West African Resources Limited updated the Mineral Resources, Ore Reserves and 10-year production target for the Company's Kiaka project in Burkina Faso. Following the completion of the Kiaka feasibility study, WAF's Mineral Resources have increased 9% from 11.6 Moz to 12.6 Moz gold and Ore Reserves have increased 365% from 1.7 Moz to 6.2 Moz gold. The 10-year production target is set to average 210,000 oz pa from 2022 to 2024, increasing to an average of 415,000 oz pa from 2025 to 2031. 2022 production and cost guidance remain unchanged at 220,000 oz - 240,000 oz at all-in sustaining costs (`AISC') of USD 1,040/oz - USD 1,100/oz. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Mineral Resources: Changes to the Mineral Resources in WAF's ASX announcement released on 22 February 2022 are: Update to cutoff grade for reporting Kiaka Mineral Resources. All open pit resources have been reported at a cutoff grade of 0.4 g/t Au (0.5 g/t Au previously). Addition of the 210,000oz gold Kiaka South deposit. Ore Reserves: A gold price of USD 1400/oz was used for open-pit and underground Ore Reserve estimation. WAF's updated 10-year production target is set to average 210,000 oz pa from 2022 to 2024, increasing to an average of 415,000 oz pa from 2025 to 2031. The production target is comprised of 87% Ore Reserves and 13% Inferred Mineral Resources at a long-term gold price of USD 1400/oz. There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The only production target component not based on Ore Reserves is located beneath Ore Reserves at the Sanbrado M1 South underground deposit (M1 South Deeps). There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result
in the determination of Indicated Mineral Resources or that the production target itself will be realised.