West Wits Mining (WWI) H2 2025 earnings summary

Executive summary

• Achieved major milestones including securing ZAR 875M (~A$76M) senior syndicated project facility and post-year-end US$12.5M Nebari loan, plus A$34M in equity funding, strengthening financial position and enabling Qala Shallows mobilisation.

• Updated DFS for Qala Shallows nearly doubled post-tax NPV to US$500M, IRR of 81%, and extended steady-state production to 12 years at 70,000oz/year.

• Management strengthened with new CEO/MD and key hires; focus shifts to execution and production ramp-up in FY26.

Financial highlights

• Loss after tax: $3.27M (2024: $1.68M); basic loss per share: (0.13)c (2024: (0.07)c).

• Cash and cash equivalents: $12.15M (2024: $1.41M); total assets: $43.42M (2024: $28.23M).

• Equity raised: $14.1M via placement, $1.38M from convertible notes, and $284K for services.

• Borrowings: $932K current, $714K non-current; convertible notes issued and converted during the year.

Outlook and guidance

• Targeting first gold pour at Qala Shallows in Q1 2026, ramping to 70,000oz/year steady-state by 2028.

• Ongoing stockpiling and ore deliveries to Ezulwini Processing Plant; focus on maintaining schedule and transparent progress updates.

• Strategic review underway to accelerate development of additional WBP reefs and long-term production targets.