West Wits Mining (WWI) Investor Presentation summary

Project overview and resource base

• Witwatersrand Basin Project (WBP) in South Africa holds a 5Moz gold resource, with 65% in measured and indicated categories.

• Qala Shallows, Stage 1 of WBP, has a 17-year life-of-mine plan targeting 944,000oz gold production.

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

• Global mineral resource estimate includes three main reef horizons: Kimberley, Bird, and Main Reef.

• WBP’s tenement area has grown from a historical 2.8Moz to over 5Moz under the 2012 JORC Code.

Financials and funding

• Qala Shallows DFS base case (US$2,850/oz gold) projects post-tax NPV7.5 of US$500M and IRR of 81%.

• Life-of-mine free cash flow estimated at US$983M, with AISC in the lowest quartile at US$1,289/oz.

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

• Senior debt facility of up to ZAR 875M (~US$50M) secured with leading South African banks.

• Market capitalisation at A$119M, with A$2.5M cash as of August 2025.

Production and development schedule

• First gold pour targeted for Q1 2026, with ramp-up to steady-state 70,000oz/year by 2028.

• Initial production will build a 30,000t ore stockpile, with deliveries to Sibanye-Stillwater’s plant.

• Mining plan uses trackless development and conventional stoping, with ore trucked 40km for toll processing.

• Underground drilling will convert resources to reserves as development progresses.

• Five development stages identified for WBP, with Qala Shallows as Stage 1.