ASX-listed unhedged gold mining company West African Resources (WAF) has fully drawn down the $265-million secured loan facility from Sprott Resource Lending and Burkina Faso-based Coris Bank International for the development of the company’s Kiaka gold project, in Burkina Faso, and other corporate purposes.

This comes as WAF has received the final $100-million from Coris, putting the company in a cash position that will allow it to complete construction of the project and starting gold production in the third quarter of the 2025 calendar year.

Construction is now 50% complete, with 75% of costs committed and fixed. At the time of reporting, on June 21, construction of the main camp ancillary, plant security and mine services buildings was well advanced, with 304 camp rooms available for occupancy and dry and wet mess in full operation.

WAF has progressed construction of the carbon-in leach (CIL) tanks, with tanks one and two completed and tanks three to nine progressing as planned.

Primary crusher concrete foundations and the first structure lift have been completed and the apron feeder installed. Perimeter fencing of the project area is now practically complete, the company said, and all affected people within the project area have been relocated.

Bulk earthworks for the main water storage dam have been completed and tailings storage facility earthworks are progressing well.

Major equipment deliveries have continued during the current quarter, with major equipment including semi-autogenous grinding (SAG) mill shells, ball and SAG ring gears, trunnions, pinions, heads and all mill motors having arrived on site.

“Kiaka is one of the best gold projects in development globally. Construction of Kiaka is passing its half-way point, and we look forward to pouring first gold in quarter three of 2025.

“WAF is on track to produce four-million ounces over the next decade, with annual production set to peak in 2029 at 473 000 oz of gold. Our unhedged resources now stand at 12.8-million ounces and ore reserves at 6.1-million ounces of gold,” WAF executive chairperson Richard Hyde said.