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18 Νοε 2013 (πριν από 3 χρόνια και 10 μήνες)

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WAFM
: AIM
A new frontier
in iron ore
November 2013
1
Company Overview November 2013
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Issued
by
West
African
Minerals
Corporation
.
Registered
office
at
Craigmuir
Chambers
,
Road
Town,
Tortola,
British
Virgin
Islands
.
Registered
number
:
1415559
.
2
Company Overview November 2013
West African Minerals Corporation (WAFM)
Share Capital
Cameroon
Issued Share Capital
289.1 M
Options and Warrants
27.0 M
Fully
-
diluted Share Capital
316.1 M
Market Capitalisation
1
£45.5M
Market Capitalisation
1
US$73.3M
Projected cash at
y/e
2
US$3M
Notes:
1.
Based on WAFM share price of
15.75p
as at
1 Nov 2013
and ROE of GBP: USD
1.61
2.
Consolidated
WAFM Group
projected cash at year end 2013.
3.
Government of Cameroon has a right to a 10% free carried interest.
Interest:
100%
3
Tenement:
6 exploration
permits
Area:
5,999 km
2
Operator:
WAFM
Group Overview
Share Performance
4M
2M
6M
4
0
30
10
20
Sep
Aug
Jul
Jun
May
Oct
Nov
3
Company Overview November 2013
WAFM’s Strategy

WAFM’s assets in Cameroon
are strategically located
to explore for
and develop
high value DSO iron ore resources that can be easily developed.

Single country infrastructure with deep water coastal access, favourable mining
jurisdiction, geopolitical stability.

Maiden inferred mineral resource
estimates totalling 111.5 Mt at
large scale
South
Djadom
license
(31 Oct 2013)
adjacent to the
Mbarga
deposit.

Potential for additional targets at
the large untested geophysical anomalies on
North
Djadom
and
Lele
.

Currently focused on drilling at the
Binga
license located 40
kms
from
Kribi
deepwater
port towards a maiden Mineral Resource by year
-
end.
WAFM is focused on Direct Shipping Ore (DSO) in Cameroon
Near term cash flow potential from deposits in proximity to the coast;
longer term value from large scale DSO discoveries
inland
4
Company Overview November 2013
Cameroon
-
Congo iron belt
5
Company Overview November 2013
Cameroon
-
Congo iron belt
vs
Pilbara
After 5 years of exploration the Cameroon
-
Congo iron belt
is already rivaling the Pilbara
6
Company Overview November 2013
Cameroon
-
Congo iron belt
vs
Pilbara
After 5 years of exploration the Cameroon
-
Congo iron belt
is already rivaling the Pilbara
Cameroon
-
Congo
Iron Belt
7
Company Overview November 2013
South
Djadom’s
emerging value
Large magnetic
a
nomalies at South
Djadom
highlight the emergence of
potentially considerable near
-
surface resources with satellite significance to the
Mbarga
deposit
BIF stratigraphic sequence is locally highly enriched
(>40% Fe
) over intervals from 5 to 10 metres in depth and
moderately enriched (35
%
-
40
% Fe) to depths
up to 40 metres
8
Company Overview November 2013
South
Djadom
Gravity Anomaly on Mag
Mbarga
9
Company Overview November 2013
South
Djadom

Infill target blocks
10
Company Overview November 2013
South
Djadom
Blocks 1 & 2
Table 2: Djadom Block 1 Inferred Mineral Resources
S.
Djadom
Block
1
Inferred Mineral Resources as at 02 October 2013
25% Fe Cut
-
off Grade
Tonnes
Fe
SIO
2
AL
2
O
3
P
LOI
(millions)
(%)
(%)
(%)
(%)
(%)
Cap
6.8
40.5
23.1
10.1
0.06
7.4
Enriched Leached Zone
17.8
33.7
39.5
5.6
0.07
5.3
Transitional
0.9
31.4
42.9
4.0
0.08
4.0
Magnetite Rich BIF
50.6
27.7
49.9
3.4
0.06
1.8
Total
76.1
30.3
45.0
4.5
0.06
3.1
Mineralisation Domain
S
.
Djadom
Block 2 Inferred Mineral Resources as at 28 October 2013
25
% Fe Cut
-
off Grade
Mineralisation Domain
Tonnes
Fe
SiO
2
Al
2
O
3
P
LOI
(millions)
(%)
(%)
(%)
(%)
(%)
Cap
2.9
34.5
31.5
10.5
0.07
7.4
Enriched Leached Zone
11.8
31.1
40.9
6.7
0.05
7.1
Transitional
-
-
-
-
-
-
Magnetite
-
rich BIF
20.7
27.9
49.1
4.2
0.06
1.5
Total
35.4
29.5
44.9
5.5
0.06
3.8
Includes
a higher grade
cap
and near
-
surface enriched mineralisation of 2.6 Mt @ 37.4% at a 35% cut
-
off grade
Includes a
higher grade
cap
and near
-
surface enriched mineralisation of 12.6 Mt @ 41.6% at a
35% cut
-
off
11
Company Overview November 2013
South
Djadom
Blocks 1 & 2 Combined
S.
Djadom
Blocks 1
& 2 Combined
Inferred Mineral Resources as at 28 October 2013
25% Fe Cut
-
off Grade
Mineralisation Domain
Tonnes
Fe
SiO
2
Al
2
O
3
P
LOI
(millions)
(%)
(%)
(%)
(%)
(%)
Cap
9.7
38.7
25.6
10.2
0.06
7.4
Enriched Leached Zone
29.6
32.7
40.1
6.0
0.06
6.0
Transitional
0.9
31.4
42.9
4.0
0.08
4.0
Magnetite
-
rich BIF
71.3
27.8
49.6
3.6
0.06
1.7
Total
111.5
30.0
45.0
4.8
0.06
3.3

The combined Blocks 1 and 2 Inferred Mineral Resource Estimate (MRE) for South
Djadom
is based
on data from 10,174 metres of drilling from 126
boreholes

The
Inferred Mineral Resource Estimate was prepared by independent consultants, The MSA Group
in
accordance with
CIM
Definition Standards on Mineral Resources and Mineral Reserves (2010).

The
reported Inferred Mineral Resource is considered an initial resource and further drilling on the
Mineral Resource at Blocks 1 and 2 may potentially increase the deposit size.
Mineral Resources which are not Mineral Reserves have no demonstrated economic
viability.
For further details refer to the NRS of 31 October 2013 on the Company’s website.
12
Company Overview November 2013
Current focus

near coastal
Binga

I
nfill
core and RC drilling of
near surface enrichment identified
in 2012 by
widely
-
spaced scout drilling.

The goal to
identify the continuity and grade of the mineralisation
in
preparation for more detailed economic evaluation in 2014.
Open
Open
Open
Open
Open
Open
Binga
aeromagnetics
and
drilling in Q4 2012
13
Company Overview November 2013
Ground Geophysics On Binga
14
Company Overview November 2013
Infill Drilling On Binga
15
Company Overview November 2013
RC Drilling at Binga
16
Company Overview November 2013
Binga Camp
17
Company Overview November 2013
Trenching at Binga
BIF outcrops in trenching
18
Company Overview November 2013
The Infrastructure Corridor
Mine
Mine spur to
shared railway
Shared railway
to
Lolabe
Total rail
Total road
Binga
50
km
150
km
200
km
180 km
Lele
0
450
km
450
km
> 600km
Djadom
40
km
510
km
550
km
> 600 km
Binga
Lele
Mbalam
Djadom
Yaounde
Lolabe
Kribi
CAMEROON
Mbalmayo
Sangmelima
Edea
Doula
Ebolowa
19
Company Overview November 2013
Coastal infrastructure underway
Kribi
container port
Lolabe
bulk ore terminal
Government intention to
mutualise this infrastructure (port and rail)
for
use by all
mining companies
Kribi
mineral terminal
Wave extraction point
20
Company Overview November 2013
Coastal Infrastructure
T
oday
21
Company Overview November 2013
Lolabe
Mineral Terminal 3
-
D
conceptual
5
km south of the new
Kribi
Deep
-
water Port
now under construction
Export capacity starting at 35Mtpa and ramping up to 100Mtpa
of iron
ore
Steep bathymetry
Low energy/swell conditions
Cape Size bulk carriers come
w
ithin 3km
from shore
(20m depth)
22
Company Overview November 2013
Road to Binga

40km from deep seaport
23
Company Overview November 2013
Road alignments
connecting
Binga
to
Lolabe
BINGA
LOLABE
24
Company Overview November 2013
Why Cameroon?

Cameroon has the largest and most diversified economy of the
6
-
nation Central African Economic & Monetary Community

Strategically located at the point of entry
-
exit for sub
-
region

China
has been an important partner to Cameroon for 40 years
which is recently being strengthened

Discovery
of high grade
hematitic
material along the
Cameroon iron belt has opened up potential for significant
DSO production in Africa

Government
-
Stable gov’t for >20 years; committed to infrastructure
development

Economy
-
GDP
growth of
4.2% to US$25.5
Bil
in 2011; 5.1% in 2012

Fiscal regime

Favourable
mining code revisions to attract new investment;
fiscal incentives
Major Chinese funded infrastructure projects include Douala
-
Yaounde
highway,
deepwater
container port at
Kribi
,
Lolabe
bulk iron ore carrier port, and numerous hydro
and natural gas power plants including 200MW
Memve’ele
hydropower
plant, roads,
proposed 510km rail line to
Lolabe
port.
25
Company Overview November 2013
Q4 2013 timeline
Maiden Mineral Resource
South
Djadom
Block 1
September
October
November
December
Maiden Mineral Resource
South
Djadom
Block 2
Maiden Mineral Resource
Near coastal Binga
9th
31st
26
Company Overview November 2013
What we are planning for in 2014

Five New Discoveries / “Resource Blocks”

Target

300mt @ 45% DSO in Inferred resource

30
-
50% of near
-
shore resources to Indicated category

Metallurgical studies

Preliminary Economic Assessment

Pre
-
Feasibility Study

Infrastructure

Financial modeling

New business opportunities
27
Company Overview November 2013
Board of Directors

Current
CEO of Mandalay Resources
Corporation (TSX:MND) and a director
of Norilsk
Nickel

Founder and Managing Director of Plinian Capital Limited

Former
CEO of Lonmin
plc and President of BHP’s
Copper Group

F
und
and asset manager for
over
thirty
years

Non
-
executive Co
-
Chairman of
Regent Pacific Group
Limited (HK:575)

Director of Charlemagne Capital Limited (AIM:CCAP) and Polo Resources Ltd (AIM/TSX:POL)

Twenty years of experience in the resource industry

Former Vice President Strategy and Long Term Planning with Lonmin plc

CFO of
Copper Development
Corp (AIM:CDC) and
Managing
Director of Burnbrae
Group

Chairman of Webis Holdings plc and Chief Executive Office of Manx Financial Group
plc

Twenty
years
with Barclays
Bank
Group and was
Global Head of Mining &
Metals

Chairman
of
GCM
Resources
plc (AIM:GCM) and a director of
Norilsk
Nickel
Bradford Mills
President
James Mellon
Non
-
executive Chairman
Anton Mauve
Managing Director
Denham Eke
Chief Financial Officer
Gerard Holden
Non
-
executive Director
SuccessfulTeam
28
Company Overview November 2013
WAFM Investment Strengths

West Africa is rapidly emerging as the next significant iron ore
province.

Recent developments include IMIC’s takeover bid for
Afferro
and
its MOU with Korean steel producer
Posco
. Transactions involving
Shandong’s US$1.5B
investment in African
Minerals’
Tonkolili
.

Licence areas are located in close
proximity to
advanced
iron ore
projects and are near existing/planned infrastructure.

Experienced management team led by former senior executives at
Lonmin
and BHP Copper.

Cameroon Gov’t is committed to building port &rail infrastructure

Bilateral treaty to protect foreign investors title rights.

Long term demand outlook for iron ore (principally by China)
remains attractive.

High
-
cost Chinese production required to balance the market will
provide support for iron ore prices.
Exposure
to African iron
o
re
Strategically
located assets
Favorable long
-
term
outlook for iron ore
Successful management team
Strong Gov’t Support
29
Company Overview November 2013
Key Takeaways
Rapidly emerging near surface
enrichment at large scale
anomalies at South
Djadom
Potentially significant near
coastal
mineralisation
at Binga
Other large scale geophysical
targets at North
Djadom
Next Maiden Mineral Resource at
Binga
targeted for December 2013