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WAF - West African Resources

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Might have picked it.

 
Q2 out, all looks fine.
Slightly reduced production ozs QoQ due to completion of MS open pit but gold sold was a slight increase and at a higher price (unhedged)
U/G producing @ 8.7g/t!
Tracking towards full year at upper end of guidance.

Held
Holding
 

UG looks like it's going to be a surprise to the upside going forward. Especially those patches under M1 that look Swan-like.
 
I wonder why they had to do the update two weeks ago when this was about to be posted.

And, why did they go cap in hand recently when they're making so much moolah.

Maybe they have a cunning plan for the excess cash that we can't know about. Either to stop M&A, or get set for it.

Looks like around 205 Moz + is in the bag for the year.

 
or maybe they have some as yet untold bad news.
Mick
 
mullokintyre said:
or maybe they have some as yet untold bad news.
Mick
Click to expand...

The only thing I'm suspicious about is the change to the Kiaka plan. The blatant lies they came out with on 21 June regarding Kiaka development being on track and then announcing the FS update and CR just 2 weeks later is hard to go past. A good lesson for us all that some of these announcements are just trash. TIE was also a very good lesson.
 
It's grade control drilling but does seem they're going to make a fortune here and at M1 underground if the Junta and militants leave them alone. Thickness and 0.8:1 strip ratio for stage 1 Kiaka.

Held

 
finicky said:
It's grade control drilling but does seem they're going to make a fortune here and at M1 underground if the Junta and militants leave them alone. Thickness and 0.8:1 strip ratio for stage 1 Kiaka.

Held

View attachment 181740
Click to expand...

That's surprisingly good. I thought Kiaka was very low grade. Great strip ratio too.
 
@Sean K further down the report shows most of their grade control drilling ends in mineralisation. So they're just getting it done down to the level of ~35m needed for "stage 1'!
 
finicky said:
@Sean K further down the report shows most of their grade control drilling ends in mineralisation. So they're just getting it done down to the level of ~35m needed for "stage 1'!
Click to expand...

Looks like the decent grades start from surface. Will start running feed into the mill immediately. Why did the original owners sell it??
 
Don't know, but WAF had the rep to get the funding and had the technical confidence to take it further - but don't know, who cares?
Was the vendor a producer or just an explorer, I've never bothered to look into it.
Might be something to do with security fears by the vendor as well? Anyway it's obviously a goer except for the govt and security. I still intend to reduce down by a third if I can get the price. If it weren't for the extraneous factors mentioned I'd hold all as an investment for the years to come of a gold bull market.
 
So @Sean K I suspect it was just idle interest from you but it was 90% B2 Gold and some private minority partner. The Gold project came already encumbered with 10% BF State free loading ownership. The deal included 100% ownership over the subsidiary exploration company that controlled the surrounding exploration permit.

So why would B2 sell such a choice project? I would speculate a benign possibility is that there were advantages to WAF and possibly to Lycopodium (LYL) in Kiaka being only 45kms SW of Sanbrado (straight line) that made it worth paying up for it. I suspect B2 operations are more to the North? Maybe it wasn't high in their priorities and the cash allowed other options?





The Kiaka Gold Project is located approximately 140 kilometres southeast of Ouagadougou, the capital of Burkina Faso, and 45 kilometres south of West African's existing Sanbrado Gold Mine.

https://www.lycopodium.com › ki...

Case Study - Kiaka Gold Project - Lycopodium​

 

There's a few 'promises' to B2 there. Including a lot of shares. B2's long term plan may be to take it all back if it worked out? Looks a bit insestuous to me.
 
It doesn't look like this change in the mining code is going to effect WAF too much? It's only for new MLs and WAFs current MLs go out to 2029, 2036 and 2032. Looks like BF will be able to reduce those MLs to five year periods and then be renewed but under the new code, so an extra 5% free carried for BF at some stage.

This might be enough to spook the market though, I fear.

 
Considering selling. Anything productive in Africa just gets looted.
 
Sold at market
15,000 @ 1.23
At least it's a profit. Might be a 'panic' but don't feel like having my fate resting on the whim of goons. This is the second junta grab since I've held..

Not Held
 
finicky said:
Considering selling. Anything productive in Africa just gets looted.
Click to expand...

They must understand that there's a balance between taxes and preventing investment. Like QLD. Oh, hang on....
 
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