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quarter with debt at $US110 million.”
Hyde said. “We will keep punching that
debt down for the rest of 2021.”
Such is the focus on paying down debt,
WAF has largely put exploration pro-
grammes on ice, although it still intends
to spend $US12.5 million this calendar
year.
Much of this will be assigned to the
Toega project – acquired last year from
B2Gold Corp – where the company is
targeting resource upgrades this year.
“There is a focus on Toega, moving
that resource from inferred to indicated WAF has taken its locl content obligations seriously,
and into a maiden reserve by the end of building a workforce predominantly of Burkinabes
2021,” Hyde said.
A feasibility study for Toega (inferred
resources of 1.3 moz @ 1.9 g/t gold) has However, given it is on target to pro-
also been launched with a view to truck- duce nearly 300,000oz this year, Hyde is
ing ore the 14km to Sanbrado. still disgruntled by the lack of apprecia-
“Once we have paid down more of that tion for the WAF story in domestic mar-
debt, we will also return our focus to or- kets.
ganic growth,” Hyde said. “We still have “Our share price has held up ok but
50km strike of the greenstone belt to the there is still a disconnect in valuations
north-east of Sanbrado with several kilo- between us and Australian producers
metre-scale targets ready to test.” given the cash we are producing,” he
The WAF share price has held up well said.
in the face of gold’s 2021 drift with the – Dominic Piper
company valued at just under $1 billion
at the time of print.

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aUSTRaLIa’S PaYDIRT aUgUST 2021 Page 41