West Wits Mining (WWI) Investor presentation summary

Strategic project overview

• Developing a long-life underground gold mine in the Witwatersrand Basin, South Africa, with first gold production targeted for March 2026 and a 17-year life of mine for the Qala Shallows stage.

• Holds a 74% interest in the Witwatersrand Basin Project, with a 26% BEE partner, and a resource base of 7.24Moz at 4.0g/t Au, making it South Africa's first new underground gold mine in 15 years.

• Project is fully funded to steady-state production, with a cash balance of A$50.7M, senior debt facilities, and institutional support including a A$10M cornerstone investment.

• Toll treatment agreement in place with Sibanye-Stillwater's Ezulwini Plant for ore processing.

• Additional growth potential from new prospecting rights and a secondary asset in Western Australia.

Project economics and resource base

• Updated DFS (July 2025) shows a post-tax NPV of US$500M, IRR of 81%, and payback in 8 months at US$2,850/oz gold price.

• Life of mine revenue projected at US$2.7B, with free cash flow of US$983M over 17 years.

• Ore reserves for Qala Shallows stand at 4.6Mt at 2.60g/t for 384koz gold, with a run-of-mine inventory of 1.03Moz at 3.0g/t.

• Global JORC Mineral Resource Estimate as of February 2026: 7.24Moz at 4.0g/t Au, with 55% classified as Measured & Indicated.

• Recent prospecting right adds 1.2Moz at 4.38g/t Au, extending the Qala Shallows mine.

Operational progress and development

• Qala Shallows fully mobilized, with underground ore production commenced and site infrastructure operational.

• Building a 30,000t ore stockpile for processing at Ezulwini Plant starting March 2026.

• Steady-state production targeted at 70,000oz per annum for 12 years.

• Ongoing underground drilling to convert resources to reserves as decline development progresses.

• Project 200 planning underway to potentially increase production capacity to 200,000oz per annum.