WARAF, a gold mineral development company in West Africa, is rapidly expanding its business foundation by simultaneously advancing exploration in Côte d'Ivoire and Mali, as well as securing funding. On April 28, the company agreed to establish a joint venture company regarding exploration permits in the Tengrelle South region of Côte d'Ivoire, planning to secure 90% equity through a local subsidiary. The deal terms include providing approximately $1.05 million in cash and 1.5 million shares, with an additional NSR (Net Smelter Returns) royalty of 2.5% proposed. Once government approval is received, the permit is expected to be transferred to the joint venture company, and this contract is being evaluated as a cornerstone of the core strategy to broaden its foothold within the West African gold belt.
The front line of exploration is the Pokolore gold project located in western Mali, where multi-stage drilling programs are actively underway. By combining reverse circulation drilling with diamond core drilling, the company is enhancing the precision of geological data; the drilling results and geological interpretations obtained from the Mamoudouya and Kabafing regions are expected to serve as important grounds for future resource estimates. Industry experts evaluate that, despite being in an early stage, the project's structural potential is clearly confirmed, and they are holding high expectations for its future growth prospects.
Funding acquisition strategies are also yielding results. WARAF successfully completed a private placement of 4.5 million units on April 8, with the raised funds to be used for fulfilling the Côte d'Ivoire lease agreement and securing operating capital. This unit issuance included warrants exercisable until 2028 alongside new shares, providing investors with additional opportunities. Additionally, some insider participation was included, and the transaction was conducted applying exception clauses in accordance with relevant regulations.
Major shareholder equity expansion and management restructuring were also achieved simultaneously. Cal Espry increased his equity stake to approximately 11.46% on a non-diluted basis by purchasing an additional 600,000 units, which is expected to act as a significant variable in future funding and strategic decision-making processes. Management composition has also changed, with Mamadou Kourouba appointed as CEO and Espry moving to the role of Chairman of the Board. The company is strengthening its incentive system through stock options and RSU grants and is proceeding with additional funding plans. Regarding recent stock price volatility, the company emphasized that there were no significant changes warranting explanation, cautioning against exaggerated market interpretations; this has also been read as a signal suggesting speculative trading possibilities. Furthermore, the company executed an 18-for-1 stock split to significantly reduce the number of issued shares, and regular shareholder meetings approved the board composition, compensation framework, and introduction of new clauses. The company has declared its determination to simultaneously pursue the expansion of its West African gold exploration portfolio and secure capital efficiency, demonstrating a typical growth trajectory for an early-stage resource company where exploration performance, funding acquisition, and corporate governance rectification are interlocked.