WEST WITS MINING LIMITED — Capital/Financing Update 2023

Jul 30, 2023

ASX Announcement and Media Release 31 July 2023

Placement Request Under Equity Placement Agreement

West Wits Mining Limited ( ASX: WWI ) ( OTCQB: WMWWF ) (“ West Wits ” or “ the Company ”) advises that it has today requested a placement of $922,804 (“ Placement Request ”) under the Equity Placement Agreement (“ Agreement ”) with SBC Global Investment Fund (“ Investor ”). Further details regarding the Agreement and the Investor were released to ASX on 27 May 2022.

The purchase price per share will be equal to the higher of 95% of the:

• (a) Average 7 daily Volume Weighted Average Price (VWAP) of Shares chosen by the Investor during the 30-day pricing period; or

• (b) Minimum price nominated by West Wits, being $0.015 (1.5 cents).

In accordance with the terms of the Agreement, the Company has issued the Investor 73,824,320 fully paid ordinary shares in connection with the Placement Request. These shares were issued under the placement capacity available to the Company under Listing Rule 7.1. An Appendix 2A for these shares and a cleansing notice were released to ASX at or about the time of this announcement.

The Company will also at closing of the placement (anticipated 11 September 2023) issue the Investor 5,000,000 options with an exercise price of 150% of the average 5 daily VWAPs for the 5 trading days immediately prior to closing of the placement and expiring 3 years from issue. An Appendix 3B in respect of these options was released to ASX at or about the time of this announcement.

Approved for release by the Company’s Chairman.

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Michael Quinert

Chairman West Wits Mining Limited

For further information contact:

Keith Middleton keith@middletoncorporate.com.au

General info@westwitsmining.com

www.westwitsmining.com

ABOUT WEST WITS MINING LIMITED

West Wits Mining Limited ( ASX: WWI ) ( OTCQB: WMWWF ) 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 4.58g/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. In Western Australia, WWI is exploring for gold and copper at the Mt Cecelia Project in a district that supports several world-class projects such as Woodie Woodie manganese mine, Nifty copper and Telfer gold/copper/silver mines.

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ASX Announcement and Media Release 31 July 2023

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 the 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/). Comprising 8.8MT at 4.60g/t for 1.449Moz measured, 11.3MT at 4.19g/t for 1.517Moz Indicated and 8MT at 5.10g/t for 1.309Moz inferred. 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.

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