No hedging is required while the interest rate averages "5.3% per annum over the reference rate".

The debt also involves a production payment agreement of US$12.44/oz for the first 1.5 million ounces produced.

WAF's funding for its first operation, Sanbrado, included a $200 million facility provided by Taurus.

Kiaka's feasibility study costed first production at $430 million.

WAF had nearly A$200 million in cash and bullion at the end of March.

While WAF has been performing well on the ground, the company's shares have drifted lower all year.

Brokerage Argonaut said the equities market had shown "no love or logic" over this period given the operational performance.

"We think the sell-off will reverse as WAF delivers more Sanbrado cashflows and gets well into Kiaka's construction with a syndicated debt facility in hand," Argonaut said earlier this week.

Shares in WAF were up 2.5% to 85.5c in morning trade, capitalising the company at $875 million.