West Wits Mining (WWI) Q4 2025 TU earnings summary

Executive summary

• Secured a ZAR 875 million (USD 50 million) senior syndicated loan facility, covering 55% of project funding for Qala Shallows, with milestone-based drawdowns and repayments over 36 months starting 24 months after first drawdown.

• Updated Definitive Feasibility Study (DFS) for Qala Shallows shows improved economics: free cash flow of USD 983M (up 88%), post-tax NPV7.5 of USD 500M (up 97%), and post-tax IRR of 81%.

• Mobilisation at Qala Shallows commenced, with all major supplier contracts executed and key equipment delivered to site.

• Equity placement raised approximately AUD 14 million, supporting operations, a 10% buyback in West Wits SA Pty Ltd, and working capital.

Financial highlights

• Qala Shallows projected to produce 944,000oz gold over 16.8 years at an AISC of USD 1,289/oz; steady-state production of 70,000oz/year at AISC of USD 1,181/oz.

• Total revenue for Qala Shallows updated to USD 2.7 billion, with LOM free cash flow of USD 983M.

• Peak funding requirement reduced to USD 44M over 2.6 years, with an 8-month payback period from end of peak funding.

• Cash and cash equivalents at quarter end: AUD 12.1 million.

Outlook and guidance

• Focus on delivering updated DFS and Mineral Resource Estimate at a gold price of USD 2,850/oz.

• Targeting completion of project finance package, finalising mobilisation, and achieving first ore production and gold pour in the next 6–12 months.

• Ramp-up to steady-state production of 70,000oz/year over a 12-year mine life planned for 2026/2027.