PRECIOUS METALS

Record quarter and year for West African's Sanbrado

Mine exceeds 2021 guidance

West African's Sanbrado operation and camp

West African's Sanbrado operation and camp

Gold production in the December quarter rose 7% to a record 87,320 ounces from 796,000 tonnes of ore milled at a head grade of 3.6 grams per tonne and recoveries of 95%.

Underground production from M1 South jumped 29% to 119,000t mined at 9.5gpt for 36,256oz of gold.
 
Open pit production dropped 15%, with 979,000t mined at 1.9gpt for 58,404oz of gold.
 
The strong December quarter result took full-year gold production to a record 288,720oz, beating guidance of 280,000oz

The company had been targeting all-in sustaining costs of less than US$800 an ounce, though cost data won't be released until later this month along with 2022 guidance.

"To have exceeded 2021 production guidance in what was a very challenging year is a credit to our dedicated team of staff and contractors," West African executive chairman and CEO Richard Hyde said.

"I extend my thanks to team members that have spent extended periods away from their families either on site or in quarantine while working for our company during 2021."

Gold sold during the December quarter was 86,520oz, bringing 2021 gold sales to a record of 295,220oz.

"We look forward to releasing production and cost guidance for 2022, and updated resources and reserves for Sanbrado and Toega later in Q1 2022," Hyde said.

"Work on the Kiaka feasibility study is underway and is on track for completion by the end of Q2 2022."

West African recently completed the $100 million acquisition of the nearby 6.8 million ounce Kiaka project, which will allow it to target 400,000oz of gold per annum from 2024 from an enlarged Sanbrado operation.

Shares in West African rose 3.6% to A$1.285. The stock has traded in a range of 72c-$1.465 over the past 12 months.

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