WEST WITS MINING LIMITED — Capital/Financing Update 2021

Sep 16, 2021

ASX Announcement and Media Release 17 September 2021

ASX Announcement and Media Release Friday, 17 September 2021

West Wits Takes Step to Reinstate Resources at Witwatersrand Basin Project, South Africa

HIGHLIGHTS

• The Department of Mineral Resources & Energy (“DMRE”) accepts WWI’s application for a new prospecting right at the Witwatersrand Basin Project (“WBP”)

• On completion of compliance requirements, WWI would reinstate a substantial proportion of Mineral Resources to the WBP’s current global Mineral Resource Estimate (“MRE”) of 3.55Moz at 4.26 g/t Au[1]

Commenting on the prospecting permit application acceptance, West Wits Managing Director Jac

van Heerden, said: “ We are confident that we will be able to comply with the prospecting right compliance requirements, upon which we will reinstate substantial resources to our Qala Shallows and Deeps areas of the WBP which were reduced on the grant of our mining right in July[2] . ”

West Wits Mining Limited ( ASX: WWI ) (“ West Wits ” or “ the Company ”) announces that the DMRE has formally accepted the Company’s application to commence with the process of obtaining a new prospecting right to the south of the recently granted mining right[2] at the WBP.

The Figure below outlines the granted mining right boundary which replaces the previous prospecting right boundary. The new prospecting right, when granted, will re-introduce areas of long-term interest.

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Mining Right
Area (Blue)
New Prospecting Right
Area (Yellow)
Old Prospecting Right
Area (Red)
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ASX Announcement and Media Release 17 September 2021

The Company’s next steps include the submission of an environmental management plan, as well as a prospecting works plan to the DMRE as part of the standard application process.

The Company anticipates that, subject to the granting of the new prospecting right, a significant portion of the old resource which was restated to reflect the smaller surface area on grant of the mining right would be re-introduced into the global MRE for the WBP.

Background

The WBP deposit forms part of the Central Rand Goldfield hosted by the Witwatersrand Supergroup strata. The Central Rand Goldfield is situated immediately to the south of Johannesburg and has been host to one of the most extensive gold deposits in the world.

Upon granting of the mining right the global MRE was reduced and restated at 25.91Mt @ 4.26g/t for 3.55Moz Au (2g/t cut-off) on 23 July 2021 ( Table 1 ), allowing for the reduced mining right tenement footprint compared to the previous prospecting right area.

Table 1: Current Global MRE for the Witwatersrand Basin Project (2.0g/T Cut-Off)

MRE Category	Tonnes(M)	Grade(g/t Au)	Ounces
Measured	4.91	4.33	683,000
Indicated	12.70	3.84	1,570,000
Measured & Indicated	17.61	3.98	2,253,000
Inferred	8.31	4.86	1,298,000
Total	25.91	4.26	3,551,000

Notes: Reported in accordance with the JORC Code of 2012. Number differences may occur due to rounding errors.

As soon as the Company’s prospecting right has been granted by the DMRE, work will commence to re-introduce the additional resources to the MRE

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:

Ryan Batros Investor Relations ryan@alces.com.au +61 (0) 472 658 777 info@westwitsmining.com

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ASX Announcement and Media Release 17 September 2021

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[1] . 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[6] . 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 “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.

2. WWI ASX Release 20/07/2021 “ Mining Right Granted at Witwatersrand Basin Project ”

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