West African Resources Ltd
WAFWest African Resources Limited engages in the acquisition, exploration, and development of gold projects in West Africa. The company has 90% interests in the Sanbrado Gold Project covering an area of 116 square kilometers located in Burkina Faso; and Kiaka gold project located in Burkina Faso. It also holds 100% exploration license in the Toega Gold Project located in Burkina Faso. West African Resources Limited was incorporated in 2006 and is based in Subiaco, Australia.
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Key Information
Legal Entity
West African Resources Ltd
Sector
Precious Metal
Founded
September 15, 2014
Employees
729
Reporting Currency
AUD
Contact Phone
61 8 9481 7344
Website
www.westafricanresources.comHeadquarters Address
1 Alvan Street , Subiaco , WA 6008 , AU
Identifiers
ISIN
AU000000WAF6Commodity Portfolio
Stock Exchanges
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Videos
Versamet Royalties–Record Q2 Earnings Metrics, Royalty & Streaming Partner Updates, Growth Into 2027
Key Highlights
detailed- West African Resources is described as a multibillion-dollar, Australia-listed producer that operates in West Africa, framed as a high-quality partner.
- The Kiyaka mine produced about 67,000 ounces in the most recent quarter, only about a year after startup, indicating a rapid move toward commercial run-rate.
- The asset is cited as an example of how Versamet's royalty exposure benefits from operator execution, including potential mine-life extension and expansion.
Versamet posted record Q2 with revenue up 392% and EBITDA up 747% year-over-year, underscoring the cash-flow strength of its royalty model. The 3.52% Eskay Creek gold stream, due mid-2027, should lift attributable production to roughly 35,000 GEOs (gold equivalent ounces) versus 20–23K in 2026. Versamet's operator partners — Equinox, West African, Endeavour Silver — deliver asymmetric upside, since mine-life gains and grade improvements flow straight to its bottom line. Rosh Pinah's RP 2.0 expansion is ~95% complete and is on track to nearly double the mine's throughput to 1.4 million tons annually. Surprise catalysts — Cabral Gold's Cuiú Cuiú pour in September 2026 and Southern Copper's El Palar build starting 2027 — add ounces plus copper exposure.
Pitch Rick Ep #1 - Versamet Royalties
Key Highlights
detailed- Operates Kiaka in Burkina Faso, the source of roughly 7,000 gold-equivalent ounces for Versamet this year, about $28 million of royalty revenue at $4,000 gold with no ongoing payment, per the CEO.
- Burkina Faso's government has lifted its mine interest from 10% to 15% and is discussing up to 40% in exchange for cash paid to WAF, which the CEO says leaves Versamet's royalty, based on 100% of production, untouched.
- The CEO calls WAF a tremendous operator well versed in West Africa and takes comfort from that given country risk; Rick Rule adds he concurs the West African people are very high quality.
- A WAF satellite deposit is slated to come online later this year, adding another near-term Versamet cash flow contributor.
The CEO argues the value of Versamet's producing royalties alone exceeds its roughly $1.2 billion market cap, before counting development assets. Royalties (cuts of production, not mines) give Versamet 90% operating margins with eight staff; it trades near 10 times cash flow, well below larger peers. Gold-equivalent production has doubled annually from 5,000 ounces in 2024 and should reach a 35,000-ounce run rate once the Eskay Creek stream starts in 2027. The $360 million Eskay Creek stream was priced tightly, but Skeena's planned mine-plan upgrade could materially lift the stream's net present value. With about $370 million of debt repayable from under three years of cash flow, officers and directors own over 10% of shares.
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