3. west african minerals presentation

WAFM: AIM

Strategic gateway to

early cash flow

Mining Indaba

Investment Discovery Forum

1 Feb 2014 | Cape Town, South Africa

1 WEST AFRICAN MINERALS – Mining Indaba 2014

Disclaimer This presentation (“Presentation”), and the information contained herein, is not for general release, distribution or publication into or in any other jurisdiction where applicable laws prohibit or restrict its release, distribution or

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Issued by West African Minerals Corporation. Registered office at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. Registered number: 1415559.


West African Minerals Corporation (WAFM)

Share Capital

Cameroon

Issued Share Capital 289.1 M

Options and Warrants 27.0 M

Fully-diluted Share Capital 316.1 M

Market Capitalisation1 £28.5M

Market Capitalisation1 US$46.7M

Projected cash at y/e2

US$3M

Notes: 1. Based on WAFM share price of 9.00p as at 17 Jan 2014 and ROE of GBP: USD 1.642 2. Consolidated WAFM Group projected cash at year end 2013. 3. Government of Cameroon has a right to a 10% free carried interest.

Interest: 100%3

Tenement: 6 exploration permits

Area: 5,999 km2

Operator: WAFM

Group Overview

Share Performance

4M 2M

6M

40

30

10

20

Sep Aug Oct Nov Dec


Cameroon-Congo Brazzaville iron belt – the ‘African Pilbara’


WAFM’s strategic directive

To explore for and develop iron ore mineralisation in Western Africa

• presenting significant margins

• being either inherently high grade or located in proximity to coastal infrastructure, resulting in

• dramatically reduced capital and operating costs

Near term goal to become Cameroon’s 1st iron ore producer


“Gateway” Opportunities


Clear competitive advantage

• WAFM’s coastal licenses present significant advantages to be first mover in Cameroon

• The Binga concession is located 80 kms from the new deep seaport at Kribi and other coastal infrastructure including the Memve’ele hydroelectric power project being built on the boundary between the Company’s Binga and Minko leases

• Binga represents an ideal rapid cash flow opportunity through short truck haulage and low capital cost access to shipping

• Initial maiden Mineral Resource (MRE) at Binga of 30.5 Mt @ 29.7% Fe at a 25% Fe cut-off grade from infill drilling in three blocks (NI 43-101 compliant)

• Potential to increase Mineral Resource over the 20+ km strike extent

Logistical costs of developing Binga are substantially lower than any of the more

distant deposits in Eastern Cameroon

1) Exploring coastal opportunities for early cash flow


Three small test blocks at Binga

steeply dipping iron mineralisation is hosted by banded magnetite gneiss and is open in both areas with strike extension potential for at least 20 km


Strategic Focus for 2014 - Binga

• At Binga four geophysical targets of high degrees of enrichment in the western sector of Binga were visually evident from surface and road-cut indications

• Widely-spaced scout drilling of 5,581m in 114 holes confirmed the presence of at least two separate magnetite rich units extending over a strike length of at least 20km.

• Several sub-outcropping magnetite-rich units were drill-confirmed in two areas, comprising contiguous blocks 6 and 7, and block 8

• In January 2014 an initial Binga Mineral Resource Estimate (MRE) was announced on these test blocks of 30.5 Mt @ 29.7% Fe at a 25% Fe cut-off grade

• The excellent correlation between the geophysics and the MRE, coupled with the low phosphor and sulphur content, suggest that Binga could potentially be commercially viable and warrants detailed economic evaluation

In the last 16 months WAFM transitioned from regional exploration to

detailed definition drilling


Binga License Initial Maiden MRE

Binga Inferred Mineral Resources as at 13 January 2014

25% Fe Cut-off Grade

Mineralisation Domain Tonnes Fe SiO2 Al2O3 P LOI

(millions) (%) (%) (%) (%) (%)

Supergene Enriched Cap 3.6 32.0 36.4 10.1 0.069 5.6

Magnetite Gneiss 26.9 29.3 44.1 6.3 0.076 -0.1

Total 30.5 29.7 43.2 6.7 0.075 0.5

• The maiden Inferred Mineral Resource Estimate (MRE) for Binga is based on data from

1,595 metres of drilled iron mineralisation from 75 boreholes, including the assay results of

infill core and reverse circulation (RC) drilling reported in the NRS of 15 January 2014 and

available on the Company’s website (www.westafricanminerals.com). Inclined drilling was

conducted on sections between approximately 50 m and 300 m apart.

• The Inferred Mineral Resource Estimate was prepared by independent consultants, The MSA

Group in accordance with CIM Definition Standards on Mineral Resources and Mineral

Reserves (2010).

• The reported Inferred Mineral Resource is considered an initial resource and further drilling

on the Mineral Resource has potential to increase the deposit size.

Mineral Resources which are not Mineral Reserves have no demonstrated economic viability.

http://www.westafricanminerals.com/


Blocks 6 and 7 – Binga West


Block 8 – Binga East


Clear competitive advantage

• WAFM’s large-scale licenses in the interior southeast of Cameroon [Djadom South, Djadom North and Lele) offer considerable upside for future value and are located in proximity to advanced deposits (Afferro’s Nkout and Sundance’s Mbalam)

• Two Mineral Resource Estimates (NI 43-101) at WAFM’s South Djadom Blocks 1 and 2 announced in October 2013 total 111.5 Mt of Inferred Mineral Resource @ 30.0% Fe at a 25% Fe cut-off grade including 15.6 Mt @ 40.7% at a 35% Fe cut-off grade. Both are immediately adjacent to the Mbarga deposit

• WAFM’s North Djadom and Lele geophysical anomalies are largely untested and offer discovery potential

Significant future value as satellite developments to adjacent deposits

2) Leverage CF to drive exploration for long-term value


2014 follow-up

target areas

Lele West N.Djadom

Focus

area

S.Djadom

South East Interior Leases - Emerging value


South Djadom Blocks 1 & 2 Combined

S. Djadom Blocks 1 & 2 Combined Inferred Mineral Resources as at 28 October 2013

25% Fe Cut-off Grade

Mineralisation Domain Tonnes Fe SiO2 Al2O3 P LOI

(millions) (%) (%) (%) (%) (%)

Cap 9.7 38.7 25.6 10.2 0.06 7.4

Enriched Leached Zone 29.6 32.7 40.1 6.0 0.06 6.0

Transitional 0.9 31.4 42.9 4.0 0.08 4.0

Magnetite-rich BIF 71.3 27.8 49.6 3.6 0.06 1.7

Total 111.5 30.0 45.0 4.8 0.06 3.3

• The combined Blocks 1 and 2 Inferred Mineral Resource Estimate (MRE) for South Djadom

is based on data from 10,174 metres of drilling from 126 boreholes

• The Inferred Mineral Resource Estimate was prepared by independent consultants, The MSA

Group in accordance with CIM Definition Standards on Mineral Resources and Mineral

Reserves (2010).

• The reported Inferred Mineral Resource is considered an initial resource and further drilling

on the Mineral Resource at Blocks 1 and 2 may potentially increase the deposit size.

Mineral Resources which are not Mineral Reserves have no demonstrated economic viability.

For further details refer to the NRS of 31 October 2013 on the Company’s website.


South Djadom – Blocks 1 and 2


2014 Work Program

1) Metallurgical testing through Q1 2014 – amenability of ore to low-energy upgrading through magnetic separation

2) Ground based geophysics - development of further MRE blocks (Magnetite rich unit strike length est. >20 km)

3) Infill drilling on geophysics to target 60-100Mt resource

4) Preliminary economic assessment (PEA) including port and terminal conceptual studies

Targeting a 3-year horizon to production

Potential option for off-take + debt-funded project construction

and feasibility study by year end


Road to Binga – 80km from deep seaport


The Infrastructure Corridor

Mine Mine spur to shared railway

Shared railway to Lolabe Total rail Total road

Binga 50 km 150 km 200 km 180 km

Lele 0 450 km 450 km > 600km

Djadom 40 km 510 km 550 km > 600 km

Binga

Lele Mbalam

Djadom

Yaounde

Lolabe

Kribi

CAMEROON

Mbalmayo

Sangmelima

Edea

Doula

Ebolowa


Coastal infrastructure underway

Kribi container port Lolabe bulk ore terminal

Government intention to mutualise this infrastructure (port and rail) for use by all mining companies

Kribi mineral terminal

Wave extraction point


Lolabe Mineral Terminal 3-D conceptual

5 km south of the new Kribi Deep-water Port

now under construction

Export capacity starting at 35Mtpa and ramping up to 100Mtpa of iron ore

Steep bathymetry

Low energy/swell conditions

Cape Size bulk carriers come

within 3km from shore (20m depth)


Coastal Infrastructure Today


Road alignments connecting Binga to Lolabe

BINGA

LOLABE


Comparison to Chile’s primary iron ore regions

• Chile produces approximately 10Mt of 62.5% Fe concentrate p.a. primarily along the Atacama fault

• The iron ore deposits are located at a distance of 40Km to 250Km from the coast

• Feed grades range between 25% to 35% Fe and use dry magnetic separation techniques

Chilean Iron Belt


Why Cameroon?

Cameroon has the largest and most diversified economy of the 6-nation Central African Economic & Monetary Community

Strategically located at the point of entry-exit for sub-region

China has been an important partner to Cameroon for 40 years which is recently being strengthened

Discovery of high grade hematitic material along the Cameroon iron belt has opened up potential for significant DSO production in Africa

• Government - Stable gov’t for >20 years; committed to infrastructure development

• Economy - GDP growth of 4.2% to US$25.5 Bil in 2011; 5.1% in 2012

• Fiscal regime – Favourable mining code revisions to attract new investment; fiscal incentives

Major Chinese funded infrastructure projects include Douala-Yaounde highway, deepwater container port at Kribi, Lolabe bulk iron ore carrier port, and numerous hydro and natural gas power plants including 200MW Memve’ele hydropower plant, roads, proposed 510km rail line to Lolabe port.


Acquisition/Investment activity in the region

• Afferro Mining: Acquisition of Afferro by International Mining & Infrastructure Corp. (IMIC) valued at approximately $200 million (120p/shr equivalent). Dec/13

– In February 2013 Afferro had signed an MOU with POSCO Africa to cooperate to facilitate infrastructure and project development funding

• Legend Mining: Sale of Ngovayang iron ore project in Cameroon to India's Jindal Steel and Power for A$17.5 million in cash. Nov/13

• Sundance Resources: Rail and port tender process underway to build infrastructure for Mbalam-Nabeba project. Negotiations for equity or take or pay offtake arrangements for security towards EPC infrastructure contracts.

Significant M&A Activity taking place


Board of Directors

Current CEO of Mandalay Resources Corporation (TSX:MND) and a director of Norilsk Nickel Founder and Managing Director of Plinian Capital Limited Former CEO of Lonmin plc and President of BHP’s Copper Group

Twenty years of experience in the resource industry Former Vice President Strategy and Long Term Planning with Lonmin plc

Fund and asset manager for over thirty years Non-executive Co-Chairman of Regent Pacific Group Limited (HK:575) Director of Charlemagne Capital Limited (AIM:CCAP) and Polo Resources Ltd (AIM/TSX:POL)

CFO of Copper Development Corp (AIM:CDC) and Managing Director of Burnbrae Group Chairman of Webis Holdings plc and Chief Executive Officer of Manx Financial Group plc

Twenty years with Barclays Bank Group and was Global Head of Mining & Metals

Chairman of GCM Resources plc (AIM:GCM) and a director of Norilsk Nickel

Bradford Mills

President

James Mellon Non-executive Chairman

Anton Mauve Managing Director

Denham Eke Chief Financial Officer

Gerard Holden Non-executive Director

Experienced Team


WAFM Investment Strengths

• West Africa is rapidly emerging as the next significant iron ore province.

• Recent developments include IMIC’s takeover of Afferro and its MOU with Korean steel producer Posco; sale of Legend Mining’s Ngovayang project to India's Jindal Steel and Power.

• Licence areas are located in close proximity to advanced iron ore projects and are near existing/planned infrastructure.

• Experienced management team led by former senior executives at Lonmin and BHP Copper.

• Cameroon Gov’t is committed to building port &rail infrastructure • Bilateral treaty to protect foreign investors title rights.

• Long term demand outlook for iron ore (principally by China)

remains attractive. • High-cost Chinese production required to balance the market will

provide support for iron ore prices.

Exposure to African iron ore

Strategically located assets

Favorable long-term outlook for iron ore

Experienced management team

Strong government support


Key Takeaways

Emerging satellite value at South Djadom – 2 NI43-101 MREs of 111.5Mt @ 30.0% Fe

Early cash flow opportunity at Binga to drive 2014 work focus

Discovery potential of large scale untested geophysical targets at N. Djadom and Lele

Economy & Finance

3. west african minerals presentation