WEST WITS MINING LIMITED — Capital/Financing Update 2021

Oct 11, 2021

ASX Announcement and Media Release 12 October 2021

ASX Announcement and Media Release Tuesday, 12 October 2021

Early Mining Initiative Commences at

the WBP’s Qala Shallows – Production to Begin February 2022

HIGHLIGHTS

• ➢ Operations at Qala Shallows Early Mining Initiative commenced in September 2021

• ➢ Early Mining Initiative aims to produce 5,000t - 8,500t ore per month from February 2022

• ➢ Material to be mined in the Early Mining Initiative is additional to Qala Shallow production targets stated in the formal mining plan detailed in the DFS

• ➢ Appointment of local mining contractor, Modi Mining (Pty) Ltd, with extensive underground mining experience and certified Black Economic Empowerment (“BEE”) delivering on the Company’s mission to support local employment

• ➢ Toll Treating agreement reached with AIM-listed African gold recovery services company Goldplat plc (AIM: GDP) for production from Early Mining Initiative

West Wits Mining Limited ( ASX: WWI ) (“ West Wits ” or “ the Company ”) is pleased to provide the outline for its Early Mining Initiative at the Qala Shallows area, within the Witwatersrand Basin Project (“ WBP ”), located on the Kimberly Reef package in the Witwatersrand Basin, South Africa. The Early Mining Initiative will utilise remnant material that remained in shallow areas and was ready for extraction when the old mine closed some 20 years ago. This material is not part of the formal mining plan as described in the recent Definitive Feasibility Study (“ DFS ”) released for Qala Shallows and is therefore, additional to those production targets.

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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 small mining footprint at the previously existing developed stopes of Qala Shallows, aiming to produce first ore in February next year. We are very happy to be announcing that Modi Mining and Goldplat will join us as our project development partners, with regards to the mining and processing respectively.”

***

Ground operations commenced at the Qala Shallows in September, with bush clearing, site preparation and underground technical surveys. Information gathered on underground inspections has confirmed there is sufficient run of mine remnant material left over from the old mining operations to kick start WWI’s Early Mining Initiative at Qala Shallows. First ore is estimated to be delivered to toll treating partner Goldplat in Q1 2022.

Luvuyo Jafta , West Wits’ General Manager, was interviewed about the Early Mining Initiative. Interested persons may view the video here.

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ASX Announcement and Media Release 12 October 2021

Image 1: Qala Shallows Site Preparation

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EARLY MINING INITIATIVE OVERVIEW

The Early Mining Initiative seeks to exploit remnant ore left in situ on the cessation of the previous mine and is not part of the formal WBP Production Profile released in August 2021[1] . Early works are being implemented over a six-month period from October 2021 to March 2022, with initial production aimed at delivering 5,000t to 8,500t ore per month from February 2022 which is expected to ramp up to a production rate of 8,500 to 10,000t per month from July 2022.

The ore from this Early Mining Initiative is additional to the tonnes outlined in the Qala Shallows DFS. The formal mining plan under the DFS is planned to ramp up to 30,000t per month within 30 months from commencement and reach 50,000 to 55,000 oz per annum steady state production within four years[2] . Ultimately, the WBP is forecast to yield 1.56-million ounces of gold over a 22-year mine life, with output over 18 years of this period averaging 80 000 oz pa to 90 000 oz pa[1] .

CONTRACTOR APPOINTMENT

West Wits executed an extensive procurement process in conjunction with completion of the Qala Shallows DFS. Multiple local mining contractors were assessed with Modi Mining (Pty) Ltd identified as the preferred partner.

The Early Mining Initiative was included in the scope of works for mining contract which includes, but is not limited to, site establishment, box cut rehabilitation, decline rehabilitation, underground ore and waste mining. After a comprehensive review and negotiations, Modi Mining was awarded the mining contract which will bring the WBP into production. Modi Mining has extensive experience in project development and continuous operations having worked extensively for prominent producers.

PROCESSING PLANT

Further to the appointment of the Mining Contractor, WWI has also concluded negotiations with Goldplat to provide toll treating services. AIM-listed Goldplat is a gold recovery services company with two processing operations in South Africa and Ghana. Goldplat has been engaged to provide West Wits with a dedicated circuit for processing of tonnage from the Early Mining Initiative and handle the delivery of the dore bars to Rand Refineries for refining and ultimately, the sale of the gold.

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ASX Announcement and Media Release 12 October 2021

QALA SHALLOWS EARLY MINING PHASES

Phase 1: Bush Clearing and Preparation (September 2021)

Through West Wits’ program to empower the local community, Siyabhowa-Humba JV, was appointed to initiate bush clearance and undertake site preparation to ensure early access for the appointed mining contractor. Image 1 shows an aerial view of the preparation progress on the site.

Activities included:

• Bush clearance, including tree and stumps cutting

• Stockpiling of cut trees

• Dozing and grading of the area, carting away all pickings to designated areas as per environmental requirements

• Site dust suppression

Siyabhowa-Humba JV will establish an early service of potable water supply from Rand Water in Johannesburg.

Phase 2: Mineral Resource Management Team’s Underground Inspection (September 2021)

A Technical Services team ( Images 2 and 3 ) has been appointed through a tender process, with specialist appointments including:

• Mine, Health, Safety and Environmental Management: Augustferd Safety Consultancy t/a R&S Assessments

• Ventilation Services: Umoya VOHE Solutions

• Rock Engineering: Middindi Consulting (Pty) Ltd.

• Survey, Planning and Sampling: Salaria (Pty) Ltd.

• Geology and Exploration: Dedicated appointed West Wits team.

Image 2: Technical Team Site Inspection at the Qala Adit

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The team performed underground technical inspections in September 2021, as authorised by the Department of Minerals Resources and Energy (“ DMRE ”). The team will continue to conduct geological

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ASX Announcement and Media Release 12 October 2021

and geotechnical sampling, including mapping, and all underground working observations are being recorded.

Image 3: Technical Team Underground Inspection

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Phase 3: Site Layout and Surface Infrastructure (October – January 2022)

West Wits’ project team and all relevant engineering specialists are well on track with a rigorous schedule to establish site infrastructure, including:

• Perimeter Fence Installation

• Power Supply Infrastructure

• Potable Water Supply

• Service Water Supply

• Diesel and Engineering Stores

• Office and Ablution Facilities; Parking, Workshops, Lamp Rooms, etc.

Phase 4: Box Cut Rehabilitation, Adit Brow Support and Decline Widening (October 2021 – January 2022)

The Qala Shallows Early Mining Initiative requires the rehabilitation of the existing box cut to support the adit brow and enlarging the existing decline to a size that will support mine entrance and future ore hauling to surface using trackless vehicles. All work is scheduled as per the requirements of the Geotechnical and Mines Health and Safety Regulator, to ensure a permanent one-off solution for the entire Life-of-Mine. The work is anticipated to be completed by mid-January and will facilitate a suitable underground production ramp-up.

The work entails:

• Surveying old existing workings: profiling decline; accessing winze development and old stopes

• Equipping, cleaning and constructing roadways

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ASX Announcement and Media Release 12 October 2021

• Installing primary and secondary support guided by risk assessments and standard operating procedures

• Purchasing and renting mining equipment, drill rig, utility vehicle, LHD and dump truck

The Technical Team and Mining Contractor meet regularly to take advantage of every new mining data update, with the single purpose of ensuring that the Early Mining Initiative mining plan will be in position to produce between 5,000t to 8,500t ROM ore per month from February 2022.

Approved for release by the Company’s Managing Director.

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Jac van Heerden Managing Director West Wits Mining Limited

For further information contact:

Victoria Humphries / Peter Taylor Investor Relations victoria@nwrcommunciations.com.au / peter@nwrcommunications.com.au info@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 3.55Moz gold project at 4.26g/t[3] . 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[4] . 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.

1. The original report was “ DFS Delivers Strong Results on 1st Stage of WBP Development ” which was issued with consent of Competent Persons Mr. Andrew Pooley. The report was released to the ASX on 02 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. The form and context in which the Competent Person’s findings are presented have not been materially modified.

2. The original report was “ Restated JORC Resource of 3.55Moz Au for Mining Right ” which was issued with consent of Competent Persons Mr. Hermanus Berhardus Swart. The report was released to the ASX on 23 July 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. The form and context in which the Competent Person’s findings are presented have not been materially modified.

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

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