West Wits Mining (WWI) investor relations material

Project development and production status

• Qala Shallows underground mine in the Witwatersrand Basin is transitioning from exploration to production, with first ore delivered in October and first gold production targeted for March 2026.

• This is South Africa's first new underground gold mine in 15 years, drawing significant media and industry attention.

• The project is fully funded to steady-state production, supported by a $51M cash balance, senior debt facilities, and institutional placements.

• Gold pour is scheduled for next month, using established South African mining methods and modern technology.

• The Qala Shallows Project is in stage one, targeting steady-state production of 70,000 ounces per year over a 17-year mine life.

Financials and funding

• Recent capital raises include AUD 33 million in January and a $10M placement by Tribeca, with strong institutional support.

• Market capitalization has risen to approximately $350 million, reflecting increased investor confidence.

• Two funding options secured: a $50 million bank facility in South Africa and a proposal from Nebari Natural Resources Fund in New York.

• Project underwent a rigorous six-month due diligence process by independent parties and banks.

• Updated DFS (July 2025) projects $2.7B revenue, $983M free cash flow, $500M post-tax NPV, and 81% IRR at $2,850/oz gold price.

Resource base and growth plans

• The company holds a 74% interest in the Witwatersrand Basin Project, with a 7.24Moz @ 4.0g/t gold resource as of February 2026.

• Mining area has produced over 31 million ounces historically; current resource is 7.2 million ounces at 4g/t, with potential to expand.

• Qala Shallows Project utilizes only 1 million ounces of the current resource, with further growth expected through de-watering and exploration.

• Project 200 aims to expand production capacity to 200,000oz per annum, with a scoping study underway and completion targeted for June 2026.

• Bird Reef Central project offers dual gold-uranium potential, with a funded exploration program targeting a declared uranium resource.