As reported last month, WAF received strong proposals from 14 tier-one financiers, with competitive non-binding offers ranging from US$160 million to $215 million, with the shortlisted debt financiers recently conducting site visits.

Meanwhile the exploration upside continues to evolve below resources and reserves and now laterally, with a new zone emerging 180m away from the mainstay M1 South main shoot.

A headline hit from the new zone of 2m grading 138.4 grams per tonne from 449m was highlighted.

Drilling of the main zone below reserves has confirmed continuity of high-grade mineralisation, with results to be incorporated into resources, then reserves to add higher grade into years five and six of the mine schedule.

"Optimisation studies to be completed by first quarter 2019 will include resource and reserve updates, and planned higher process plant throughput rates resulting in increased annual gold production," WAF said.

The company is also planning a diamond core hole to 1000m depth, with the 1.5 million tonnes grading 15.9gpt at M1 South estimated to about 500m.

Sanbrado is currently slated to cost about $185 million to build and produce an average of 211,000 ounces per annum for the first five years of operations.

Shares in WAF were up 2% to A27c in morning trade, capitalising the company at $186 million.