WEST WITS MINING LIMITED — Capital/Financing Update 2021

Dec 14, 2021

ASX Announcement and Media Release 15 December 2021

ASX Announcement and Media Release Wednesday, 15 December 2021

Early Mining Initiative at West Wits’ Qala Shallows on track

HIGHLIGHTS

• ➢ Stage 1 Qala Shallows on track for early production in February 2022

• ➢ Key site infrastructure completed; including diesel and power supply, potable and service water , security fences and offices

• ➢ Qala Adit box cut construction and rehabilitation, brow and adit support nearing completion

• ➢ Qala Shallows secondary access, 12E Winze Shaft, rehabilitation for early access completed allowing sampling and surveying of extended areas of underground workings

• ➢ Decline production equipment delivered and commissioned , including 10-tonne LoadHaul & Dump, Twin Boom Drill Rig and Utility Vehicle

Commenting on the Early Mining Initiative, West Wits Managing Director Jac van Heerden said: “The purpose of the Early Mining Initiative is to establish a mining footprint at the existing Qala Shallows, starting with the rehabilitation of the old Qala Adit box cut and decline. We remain on track with our set goal to extract between 5,000t and 8,500t per month starting in February 2022.”

West Wits Mining Limited ( ASX: WWI ) (“ West Wits ” or “ the Company ”) is pleased to report on progress made on the Early Mining Initiative at the Qala Shallows Project (stage 1 of the Witwatersrand Basin Project (“ WBP ”)), located on the Kimberly Reef package of the Witwatersrand Basin, South Africa. The Early Mining Initiative forms part of the first step in WBP’s Scoping Study Production Schedule released in August 2021[1] . The initiative is delivering on schedule with first ore earmarked for February 2022. The Company allocated an initial monthly production target of 5,000t to 8,500t Runof-Mine for the Qala Shallows Early Mining Initiative[2] , building to 50,000t ore per month[3] . The WBP is set to yield 1.56 million ounces of gold over a 22-year mine life, with output over 18 years of this period averaging 80,000oz to 90,000oz per annum[1] .

Watch the short video for a quick view of the site activities.

SITE ESTABLISHMENT AND SERVICE INFRASTRUCTURE

West Wits commissioned mining contractor Modi Mining (Pty) Ltd (“ Modi Mining ”) to execute the Early Mining Initiative’s activities and civil contractor Siyabhowa-Humba JV was appointed to supply and install surface bulk supply infrastructure to offices and underground workings. Image 1 showcases the project’s progress.

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ASX Announcement and Media Release 15 December 2021

Image 1: Qala Shallows Site Progress

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Activities Update

Completed

• ✓ Security fences; project offices; change houses; ablution; workshops; lamp room

• ✓ Potable and service water infrastructure

• ✓ Diesel supply infrastructure

• ✓ Power supply infrastructure

• ✓ 12E Winze rehabilitation for early access

• ✓ Break-test ramp

• ✓ Box cut road widening

• ✓ Anchor support

• ✓ First steel arches and long anchors

In progress

• Wire-mesh lacing with shotcreting - 90% complete

• Adit slyping and brow support - commenced

• Existing decline slyping and rehabilitation – complete February 2022

• Main decline breakaway - commence January 2022; ongoing

• First stoping panel – commence February 2022; ongoing

Operations update

All underground production equipment has been procured and is on site, including a 10-tonne LoadHaul & Dump (LHD), Twin Boom Drill Rig and Utility Vehicle for the slyping, support and construction of existing and future decline development. The Company’s technical services team has identified stoping panels for mining during the Early Mining Initiative, which ore is additional to the production plan recently outlined in Qala Shallows’ Definitive Feasibility Study[3] . In support of the stoping work, a 20-tonne Underground Dump Truck, 7-tonne LHD, Single Boom Drill Rig and stoping equipment has all been ordered and is scheduled for delivery in February 2022. Image 2 showcases the new equipment on site and image 3 displays work being done on the box cut.

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ASX Announcement and Media Release 15 December 2021

Image 2: Delivery of new equipment

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Image 3: Box cut rehabilitation

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ASX Announcement and Media Release 15 December 2021

Image 4 outlines the design of the underground workings at Qala Shallows.

Image 4: Underground work planned

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Underground surveys

During underground surveys, the technical services team collected a 150kg ore sample from the old workings accessible via the alleviated secondary shaft access 12E Winze, as well as in-situ ore from faces in the area. Initial test work indicates grades are in line with early works expectations and typical of Kimberly reef material.

The technical services team continually monitors rock engineering requirements, as well as ventilation designs, to ensure a safe mining environment for all employees and to employ sound operating procedures in accordance with the Mine, Health & Safety Act. Regular meetings are held to update the mining plan as more technical information become available.

Approved for release by the Company’s Managing Director.

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Jac van Heerden

Managing Director West Wits Mining Limited

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ASX Announcement and Media Release 15 December 2021

For further information contact: Australia

Victoria Humphries / Peter Taylor Investor Relations victoria@nwrcommunciations.com.au / peter@nwrcommunications.com.au

North America, Canada and UK

Jody Kane / Jonathan Paterson jody.kane@harboraccessllc.com / jonathan.paterson@harboraccessllc.com

General info@westwitsmining.com

www.westwitsmining.com

ABOUT WEST WITS MINING LIMITED

West Wits Mining Limited (ASX: WWI) is focused on the exploration, development and production of high value precious and base metals for the benefit of shareholders, communities and environments in which it operates. Witwatersrand Basin Project, located in the proven gold region of Central Rand Goldfield of South Africa, boasts a 4.28Moz gold project at 4.58 g/t Au[4] . The Witwatersrand Basin is a largely underground geological formation which surfaces in the Witwatersrand. It holds the world's largest known gold reserves and has produced over 1.5 billion ounces (over 40,000 metric tons), which represents about 22% of all the gold accounted for above the surface[5] . In Western Australia, WWI is exploring for gold and copper at the Mt Cecilia Project in a district that supports several world-class projects such as Woodie Woodie manganese mine, Nifty copper and Telfer gold/copper/silver mines.

1. The original report was “Scoping Study Results Highlight Potential for Long Mine Life” released to the ASX on 16 August 2021 and can be found on the Company’s website (https://westwitsmining.com/). The Company confirms that all material assumptions underpinning the production target in the WBP Scoping Study continue to apply and have not materially changed.

2. The original report was “Early Mining Initiative Commences at the WBP” released to the ASX on 12 October 2021 and can be found on the Company’s website (https://westwitsmining.com/).

3. The original report was “DFS Delivers Strong Results on 1st Stage of WBP Development” which was issued with consent of the Competent Person, Mr. Andrew Pooley. The report was released to the ASX on 2 September 2021 and can be found on the Company’s website (https://westwitsmining.com/). The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

4. The original report was “ WBP’s Global JORC Mineral Resource Expands by 724,000oz to 4.28MOZ at 4.58 g/t Gold ” which was issued with consent of Competent Person, Mrs Cecilia Hattingh. The report was released to the ASX on 3 December 2021 and can be found on the Company’s website (https://westwitsmining.com/). The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

5. Norman, N.; Whitfield, G. (2006) Geological Journeys. pp. 38–49, 60–61. Cape Town: Struik Publishers.

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