EXPLORATION & DEVELOPMENT

WAF 'swamped' by investors

Budding developer has been hitting high grade gold

Michael Quinn

This article is 8 years old. Images might not display.

Managing director Richard Hyde told MNN the company had to undertake a “brutal scale-back” after demand dwarfed the completed $A12.5 million raising.

“I’ve never experienced anything like it,” Hyde said.

He attributed the strong new demand for shares in West African Resources (WAF) to both macro and project-specific reasons.

On the latter, North American investors reportedly see analogies between Roxgold’s high-grade Yaramoko project in Burkina Faso and the M1 area at WAF’s Tanlouka gold project (also in Burkina Faso), where a string of outstanding gold hits have been recorded in recent months.

Yaramoko, which is currently in development, has nearly 1 million ounces in indicated resources grading 15.8 grams per tonne.

Asked whether such a comparison was potentially valid, Hyde responded: “I think so, but it is still early days. It has got the same potential I think.”

The discovery last year of M1 has now seen WAF formally shelve previous plans to develop a low capital cost heap leach project in favour of a larger scale conventional CIL scenario now subject to feasibility work.

Investors in the $12.5 million raising (involving the issue of 100 million shares priced at 12.5c) apparently include a prominent, undisclosed North American institution, which will hold 7.8% of WAF.

The identity of the institution will be revealed when the statutory substantial shareholder notice (for shareholding of over 5%) is lodged.

Shares in WAF rose over 9% to 18c in morning trade, which on a pro forma basis capitalises the company at over $73 million.   

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.