Waraba Gold Acquires a Major Stake in an Ivorian Gold License

Geological map showing the Boundiali greenstone belts in Côte d'Ivoire, with gold exploration areas.

AFRICAN STOCKS AND FINANCEOctober 27, 2026 at 1:31 PM UTC

TLDR

Waraba Gold acquires an 80% stake in a gold mining permit in Côte d'Ivoire for 2 billion CFA francs.
The operation aims to consolidate 1,000 km² of exploration areas in a gold-rich region.
The transaction is subject to approval by the Ivorian authorities and to the extension of the permit.

The Canadian company Waraba Gold has entered into a binding agreement to acquire a majority stake in a strategic gold license in Côte d'Ivoire. The transaction involves CDI Minerals, a subsidiary of the Australian group Desert Metals, and Leo Resources, the company that holds exploration license PR-683. The announcement of this agreement, aimed at strengthening Waraba’s presence in gold exploration, was released on Monday, October 26.

Waraba Gold plans to pay up to 5 million Australian dollars, or approximately 2 billion CFA francs, to acquire 80% of the shares held by CDI Minerals in Leo Resources. The remaining 20% of Leo Resources will remain the property of the Ivorian partner, Smart Mineral Explorer (SMEX). This acquisition aims to consolidate and expand Waraba’s potential footprint in the Tengrela region, in the far north of Côte d’Ivoire.

Permit PR-683 covers an area of 212.66 km² in the departments of Boundiali, Kouto, and M’Bengué. If the transaction is finalized and Waraba’s application for the “Tengrela South” permit is approved, the company would control approximately 1,000 km² around Tengrela. Payment will be made entirely in cash and in installments, including a deposit of 500,000 Australian dollars upon signing and 1.9 million upon completion.

This acquisition is strategic for Waraba Gold, as it allows the company to consolidate several exploration areas within a single geological unit, adjacent to land it already owns. The region is considered highly prospective for gold, situated between major mining complexes such as Syama in Mali and Sissingué in Côte d’Ivoire. Previous work on the permit has already identified high-grade gold zones, with 1,141 drill holes totaling approximately 67,600 meters of drilling.

The completion of this acquisition is not yet final and is subject to approval by the Ivorian authorities, notably the Ministry of Mines, Petroleum, and Energy. Certain conditions must be met within three months of signing, and others within six months, including ministerial approval. An additional payment of up to 2.3 million Australian dollars will depend on the extension of the permit beyond its current expiration date, set for November 3, 2027.

Key Takeaways

Waraba Gold’s acquisition of a majority stake in Permit PR-683 in Côte d’Ivoire represents a significant step in the Canadian company’s strategy to scale up its gold exploration operations. This transaction, which could expand its potential footprint to approximately 1,000 km² around Tengrela, is crucial for consolidating its existing assets. The permit adjoins land already held by Waraba, offering an opportunity to consolidate several exploration zones within a coherent geological unit. The area is particularly promising, extending nearly 73 kilometers along the Boundiali greenstone belt, a geological formation known for its gold potential. Its strategic location, between operational mines such as Syama in Mali and Sissingué in Côte d’Ivoire, and near “world-class” discoveries such as Boundiali and Koné, underscores the geopolitical and economic importance of this region. The value of the acquisition is further enhanced by the substantial volume of existing exploration data, including 1,141 drill holes totaling 67,600 meters, which have already identified high-grade gold zones. However, the finalization of the agreement remains subject to approval by the Ivorian authorities and the extension of the permit beyond 2027, factors that introduce a degree of risk and regulatory uncertainty.

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