Issue of Equity, Directors' Dealing

4 January 2018

For immediate release  

West African Minerals Corporation

("WAFM", the "Group" or the "Company")

Issue of Equity

Directors' dealing

In the Interim Report for the six months ended 30 September 2017, the Company reported that as part of its continuing cash-saving exercise which began being implemented across the Group in 2014, the directors of the Company (the "Directors") shall continue to be paid 50% of their contractual fees by the issue of new ordinary shares of no par value in the capital of the Company ("New Ordinary Shares") in arrears at an implied monthly price equivalent to the volume weighted average price of the ordinary shares of no par value in the capital of the Company ("Ordinary Shares") at the end of each relevant month.

In addition, Burnbrae Limited ("Burnbrae") (which as reported in the Interim Report provides accounting, administrative and general office services to the Company) also agreed that the payment of accounting and administration fees shall also be satisfied by the issue of New Ordinary Shares, the issue price of which was to be calculated on the same basis as for the Directors.

In accordance with this previously stated practice of Directors receiving New Ordinary Shares as payment in lieu of fees, the board of Directors (the "Board") has now calculated and issued today 1,064,830 New Ordinary Shares due to the former Directors to settle £25,252 of accrued fees at an average issue price of approximately 2.37p. The Board has issued today a further 614,200 New Ordinary Shares due to the current Directors to settle £14,360 of accrued fees, as set out below:

The Board has also issued today 5,558,549 New Ordinary Shares to Burnbrae as payment for accounting and administration fees in respect of £138,190 at an average issue price of approximately 2.49p.

The New Shares will rank pari passu with the existing Ordinary Shares. Application will made for admission of the 7,237,579 New Ordinary Shares to trading on AIM and it is expected that admission will become effective and that dealings in the New Ordinary Shares will commence on or around 9 January 2018.

Following the issue of the New Ordinary Shares, the Company's issued share capital will consist of 388,395,417 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and pursuant to Regulation 23 of the Company's articles of association. The Company does not hold any Ordinary Shares in treasury.

For further information contact:

Further information is available on the Company's website: www.westafricanminerals.com

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014 (the "Market Abuse Regulation"). The person who arranged for the release of this announcement on behalf of the Company was Willy Simon, Director.

The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further detail in respect of the transaction as described above.

ENDS