WEST WITS MINING LIMITED — Capital/Financing Update 2021

Sep 9, 2021

ASX Announcement and Media Release 10 September 2021

ASX Announcement and Media Release Friday, 10 September 2021

Ground EM Survey Confirms High-Priority Targets at Mt Cecelia

HIGHLIGHTS

• Ground survey program carried out over high-priority Mt Cecelia targets completed

• MLTEM surveying confirmed that all four high-priority targets are related to legitimate bedrock conductors

• Further ground geological mapping and sampling programs to commence in September 2021

• Modelling of the MLTEM data has been completed to provide robust first-pass exploration drill targets anticipated to commence in 2022 field season

West Wits Mining (ASX: WWI, “West Wits” or “the Company”) is pleased to advise that the MLTEM ground exploration surveys carried out over the high-priority targets at the Company’s 100% owned Mt Cecelia Project, Western Australia, have successfully been completed.

West Wits Managing Director Jac van Heerden said: “ The completion of the MLTEM ground surveys pave the way for geological mapping and surface sampling programs which will conclude the 2021 field season before the northwest WA’s summer cyclone season. Once completed, the results from all of the programs carried out in the 2021 field program will be further analysed to clearly define our targets for the maiden drilling program to commence at Mt Cecelia in 2022 .”

Commenting on the MLTEM survey results, prominent consultant geophysicist Russell Mortimer said : “Recent MLTEM survey results/target outcomes, particularly for the SGC_1 target looks compelling with the bedrock conductor now confirmed as being discrete in nature, high conductance and highlighting a clear spatial correlation with a zone of de-magnetisation/magnetic source complexity.”

The Mt Cecelia Project is located on the border of the East Pilbara and Paterson Provinces of Western Australia and covers 225km[2 ] of highly prospective ground, strategically located adjacent to tenements held by Rio Tinto Ltd (ASX:RIO), Carawine Resources Ltd (CWX:ASX) and Rumble Resources Ltd (ASX:RTR). The Paterson Province region is host to several large mines/deposits and various styles of mineralisation, namely Cu (Nifty), Cu-Au (Winu, Havieron, Telfer), Pb-Zn (Warrabarty, Goosewhacker) and manganese deposits (Woodie Woodie). Figure 1 shows WWI’s Mt Cecelia Project in proximity to the other mines and recent discoveries in the area.

page i

ASX Announcement and Media Release 10 September 2021

Figure 1: Summary of Mines and Exploration Targets in close proximity to Mt Cecelia (company sourced)

==> picture [388 x 294] intentionally omitted <==

BACKGROUND

In September 2020, the SkyTEM Heliborne Electro-magnetic (“HEM”) survey results identified eight target areas with four deemed high priority[1] . The SKYTEM HEM survey successfully identified 132 anomalous responses that could be indicative of bedrock conductors. A number of discrete, primary anomalies were modelled using thin conductive plates and priority target areas for follow-up exploration were identified.

page ii

ASX Announcement and Media Release 10 September 2021

Figure 2: Eight SGC target zones (magenta) identified. Conductor axes marked by lines (bright red, yellow and blue) together with magnetic lineaments (brown) on SKYTEM CH15Z component image.

==> picture [265 x 305] intentionally omitted <==

Of primary interest was target SGC_1, given its discrete nature and relationship with local magnetic units/potential demagnetisation. Also localised, stronger anomalous responses within primary target areas SGC_2, SGC_3 and SGC_4 were earmarked for ground follow-up. Some of the defined conductors appeared to extend for many kilometres and are highly likely related to formational/ stratigraphic type conductors and therefore of secondary priority for future follow-up work. WWI then decided to embark on a MLTEM survey program in August 2021 to further refine the results from the SKYTEM program.

Mt Cecelia MLTEM Survey Results

The aim of the MLTEM surveying was to gain a better understanding of the priority bedrock conductors identified by the earlier SKYTEM surveying and associated technical interpretation by Southern Geoscience Consultants Pty Ltd (“SGC”), carried out in Q4 2020. Subsequent modelling and technical reporting of the MLTEM data has been completed by SGC, which combined with full analysis of results from the SKYTEM HEM survey, will assist in providing robust first-pass exploration drill targets for the Company’s maiden drilling program in 2022.

A total of 16 survey lines (158stns, 14.2kms) of MLTEM data were acquired at the four target prospect areas (SGC_1, SGC_2, SGC_3 and SGC4) defined in Figure 2 .

page iii

ASX Announcement and Media Release 10 September 2021

Figure 3: MLTEM surveying area showing the four high priority target areas

==> picture [307 x 326] intentionally omitted <==

MLTEM Targets and Modelling Outcomes

The MLTEM survey program was successfully completed in August 2021 where all four primary SKYTEM anomalies ( SGC_1; SGC_2; SGC_3 and SGC_4 ) were found to be related to legitimate bedrock related conductors. A summary of each of these conductors and related model outcome is provided below.

SGC_1 was classed the highest priority target defined via the SKYTEM survey given the clearly discrete nature of the anomalism and correlation with a zone of de-magnetisation in the local sequence[1] . Resultant MLTEM survey data has confirmed the presence of a strong, localised bedrock conductor as per Figure 4 in Appendix 1 . The conductor is situated either within a zone of local de-magnetisation or at the contact of a complex magnetic unit and represents an immediate drill target.

The other targets, SGC_2, SGC_3, SGC_4, are classed a second order type target as defined via the SKYTEM survey, given the larger conductor areal size and lower conductance levels. However, these conductors could still be of interest for significant base metals pending the local geological model. Resultant MLTEM survey data has confirmed the presence of a weak-moderate bedrock conductor as per Figures 5 - 7 in Appendix 1. It further shows that Targets SGC_2, SGC_3, SGC_4 appear to be along strike from each other.

page iv

ASX Announcement and Media Release 10 September 2021

The table below shows key results following the MLTEM survey.

Table 1: Key MLTEM Data with SGC_1 showing the highest conductance value which will also then be first

			priority for further exploration	priority for further exploration	priority for further exploration
Target	Conductance (S)	Depth to Top (m)	Strike Length (m)	Strike Direction	Depth Extent (m)	Dip & Direction	Priority
SGC_1	4000-5000+	100-125	~150-175	NNW-SSE	>300	75-80oNE/ENE dip	1
SGC_2	400-600	75-125	800+	NW-SE	>500	10-15oE dip	2
SGC_3	100-150	50-75	~400	NW-SE	350-400	25-30oNE	4
SGC_4	200-300	50-75	~>800	N-S/NNW- SSE strike	>800	15-20oE/SE	3

Access to the Drill Targets

The images below show the typical landscape encountered by the MLTEM teams during the survey period. All the sites were accessible with a 4x4 vehicle and smaller all-terrain vehicles.

Image 1: View of the landscape during a field trip in July 2021

==> picture [449 x 313] intentionally omitted <==

Following a field trip, specialist geophysics consultants Wireline Services Group (WSG), mobilised to site on 30 July 2021.

page v

ASX Announcement and Media Release 10 September 2021

Image 2: The WSG survey team in action laying survey cables at Target 1, the northern most target

==> picture [348 x 261] intentionally omitted <==

Image 3: The WSG survey team completing the Target 2 survey grid

==> picture [346 x 260] intentionally omitted <==

NEXT STEPS

West Wits is presently outlining a ground geological program that will further investigate the physical geology of all four targets identified. The program will utilise a well-experienced team of geological specialists from SRK Consulting to advance the geological research. The work will commence the second half of September 2021 and the outcome will support first pass exploration drill planning.

page vi

ASX Announcement and Media Release 10 September 2021

Approved for release by the Managing Director of West Wits Mining Limited.

==> picture [73 x 51] intentionally omitted <==

Jac Van Heerden

Managing Director

For further information contact:

Ryan Batros Victoria Humphries Investor Relations Investor Relations ryan@alces.com.au victoria@nwrcommunciaitions.com.au +61 (0) 472 658 777 +61 (0) 431 151 676

Otherwise, for further information visit: www.westwitsmining.com

Competent Person’s Statement – Exploration Results

The information presented herein that relates to results from the MLTEM survey is based on information compiled and reviewed by the Russell Mortimer, a Competent Person who is a Member of The Australian Institute of Geoscientists and fairly represents this information. Mr Mortimer has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mortimer is an independent Consultant Geophysicist at Southern Geoscience Consultants Pty Ltd and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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[2] . 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 surface6. 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. WWI ASX Release: “HEM Survey Identifies Eight Targets Areas at Mt Cecelia” on 16/12/2020

2. The information in this ASX release that relates to the Company’s Mineral Resource is extracted from and was originally reported in the Company’s ASX announcement “Restated JORC Resource of 3.55Moz Au for Mining Right” was released to ASX on 23 July 2021 and can be found on the Company’s website (https://westwitsmining.com/) or at www2.asx.com.au, the competent person being Mr Hermanus Berhardus Swart. The Company confirms that it is not aware of any new information or data that materially effects the information included in the relevant market announcement and that all material assumptions and technical parameter underpinning the estimate in that announcement continue to apply and have not materially changed. The Company confirms that the form & context in which the Competent Persons’ findings in relation to the Mineral Resource estimate are presented have not been materially modified from the original market announcement.

page vii

ASX Announcement and Media Release

10 September 2021

APPENDIX 1

Figure 4: SGC_1 MLTEM Refined Modelling > Model Conductor Plates and Proposed Target Drill Hole - CH35BZ (late channel) Imagery

==> picture [577 x 313] intentionally omitted <==

page viii

ASX Announcement and Media Release 10 September 2021

Figure 5: SGC_2 MLTEM Refined Modelling > Model Conductor Plates and Proposed Target Drill Hole - CH33BZ (late channel) Imagery

==> picture [689 x 373] intentionally omitted <==

page ix

ASX Announcement and Media Release 10 September 2021

Figure 6: SGC3 MLTEM Refined Modelling > Model Conductor Plates and Proposed Target Drill Hole - CH20BZ (mid-channel) Imagery

==> picture [689 x 373] intentionally omitted <==

page x

ASX Announcement and Media Release 10 September 2021

Figure 7: SGC4 MLTEM Refined Modelling > Model Conductor Plates and Proposed Target Drill Hole - CH30BZ (mid-late channel) Imagery

==> picture [689 x 373] intentionally omitted <==

page xi

ASX Announcement and Media Release 10 September 2021

APPENDIX 2

JORC Code, 2012 Edition – Table 1 report template

Section 1: Sampling Techniques and Data

Criteria

JORC Code explanation Commentary

Sampling techniques

• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Limited high-level exploration probing drilling as conducted by previous owners of the permit • MLTEM surveying efforts totalled 14.2 line km (16 lines, 158 stations), completed at 100-200m line spacing (primarily 200m), with NE-SW line orientation over four SKYTEM target prospects. • MLTEM B-field survey configuration/parameters: Configuration Inloop Receiver SMARTem24 Sensor EMIT SMARTfluxgate B-field (3D) Polarity Z+Up, X+ NE and Y+ NW Transmitter TTX2 - 100A/250V Loop Size 200 x 200m (single turn) Current ~90A Line Spacing 100-200m Stn Spacing100m Base Frequency1Hz Stacking 64stacks Readings 2-3 readings per station • MLTEM surveys are an industry standard practice in testing/confirming the presence of bedrock conductors representing potential well-developed, mineralised sulphide bodies

page xii

ASX Announcement and Media Release 10 September 2021

Criteria	JORC Code explanation Commentary
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Not relevant for MLTEM surveying
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Not relevant for MLTEM surveying
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length andpercentage of the relevant intersections logged. • Not relevant for MLTEM surveying
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second- half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • Not relevant for MLTEM surveying
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrationsfactors applied and their derivation, etc. • All digital data is inspected daily by the WSG survey crew and the Company’s consultant independent geophysicist • The Company received a daily report on production and of any equipment issues • The data was reviewed bythe Company’s consultantgeophysicist and any

page xiii

ASX Announcement and Media Release 10 September 2021

Criteria	JORC Code explanation Commentary
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. survey data was repeated if necessary • The data presented here is final data and has undergone complete processing by Southern Geoscience Consultants (SGC) • The Company’s consultant geophysicist has completed QA/QC of the data and advised that it is suitable for public release
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • Daily data was independently checked by Company’s geophysical consultant
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • Handheld GPS units were utilised for survey positioning and are deemed suitably accurate for the purposes of the MLTEM survey efforts • Coordinates presented are in GDA94 MGA Zone 51
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • Spacing between MLTEM survey lines was approximately 100-200m (primarily 200m), with instrument station readings taken 100m along the survey lines.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • The MLTEM survey line direction was completed approximately perpendicular to any known strike direction of geological formations / conductor strike directions
Sample security	• The measures taken to ensure sample security. • All data acquired by WSG was reported to the Company’s consultant geophysicist
Audits or reviews	• The results of any audits or reviews of sampling techniques and data. • The data was independently verified by the Company’s consultant geophysicist Russell Mortimer of Southern Geoscience Consultants

page xiv

ASX Announcement and Media Release

10 September 2021

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The new map interpretation occurred within tenement E45/5045, of which Northern Reserves Pty Limited holds a 100% controlling interest and is managed by West Wits Mining Limited. • Tenement is in good standing with the WA DMIRS • No native title interests and no known historical or environmentally sensitive areas were identified with the tenement areas flown
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties. Previous workers in the area include PGN Geoscience, Rumble Resources, Newcrest Mining, Great Sandy, Carawine Resources and Rio Tinto Exploration.
Geology	• Deposit type, geological setting and style of mineralisation. The majority of outcrop is identified as the Nimingarra Formation and comprises banded-iron formations, jaspilite, banded, ferruginous chert and black shales is intruded by syeno-granites - felsic intrusions which occur footwall to the intermediate to mafic, amygdaloidal basalts of the Kylena Formation. The initial interpretation suggests that a folded banded-iron sequence is juxtaposed by a series of steep structures. The magnetics further suggests a series of demagnetised zones internal to the BIF. The hypothesis is that these are likely host to potential orogenic gold mineralizing systems. The felsic intrusive units of the Warrawagine granitoid intrusive complex (AgWc) comprise medium to coarse-grained (porphyritic) monzogranites, syeno-granites (alkalic) and granodiorites. These intrusive units have been mapped at the margins of the BIF outcrop and are interpreted to have intruded into the footwall of the BIF sequence. The juxtaposition of a folded, faulted BIF sequence that is intruded by alkalic intrusions into a sequence containing reducing shale units, adjacent significant shear zones presents a both a structural, rheological and chemical/redox trap that is highly prospective for orogenic gold. According to literature cited in the report, the Kylena formation and Jeerinah formation are highly prospective for VMS (includes VHMS) deposits. Both of which occur in significant volumes within the tenement area. The Kylena comprises basalt, andesite, high-Mg basalts, rhyolites, basaltic agglomerates, grey carbonate rocks (dolomite?), stromatolites, sandstone, pillow basalt breccia,limestone and conglomerate. The Jeerinah formation comprises shale,

page xv

ASX Announcement and Media Release 10 September 2021

Criteria	JORC Code explanation Commentary
	sandstone, siltstone, mudstone, dolomite, local microbanded chert, jaspilite, conglomerate; fine-grained massive rhyolite; mafic tuff with local accretionary lapilli and agglomerate; thin basalt/dolerite and andesitic basalt flows. These formations represent effectively classic bimodal sequences and as such, presents a significant opportunity and considerable spatial extent for exploration across E45/5045.Mineralisation would be expected to be hosted within early graben and feeder structures that have been subsequently deformed and focused into low-strain environments including hinge positions, dilational sites etc. The Mount Cecelia tenement E45/5045 shows considerable upside potential for a Manganese opportunity. The Pinjian Chert Breccia formation comprises angular fragments of chert and layered chert in a siliceous matrix; locally rich in iron and manganese oxides giving the rock a black to dark-brown colour and semi metallic lustre. This formation is host to the economic Woodie Woodie Manganese deposit and numerous under-developed showings. Manganese deposits such as those locally related to the Baramine series of deposits ~8km to the south-west are highlighted hosted within a form-surface related to the synformally folded sequence of Pinjian Chert Breccia (PCB) units. Application of the resolution of structural controls to the E45/5045 tenement area suggests that the host horizon sequence is likely folded akin to the Baramine prospects. Thus, the upside potential for one or more economic deposits is highly likely with the expectation of a focus of economic quantities proximal to the hinge axial planar location.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • Historical drillhole information is not available to West Wits Mining.

page xvi

ASX Announcement and Media Release 10 September 2021

Criteria	JORC Code explanation Commentary
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • No drilling results are available to report.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • No drilling results are reported
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. • Appropriate maps and interpretive results are presented in the body of the announcement
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should bepracticed to avoid misleading reporting of Exploration Results. • No drilling results are reported
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • Earlier historical airborne surveys.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Bedrock conductor targets generated from the MLTEM survey, will be followed up first pass drill testing • Exploration is at an early stage and future work will depend on results of the first pass drill testing

page xvii