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 completed the 1 West Decline development, and broken through into the 2 Level mining horizon, providing first access to unmined ore within the historical underground workings.

The 1 West Decline forms part of a planned optimisation of the original mine plan and is specifically designed to accelerate payback, improve capital efficiency and further strengthen the overall project business case.

West Wits has continued to advance underground rehabilitation and production-readiness activities, including support rehabilitation in the main decline, underground water management initiatives and the establishment of additional operational flexibility within the mine plan.

The operational focus remains on increasing underground development rates and establishing sustainable production conditions as the company advances towards steady-state operations.

Meanwhile, West Wits has extended the timeframe for completing an updated scoping study by a month, to the end of July, owing to the company's strategic decision to broaden the study's scope and assess multiple development pathways across the WBP, of which Qala Shallows is the flagship development.

The expanded study is expected to evaluate three to four potential development scenarios, including the construction of a standalone processing plant; the use of third-party processing infrastructure through strategic partnerships; and the potential integration of additional ore sources and future mining areas beyond the current Qala Shallows mine plan.

The company reports that Qala Shallows is fully mobilised, with ore production ramping up from underground workings. Commissioned site infrastructure includes power, ventilation, water, LHDs and drill rigs. West Wits is continuing to build up plant, equipment and labour to support increasing ore deliveries to Sibanye-Stillwater’s Ezulwini plant.

The company has also secured a complete funding pathway to steady-state production and is advancing Project 200, an independent scoping study aimed at assessing a potential expansion pathway towards about 200 000 oz/y across the broader WBP. The Project 200 study is being undertaken by Bara Consulting, with completion targeted for June 2026.

The wider WBP growth profile has been strengthened by the February 2026 mineral resource update to 7.24-million ounces, including a new prospecting right that added 1.2-million ounces at 4.38 g/t gold as a natural depth extension to Qala Shallows.

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.