Interim Report and Financial Statements for the Period Ended 30 September 2015

22 December 2015

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 2015.

Financial Highlights

  • Total Assets declined by 1.3% to £22.7 million (31 March 2015: £23.0 million) largely due to operational expenses incurred, no impairment losses were recognised during the period.
  • Cash on hand equates to £3.9 million (31 March 2015: £4.4 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 £0.4 million (30 September 2014: £0.7 million).
  • Basic and diluted loss per share decreased to 0.11 pence per share (30 September 2014: 0.19 pence).  


Operational Highlights

Mineral Resource Estimate (MRE) and Metallurgy at Sanaga:

  • WAFM is currently completing internal scoping studies on the development of a local, collaborative steel production to secure future off-take from Sanaga and enable a Cameroon iron ore industry.
  • The Ministry of Mines in Cameroon is finalizing a lease-area reduction of WAFM’s surface holdings from 4,117 km2 to 331 km2 allowing the company to retain its resources and discovered iron ore deposits while significantly reducing its required exploration commitments. The company will now hold four leases instead of five previously and only the Sanaga relinquished block is awaited in January 2016 to finalize the process.
  • The company continues to evaluate suitable target businesses in the mineral resource sector for acquisition or investment.

Cash Preservation

  • Due to the persisting weak market for iron ore and following the completion of the Sanaga Mineral Resource Estimate (MRE), WAFM has successfully reduced operational and corporate expenditure, preserving its cash position in 2015. 
  • The strategy to reduce expenditure to a “bare minimum” included significant reduction in the operational team and exploration field activities, the divestiture of the company’s Sierra Leone assets, the successful reduction in the lease area size under exploration permit in Cameroon (to include only areas of “known mineralisation”) and a rationalisation of Corporate overheads.  This strategy will remain in place through 2016, until such time as the company makes a new investment or implements its regional steel production strategy, or sees a significant improvement in market conditions.


For further information contact:

West African Minerals Corporation

Anton Mauve

+44 (0) 1624 639396




Beaumont Cornish Limited (Nominated Advisor)

Roland Cornish

+44 (0) 20 7628 3396


Michael Cornish





SP Angel Corporate Finance LLP (Broker)

Ewan Leggat

+44 (0) 20 3470 0500


Katy Birkin