# WAF - West African Resources



## Joe Blow (6 June 2010)

West African Resources Limited is a gold resource company dedicated to creating shareholder value through the acquisition, exploration and development of resource projects in West Africa.

http://www.westafricanresources.com.au


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## springhill (5 August 2012)

MC- $29m
SP- 18c
Shares- 163m
Options- Nil quoted
Cash- $3.9m

*Sartenga Prospect*
In June 2012, significant copper-gold mineralisation was intercepted in the third line of wide-spaced (400m) aircore drilling at Sartenga, in the central portion of the broad 6.2km by 1.4km auger gold-only anomaly.
The copper-gold results at Sartenga are West African’s most significant drilling results to date. 
-SAC0119 intersected 57m at 0.88g/t Au, ending in 9m at 2.16 g/t Au at 61m depth.
-SDH001 was drilled parallel to SAC0119 and returned 72.8m at 1.08 g/t Au and 0.48% Cu including a high-grade zone of 21m at 2.31 g/t Au and 1.09% Cu from 51m. 
-SDH001 terminated in mineralisation (> 0.5 Au g/t) at 78.8m due to technical reasons.
On inspection of the drill core from SDH001, extensive silicification and copper mineralisation was noted by West African geologists from 55m to the end of the hole at 78.8m. Subsequently, SAC0119 was re-analysed for copper, and returned 57m at 0.44% Cu, ending in 9m at 0.99% Cu.
Consecutive aircore holes SAC116 to SAC121 on Line 3 all ended in gold copper mineralisation over a width projected to surface of over 150m. Subsequent to the end of the quarter, 15 holes were reassayed for copper. Results for holes SAC117 to SAC121 include:
- SAC0116 - 40m at 0.45 g/t Au and 0.38% Cu from 8m
- SAC0117 - 36m at 0.26 g/t Au and 0.44% Cu from 8m
- SAC0118 - 39m at 0.44 g/t Au and 0.36% Cu from 8m
- SAC0119 - 57m at 0.88 g/t Au and 0.44% Cu from 4m
- SAC0120 - 54m at 0.35 g/t Au and 0.12% Cu from surface
- SAC0121 - 40m at 0.67 g/t Au and 0.10% Cu from 20m
On Line 2, located 400m to the southwest of Line 3, consecutive aircore holes SAC079 to SAC082 all ended in gold and copper mineralisation over a width projected to surface of over 100m.
Results for these holes include:
- SAC079 - 11m at 0.57 g/t Au and 0.21% Cu from 48m
- SAC080 - 28m at 0.32 g/t Au and 0.13% Cu from 16m
- SAC081 - 53m at 0.45 g/t Au and 0.20% Cu from 8m
- SAC082 - 36m at 0.38 g/t Au and 0.10% Cu from 4m

*Moktedu Prospect*
Moktedu is located in the southwest corner of West African’s 100%-owned Boulsa Gold Project, 4km northeast of Orezone Gold Corp’s 3.5Moz Au BomborÃ© deposit in Burkina Faso. The Moktedu Trend Prospect encompasses a 10km mineralised trend of coincident RAB, auger and magnetic anomalies.
During the June quarter 2012, a 2,300m RC drilling program commenced at the Moktedu Prospect. Drilling was completed with a local contractor and was designed to test high-grade gold mineralisation at up to 150m depth.
Deep RC drilling followed-up significant results returned from recent aircore, RC and diamond drilling (DD) at Moktedu including:
- KOAC0098 8m at 1.71 g/t Au from surface
- KOAC0099 4m at 8.39 g/t Au from 4m
- KORC0001 6m at 8.36 g/t Au from surface, including 1m at 42.95g/t Au
- KORC0014 3m at 7.64 g/t Au from 33m, including 1m at 20.93g/t Au
- KODT004 21m at 1.13 g/t Au from 121m, including 1m at 10.96g/t Au
- KODT005 6m at 5.78 g/t Au from 74m, including 1m at 28.40g/t Au

*Other Prospects*
During the period, regional auger drilling programs were carried out on the Boto, Goudre, Nyonare and Solga permits, while infill auger drilling was completed on the Sondo and Sondo Sud permits. RAB drilling was undertaken on the Zam Sud (SW Moktedu) and Meguet prospects, within the Zam permit.
West African will keep the market informed as results are received. The Company is targeting its first resource estimate in late 2012.


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## springhill (6 August 2012)

*Primary Gold, Copper and Molybdenum Mineralisation Intercepted at Sartenga Prospect Grades up to 1.1g/t Au, 0.8% Cu, 1355ppm Mo*

45.5m grading 1.1 g/t Gold Equivalent* (0.5g/t Au, 0.3% Cu, 315ppm Mo1)
including
15.5m grading 1.6 g/t Gold Equivalent* end of hole, (0.7g/t Au, 0.5% Cu, 407ppm Mo1)
From 112m downhole
Hole ended in mineralisation

36m grading 1.0g/t Gold Equivalent* (0.5g/t Au, 0.2% Cu, 295ppm Mo1)
From 140m downhole
Hole ended in mineralisation

Shallow Copper Oxide RC Intercepts
12m at 0.9% Cu, 0.2g/t Au from 12m
12m at 0.8% Cu, 0.5g/t Au from 4m
8m at 1.2% Cu, 0.4g/t Au from 8m
8m at 0.7% Cu, 0.3g/t Au from 16m

Sartenga fast‐tracked to resource status by end of 2012


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## springhill (6 August 2012)

Company Presentation
http://www.asx.com.au/asxpdf/20120806/pdf/427vvtx2q8wcwt.pdf


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## AllAussie (9 January 2013)

Anyone know when more drill results are due from the Moktedu gold anomaly?  

Seems like all we get is Sartenga results lately but I thought they were being drilled in parallel, not that I'm complaining as the sartenga results are always good


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## piggybank (6 May 2016)

Where to from here

​


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## piggybank (10 August 2016)

Hi,

Well initially after the last posting it went down but then reversed upwards and closed today at a 5 year high of 43c (up 34%) on volume of 6.36 million. It came out of a trading halt today with the following announcement - http://www.stocknessmonster.com/news-item?S=WAF&E=ASX&N=786086


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## HelloU (27 September 2018)

debt funding due
license approval due
I am busting for those to be in the last week of October


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## greggles (26 March 2019)

A good couple of months for West African Resources, up from 22c in early February to a high of 33c today.

On 26 February the company reported on reserve definition drilling at the M1 South and M5 deposits of the Sanbrado Gold Project in Burkina Faso. The results were encouraging although all the best intersects were at depth.






The reserve update and optimised feasibility study are due any day now, which most likely accounts for today's gap up.

Watching with interest.


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## barney (26 March 2019)

greggles said:


> A good couple of months for West African Resources, up from 22c in early February to a high of 33c today.




Haven't been watching WAF for a while since the SP got smacked around earlier in the year.  They have a very large Gold resource and I couldn't work out why the market kept selling them off.

Like you mentioned Greg, I assumed it was the Depth of the resource which may have spooked Investors.  Low AISC and a big resource if all goes to plan with $185 million (??) pre-production costs and a quick pay back period  …… The numbers look good.  Always good to see the up and coming Goldies doing well


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## peter2 (11 April 2019)

@Miner  Selection and trade management of WAF in ASX40P portfolio.
There's been very little discretion used in this trade so far other than I liked the chart better than others during the week-end review process.


peter2 said:


> _Downtrend reversals: _BRU, MSB (2nd chance), WAF, WGX



Posted WAF as a downtrend reversal opportunity. The trend is down indicated by the moving averages (13<21ema). Price has surged off the bottom and is now above the emas and going sideways. That's not enough for me to buy into a reversal. A few weeks of sideways price action formed the higher low that I like to see (making it a BO-NH pattern). Note that the volume on this BO bar was well above average. You can see this surge in volume on the daily chart as price makes a new high.

The initial surge off the bottom indicates demand (1st step), supply appears and stops price from going higher, but the supply was not big enough the force price down very much at all (shallow pullback, 2nd step). This indicates that demand remains strong and confirmation of this is seen when price makes a new high (3rd step).






A conservative iSL was placed at 0.255 and I bought it at 0.295.

A few days later WAF reports some good drill results and price spikes up. I took advantage of this spike to raise my exit trigger a little to 0.28, thereby reducing my initial downside exposure a little. This is a normal trade mgt response to a price spike and is not considered discretionary.


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## Trav. (1 November 2019)

Nice close today up 4.3%, would be nice to see 50c tackled next week.

Holding


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## barney (1 November 2019)

Trav. said:


> Holding




Glad someone is testing their arm with WAF

I watched this a long time ago and thought ….Gold grades to kill for ...

But the depth might be scaring the market ??

It has recovered well of late but the run to 55 ish is probably the benchmark

If some Volume starts to kick in and it sneaks back to 52 or above it should definitely run a bit higher in the short/medium term.


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## Trav. (2 November 2019)

The plant and facilities seem to be progressing well. 

https://www.asx.com.au/asxpdf/20191028/pdf/449xr1s9fb06f0.pdf

more photos in link


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## Trav. (4 November 2019)

Another very nice day for WAF. 

I was hoping for +50c for this week and to get that on Monday has made my day.


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## barney (4 November 2019)

Trav. said:


> Another very nice day for WAF.




Certainly don't want to rain on this parade Trav cause I hope it goes up ad infinitum for you …. but curiously, have you had a look at the figures on the last Quarterly Cashflow report … and what do you make of the numbers  ..... A bit time poor at the moment but a glance seems to show a couple of odd numbers??  Will hopefully get a better chance to look tomorrow to discuss.


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## Trav. (4 November 2019)

@barney all good mate. I'm just trading of my system and not looking at the figures as that is not my strength. My system target has been met today so I will monitor and probably place a TS on this one tonight as it looks like it might have a little bit left in it.

In general I will check out some of the latest announcements just to get a feel for the company. For example I had no idea that WAF was constructing a new plant etc prior to be signalled as a buy on my scan in October.


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## Trav. (26 December 2019)

*January 2020 Tipping Comp Selection*

POG seems to be having a run now ( end of December) and I am looking for WAF to leverage of this in the new year.

Construction appears to be continuing well with production scheduled for mid 2020 so will be interesting to watch over the next 6 months

Chart wise it has been trending down since late September and rose 9% on the 24/12 which is obviously very positive. I have resistance drawn @ $0.515 which is approx 20% above current SP.


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## aus_trader (28 December 2019)

Looks interesting as a near-term Gold producer in the African region, possibly to start production soon if there are no delays.


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## travwj (4 May 2020)

WAF has been having a good run of late, and to be honest I don't follow the company announcements as closely as I should (I currently hold) but they have released a good quarterly report and an agreement to buy in on a nearby project.
I originally bought in at around 44c looking to sell at the mid 50's (previous resistance) or if it was still kicking along at 62c which looked like it would be resistance as it was a previous high.
Now it has closed at 76c and with okay volume. Will be interesting to see where it goes, and I will continue to move my stop up.
Attached daily chart.


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## Miner (11 June 2020)

WAF is doing very nicely and consistently.
But I wondered why the SI received shares at about one-third of market price? Who subsidised ? Was it a COVID 19 give away deal 
https://www.asx.com.au/asxpdf/20200611/pdf/44jkjgk05cz6fw.pdf


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## finicky (11 June 2020)

The other notices at this time suggest it is managers of the company exercising cheap or zero priced unlisted options that they'd previously granted themselves. 
I'll be selling half my holding in June/July


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## Miner (11 June 2020)

finicky said:


> The other notices at this time suggest it is managers of the company exercising cheap or zero priced unlisted options that they'd previously granted themselves.
> I'll be selling half my holding in June/July



Mate @finicky 
Notwithstanding it's your personal decision  is your decision to sell half to book profit?
Some of the key results are coming. 
Just curious.
I do hold.
Thanks


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## finicky (11 June 2020)

@Miner, nothing to do with the specifics of the stock, just part of the program to sell down my 'p/f'  to get to 30% cash that I've been raving on about ad nauseum. WAF's doing really well so far and fast progress, I like their recent tenement acquisition from B2, bit nervous about sovereign risk but again that's not the reason for selling down. I think the 'global deflationary bust' that I believe will happen later this year will hit gold miners just as hard, I'll even pare down my NST holding.


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## aus_trader (12 June 2020)

finicky said:


> @Miner, nothing to do with the specifics of the stock, just part of the program to sell down my 'p/f'  to get to 30% cash that I've been raving on about ad nauseum. WAF's doing really well so far and fast progress, I like their recent tenement acquisition from B2, bit nervous about sovereign risk but again that's not the reason for selling down. I think the 'global deflationary bust' that I believe will happen later this year will hit gold miners just as hard, I'll even pare down my NST holding.




How bad could it get ? Just a short term dip or a massive sell down to below 1k/oz ?

I am asking because if that plays out, I'll be deep underwater with my Gold plays. I get a lot of opposing views wherever I look about Gold price outlook.

If only a short term dip is expected, I may do what you are doing and sell out of or sell down on Gold miners and hold the Gold ETF's long term. But if huge falls are expected, I should sell the ETFs as well and lock in the profit rather than riding it all the way down to a loss !


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## qldfrog (12 June 2020)

aus_trader said:


> How bad could it get ? Just a short term dip or a massive sell down to below 1k/oz ?
> 
> I am asking because if that plays out, I'll be deep underwater with my Gold plays. I get a lot of opposing views wherever I look about Gold price outlook.
> 
> If only a short term dip is expected, I may do what you are doing and sell out of or sell down on Gold miners and hold the Gold ETF's long term. But if huge falls are expected, I should sell the ETFs as well and lock in the profit rather than riding it all the way down to a loss !



An hint in my opinion: market falling hard today 4 to 5pc and gold not reached yet the 1750 in usd
I am bull long term gold but sold what i could: paper and not systems positions at 1750
You will be somewhat protected by AUD fall
I own WAF within my systems, no discretionary position


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## aus_trader (12 June 2020)

qldfrog said:


> An hint in my opinion: market falling hard today 4 to 5pc and gold not reached yet the 1750 in usd
> I am bull long term gold but sold what i could: paper and not systems positions at 1750
> You will be somewhat protected by AUD fall
> I own WAF within my systems, no discretionary position




I think I will let go of my Gold bullish bias. That way I could be ready either way:


Hold positions if price goes higher
Let go of the positions if Gold also starts falling with general market
finicky could be onto something, so I need to pay attention to how this plays out...







With the current big down day Oil, Gold, Silver, Copper all getting sold down, although Gold is holding ground pretty well at the moment. So that's in line with finicky's idea. So have to watch if that continues or Gold retains some sort of 'safe haven' status by either rising against the market or by holding ground while market heads south.


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## qldfrog (12 June 2020)

aus_trader said:


> I think I will let go of my Gold bullish bias. That way I could be ready either way:
> 
> 
> Hold positions if price goes higher
> ...



If you just hope for gold holding, then go cash?why risk it?
I believe gold has a lag: during crash, gold is sold to cover cash need as do some bounds etc, then after the crash it rises until bull market is firmly in place.but i am no expert.
Probably outside WAF thread...


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## qldfrog (12 June 2020)

bonds not bounds


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## finicky (12 June 2020)

@aus_trader
I'm clueless in Seattle, which is why I looked for someone to follow as to what lies ahead. I put it into this thread: David Hunter Market Collapse Prophesy

So with the massive drop overnight I am a bit concerned that DaveHcontrarian (twitter) might have overestimated and mistimed the 'melt-up' but I am sticking with his outlook. He put out a tweet reply in the last few hours that this SPX/DJIA plunge has not budged his view, so I just await developments. I am not a trader, it's a big deal for me to sell 30% of my shareholdings.

I have a physically backed gold and silver account with my metal dealer and that will remain untouched. I was around and invested for the 2008 crash and saw gold crash and gold miners crash along with the general market. Mind you they turned quickly at the bottom. We saw what happened to gold miners in March this year - they were no help at all, one of the best, SAR, was down 39% peak to trough in less than a month, NST down 40%. Personally I won't be focusing on gold miners when trimming, I will just be paring them along with the rest and probably a bit lighter than general stocks. Cash will be needed I believe.

DaveH reckons the second shoe to drop will be way worse than March in quantity and duration. About gold, I think he said he expects as low as $1,000 USD but favours a bit higher, maybe $1,200 USD. He thinks by 6 -7 years *after* the 12-18 month 2020/2021 *bust* Gold will reach +$10,000 USD, participating in a highly inflationary recovery cycle - gold miners will perform like dotcom stocks of the 90's. Again, all his ideas, not mine. 

SAR in March
$4.50 - 2.75 = 1.75
1.75 ÷ 4.50 x 100 = -39%

NST in March
$15 - 9 = 6
6 ÷ 15 x 100 =  -40%


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## aus_trader (12 June 2020)

finicky said:


> @aus_trader
> I'm clueless in Seattle, which is why I looked for someone to follow as to what lies ahead. I put it into this thread: David Hunter Market Collapse Prophesy
> 
> So with the massive drop overnight I am a bit concerned that DaveHcontrarian (twitter) might have overestimated and mistimed the 'melt-up' but I am sticking with his outlook. He put out a tweet reply in the last few hours that this SPX/DJIA plunge has not budged his view, so I just await developments. I am not a trader, it's a big deal for me to sell 30% of my shareholdings.
> ...



Thank you for the explanation finicky. Don't worry I never blame anyone for what happens in the markets and take full responsibility for whatever happens to my portfolio.

If there is a deflationary phase before the inflationary phase it makes sense to keep watch of the Gold and Gold stock holdings, so that's what I'll do. It could mean re-entering at a later stage if positions gets liquidated in a deflationary environment.

So as both you and qldfrog said, I'll be ready to raise cash if markets turn sour from here including selling any Gold related investments/trades if they follow the falling market.


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## rnr (18 June 2020)

Following a 5 wave move up over the last 8 weeks WAF is (hopefully) looking for a  three wave pullback (a-b-c) before moving higher.
There appears to be support at the $0.81 to $0.84 range so probably worth keeping an eye on this stock over the next couple of weeks as the next move higher (wave b) looks imminent.

[N.B. This is not a recommendation and I do not hold.]


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## Miner (30 September 2020)

https://www.asx.com.au/asxpdf/20200930/pdf/44n4md00h2h9t5.pdf
		

Hold


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## finicky (30 September 2020)

15.5m at 20.5 g/t gold and 32m at 4.9 g/t gold

Those intercepts read as roughly 300 metres below current reserves. They already have heaps of underground reserves anyway so I wonder why they're spending apace with expensive deeper diamond drilling from surface.  

“Drilling is continuing onsite with two rigs operating on double shift with further results expected over the coming weeks"

Doesn't matter I suppose as they're making bulk cash at their cost level.
Maybe they're making themselves a more formidable acquisition target or maybe just keeping their exploration crew occupied. Someone I subscribe to on Patreon reckons this whole team of exploration, construction and mining has been so successful at Sanbrado that management wants to hold it together by finding another big project from scatch.

Held


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## Miner (30 September 2020)

finicky said:


> 15.5m at 20.5 g/t gold and 32m at 4.9 g/t gold
> 
> Those intercepts read as roughly 300 metres below current reserves. They already have heaps of underground reserves anyway so I wonder why they're spending apace with expensive deeper diamond drilling from surface.
> 
> ...



Enriching asset value to be like solid gold 
P


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## finicky (10 March 2021)

Gap up, modest volume move of 12% today after update.
Taken a shot at a rough valuation.

Sanbrado Gold Operations (Sanbrado), Burkina Faso were updated for fy21 (WAF reports on the calendar year)

West African anticipates Sanbrado will produce between 250,000 and 280,000 ounces of gold in 2021 with adjusted operating costs of US$530 – 630/oz and all-in sustaining costs (AISC) of US$720 – 800/oz.

However average annual production envisaged as >200,000 ozs p.a over 10 years


Taking just the average production at Sanbrado at minimum 200kozs 
Using maximum AISC estimate of US$800/oz
Which at conversion rate of 1:1.30 AUD = AISC of AUD1,140/oz
Unhedged producer, so assume current approx AUD spot price of $2,200
Gives AISC margin to spot = AUD$1,060/oz
Tax + royalties: 34%: 1,060 x 0.66 = $700/oz profit after tax
Multiply by avg production: 200koz x $700 = AUD$140,000,000 NPAT p.a
Divide by diluted shares of 900,000,000 = *$0.155* earning per share

Share price close Wednesday: $0.88, or rounded = $0.90
So WAF's average P/E on static assumptions:
Price/Earning *(P/E)* currently = .90 ÷ .15 *= 6*

Caveat: there's something in the preso about VAT (value added tax) of 18% which I don't know how to include. Surely it wouldn't be a simple addition to the ordinary tax and royalties? Would make it enormous: 34% + 18%. Why would anyone mine in Burkina Faso with those imposts?

Potentially a growth producer through acquisition and organically, has an exploration budget in 2021 of US$12.5M

Held


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## Sean K (11 March 2021)

finicky said:


> Taking just the average production at Sanbrado at minimum 200kozs
> Using maximum AISC estimate of US$800/oz
> Which at conversion rate of 1:1.30 AUD = AISC of AUD1,140/oz
> Unhedged producer, so assume current approx AUD spot price of $2,200
> ...



Good work finicky. What are they going to do with all that cash? Acquisition?


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## finicky (12 March 2021)

So WAF still have $175M of debt to pay off while holding +80M cash/gold end of Dec. The Sanbrado mine and plant was built using part debt. This 2021 calendar year will be the first where they reach fully ramped up production, forecasted to be well in excess of the average > 200kozs p.a for the 10 year Sanbrado plan. In 2020 they were still developing and gathering steam and recorded a loss.

So cash will go also to exploration ($US12.5M)

Also 'Between Lines Finance' on Patreon/Youtube in an earlier video gave the opinion that this whole team of exploration, construction and mining has been so successful at Sanbrado that management wants to hold it together by finding another big project from scatch.

However in his latest comments (see vid) he seened to favour the possibility of a merger with a similar company and ventured as a candidate Rox Gold which has an asset in Cote D'Ivoire as well as Burkina Faso

His latest vid has been unlocked, so I assume its ok to post:


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## Sean K (12 March 2021)

finicky said:


> However in his latest comments (see vid) he seened to favour the possibility of a merger with a similar company and ventured as a candidate Rox Gold which has an asset in Cote D'Ivoire as well as Burkina Faso



PRU would probably be a candidate too.


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## finicky (12 March 2021)

Possibly, I have no idea, but Nordesmic of Between the Lines Finance is a student of African gold miners and is also a PRU shareholder, mentioning PRU a few times. I suspect he would have brought PRU up as a possible acquirer in this latest vid if he rated the chance as significant.


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## Miner (27 August 2021)

Trust market will kind to the investors today after the HY


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## Sean K (8 October 2021)

WAF seems to be benefitting from some general excitement in the WeAf region and has broken some significant resistance today. Wait and see if she follows through.

I've noticed a general increase in support from goldies on my watch list the past week or so with gains well ahead of the general market and POG. Could gold equities be leading POG out of it's downward trend?


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## Miner (8 October 2021)

With 10 pc increase on price today without any announcement, I am not complaining excepting why not I should have invested three times than what I did on that originally in last two years, guessing the expected DFS scheduled for Q4 21may have something - new exploration success to support the FS on upside  ?


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## mullokintyre (11 October 2021)

I have gone against my normal trading strategies to buy into WAF today.
Its at its highest level, but the potential for the next two quarters production to exceed past levels is pretty good.
As long as POG holds above 2400 (or exceeds it!) should be a small risk medium reward outcome.
Maybe a 1.55 exit for me.
Mick


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## mullokintyre (15 October 2021)

Out at 1.45. Not convinced this particular gold run up will continue, expect a bit of a pull back after such a quick rise, so I took the profits for the week.
wish all my trades went this profitably in such a short time.
mick


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## finicky (15 October 2021)

Still holding - will ride out any correction or crash with this one; more succinctly, LT hold. 
WAF, SSR, NST and RMS my favourite gold producer holds. Bit sorry never to have got on board NCM with its copper credits but was always attracted by some other goldie when spending.


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## Sean K (15 October 2021)

mullokintyre said:


> Out at 1.45. Not convinced this particular gold run up will continue, expect a bit of a pull back after such a quick rise, so I took the profits for the week.
> wish all my trades went this profitably in such a short time.
> mick




Well done Mick! Never a bad thing to make a killing in a short period of time. 

I agree, I don't think gold stocks will continue to go parabolic, they've all run very hard in the past few weeks. But, I think we may have only just started a longer term move. 

Looking forward to the next decent correction to support before the next move. Fingers crossed that actually happens, I'm 85% cash. Might be my undoing at this rate. eeeek


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## aus_trader (15 October 2021)

I've got a lower % in cash, so was careful not to tie it all up in LT gold stocks. I'll have no trading capital then...

Did manage to pick up a few SLR shares from the recent fall, so have a few Gold stocks, some under water but keeping LT.


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## Miner (15 October 2021)

kennas said:


> Well done Mick! Never a bad thing to make a killing in a short period of time.
> 
> I agree, I don't think gold stocks will continue to go parabolic, they've all run very hard in the past few weeks. But, I think we may have only just started a longer term move.
> 
> Looking forward to the next decent correction to support before the next move. Fingers crossed that actually happens, I'm 85% cash. Might be my undoing at this rate. eeeek



85 pc cash . 
I got only 25 pc.
Can I borrow from you  to put on short selling of gambling shares  ?
Lol.
Have a nice weekend.


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## mullokintyre (15 October 2021)

even after 40 years I find this trading caper tricky.
so many stocks, so little money.
I guess if it was easy we would all be rich.
mick


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## mullokintyre (18 October 2021)

Quarterly report out, excellent results, now cash flow positive,  the markets response was to drop it back below 1.30.
So I promptly bought back in.
Nothing has changed apart from gold falling Friday Night, but we always knew that would happen courtesy of the PPT.
So will sit back and wait for the next gold run up.
Looking to get back into  ALK below 90 and SLR below 1.55.
Mick


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## Sean K (18 October 2021)

mullokintyre said:


> Quarterly report out, excellent results, now cash flow positive,  the markets response was to drop it back below 1.30.
> So I promptly bought back in.
> Nothing has changed apart from gold falling Friday Night, but we always knew that would happen courtesy of the PPT.
> So will sit back and wait for the next gold run up.
> ...




Some general healthy profit taking occurring. Will be more opportunities.


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## Sean K (26 October 2021)

This looks like a pretty handy acquisition. Bulk tonnage, low grade, open pit, conventional mill, they know the country, no coups this month. Why did B2Gold sell it? Hmmm


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## Miner (26 October 2021)

Sean K said:


> This looks like a pretty handy acquisition. Bulk tonnage, low grade, open pit, conventional mill, they know the country, no coups this month. Why did B2Gold sell it? Hmmm
> 
> View attachment 131909



Good question @Sean K - why B2G sold it.
Why Alkane demerged considering their SP since demerger of ASM never looked better .
I noticed capital raise for only $126.46 or so. Definitely it was a typo.
1 gm/ t processing cost would have been beyond their cash margin which WAF would average out.
just my guess.


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## finicky (26 October 2021)

That'll stuff the chart for a while I guess - was looking good for a continuation to me. However a chance for some to pick up shares at 1.25 probably. I like the bit about simple metallurgy, low strip and synergy with the Sanbrado operations. That might be the rationale for B2 selling since they can get a good and ready price (i.e worth more to WAF than to others) and B2 seem to have a few surplus projects. They might feel it's better to have the immediate cash in current circumstances plus the holding company gets a 3% royalty.

Monthly


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## Miner (26 October 2021)

Miner said:


> Good question @Sean K - why B2G sold it.
> Why Alkane demerged considering their SP since demerger of ASM never looked better .
> I noticed capital raise for only $126.46 or so. Definitely it was a typo.
> 1 gm/ t processing cost would have been beyond their cash margin which WAF would average out.
> just my guess.



Was in public transport and could not read the announcements in detail.
Some additional minor points to my earlier thread. Surely there will be significant discussions on this thread as WAF has rewarded many of the current holders I believe.

Reiterating the grade of gold in African region is deemed low.
About $50 M equity dilution as the payment will be made 50:50 equity and cash. It could be argued, cash is king but paying through equity is also cause disadvantage to the current share holders unless the project is really successful by the end of 2024.
Low geological confidence could go both ways. The grades could turn out to be better (hope so for the existing shareholders) .
Good to apply lessons learnt and using same contractors /consultants who delivered earlier project less than $20 M.
cash flow calculation is gold price at US $1700/oz. I would be conservative and as gold price goes lower than $1700/oz, the economics of the project will be reducing .
I am not negative on the acquisition. Gut feeling says with massive investment from most of the gold miners, by 2024, unless gold commands a reasonable price or at least maintain the current price, there could potentially  be more gold in the market than demand .
On a personal level, I do  intend to step into SPP but will also see market direction before putting my money into SPP. Historically my purchase price on WAF was almost 30 percent of current market price. So have confidence on WAF team.


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## mullokintyre (28 October 2021)

looks like punters are pretty keen to stump up more cash for this one.
Had no trouble  in getting commitments from the big boys and sophs  in raising the 126 mill in CR.
1.25 price may provide the floor when it resumes trading.
Having bought back in at 1.29 and seen it run up to 1.35, this will set me back a bit,  as i was relying on the next two quarters to provide another exit.
Unfortunately, i suspect the majority of the quick and dirty trades has evaporated.
Mick


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## Sean K (28 October 2021)

mullokintyre said:


> looks like punters are pretty keen to stump up more cash for this one.
> Had no trouble  in getting commitments from the big boys and sophs  in raising the 126 mill in CR.
> 1.25 price may provide the floor when it resumes trading.
> Having bought back in at 1.29 and seen it run up to 1.35, this will set me back a bit,  as i was relying on the next two quarters to provide another exit.
> ...




It's low grade but bulk tonnage at surface, easy to mine. It looks positive to me when adding to Sanbrado and Toega - that they also bought of B2. Perhaps their intention is to just run the one mill and ship ore from Toega and Kiaka for long term feed? Are they creating too much country risk with operations in the one place? 

Maybe they should buy TIE and PRU to spread the load.


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## mullokintyre (28 October 2021)

Sean K said:


> It's low grade but bulk tonnage at surface, easy to mine. It looks positive to me when adding to Sanbrado and Toega - that they also bought of B2. Perhaps their intention is to just run the one mill and ship ore from Toega and Kiaka for long term feed? Are they creating too much country risk with operations in the one place?
> 
> Maybe they should buy TIE and PRU to spread the load.



problem is I already have a few low grade bulk tonnage mines in Oz. Slow and steady is ok if you are looking at long term holdings.
Market is far too volatile for me to consider many of these.
Mick


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## mullokintyre (8 November 2021)

Well, given the price action in Gold and WAF , the 1.25 SPP will be happily taken up I expect, given todays price of 1.30.
May well be over subscribed.
Will put in my application more in hope than expectations of getting 30k worth of shares.
Mick


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## mullokintyre (9 November 2021)

Pushing back to 1.36, where it was before the cap raising announcement.
decisions decisions.
I already have a sizeable chunk of WAF.
I am going to make a stab and say most holders will look for the full allocation at 1.25, so can reasonably expect a significant scale back.
But if by some fluke i got the full allocation, I would be way over my comfort level of exposure  to the stock, so i really need to reduce some.
Do I take a small profit now, or wait for higher prices?
However, how many of those who get an allocation will want to take the stag profit, and will the price retract once the new shares are released? Decisions, decisions.
This trading business is not that easy.
Mick


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## Sean K (9 November 2021)

mullokintyre said:


> Pushing back to 1.36, where it was before the cap raising announcement.
> decisions decisions.
> I already have a sizeable chunk of WAF.
> I am going to make a stab and say most holders will look for the full allocation at 1.25, so can reasonably expect a significant scale back.
> ...



Hard one. Could be some selling, all things being equal. Maybe you could be one of them? Even if you get half your allocation that could be a handy short term trade. However, if POG is breaking up, WAF will go with it. Like you say though if you're way overbalanced, but still want gold, pick something else to put the gains from WAF into that's not in the same post code. WAF's MC up to $1.3b now. Not sure how that compares to peers. Might still be cheap.


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## finicky (9 November 2021)

I might not take up the spp, when I do its usually to build my position, if arbitrage I always wait till after the allocation - sometimes a long wait, so not much good for a trading approach. Don't know why but not excited by WAF lately and I have enough of it for my purposes.


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## mullokintyre (29 November 2021)

Not surprisingly, the SPP for mugs like us was heavily oversubscribed and the bids will be scaled back, as they will not be extending the number of new shares issued.
Reckon I will be lucky to get 3,000 rathe than  the 30k applied for.
So be it. 
Crunched like almost everything else today.
mick


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## qldfrog (29 November 2021)

mullokintyre said:


> Not surprisingly, the SPP for mugs like us was heavily oversubscribed and the bids will be scaled back, as they will not be extending the number of new shares issued.
> Reckon I will be lucky to get 3,000 rathe than  the 30k applied for.
> So be it.
> Crunched like almost everything else today.
> mick



Got a pitiful 800 so $1k
Pathetic
Sold the lot for a $50 profit😊
Not even the petrol for the buggy or the last thai restaurant bill..and now have to wait and get the refund money


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## mullokintyre (29 November 2021)

I managed to get 2000 shares, maybe I got in quicker, or else I stumped up more cash in the first place.
At least the company will make some money on the overnight cash market while they wait to return it to u, which will improve their bottom line!
Mick


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## qldfrog (29 November 2021)

mullokintyre said:


> I managed to get 2000 shares, maybe I got in quicker, or else I stumped up more cash in the first place.
> At least the company will make some money on the overnight cash market while they wait to return it to u, which will improve their bottom line!
> Mick



From memory i asked 5k at least 3k...
Anyway, this is what it is but for such small amount i liquidate ASAP


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## Sean K (6 January 2022)

Gone through quite a bit of consolidation since breaking up in Sep 21. MC around $1.1b now so not sure what sort of upside there is? PRU MC is around $1.7b and ramping up to 500k oz pa, so double this. Makes TIE look relatively cheap with an MC at $330m producing over 220K pa by the end of the year. Perhaps the upside is just POG. Maybe too big to be taken over by anyone less than a major.


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## Sean K (7 January 2022)

Good result from WAF. M1 South is a rare load in West Africa. Impressive grades.


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## mullokintyre (24 January 2022)

Thought it might have got a bigger kick along from these results, even on a day when there is a sea of red.
Will keep holding for a while yet.
Mick


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## Sean K (24 January 2022)

mullokintyre said:


> Thought it might have got a bigger kick along from these results, even on a day when there is a sea of red.
> Will keep holding for a while yet.
> Mick




A fair amount of consolidation here. MC up around $1.3b. Targeting 400k oz pa down the track. Didn't realise that. Waiting for any significant correction to take a bite.


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## Sean K (25 January 2022)

Another day, another coup.


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## mullokintyre (25 January 2022)

Sean K said:


> A fair amount of consolidation here. MC up around $1.3b. Targeting 400k oz pa down the track. Didn't realise that. Waiting for any significant correction to take a bite.



Well, looks like we go that significant correction after the coup in Burkina Faso. 
Will buy more despite the increased sovereign risk.
Mick


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## Sean K (25 January 2022)

mullokintyre said:


> Well, looks like we go that significant correction after the coup in Burkina Faso.
> Will buy more despite the increased sovereign risk.
> Mick




A few of the others have gone down in sympathy too. Should just be a blip. TIA.


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## finicky (26 January 2022)




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## Sean K (27 January 2022)

finicky said:


>





Is he reading ASF?


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## Sean K (4 February 2022)

WAF recovering well from the coup. Coups don't seem to matter much to miners in West Africa in the longer term. They take the wack and then just get up and keep going. Perhaps the region and country risks are always factored into their SPs. Might have been a good opportunity down around $1.


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## Sean K (22 February 2022)

WAF still been hammered by the coup. I don't think anything has changed in regard to Burkina Faso but the French have been pulling out of Mali, which may cause further problems on the NW border, but WAF are in the south.

Looks like good report out today too.

If you have risk tolerance to coups, this looks like a good opportunity to me.


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## mullokintyre (22 February 2022)

Yep, I have taken on some more.
Sometimees the risk reward scenario can be read in many way, I think once again the market has overreacted.
Mick


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## qldfrog (22 February 2022)

mullokintyre said:


> Yep, I have taken on some more.
> Sometimees the risk reward scenario can be read in many way, I think once again the market has overreacted.
> Mick



It's very daring, why taking risks when you can get gold producers which are not on a volcano..Hi Newcrest ...or in a desert area where lunatic religious zealots are in power while the French protection..operation Barkhane ..is ended.
Basically if all goes well for WAF, what's the extra profit vs a gold producer index?
Note:
 i regularly own WAF due to systems, but do not own it on my gold heavy discretionary portfolio.
Can we do a check again in 12 months?


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## Sean K (25 February 2022)

New Sprott note out. 

Target $2.05 - just double the current SP...


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## Sean K (14 July 2022)

This is quite impressive, if they've actually coming in on costs guidance. There's been a lot of chatter that costs for all miners were going to escalate this quarter and a few have already announced that. But not here.


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## Sean K (16 August 2022)

Sprott update on 4 Aug on Kiaka news. Target still $2.05. Maybe $3.50 by 2025.


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## Dona Ferentes (3 October 2022)

country risk. Coup.



> following a change in the military leadership in Burkina Faso on the weekend, WAF staff and contractors are safe, and the company’s Sanbrado gold operations continue to operate as normal. The communities around those operations remain calm...





> West African Resources said the change in the political situation appears to be due to internal disagreement within the Burkina Faso Military leadership over the management of security issues in the north and east of the country.




and _Wagner _?


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## finicky (4 October 2022)

Shows how ready sideliners are to pile back into gold stocks when WAF is back up 6% after raising political risk issue just yesterday. And NST up 6% too.

Held

WAF Daily


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## Sean K (4 October 2022)

Dona Ferentes said:


> country risk. Coup.
> 
> 
> 
> ...





finicky said:


> Shows how ready sideliners are to pile back into gold stocks when WAF is back up 6% after raising political risk issue just yesterday. And NST up 6% too.
> 
> Held
> 
> ...




Coups seem to present a buying opportunity in West Africa. Would like to know the stats on the % bounce from the knee jerk sell-offs that occur.


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## Sean K (15 December 2022)

That is some interception. 2250ggm. It's infill, but that is an incredible looking load of gold. That's almost Swan zone at Fosterville type stuff. Well, not really, but it's pretty good.


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## Telamelo (15 December 2022)

Sean K said:


> That is some interception. 2250ggm. It's infill, but that is an incredible looking load of gold. That's almost Swan zone at Fosterville type stuff. Well, not really, but it's pretty good.
> 
> 
> View attachment 150492



and this morning WAF announced:


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## Telamelo (3 January 2023)

Telamelo said:


> and this morning WAF announced:
> 
> View attachment 150495



picked WAF in 2023 cy tipping comp. since am bullish on Gold  (with plenty of news flow/catalyst's expected in 2023)









						West African Resources Ltd
					

West Africa's emerging mid tier gold producer (ASX: WAF). Targeting +400,000ozpa gold production from the high grade Sanbrado Gold Project by 2025.




					www.westafricanresources.com


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## Miner (3 January 2023)

Telamelo said:


> picked WAF in 2023 cy tipping comp. since am bullish on Gold  (with plenty of news flow/catalyst's expected in 2023)
> 
> 
> 
> ...



All gold producers are patiently waiting to get an aggravated situation in Ukraine - it is harsh but that is a reality.
All the arms and arsenal manufactures used Ukraine disaster as their testing ground 
If Ukraine did not have the mineral resources and agricultural - neither USA nor Russia would have shown any interest on Ukraine. 
When there is a fire, the companies rejoice are the fire protection equipment suppliers.
During COVID peak, Pfizer reportedly made $42 B profit.
Look at the profit earned by Exxon Mobil - nothing for humanity I suppose.
I do hold WAF and few other gold stocks

Regards


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## Telamelo (5 January 2023)

Telamelo said:


> picked WAF in 2023 cy tipping comp. since am bullish on Gold  (with plenty of news flow/catalyst's expected in 2023)
> 
> 
> 
> ...


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## Joe Blow (6 January 2023)

WAF down almost 2% today in spite of the above signal from AussieBulls.com, which is why all trading signals should be treated with a grain of salt. 

The following is the Disclaimer on the AussieBulls.com website which should have been included in the above post. In particular, please note the part of the text that I have highlighted in bold._

Disclaimers:

Americanbulls.com LLC is not registered as an investment adviser with the U.S. Securities and Exchange Commission.  Rather, Americanbulls.com LLC relies upon the “publisher’s exclusion” from the definition of investment adviser as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Americanbulls.com LLC does not offer or provide personalized investment advice. This site and all others owned and operated by Americanbulls.com LLC are bona fide publications of general and regular circulation offering impersonal investment-related advice to member and /or prospective members.

Aussiebulls.com is an independent website. Americanbulls.com LLC does not receive compensation by any direct or indirect means from the stocks, securities and other institutions or any underwriters or dealers associated with the broader national or international forex, commodity and stock markets.

Therefore, Aussiebulls.com and Americanbulls.com LLC is exempt from the definition of “investment adviser” as provided under Section 202(a) (11) of the Investment Advisers Act of 1940 and corresponding state securities laws, and hence registration as such is not required. We are not a registered broker-dealer. *Material provided by Americanbulls.com LLC is for informational purposes only, and that no mention of a particular security in any of our materials constitutes a recommendation to buy, sell, or hold that or any other security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. To the extent that any of the information obtained from Americanbulls.com LLC may be deemed to be investment opinion, such information is impersonal and not tailored to the investment needs of any specific person. Americanbulls.com LLC does not promise, guarantee or imply verbally or in writing that any information provided through our websites, commentaries, or reports, in any printed material, or displayed on any of our websites, will result in a profit or loss.*

*Government regulations require disclosure of the fact that while these methods may have worked in the past, past results are not necessarily indicative of future results. While there is a potential for profits there is also a risk of loss. There is substantial risk in security trading. Losses incurred in connection with trading stocks or futures contracts can be significant.* You should therefore carefully consider whether such trading is suitable for you in the light of your financial condition since all speculative trading is inherently risky and should only be undertaken by individuals with adequate risk capital. Neither Americanbulls.com LLC, nor Aussiebulls.com makes any claims whatsoever regarding past or future performance. All examples, charts, histories, tables, commentaries, or recommendations are for educational or informational purposes only.

Displayed information is based on widely-accepted methods of technical analysis based on candlestick patterns. All information is from sources deemed to be reliable, but there is no guarantee to the accuracy. Long-term investment success relies on recognizing probabilities in price action for possible future outcomes, rather than absolute certainty – risk management is critical for success. Error and uncertainty are part of any form of market analysis. Past performance is no guarantee of future performance. Investment/ trading carries significant risk of loss and you should consult your financial professional before investing or trading. Your financial adviser can give you specific financial advice that is appropriate to your needs, risk-tolerance, and financial position. Any trades or hedges you make are taken at your own risk for your own account.

You agree that Aussiebulls.com and Americanbulls.com LLC its parent company, subsidiaries, affiliates, officers and employees shall not be liable for any direct, indirect, incidental, special or consequential damages._


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## Miner (6 January 2023)

Thanks Joe.
Until now I was even unaware of Aussiebulls or any bull story
I am a holder of WAF and very convinced on their business model, ore body and project as a professional miner .
Thanks a heap for you keeping us informed.
Regards


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## Sean K (6 January 2023)

Joe Blow said:


> WAF down almost 2% today in spite of the above signal from AussieBulls.com, which is why all trading signals should be treated with a grain of salt.
> 
> The following is the Disclaimer on the AussieBulls.com website which should have been included in the above post. In particular, please note the part of the text that I have highlighted in bold.
> 
> ...




It's $50 a month to register too. Much better info flowing on ASF, IMO.


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## Telamelo (6 January 2023)

Sean K said:


> It's $50 a month to register too. Much better info flowing on ASF, IMO.



I just use/recommend free version anyway to be honest - not here promoting or anything like that as simply sharing some tools/features I use to make a shortlist of potential trades that may arise.

P.S. Not fussed/worried that WAF slightly lower today (given Gold price was slightly weaker overnight) so to be expected I guess


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## Joe Blow (6 January 2023)

Telamelo said:


> I just use/recommend free version anyway to be honest - not here promoting or anything like that as simply sharing some tools/features I use to make a shortlist of potential trades that may arise.




What's important is that any posted content does not masquerade as unlicensed financial advice. Trading signals have the potential to be interpreted as financial advice, therefore appropriate disclaimers need to accompany any posts that contain them.

Also, it should be made clear where the trading signal originated from, the methodology used to generate it, and any relevant Disclaimer on the website it originated from should be reproduced in your post.

ASIC is getting tougher on content that could be interpreted as unlicensed financial advice. Make sure all your t's are crossed and your i's dotted.


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## Miner (6 January 2023)

After getting intrigued by @Joe Blow 's successive posting on WAF thread, I noticed there was a significant transaction by the directors.


			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02615623-6A1129669?access_token=83ff96335c2d45a094df02a206a39ff4
		

Any one holding WAF on a large chunk since last 24 months would be sitting on real gold, the recent discovery 90 g/t is a great bonanza still the volume of transactions is asking me to do dive down analysis


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## rcw1 (6 January 2023)

Miner said:


> After getting intrigued by @Joe Blow 's successive posting on WAF thread, I noticed there was a significant transaction by the directors.
> 
> 
> https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02615623-6A1129669?access_token=83ff96335c2d45a094df02a206a39ff4
> ...



Hello Miner
Nice Chrissy present for the lads.  Santa was real kind.

Have a very nice week end.

EDIT:  plural add s
Kind regards
rcw1


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## Telamelo (7 January 2023)

WAF share price has "plenty of catch up to do" (when compared with other asx gold producer's)... upcoming quarterly report due 23/01/2023 could well do the trick imo .. dyor

https://www.marketindex.com.au/asx/waf


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## Telamelo (Monday at 11:35 AM)

Telamelo said:


> WAF share price has "plenty of catch up to do" (when compared with other asx gold producer's)... upcoming quarterly report due 23/01/2023 could well do the trick imo .. dyor
> 
> https://www.marketindex.com.au/asx/waf



Vanguard fund has become a substantial holder 

WAF looks bullish @ $1.215c +3.4% .. market depth building imo 

***not investment/trading advice per say


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## Telamelo (Tuesday at 9:14 AM)

Telamelo said:


> Vanguard fund has become a substantial holder
> 
> WAF looks bullish @ $1.215c +3.4% .. market depth building imo
> 
> ***not investment/trading advice per say


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## Telamelo (Yesterday at 8:39 AM)

Telamelo said:


> View attachment 151460



Gold @US$1,901 overnight!   & seems destined to re-test US$2,000+ soon imo WAF better start kicking on higher ( fingers crossed they deliver cracking quarterly production numbers/profit  come 23/01 )


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## Telamelo (Yesterday at 2:25 PM)

Telamelo said:


> Gold @US$1,901 overnight!   & seems destined to re-test US$2,000+ soon imo WAF better start kicking on higher ( fingers crossed they deliver cracking quarterly production numbers/profit  come 23/01 )



WAF now @ $1.285c  +2.8%


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