West Wits Mining Limited has secured firm commitments to raise A$17.5 million (before costs) via a Placement to institutional, sophisticated, and professional investors, to accelerate development of the Qala Shallows project.

Highlights:

• $17.5 million capital raising secured: Strong demand from domestic and international institutional and professional investors underpins confidence in West Wits’ growth strategy.
• Deal terms: The Placement will issue 437.5 million new fully paid ordinary shares at A$0.04 per share, representing a 14.9% discount to the last close (A$0.047 on 10 September 2025).
• Funds will support mine development, operating and financing costs, and working capital to fast-track Qala Shallows into production.
• Combined with the ZAR875m (~US$50m) IDC/Absa facility and US$12.5m Nebari funding, this strengthens the balance sheet to support near-term production.

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Chairman Michael Quinert said: “This successful A$17.5 million placement represents another pivotal milestone for West Wits. The strong support from our investors allows us to accelerate development of the Qala Shallows project into production, with Stage One designed as a transformational step that positions the company as a long-life, sustainable gold producer in one of the world’s historic and prolific gold regions,” he said.

“Together with our recently secured funding facilities, West Wits is firmly placed to deliver on its growth strategy and unlock the full potential of the Witwatersrand Basin Project for shareholders.”

Next steps:

The funds acquired through the Placement, combined with current cash reserves and secured financing, are allocated for the advancement of the company’s Qala Shallows Project toward gold production. Specifically, these funds will be directed towards capital expenditure and associated contingency costs for the project’s development, operating expenditures, financing costs, and general working capital and corporate expenses.

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Stage One of the WBP project – Qala Shallow

• The Qala Shallows Definitive Feasibility Study includes a declared ore reserve of 4.6 Mt at 2.60 g/t for 383,934 oz Au, a ~17-year life-of-mine project for 944,000 oz, and a steady-state production of 70,000 oz per annum for 12 years.

• Qala Shallows’ DFS covers a 60% subsection of the scoping study area.

• Qala Shallows is the first of five West Wits project stages set to roll out at the Witwatersrand Basin. West Wits’ other WBP targets will be going through their own DFS processes.

• In October 2022, the company secured a toll treating agreement with Sibanye-Stillwater to process ore from Stage 1, Qala Shallows, of the WBP. The company plans to build up a stockpile of up to 30Kt and to start delivering ore to Sibanye-Stillwater at a constant rate of 15Kt -20kt per month before building up to 65Kt per month, with steady-state ore production (70,000 oz Au per annum) within three years.

Placement details:

• 437,500,000 shares at A$0.04 each
• Discount of:
  • 14.9% to last close (A$0.047)
  • 11.4% to 5-day VWAP (A$0.0451)
  • 2.4% to 10-day VWAP (A$0.0410)
• Issued under ASX Listing Rules 7.1 and 7.1A, shares rank equally with existing
• Settlement expected 18 Sept 2025, quotation on 19 Sept 2025

Treadstone Resource Partners acted as strategic and financial advisor and QR Lawyers acted as legal advisor to West Wits in relation to the Placement. Canaccord Genuity (Australia) Limited acted as Lead Manager and Bookrunner to the Placement and Evolution Capital Pty Ltd acted as Co-Manager to the Placement.