Name of the Project
Witwatersrand Basin Project (WBP) – Qala Shallows.

Location
Gauteng, South Africa, west of the Johannesburg CBD, within the Central Rand Goldfield.

Project Owner/s
West Wits Mining, through West Wits. West Wits holds 74%, with a 26% black economic-empowerment partner shareholding.

Project Description
Qala Shallows is Stage 1 of West Wits’ WBP. The project is an underground gold mine and is fully funded and in development.

The updated definitive feasibility study (DFS), completed by Bara Consulting in July 2025, confirms Qala Shallows as a long-life gold project with a 17-year life-of-mine and total forecast gold production of 944 000 oz.

The current Joint Ore Reserves Committee- (Jorc-) compliant ore reserve is 4.6-million tonnes grading 2.60 g/t gold for 383 934 oz. The run-of-mine inventory totals 10.7-million tonnes grading 2.98 g/t gold for 1.026-million ounces, inclusive of ore reserves.

The wider WBP global Jorc mineral resource estimate, updated as at February 1, 2026, is 56.44-million tonnes grading 4.00 g/t gold for 7.24-million ounces. This comprises 14.08-million tonnes at 4.40 g/t for 1.99-million ounces measured, 15.55-million tonnes at 4.04 g/t for 2.02-million ounces indicated, and 26.81-million tonnes at 3.75 g/t for 3.23-million ounces inferred.

The WBP includes three distinct reef horizons: the Kimberley reef, Bird reef and Main reef. Qala Shallows is based on the Kimberley reef package, including the K9A and K9B reefs.

Ore is processed under a toll-treatment agreement with Sibanye-Stillwater’s Ezulwini plant.

Potential Job Creation
The site team is expected to reach more than 1 000 employees in Year 3 as production scales to more than 65 000 t a month. 

West Wits’ environmental, social and governance strategy includes local enterprise development initiatives, partnerships with community vendors for site catering and logistics, learnership programmes focused on skills development for local youth, and active engagement through local economic development forums across wards 40 to 45, 49, 70 and 127. The company’s sustainability approach is centred on safe operations, local procurement and community-driven impact.

Net Present Value/Internal Rate of Return
At a base-case gold price of $2 850/oz, the updated DFS estimates revenue of $2.7-billion, free cash flow of $983-million, an after-tax net present value of $500-million at a 7.5% discount rate, and an after-tax internal rate of return of 81%. Payback is estimated at eight months from the end of the funding period.

Capital Expenditure
Qala Shallows is fully funded to steady-state production. Funding includes a A$42-million cash balance as at March 20, 2026, a $12.5-million Nebari loan facility, and an executed senior debt syndicated loan facility of up to R875-million with two leading South African financial institutions.

Planned Start/End Date
First ore production was delivered in October 2025. West Wits achieved its maiden gold pour on March 17, 2026. The updated DFS outlines a 17-year life-of-mine.

Latest Developments
West Wits Mining has concluded definitive loan agreements within the financing package of the project.

The agreement completes its funding pathway to steady-state gold production.

The completion of the project finance package removes a significant execution risk and positions West Wits to accelerate the Qala Shallows ramp-up towards the targeted steady-state production rate of 70 000 oz/y of gold from the second quarter of 2028.

Financial services companies Absa, and Nedbank Corporate and Investment Banking, worked with West Wits on the current finance package, which comprises a R875-million senior loan facility, a R150-million working capital facility and a R90-million cost overrun debt facility.

The senior loan facility, announced in May, provides the core capital backbone. “The working capital facility and cost overrun debt facility . . . provide the commercial flexibility any operating mine requires – ensuring we can efficiently manage our working capital cycle and maintain financial resilience through the ramp-up phase,” West Wits CEO Rudi Deysel has said.

With the funding structure now complete and gold production under way, the focus is entirely on disciplined operational delivery – advancing underground development, increasing ore delivery rates to the Ezulwini processing plant and building toward steady-state production, he has noted.

Key Contracts, Suppliers and Consultants
Bara Consulting (DFS update and Project 200 scoping study); Sibanye-Stillwater (Ezulwini toll-treatment processing); Nebari (loan facility).Tribeca Investment Partners (A$10-million cornerstone placement).

Contact Details for Project Information
West Wits Mining investor relations Jessica Fertig, email ir@westwitsmining.com or info@westwitsmining.com.