Canadian gold exploration company Waraba Gold has signed an agreement to acquire an 80% stake in an exploration licence in northern Côte d’Ivoire, expanding its footprint in a region attracting growing interest from gold miners.
The agreement covers licence PR-683, a 212.66-square-kilometre area near Tengrela, and involves a maximum cash consideration of 5 million Australian dollars, equivalent to approximately 2 billion CFA francs, according to a company announcement dated October 26.
The licence is held by Leo Resources SARL, in which an 80% interest is being acquired from CDI Minerals, a wholly owned subsidiary of Australia-listed Desert Metals. Ivorian partner Smart Mineral Explorer (SMEX) will retain the remaining 20%.
The transaction remains subject to several conditions, including approval from Côte d’Ivoire’s Ministry of Mines, Petroleum and Energy.
The PR-683 licence has already been explored by previous operators, who completed 1,141 drill holes covering approximately 67,600 metres across four prospects: Podio, Logbog, Zaguinasso and Tiogo-Kakologo.
Previous drilling returned encouraging gold intersections, including 10 metres grading 24.05 grams of gold per tonne at Podio. More recent drilling by Desert Metals at Tiogo also returned 4 metres grading 19.48 grams per tonne in 2026.
However, Waraba said these historical and third-party exploration results have not yet been independently verified by its qualified person. Further work will be required to confirm the findings and assess the area's resource potential.
The company plans to verify historical drilling data, conduct confirmation drilling and develop a targeted exploration programme, with the longer-term objective of establishing an initial mineral resource.
The acquisition price will be paid in stages, with the total consideration capped at A$5 million. A significant portion of the payment depends on the renewal or extension of the exploration licence beyond its current expiry date of November 3, 2027.
Waraba has indicated that the largest additional payment, of up to A$2.3 million, would become payable if the licence is extended for at least two years. The agreement also provides for an initial completion payment of A$1.9 million.
The staged structure links part of the acquisition cost to the continued validity of the exploration rights. The company has also indicated that additional financing may be needed to meet the payment obligations.
The acquisition would consolidate Waraba's position along the Boundiali greenstone belt, a geological formation in West Africa known for its gold potential.
Combined with its neighbouring Tengrela interests, the company says the transaction could increase its land position to approximately 1,000 square kilometres, including areas covered by pending permit applications.
The region lies near established gold mining operations, including the Syama mine in neighbouring Mali and the Sissingué mine in Côte d’Ivoire. The presence of nearby operations highlights the region's mining activity but does not guarantee that Waraba's exploration ground contains an economically viable deposit.
The proposed acquisition comes as Côte d’Ivoire continues to attract investment in gold exploration and production. Whether the transaction translates into a commercially viable discovery will depend on regulatory approval, further drilling and subsequent technical and economic assessments.
