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Interim Report and Financial Statements for the Period Ended 30 September 2016

22 December 2016

The Directors of West African Minerals Corporation (AIM: WAFM) are pleased to announce its unaudited consolidated interim financial statements for the period ended 30 September 2016.

Financial Highlights

  • Total Assets remained at £22.4 million (31 March 2016: £22.4 million, no impairment losses were recognised during the period).
  • Cash on hand equates to £3.44 million (31 March 2016: £3.57 million).
  • Operational expenses continue to be rigorously controlled at all levels.
  • During the financial period under review, the Group reported a total comprehensive loss of £0.07 million (30 September 2015: £0.41 million).
  • Basic and diluted loss per share decreased to 0.030 pence per share (30 September 2015: 0.11 pence).  

Operational Highlights

Scoping Study Commissioned for Sanaga

  • WAFM has appointed Royal Haskoning DHV to prepare a Scoping Study on the potential production of iron ore pellets from the Sanaga iron ore deposit. The Board has approved a budget of US$200,000 for the production of this Scoping Study and has requested significant shareholder, Plinian Capital, to provide its technical experts to manage the production of the study which should be completed during the second quarter of calendar 2017.
  • The company continues to evaluate suitable target businesses in the mineral resource sector for acquisition or investment.

Cash Preservation

  • Due to continuing uncertainty over the medium term evolution of iron ore prices WAFM has continued to focus on cash preservation. 
  • This strategy will remain in place through 2017, until such time as the company makes a new investment or implements its regional steel production strategy, or sees a sustained improvement in market conditions.

 

Contacts:

West African Minerals Corporation

Gerard Holden

+44 (0)1624 639396

Beaumont Cornish (Nominated Advisor)

Roland Cornish / Michael Cornish

+44 (0)20 7628 3396

Beaufort Securities Limited (Broker)

Jon Belliss

+44 (0)20 7382 8300

A copy of the Interim Results as well as this announcement will be available on the Group's website at www.westafricanminerals.com