West Wits Mining (WWI) Q1 2027 TU earnings summary

Executive summary

• Qala Shallows advanced toward primary production, with underground development accelerating, surface infrastructure 61% complete and the project fully funded to steady-state production following a post-quarter debt drawdown.

• Stoping is scheduled to start in February 2027; commercial production is targeted for Q4 2027 and a steady-state rate of 70,000oz p.a. in Q1 2029.

Financial highlights

• Cash and cash equivalents were A$17.1M at 30 September 2026, down from A$32.145M at 30 June; cash rose to ~A$36M on 7 October after the second debt drawdown.

• Q1 net operating cash use was A$1.963M; investing cash use was A$11.763M and financing cash use was A$1.484M.

• Quarter expenditure included ~A$10.5M for Qala Shallows infrastructure, mine development, operations and maintenance, plus ~A$1.2M for two permanent diesel generators.

Outlook and guidance

• Recovered gold production forecast: 10,000–15,000oz in 2027, 42,500oz in 2028 and 70,000oz in 2029; primary stoping production is scheduled from February 2027.

• Milestones: critical surface infrastructure complete Q3 2027, commercial production Q4 2027 and steady-state production rate of 70,000oz p.a. in Q1 2029.

• Development rates are expected to keep accelerating through 2027 to support the production ramp-up; steady-state capacity is ~840,000t of ore p.a.