Name of the Project
Kiaka gold project.

Location
About 45 km south of West African Resources’ (WAF’s) existing Sanbrado gold mine, in Burkina Faso.

Project Owner/s
Midtier gold producer WAF (90%) and the government of Burkina Faso (10%).

Project Description
A feasibility study update published on July 2, 2024, has confirmed the strong cash flows expected from the project and incorporates improvements of the project’s initial feasibility study, released on August 3, 2022.

Average gold production is estimated at 258 000 oz/y in first five years; and at 234 000 oz/y over the forecasted 20-year mine life.

The 2024 feasibility update incorporates a change from contract mining to an owner mining strategy, enabling WAF to realise greater benefits from the long-life and consistent mining rates of the large-scale Kiaka openpit operations. The investment includes new, larger-sized equipment and robust, fully equipped mine maintenance facilities. Bigger 230 t excavators have been matched to bigger 140 t dump trucks, compared with the 140 t excavators and 95 t trucks used in the 2022 feasibility study, allowing for an increase to the openpit mining rate by 3.3-million tonnes a year.

The 2024 feasibility study update is based on conventional openpit mining methods, with run-of-mine (RoM) ore being directly fed to the crushing circuit. 

Kiaka’s free-milling gold ore will be processed through a conventional single-stage gyratory crushing and semiautogenous ball mill crusher milling circuit followed by carbon-in-leach processing.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an improved after-tax net present value, at a 5% discount rate, of $1.18-billion and an internal rate of return of 27%, with a pretax payback of 2.25 years on pre-production development capital.

Capital Expenditure
The feasibility study update estimates preproduction development capital at $447-million, excluding owner mining.

Planned Start/End Date
Kiaka is on schedule for first gold production in the third quarter of 2025.
 
Latest Developments
West African has reported in its production update for the June 2025 quarter that openpit mining has ramped up as planned, with production now achieving target material movements. 

Ore stockpiles continue to build on the RoM pad, with 945 000 t at a grade of 0.6 g/t for 19 200 oz available for processing at the end of the quarter. 

The Kiaka processing plant performed well during commissioning operations in June 2025, with stable mill throughput and metallurgical recoveries exceeding expectations. 

Mill throughput is expected to ramp up during the third quarter of 2025 when grid power becomes available. 

Quarterly reporting of mill operational statistics will start in the third quarter of 2025. 

Kiaka’s production guidance for 2025 remains at 100 000 to 150 000 oz.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
West African Resources, tel +61 8 9481 7344 or email info@westafricanresources.com.