West Wits Mining (WWI) Investor update summary

Production ramp-up

• Recovered gold forecast at 10,000–15,000 oz in 2027, 42,500 oz in 2028 and 70,000 oz in 2029; steady-state production is targeted for Q1 2029.

• First primary, high-grade stoping is scheduled for February 2027; development ounces remain secondary to building access and infrastructure.

• Ramp-up is non-linear, requiring six half-levels for sustainable steady-state production; capacity is ~840,000 tonnes of ore per year.

Development and infrastructure

• Underground development reached 1,150m by end-September 2026: 513m of reef development and 637m of waste development; September advance was a record 200m, against a 600m/month target for 2027.

• The 1 West Decline connected to the historic 2 Level area on 21 May 2026, opening access to unmined stopes; Level 4 access is expected to start opening in Q1 2027.

• Surface infrastructure was 61% complete at end-September 2026, with critical works targeted for Q3 2027; the haulage road is complete and handed over.

• 2.5MW backup generators were scheduled for commissioning in October 2026; bulk power connection is planned for early 2027, following City Power technical adjudication.

Funding

• Funding includes a R875M (~A$76M) senior debt facility, R150M (~A$13M) working-capital facility and R90M (~A$8M) cost-overrun debt facility; a R57M (~A$5M) cost-overrun equity facility is also available.

• The second senior debt drawdown of R236M (~A$21M) was received after cost-to-complete and covenant testing; R575M (~A$50M) of senior debt had been drawn, with R300M (~A$26M) available.

• The project is fully funded to steady-state production; management does not currently expect to draw the working-capital or cost-overrun facilities and said it does not intend to raise equity for Qala Shallows.