West Wits Mining Limited has received Investment Committee-approved terms for a US$12.5 million loan facility from Nebari Natural Resources Credit Fund II LP to fund the development of its Qala Shallows Gold Project in South Africa. This funding marks a critical milestone for Stage 1 of the Witwatersrand Basin Project (WBP).
The Loan Facility is subject to the finalisation of definitive documentation and satisfaction of customary conditions precedent. Drafting of the loan documents is already well progressed toward execution.
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Key highlights:
- US$12.5 million (A$19 million) loan facility approved (Tranche 1).
- Scalable funding up to US$35 million with two additional tranches (US$12.5M and US$10M), subject to further Nebari approval and conditions.
- Funding structured to protect shareholder value, with flexibility to access an existing ZAR 875 million (approx. US$50M) South African bank facility.
- First gold pour targeted for Q1 2026.
- Marks the beginning of a long-term strategic partnership with Nebari.
Justin Anderson, Managing Director of Nebari, said: “Nebari is pleased to partner with West Wits in the development of the Qala Shallows Gold Project. With its strong fundamentals and near-term gold production, this partnership represents an exceptional opportunity, and we look forward to contributing to the delivery of its value.”
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Rudi Deysel, Managing Director & CEO of West Wits Mining, added: “Securing credit approval from Nebari, a highly experienced financier to the mining sector, for this significant financing package is a major milestone for West Wits and underscores the strong fundamentals of the Qala Shallows project. With mobilisation well underway and the first gold pour targeted for Q1 2026 under the DFS execution plan, securing this funding package will provide a clear pathway to deliver on our production goals.
“We are delighted at the prospective partnership with Nebari, whose support validates the quality of our asset and our development strategy. This facility has been carefully structured to protect shareholder value while providing maximum flexibility, including the option to leverage our existing approved ZAR 875M (approx. USD 50M) South African bank facility if desired,” said Deysel.
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“This financing would not only strengthen our balance sheet but also position West Wits to unlock significant near-term value as we advance towards becoming a meaningful gold producer in the Witwatersrand Basin.”
Qala Shallows mobilisation progress
Mobilisation is underway at Qala Shallows. The newly secured funding will enable:
- Delivery of underground mining equipment (GST drill rigs and RHAM dump trucks), currently in production and scheduled for October 2025.
- Ore production and stockpiling ahead of first gold pour in Q1 2026.
- Ongoing collaboration with EPCM contractors on surface infrastructure to ramp up to 65,000 tonnes/month.
Mobilisation activities have progressed significantly, including:
- Commissioning of hydropower drilling systems for safer and more efficient underground development.
- Deployment of new power packs.
- Geo- and geotechnical drilling to confirm ground conditions and optimise decline development timelines.
The agreed term sheet follows an extensive technical and legal due diligence process by Nebari, reflecting growing confidence in the project’s viability and value. Final legal documentation and execution authorities are being finalised, with financial close expected soon.
The partnership with Nebari provides West Wits with both the financial strength and flexibility to execute on its development strategy and deliver on its transition to gold production in 2026.