West Wits Mining (WWI) Investor Presentation summary

Investment highlights

• Witwatersrand Basin Project holds a significant 5Moz gold resource, with 65% in measured and indicated categories.

• Qala Shallows Stage 1 features a robust DFS with a 17-year mine life and steady-state production of 70,000oz/year for 12 years.

• Post-tax IRR of 81% and NPV7.5 of US$500M at US$2,850/oz gold price; AISC in the lowest quartile at US$1,289/oz.

• Project is fully licensed, with key supplier contracts secured and funding in place, including a ZAR 875M (~US$50M) senior debt facility.

• Cost-effective toll treatment agreement with Sibanye-Stillwater subsidiary for ore processing.

Financial and operational metrics

• Life-of-mine post-tax free cashflow projected at US$983M, with total revenue of US$2.7B.

• Peak funding requirement of US$44M, with an 8-month payback from end of peak funding period.

• Ore reserves stand at 4.6Mt at 2.6g/t for 384,000oz gold, representing 37% of mining inventory.

• Initial production targets a 30,000T ore stockpile, ramping up to 70,000oz/year at steady state.

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

Growth and development milestones

• Project finance package secured, with first gold pour targeted for Q1 2026.

• Early works completed, including surface infrastructure and underground access.

• Ownership increased to 74% via BEE buy-back; prospecting right application to extend project footprint.

• Steady-state production of 70,000oz/year expected from 2028 for 12 years.

• WBP Project 200 aims for significant growth, targeting 200,000oz gold per annum.