WARAF, a gold mineral development company in West Africa, is rapidly expanding its business foundation by simultaneously advancing asset acquisitions in Côte d'Ivoire and Mali as well as securing funding. On April 28, the company agreed to establish a joint venture regarding exploration permits in the Tengrela South region of Côte d'Ivoire, planning to secure a 90% stake through its local subsidiary. The deal terms include providing approximately $1.05 million in cash and 1.5 million shares, with an additional proposal of a 2.5% Net Smelter Royalty (NSR). Upon receiving government approval, the permit is scheduled to be transferred to the joint venture, and this contract is evaluated as the cornerstone of a key strategy to expand its presence within the West African gold belt.
The front line of exploration activities is the Pokolore gold project located in western Mali, where a multi-stage drilling program is actively underway. By combining reverse circulation drilling with diamond core drilling, the company is enhancing the precision of geological data; drill results and geological interpretations obtained from the Mamoudouya and Kabaping regions are expected to serve as important basis for future resource estimation. Industry experts evaluate that the project, despite being in the early stage, exhibits clearly confirmed structural potential and hold high expectations for its future growth.
Fundraising strategies have also yielded results. On April 8, WARAF successfully completed a private placement of 4.5 million units. The raised funds will be used for fulfilling the Côte d'Ivoire lease contract and securing operating capital. This unit issuance included warrants exercisable until 2028 alongside new shares, providing additional opportunities for investors. Additionally, some insider participation was included, and the transaction was conducted applying exception clauses in accordance with relevant regulations.
Expansion of major investor stakes and restructuring of the management team were also achieved simultaneously. Carl Espri increased his stake to approximately 11.46% on a non-diluted basis by purchasing an additional 600,000 units, which is expected to play a significant role in future fundraising and strategic decision-making processes. The management composition was also changed, with Mamadou Koulibaly appointed as CEO and Espri moving to the position of Chairman of the Board. The company is strengthening its incentive system through stock options and RSU grants while proceeding with plans for additional fundraising. Regarding recent stock price volatility, the company emphasized that there are no major changes that can be explained, warning against exaggerated market interpretations, which is also read as a signal suggesting speculative trading. Furthermore, the company executed a stock split at an 18-to-1 ratio to significantly reduce the number of issued shares and received approval at the regular shareholders' meeting for the board composition, compensation system, and introduction of new clauses. It has declared its intention to simultaneously pursue expansion of the West African gold exploration portfolio and capital efficiency, showing a typical growth path for an early-stage resource company where exploration results, fundraising, and corporate governance rectification are interlocked.