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WAF on track for slight decrease from ties in Mali and the Oklo directors are proud
the previous three re-
to be handing the Dandoko project over to a
porting periods. Q4
2021 produced close new custodian with confidence. [The merg-
er] comes at an opportune time for Oklo
another golden to 90,000oz and Q1 shareholders to crystalise value and de-risk
this year produced
their investment in the company.”
marginally more than This is the second time in less than a
performance this last outing . decade Mark Connelly – non-executive
chairman of Oklo – has landed a merger
However, the com-
pany is enjoying an
with B2Gold. Connelly previously secured
increase in aver- a $US570 million merger between B2Gold
age gold prices, with and Papillon Resources in 2014.
est African Resources Ltd (WAF) is the June quarter’s $US959/oz better the Prior to the merger announcement, Oklo
Wfirmly on course to meet annual guid- $US721/oz reported in Q4 last year. San- had been focused on resource growth drill-
ance of 220,000-240,000oz gold at AISC of brado’s underground operations have also ing at Dandoko.
$US1,040-$US1,100/oz from its Sanbrado increased in contribution from 33,655oz Peak hits returned grades such as 6m @
gold mine in Burkina Faso. last in the March quarter to 36,390oz in the 12.56 g/t gold from 124m, including 1m @
WAF achieved 64,114oz gold produc- period just finished. 69.1 g/t from 127m and 11m @ 3.89 g/t from
tion at AISC of $US959/oz, with 66,409oz WAF’s shares have sustained a roll- 81m, including 4m @ 9.88 g/t from 84m and
in unhedged sales at an average price of ercoaster of movement over the past six 1m @ 30.3 g/t from 84m.
$US1,887/oz, for the recent June quarter. months, for better or worse, falling as low as B2Gold released its quarterly update
The company also reported $120 million $1.06/share and peaking as high as $1.41/ in mid-July and continued to produce on
in operating cash flow, with a final tax pay- share. Shares were trading at $1.24/share budget and within an annual guidance of
ment of $79 million pending at the time of as this edition went to print. 990,000oz-1 moz. For Q2, the company
print. WAF also held $222 million in cash Meanwhile, Canadian miner B2Gold produced a total 223,623oz across its three
balance at the end of Q2 with no senior se- Corp’s acquisition of the ASX-listed Oklo operating mines.
cured debt. Resources Ltd is due to be completed next Revenue for the quarter achieved $C382
WAF executive chairman Richard Hyde month. million in sales from 205,300oz at an aver-
was pleased with Sanbrado’s “strong” per- The deal was brought to fruition in May age price of $C1,861/oz.
formance over the quarter but also looked and will give B2Gold an additional 1,405sq The Fekola mine also achieved a quar-
towards opportunities for upside with near- km of ground in Mali’s greenstone belts, in- terly record throughput of 2.42 moz which
mine exploration drilling pointing to further cluding Oklo’s flagship Dandoko project. was 8% above budget and 6% higher than
growth potential. B2Gold’s offer priced Oklo at $90 million this time last year.
“We look forward to releasing the Kiaka and an implied value of 17c/share. Oklo’s It’s an impressive performance by the
feasibility study results in mid Q3,” he said market cap was $70.62 million in July. miner which had to operate through eco-
in a quarterly report released to the market The Oklo board unanimously recom- nomic, financial and diplomatic sanctions
in July. “We also expect to release addition- mended the deal. placed on Mali by ECOWAS earlier this
al exploration results from the MV3 pros- “Whilst the Oklo team continues to see year.
pect, which is shaping up as an outstanding significant potential in the Dandoko project The sanctions, eventually lifted in early
open pit opportunity 6km northwest of our and the region generally, Dandoko is at July, followed the interim Government’s
Sanbrado mine.” an inflection point and this transaction re- announcement of a two-year transition to
Drill hits from MV3 at the time of print in- moves the risks associated with the project presidential elections and new electoral
cluded results such as 4m @ 14.4 g/t gold, development, future capital raisings and law.
15m @ 5.8 g/t, 13m @ 5.3 g/t, 14m @ 3.5 other risks faced by a junior gold explorer in Mali’s borders with neighbouring coun-
g/t, 14m @ 3 g/t and 24m @ 2.1 g/t. a foreign jurisdiction,” Oklo managing direc- tries are now open to normal commercial
Although Sanbrado continues to perform tor Simon Taylor said in May. traffic with supply routes available again.
within guidance, the June quarter was a “B2Gold has proven operating capabili-

Sanbrado produced 64,114oz gold in the June quarter

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