West Wits Mining (WWI) Q1 2026 TU earnings summary

Executive summary

• Achieved first underground ore production at Qala Shallows, marking transition to operating gold company in the Witwatersrand Basin and advancing the project toward becoming a leading gold producer.

• Major infrastructure commissioned, including haul road, drill rig, and LHD unit; stockpiles and production increasing monthly toward first gold pour targeted for Q1 2026.

• Strengthened management and board, increased project ownership to 74% via 10% buy-back, and launched enterprise and youth development programs.

• Confident in securing key Prospecting Rights before year-end, with ongoing engagement with authorities and local communities.

• Regular operational updates planned at key milestones to maintain transparency and shareholder confidence.

Financial highlights

• Updated DFS projects US$2.7B revenue, US$983M free cash flow, post-tax NPV (7.5%) of US$500M, and 81% IRR, with payback in 8 months from end of peak funding.

• Q3 cash and cash equivalents at A$16.6M; net cash from financing activities A$17M; net cash used in operating activities A$3.7M.

• A$17.7M equity placement and US$12.5M Nebari loan facility completed, fully funding to first gold production.

• 41.25M options exercised, raising A$982k; convertible notes and short-term loans converted to equity.

Outlook and guidance

• Fully funded to first gold pour in Q1 2026 and ramp-up to steady-state production, targeting 30,000 tons stockpile by March.

• Project 200 aims to increase annual production from 70,000 oz to 200,000 oz, requiring additional infrastructure and feasibility studies.

• Mobilization for uranium drilling set for next year, with feasibility work to follow resource definition.