West Wits Mining (WWI) H2 2026 earnings summary

Executive summary

• Achieved first gold production at Qala Shallows in March 2026, producing 227oz by year-end, marking transition from developer to producer.

• Secured ZAR1.115 billion (~A$97m) project finance package with Absa and Nedbank, fully funding ramp-up to steady-state production.

• Expanded Witwatersrand Basin Project (WBP) Mineral Resource Estimate to 7.24Moz Au, a 2.2Moz increase year-over-year.

• Divested non-core Mt Cecelia Project to focus on WBP.

• Workforce grew to 431, with ongoing community and skills programs.

Financial highlights

• Revenue from gold sales: $197,000 (first production year).

• Net loss after tax: $9,977,000 (vs. $3,272,000 prior year), reflecting ramp-up costs and development expenses.

• Cash at year-end: $32.0 million.

• Total assets: $110.1 million; total liabilities: $31.8 million.

• No dividends declared.

Outlook and guidance

• Targeting steady-state production of ~70,000oz gold per annum by FY2028/29.

• Project 200 Scoping Study completed, assessing pathway to 200,000oz per annum; further studies and resource upgrades planned.

• Grid power connection expected early 2027 to reduce diesel reliance.