WEST WITS MINING LIMITED — Capital/Financing Update 2022

Feb 20, 2022

ASX Announcement and Media Release 21 February 2022

First Ore Produced at

Witwatersrand Basin Project, South Africa

• West Wits Mining’s Witwatersrand Basin Project (WBP) is a major South African gold deposit with JORC MRE of 4.28m ounces @ 4.58g/t Au[1]

• The WBP has successfully produced its first ore and is enroute to becoming a large gold mine in South Africa, ultimately targeting production of up to 95,000oz per annum[2] The Early mining initiative will build-up to a production rate of 5,000 to 8,000 per month, while the project development continues

Jac van Heerden, Managing Director commented: “This is an historic moment for West Wits as we deliver our first ore from our Witwatersrand Basin Project. I must compliment the team, whom were able to establish the site, rehabilitate the box cut and the declines and access the ore in a safe manner, all in a space of four months. This has created the benchmark and an example of how the remainder of the larger project will be executed.

“I also wish to thank our shareholders for their continuing support. We look forward to keeping the market up to date with activities on the ground as we step into our new phase as a gold producer.”

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Photos 1-2 . First Ore coming out of the Witwatersrand Gold Project

West Wits Mining Limited ( ASX:WWI ) (“ WWI” or “ the Company” ) is pleased to announce the delivery of first ore from its key project under development, the Witwatersrand Basin Project ( WBP ), situated in the West Witwatersrand Basin goldfield of South Africa.

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The delivery of the first ore signals a major milestone for WWI as the Company progresses development of the newest gold mine to come online in South Africa, at a time when gold is trading at historic high prices.

Early Mining Initiative at Qala Shallows – Phase 1 of WBP

The Early Mining Initiative has been determined by WWI as an opportunity to establish a small-scale mining operation, with the objective to proof the designed mining method to mine areas already exposed at WBP. The ore tonnes from the Early Mining Initiative will supplement the tonnes from the larger mining operation, as described in the recent announcement following the completion of the Definitive Feasibility Study (DFS). The DFS reported a 17-year LOM project for the Stage 1 Qala Shallows alone and 7.3MT at 2.81g/t recovered grade for 663,000oz Recovered Gold for WBP’s initial stage[3] .

Surface Works commenced in September 2021, following the granting of the Mining Right. The underground mining contractor established site in October and commenced rehabilitation work on the box cut (mine entrance), the existing decline and a previously constructed ventilation shaft. The surface and rehabilitation works has created the platform for the Early Mining Initiative, as well as advancing the execution of the larger mining project. The early works are expected to produce 5,000t to 8,000t of ore while stage 1 of the larger project, Qala Shallows, will be building up to 53,000oz[3] per annum whilst production from the overall WBP once in full production is targeting 95,000oz[2] per annum.

Approved for release by the Company’s Managing Director

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Jac Van Heerden Managing Director

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

1. 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

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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.

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 “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 02/09/2021 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.