WEST WITS MINING LIMITED — Interim / Quarterly Report 2018

Oct 30, 2017

ASX Announcement and Media Release

Tuesday, 31 October 2017

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Quarterly Activities Report

Highlights South Africa

• Since production recommenced in late June at the Sol Plaatje Project (SPP), the weekly average high-grade ore processed has increased to 3,500 tonnes during October (from 1,588 tonnes in August) with over 14,000 tonnes processed in the last four weeks

• To date 33,000 tonnes of high grade ore had been processed at the Ezulwini Gold Plant

• At the current rate of production, which is near the targeted maximum, cashflow from SPP could range from A$200- 260k/month (West Wits share 60%)

• Moving forward, West Wits believes it can rapidly scale up production from the Witwatersrand Basin project utilising internally generated cashflow

Australia

• The acquisition of the Mt Cecelia project further complements the existing portfolio with a highly prospective conglomerate gold asset in the Pilbara region

Review of Operations

South Africa

Soweto Cluster Gold Project, Central Rand (WWI: 66.6%)

West Wits Mining Limited (ASX:WWI) (“ the Company ” or “ West Wits ”) continued to focus on the development of the Sol Plaatje Project (“SPP”) which is located within the Soweto Cluster Gold Project, Johannesburg, South Africa (“Soweto Cluster”).

The Company was delighted to report excellent progress and significantly improved productivity achieved at this project over the previous quarter, especially within the last four weeks. For further details, please refer to the ASX release made by West Wits on 30[th] October 2017.

Indonesia

Alluvial Project (WWI:29%) & Exploration Project (WWI:64%), Papua Province

Since the last market update (refer 2017 Annual report), the Company has continued to rely on the business alliance with an Indonesian group to achieve security of tenure and occupation at the Derewo River Gold Project. There have been no material developments since the detailed overview in the 2017 Annual Report that was released last month.

Australia

Mt Cecelia Project, WA (WWI:100%)

On 25th October 2017, West Wits announced its acquisition of 100% equity interest in Northern Reserves Pty Ltd (“NRPL”). NRPL’s primary asset is the 224 sq km Mt Cecelia project area in the eastern Pilbara which is prospective for conglomerate gold mineralisation as it is on the Lower Fortescue Group, according to the Geological Survey of Western Australia. Not only does this purchase complement the existing portfolio held by West Wits, its geology characteristics are also consistent with the current SPP in South Africa, on which the team has had significant experience and exposure.

Corporate

To provide working capital for the new Australian project, at Mt Cecilia the Company announced its plan to raise capital including an initial placement and a share purchase plan to raise a total of $1,750,000. Further details on the project and the proposed capital raising can be found in the Company’s ASX release made on 25[th] October 2017.

For And On Behalf Of the Board

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Michael Quinert Chairman West Wits Mining Limited

Interests in Mining Tenements

Tenements	Location	Held at end of Quarter	Acquired during the quarter	Disposed during the quarter
GP183PR	Underground rights - Soweto Cluster, West Rand, South Africa **	66.6%*	-	-
Production IUP – NO. 47/2010	Paniai Regency, Indonesia	29%*	-	-
Exploration IUP – NO. 76/2010	Paniai , Indonesia	64%*	-	-
Exploration IUP – NO.31/2010	Intan Jaya, Indonesia	64%*	-	-
Exploration IUP – NO. 543/142/SET	Nabire, Indonesia	64%*	-	-

• Minority positions are held by local parties in compliance with local legislation in relation to foreign ownership and

mineral and production rights.

** Rights are subject to an appeal for reinstatement

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

WEST WITS MINING LIMITED (ASX: WWI)

ABN

Quarter ended (“current quarter”)

89 124 894 060 30 September 2017

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (Reimbursement of Exploration Cost) 1.9 Net cash from / (used in) operating activities	1,474 (19) - (1,239) - (144) - - - - - -	1,474 (19) - (1,239) - (144) - - - - - -
	72	72
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	- - - -	- - - -

• See chapter 19 for defined terms 1 September 2017

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - -	- - - - - - -
	-	-
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - - - - - - - -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	165 72 - - (11)	165 72 - - (11)
	226	226

• See chapter 19 for defined terms 1 September 2017

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	226	165
	226	165
6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 - 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
		Current quarter $A'000
		-
		-
7. Payments to related entities of the entity and their associates Current quarter $A'000 7.1 Aggregate amount of payments to these parties included in item 1.2 - 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2
		Current quarter $A'000
		-
		-

	8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other (please specify) - - 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-

• See chapter 19 for defined terms 1 September 2017

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

9. Estimated cash outflows for next quarter	9. Estimated cash outflows for next quarter	9. Estimated cash outflows for next quarter	$A’000	$A’000	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows			1,300 - - - 150 -
			1,450
10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest		Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced	-	-		-	-
10.2 Interests in mining tenements and petroleum tenements acquired or increased	-	-		-	-

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

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Sign here: ............................................................ Date: 31[st] October 2017 (Director/ ~~Company secretary~~ )

Print name: Michael Quinert

• See chapter 19 for defined terms 1 September 2017

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. See chapter 19 for defined terms 1 September 2017

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