West African Resources Limited (WAF) has made its first drawdown under a $265 million secured loan facility managed by Sprott Resource Lending Corp. and Coris Bank International SA.
WAF has received its first US$100 million under the Facility, which will be utilised to develop the Kiaka Gold Project in Burkina Faso as well as for other corporate purposes.
“The additional funding from Sprott and Coris strengthens WAF’s balance sheet and cash position for the construction of Kiaka. The build is well-underway and on track for first gold the second half of 2025,” West African Managing Director Richard Hyde said.
The Kiaka Gold Project is a low-cost gold project with an average annual production of 219,000 ounces, aiming to produce over 400,000 ounces from two mines from 2025, utilising WAF’s unhedged resource base of 12.6 million ounces.
“We are delighted to be working with the board and management of West African Resources Limited as it brings its second mine into production. We look forward to applying our significant experience in successfully financing gold projects globally to the world-class Kiaka Gold Project,” Sprott Managing Partner Narinder Nagra stated.
Coris Chairman Idrissa Nassa commented, “Kiaka is a world-class project that will have a significant economic and social impact on communities in the Manga region, while making a significant contribution to Burkina Faso’s GDP. We are very proud to provide local funding for the Kiaka Gold Project. We would also like to congratulate the WAF, Sprott and Coris teams for their excellent collaboration, which led to the closing of the financing.”
