WEST WITS MINING LIMITED — Capital/Financing Update 2020

Sep 27, 2020

ASX Announcement (ASX: WWI)

Monday, 28[th] September 2020

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Heliborne Electro-magnetic Survey Identifies

Five Target Areas at Mt Cecelia Project

• SkyTEM’s Heliborne Electromagnetic Survey (“SkyTEM Survey” or “HEM”) operation has just been completed at 100% owned Mt Cecelia Project in the Paterson Province

• The SkyTEM Survey has delivered 1,205 line-kilometres across the entire 225km[2] tenement area at 200m spacing

• Five primary areas of potential bedrock anomalism were identified, resulting in 36kms of infill survey lines to provide localised 100m spacing

• HEM surveys have resulted in several significant discoveries in the Paterson Province region

• Mt Cecelia is located approx. 70kms to the east of Rio Tinto’s (“RIO”) WINU Project

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West Wits Managing Director Jac van Heerden said: “We are pleased to have kicked off West Wits’ field work in this highly prospective region of WA, which hosts Rio Tinto’s WINU and Greatland Gold’s Havieron discoveries, and has seen renewed interest from many explorers. SkyTEM’s completion of the HEM survey over the entire Mt Cecelia tenement will provide our geological team with important data to focus on drill target generation, having already identified areas of interest from the lithostructural desktop study. We look forward to receiving the results from the geophysics analysis and modelling of the data which is expected in late 4Q 2020.”

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West Wits Mining (ASX: WWI , ‘West Wits’ or ‘ the Company’ ) is pleased to announce it has completed an airborne electromagnetic survey at its Mt Cecelia Project in the Paterson Province of Western Australia.

The HEM survey follows West Wits’ local exploration team’s initial reconnaissance trip in July which determined access and supply stations for future exploration as well as provide observations of geological outcropping and other features. The field trip identified large areas of the tenement to be under sand cover, a common feature of the Paterson Province, which was a key motivator in commissioning the HEM survey.

SkyTEM is a world leader in the delivery of airborne electromagnetic (AEM), magnetic (Mag) and DTM data used in the determination of the value of mineral exploration, hydrological or geotechnical projects.

West Wits Mining Limited ABN 89 124 894 060 Level 3, 62 Lygon Street Carlton VIC 3053 Australia P +61 3 8692 9049 F +61 3 8692 9040 www.westwitsmining.com

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SkyTEM recently completed the helicopter-borne electromagnetic survey covering the entire 225km[2] tenement area, flying 1,205kms survey lines at 200m spacing and 30-50m above ground level.

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Figure 1: (left) SkyTEM begins HEM survey at West Wits’ Mt Cecelia project in the Paterson Province and (right) SkyTEM312HP B-Field HEM System specifications

West Wits engaged Southern Geoscience Consultants (SGC) to provide geophysical expertise, having worked closely with SkyTEM previously and being associated with successful discoveries in the Paterson Province over the past 20 years.

The preliminary data was received by SGC on a daily basis to independently assess the data quality / coherence (QA/QC) and check for localised potential bedrock anomalism. Five areas with potential anomalism were identified and resulted in a further 12 infill survey lines being completed, totalling an additional 36-line kms, to reduce the survey line spacing to 100m in these localised zones (Figure 2). The infill flying was able to further refine and highlight the central locations for defined anomalies.

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Figure 2: SKYTEM312HP B-Field HEM Surveying Completed at Mt Cecelia - Final Flightpath

The collected data will contribute critical information to our project reports and models and will primarily be utilised to:

• Determine the presence and depth of conductive bodies at depth

• Obtain detailed 3D lithological information, including faulting and folding, where present

• Provide geophysical input into the geological structural model over the area; and

• Assist in target definition for exploration drilling

Additional information that may be obtained from the HEM survey data includes:

• Delineation of geological boundaries and thickness variations of the underlying lithology, possibly identifying deeper seated zones of mineralisation and outlining of possible mineralisation traps; and

• Assist in improved understanding of major geological structures, which may act as barriers or possible conduits to mineralisation.

Final data processing efforts have commenced at SKYTEM with data deliverables due in late October. Final interpretation and enhanced processing will then be undertaken by SGC which is expected to be completed in 4Q 2020, identifying the high priority targets and guiding the next stage of

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exploration, which will be advanced in the Paterson Province region’s subsequent field season that commences in April 2021.

Regional Activity – East Pilbara and Paterson Province

WWI’s Mt Cecelia project is located approximately 150km ENE of Marble Bar, 150km NW of Telfer Mine, and 120km NNW of Nifty mine (aerial distance). The region is considered one of the country’s most prominent addresses for mineral exploration with several joint venture agreements being reached since RIO’s WINU discovery, approximately 70km east of Mt Cecelia, and AIM Listed Greatland Gold’s Haverion project east of Telfer (Figure 3).

RIO’s extensive 2018 pegging campaign included ELs covering more than 60% of Mt Cecelia’s border with its local interest increased through the $6m farm-in & joint venture agreement with Carawine Resources (ASX:CWX) to explore CWX’s Baton project[1] directly along strike to the SE of Mt Cecelia.

The Company signed an access deed with RIO in October 2019 allowing RIO to build tracks on the Mt Cecelia tenement area to access their surrounding tenements and was notified of airborne gravity surveys performed by RIO in 4Q2019, which flew over our Mt Cecelia ground, highlighting the proximity to regional exploration and the project’s prospectivity.

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Figure 3: Mt Cecelia (red) project location and overview exploration projects on the border of the Paterson Province & East Pilbara region of WA. (company sourced)

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Approved for release by the Managing Director,

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Jac van Heerden Managing Director West Wits Mining Limited

Investor Relations:

Ryan Batros on +61 472 658 777 Otherwise, for further information visit: www.westwitsmining.com

1. Carawine Resources ASX Release: “$6 Million Paterson Farm In With Rio Tinto” on 28/10/2019