The contract was signed through the companies’ joint venture subsidiary businesses – Underground Mining Services Burkina Faso SARL (Perenti) and SEMAFO BurkinaFaso S.A (Endeavour) – and builds on a relationship already established between this entity and Endeavour, which has involved the delivery of underground mining and support services at Mana since 2018.

This contract is set to last 60 months and will involve underground development and production, focusing on the complex’s 2 main areas, Siou and Wona.

Perenti managing director and CEO Mark Norwell said he was pleased to announce the expansion of the contract with Endeavour.

“This contract is consistent with our guidance for FY25 and will contribute strongly in FY26 and beyond,” he said.

“Our team continually delivers exceptional value for our clients, and this is clearly demonstrated by this long-term contract for expanded operations at the Mana complex.”

Perenti has been trading at $1.58.

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The drilling revealed wide zones of high-grade mineralisation underneath the M1S underground current ore reserves.

Other intercepts included 44.5m at 17.1g/t, 38.5m at 17.4g/t, and 21.5m at 24g/t.

WAF intends to provide investors with total results from the program alongside an updated mineral resource estimate, due in the third quarter of 2025.

“Resource definition drilling below M1 South reserves has returned strong results, including 44m at 25.8 g/t gold and 44.5m at 17.1 g/t gold, confirming the underground operation will continue to be a high-margin long-life asset,” executive chairman Richard Hyde said, adding the drilling had underscored MIS’ value.

“Results from the recent drilling are expected to deliver an increase in both tonnes and contained gold in comparison to the 2024 resource model.”

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Mr Hyde continued: “Updated Mineral Resources and Ore Reserves and a new 10-year production outlook are planned for release in Q3 2025.”

WAF has been trading at $2.49 this morning.

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Production for the quarter had come in at 51,178 oz, while sales of the precious metal were 47,953 oz at an average price of US$2,690/oz for the same period, bringing the sales total for 2024 to 199,550 oz at an average price of US$2,391/oz.

WAF’s production data for the fourth quarter was also impressive, with the number of ore tonnes mined during the period rising by 39% (or 1,550,000 tonnes of ore mined at 0.8g/t for 41,108 ounces of gold).

Specifically, the Perth-headquartered company said the number of ounces taken from open pit mining was also 32% higher in the fourth quarter compared to the previous period. Open pit mining for the year was recorded at 3,935,000 tonnes of ore mined at a grade of 0.9g/t for 112,830 ounces of gold.

The ounces mined from underground sources were also up 8% during December’s quarter.

Executive chairman and CEO Richard Hyde said he was pleased the company remained on a winning streak.

“I would like to commend our Sanbrado team for achieving production guidance for a fourth consecutive year,” he said.

“Full-year gold production of 206,622 ounces was at the upper end of our 2024 annual guidance of 190,000 to 210,000 ounces.

“We look forward to providing our full quarterly activities report in the coming weeks.”

WAF has been trading at $1.49.

Join the discussion: See what HotCopper users are saying about West African Resources and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The funds will go towards the advancement of Asara’s Kada gold project in Guinea – a jurisdiction somewhat more stable. The company will also pay off debts with the funds.

Expressed in Australian dollars, the company is to receive $3.25M in cash. Asara already has US$0.55M in its coffers as an upfront payment.

A second US$0.55M will come to the company upon execution of a Share Purchase Agreement (SPA) with private explorer BIC West Africa.

The two projects BIC has picked up are Asara’s Kouri and Babonga projects.

But both projects are part of a troubled history for Asara, as far as trying to get rid of them goes.

Back in 2022, when Asara was called Golden Rim, it announced to the market that it was going to sell both assets for US$15M. Two years later, it’s still trying to pawn them off – and at a far lower cost.

All in all, Burkina Faso is a notoriously difficult place for foreign companies to do business.

“The BIC group have been making great progress on their other assets within Burkina Faso and we are confident that they are the right group to take exploration at Kouri and Babonga further for the benefit the local community and government of Burkina Faso,” Asara MD Tim Strong said.

“We wish them well with their exploration efforts.”

AS1 last traded at 0.9cps.