West Wits Mining (WWI) H2 2024 earnings summary

Executive summary

• Transitioned from explorer to near-term mine operator, with Qala Shallows project ready for production pending final project financing approval.

• All critical infrastructure, regulatory approvals, and supplier contracts for Qala Shallows are in place; mine contractor and equipment are ready.

• Projected ramp-up to steady-state gold production of 70,000 oz/year at all-in cost under US$1,000/oz, with robust contingency planning for operational risks.

Financial highlights

• Loss after tax attributable to owners: $1.68 million for FY2024, improved from $2.75 million loss in FY2023.

• Total comprehensive loss: $0.79 million (FY2023: $5.57 million loss).

• Cash and cash equivalents at year-end: $1.41 million.

• Net assets: $25.13 million (up from $22.79 million in FY2023).

• No dividends declared or paid.

Outlook and guidance

• Qala Shallows project development phase to last just over three years, with first ore to stockpile expected eight weeks after operations commence.

• Steady-state production targeted at 70,000 oz gold per annum for nine years, with life-of-mine production of 924,000 oz over 18 years.

• All-in sustaining cost forecast at US$871/oz; free cash flow projected at US$522 million (DFS base case at US$1,850/oz gold price).

• Ongoing efforts to secure syndicated debt financing covering 50–60% of development funding.