Canadian-listed Waraba Gold agrees to pay up to $3.3 million for control of larger Côte d’Ivoire gold corridor

Waraba Gold has agreed to pay as much as A$5 million, approximately $3.3 million, for an 80% interest in a company controlling a gold exploration licence in northern Côte d’Ivoire. The Canadian-listed explorer will acquire the interest in Leo Resources SARL from CDI Minerals, a wholly owned subsidiary of Australia’s Desert Metals.

• Waraba Gold agreed to acquire 80% of Leo Resources for up to A$5 million, or about $3.3 million.
• Leo Resources controls a 212.66-square-kilometre gold exploration licence in northern Côte d’Ivoire.
• The acquisition adds results from 1,141 historical drill holes covering approximately 67,600 metres.
• Completion depends on regulatory approvals, while part of the payment is linked to extending the licence beyond November 2027.

Leo Resources owns the PR-683 exploration licence, which covers 212.66 square kilometres near Tengrela and adjoins Waraba’s existing exploration ground.

The all-cash acquisition could expand Waraba’s combined Tengrela position to approximately 1,000 square kilometres, including areas covered by applications that have not yet been approved.

If its pending Tengrela South application is granted, Waraba says its properties could cover roughly 73 kilometres of continuous ground along the Boundiali greenstone belt.

In its 26 October announcement⁠, Waraba said the transaction would be completed entirely in cash, without issuing shares to Desert Metals.

Historical drilling gives Waraba a head start

The property comes with information from 1,141 historical drill holes covering approximately 67,600 metres across the Podio, Logbog, Zaguinasso and Tiogo-Kakologo prospects.

At Podio, previous operators completed about 26,700 metres of drilling between 2008 and 2024. Reported intersections include 10 metres grading 24.05 grams of gold per tonne and 14 metres grading 5.9 grams per tonne.

The results are exploration indicators and do not constitute a declared mineral resource. Waraba will need to verify the historical information and undertake additional drilling before it can estimate how much commercially recoverable gold, if any, the property contains.

Chief executive Mamadou Coulibaly said the acquisition would provide Waraba with an advanced exploration target and a significant head start as it consolidates its position in the district.

"This acquisition gives Waraba a drill-tested project right next to our own Tengrela ground. Previous operators drilled 355 holes at Podio and intersected up to 10 metres at 24.05 grams per tonne gold, yet only 16 of those holes went below 75 vertical metres (100 metres downhole) – the deeper potential is largely untested.

"With Desert Metals' 2026 result of 4 metres at 19.48 g/t gold at Tiogo, we have high-grade targets to follow up across approximately 73 kilometres of continuous ground. We also gain a strong local partner in SMEX, and our team lives and works in Côte d'Ivoire, with the permitting experience, community relationships and field crews in place to move quickly once Ministerial approval is received," he said.

Coulibaly is an Ivorian geologist with more than 21 years of experience in West Africa. He previously worked as an explorer for Randgold Resources, which is now part of Barrick Mining.

Waraba intends to undertake an initial 20,000-metre drilling programme after completing the acquisition and verifying the existing exploration database.

Payment depends partly on licence renewal

Waraba will make an initial A$500,000 deposit and pay A$1.9 million at completion. A further payment of up to A$2.3 million is contingent on the licence being renewed or extended beyond its scheduled expiry on 3 November 2027.

The total potential consideration, including other transaction obligations, is capped at A$5 million.

Completion remains subject to conditions that include Ivorian ministerial approval and any approval required from Desert Metals shareholders.

Waraba raised C$4.5 million earlier in 2026 to fund its Côte d’Ivoire exploration commitments and working capital. The company also controls interests in the Tengrela and Sirasso projects.

The enlarged position lies within the broader Boundiali belt, close to operating gold assets including Resolute Mining’s Syama complex in Mali and Perseus Mining’s Sissingué mine in Côte d’Ivoire.