West Wits Mining (WWI) H2 2025 earnings summary

Executive summary

• Achieved major milestones including securing project funding, key management hires, and transitioning to on-ground mobilisation at Qala Shallows, with production targeted for FY26.

• Strengthened financial position with a ZAR 875 million (~A$76m) senior syndicated facility and a US$12.5m Nebari loan, plus A$34m in equity funding.

• Released an updated DFS for Qala Shallows, nearly doubling post-tax NPV to US$500M and IRR to 81%, extending steady-state production to 12 years.

• Increased ownership of the Witwatersrand Basin Project (WBP) to 74% after a 10% minority buy-back.

Financial highlights

• Loss after income tax for FY25 was $3.68 million, compared to $1.79 million in FY24.

• Total assets increased to $43.4 million from $28.2 million year-over-year.

• Equity attributable to owners rose to $45.3 million from $32.5 million.

• Cash and cash equivalents at year-end were $12.2 million, up from $1.4 million.

• No dividends declared or paid.

Outlook and guidance

• Targeting first gold pour in Q1 2026, ramping up to 70,000oz annual steady-state production for 12 years.

• Ongoing focus on maintaining schedule, converting stockpiles, and expanding resource and permitting base.

• Strategic review underway to accelerate development of additional WBP opportunities.