Unhedged gold mining company West African Resources Limited (WAF or the Company ASX: WAF) is pleased to announce a proposed special grant of performance rights to Executive Directors (subject to shareholder approval) and other key management personnel (KMP) who have been directly involved in the discovery, development and operation of the Sanbrado Gold Project.

WAF Executive Directors and KMP have delivered strong returns for shareholders over the last 5 years: +300% return ($0.25 to +$1.00 per share) since the last share placement in December 2018 to raise funds for construction of Sanbrado.

+700% return ($0.125 to +$1.00 per share) since share placement price post-discovery in April 2016.

+1400% return ($0.065 to +$1.00 per share) since the share placement in December 2015, shortly before discovery of high grade at M1 South.

WAF Executive Directors and KMP have demonstrated: The ability to discover, drill and develop a significant gold project in a challenging jurisdiction ahead of schedule and US$20 million under budget.

Exceptional commitment and leadership to commission and operate Sanbrado throughout the current COVID-19 global pandemic.

Skills and experience that would be difficult to replace in the current labour market.

Contact:

Richard Hyde

Tel: 08 9481 7344

Email: info@westafricanresources.com

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