The company said it had received "strong interest" from 14 tier one international resource financiers after requesting debt funding proposals.
It said competitive non-binding offers ranged from US$160-215 million for the project, which is expected to cost $185 million with a 16-month payback at a $1,300 per ounce gold price.
A recent updated feasibility study outlined an 11-year mine life with average annual production of 211,000 ounces of gold and an all-in sustaining cost of $551/oz over the first five years.
West African said it would select a short list of preferred financiers and move to the second stage of the debt financing process, including site visits and due diligence.
The company started the quarter the A$42.6 million (US$30.7 million) in cash.
Its shares were unchanged in morning trade at 29c, capitalising it at $200 million.
