West Wits Mining (WWI) Q2 2026 TU earnings summary

Executive summary

• Advanced Qala Shallows from mobilisation to underground development and production, with first ore delivered to surface in October 2025 and stockpiling underway.

• Officially opened Qala Shallows, South Africa's first new underground gold mine in 15 years, in December 2025.

• Secured US$12.5M from Nebari facility and completed a A$33.74M institutional equity placement post-quarter, fully funding the project through to steady-state production.

• Granted a new Prospecting Right (PR 10839) adjacent to the existing Mining Right, supporting future expansion.

• Workforce expanded to over 120, with plans to reach 1,000 at steady-state production.

Financial highlights

• Ended the quarter with A$22.2M in cash and cash equivalents, up from A$16.6M in the previous quarter.

• Net cash used in operating activities was A$8.4M for the quarter.

• Net cash used in investing activities was A$4.4M, including A$4.3M for underground mining equipment.

• Net cash from financing activities was A$18.8M, including proceeds from borrowings and equity issues.

• Payments to related parties totaled A$607K for the quarter.

Outlook and guidance

• First gold pour targeted for March 2026, with 30,000 tonnes of ore to be processed at Sibanye-Stillwater's Ezulwini Plant.

• Continued ramp-up of main decline development and mechanised mining operations planned for Q1 2026.

• Ongoing exploration and growth initiatives across the Witwatersrand Basin Project, including Project 200 and BRC Uranium target.