West Wits Mining (WWI) Investor presentation summary

Investment highlights

• First gold poured in March 2026, with Qala Shallows ramping up to 70,000 oz per annum steady-state production.

• DFS all-in sustaining cost (AISC) of US$1,289/oz versus spot gold above US$4,000/oz, supporting strong margins.

• Fully funded to steady-state with a ~A$97M Absa/Nedbank package and A$32M cash as of June 2026.

• 7.24Moz JORC Mineral Resource base underpins current and future growth.

• Bird Reef Central project adds uranium-gold exposure and further development optionality.

Operational progress and production profile

• Underground development and surface infrastructure are advancing, with 544m developed by June 2026.

• Workforce expanded to 431, targeting ~1,100 at steady state.

• 17-year mine life with a 70,000 oz p.a. steady-state plateau for about 10 years.

• Ramp-up phase underway, aiming for steady-state by Q1 2029.

• Ore Reserve of 384koz at 2.60g/t and Qala Shallows mining inventory of 1.03Moz at 3.0g/t.

Financial performance and outlook

• Life-of-mine revenue projected at US$2.7bn, with US$983M free cash flow and US$500M post-tax NPV7.5.

• Post-tax IRR of 81% at US$2,850/oz gold price; robust even at lower gold prices.

• 8-month payback period and 35% IRR at US$1,850/oz gold price.

• Cash margin of ~US$3,300/oz at current spot prices, with downside protection from put options.

• EV per MRE ounce at A$27/oz, indicating a potentially undervalued asset.