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bers. “The irony is today,
only two years later,
companies such as De
Grey [Mining Ltd], Chal-
ice [Gold Mines Ltd] and
Bellevue [Gold Ltd] are
able to raise hundreds
of millions without hav-
ing completed a study.”
After clocking up the
frequent flyer points,
the WAF team finalised
both debt and equity in
December 2018. Tau-
rus Funds Management
committed to a $US200
million debt facility and
the company raised
$US43.17 million on eq-
uity markets.
The decision had al-
ready been taken not to
cut any corners and by
the time construction
started in late 2018 it
was apparent Sanbrado
wasn’t being dressed
for sale, WAF was tak-
ing it all the way through
WAF has been in Burkina Faso for the best part of a decade and its community housing programme is just one itself. Lycopodium Ltd
initiative the company is involved in outside the mine gate was appointed EPCM
contractor, and Byrnecut
and Perenti were hand-
continued to grow, the company found raise funds to continue development,” ed the underground and open pit min-
the takeover window narrowed. WAF’s Hyde said. “I probably travelled around ing contracts respectively, hinting at the
predecessors had all been acquired by the world three times in 2018, from seriousness with which WAF was taking
North American firms but with the TSX in Sydney and Melbourne, to Toronto and development.
freefall, gold M&A activity was restricted New York, London, Singapore and Hong “You are a reluctant miner but not once
to North American and Australian port- Kong.” you hire the project team,” Hyde told
folios. Despite the compelling economics, Paydirt at the time. “Once you have the
“At that stage we assumed a takeover the WAF team received a tough recep- experience of people like [now former
offer would come and like any explorer tion wherever they went. This was 2018, chairman] Mark Connelly and [chief de-
who makes a discovery, the ideal sce- a period when risk profiles were so tight velopment officer] Matt Wilcox, your con-
nario for us was to accept a premium single asset developers, regardless of fidence grows.”
offer,” Hyde said. “But again, things potential, were largely deemed a step Financing and the move into construc-
began conspiring against us. The gold too far. tion were again clouded by external forc-
price was spiralling downwards, and the “The appetite wasn’t strong, we had to es, this time altogether more tragic as the
North American market was leaving gold force-feed them the story,” Hyde remem- security situation in Burkina Faso began
for marijuana stocks. All rapidly deteriorating.
the big miners were going Canadian geologist Kirk
“We had the tragedy of
the $US185 million capex “ The irony is today, only two east of Burkina Faso which
down in value and no one
wants to deal with a share
Woodman being killed in the
price in retreat.”
Somewhat
reluctantly,
really knocked the market’s
years later, companies such as
WAF was left to go it alone
confidence in the security
and head into develop-
of the country,” Hyde said.
De Grey [Mining Ltd], Chalice [Gold
ment. That meant raising
were attacked twice, includ-
on equity and debt markets. Mines Ltd] and Bellevue [Gold Ltd] “Then Semafo operations
ing the November 2019 at-
“We didn’t receive an of- are able to raise hundreds of millions tack on a convoy of work-
fer that was worth taking to without having completed a study. ers travelling to its Bongou
shareholders, so we had to mine, also in the east of the
knuckle down and get back country.”
on the marketing circuit to Thirty seven civilians were
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