouagadougou, Burkina Faso
T: +226 25 37 49 74/75/76
Auditors
HLB Mann Judd (WA Partnership)
Level 4, 130 Stirling Street
Perth WA 6000 Australia
ASX
ASX trading code: WAF
West African Resources LimitedAnnual Report 2023
6
02
Chairman’s Letter
RICHARD HYDE
Executive Chairman & CEO
Dear Fellow Shareholders,
I am proud to present the 2023 Annual Report for West African Resources Limited (ASX:
WAF), as we reflect on another year in which WAF has delivered on its stated goals, and
moved closer to achieving its target of becoming a mid-tier gold producer. Our strong
performance and growth in 2023 builds on the foundations established since our inception,
but more particularly our achievements in the past five years. These include:
• Securing US$200M debt financing for the construction of our Sanbrado Gold Project in
Burkina Faso and awarding the EPCM and mill supply packages for the project in 2018;
• Starting major works at Sanbrado with the first drawdown from our debt facility following
an optimised Definitive Feasibility Study (DFS) in 2019;
• Completing Sanbrado construction six months ahead of schedule and US$20M under
budget, with first gold poured in March 2020 and delivering A$99M inaugural profit;
• Acquiring the 1.1 million ounce Toega gold deposit in 2020;
• Achieving annual guidance and delivering A$214M profit in 2021, allowing us to fully repay
our debt financing;
• Acquiring the 6.8Moz Kiaka Gold Project in 2021;
• Achieving annual guidance and delivering A$184M profit in 2022;
• Completing the Kiaka DFS and awarding EPCM and mill supply packages for the project in
2023, delivering Reserve statements for Kiaka and Toega; with Group Mineral Resources
increased to 12.6Moz and Group Mineral Reserves increased to 6.4Moz in 2023.
Our strategic goals for 2023 included:
• Achieve annual guidance of 210,000 to 230,000 oz gold at an AISC of
9 B2GOLD CORP
10 BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
11 MR RICHARD HYDE
12 STICHTING LICHFIELD US\C
13 BNP PARIBAS NOMINEES PTY LTD
14 BNP PARIBAS NOMS PTY LTD
15 GAMS-MINING F&I LTD
16 MR GRAEME JOHN HAINES + MRS SHARNI GAY HAINES + MR MALCOLM ARNOLD
HAINES
17 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
18 MR LYNDON HOPKINS
19 BNP PARIBAS NOMINEES PTY LTD
20 CITICORP NOMINEES PTY LIMITED
No. of shares held
% Holding
305,460,902
179,587,711
88,679,983
52,622,652
45,557,140
32,258,157
29,400,000
28,326,155
22,190,508
21,716,794
17,864,297
13,250,000
11,405,289
5,138,395
4,931,224
4,515,882
4,279,418
3,642,578
3,433,823
2,711,854
29.76%
17.49%
8.64%
5.13%
4.44%
3.14%
2.86%
2.76%
2.16%
2.12%
1.74%
1.29%
1.11%
0.50%
0.48%
0.44%
0.42%
0.35%
0.33%
0.26%
Total
876,972,762
85.43%
STOCK EXCHANGE LISTING
Listing has been granted for the ordinary shares (ASX code: WAF) of the Company on the Australian
Securities Exchange Limited (‘ASX’) with 1,026,574,194 ordinary shares on the Company’s register.
VOTING RIGHTS
All shares carry one vote per unit without restriction.
UNLISTED OPTIONS
7,088,979 options and performance rights are held by 16 option holders.
Neither options nor performance rights carry a right to vote.
West African Resources LimitedAnnual Report 2023 Sanbrado WSF northern red bishop
101
West African Resources LimitedAnnual Report 2023 102
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West African Resources LimitedAnnual Report 2023
103
West African Resources LimitedAnnual Report 2023 www.westafricanresources.com