WEST WITS MINING LIMITED — Interim / Quarterly Report 2017

Jul 30, 2017

ASX Announcement and Media Release Monday, 31 July 2017

ASX: WWI www.westwitsmining.com

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Fast Facts @ 31 July 2017 Capital Structure: Shares on issue 456 million Options 52 million Market Cap A$9.12 million Cash in Bank A$0.3 million Debt Nil Enterprise Value (EV) A$8.82 million EV/oz A$6.41/oz

Company Directors & Management

Michael Quinert Chairman Vin Savage Executive Director Neil Pretorius Non-Exec Director Hulme Scholes Non-Exec Director

Top Shareholders ≈
Twynam Ag	19.7%
DRD Gold Ltd	11%
Top 40 Shareholders	74%

Company Highlights

• South Africa

• near surface and underground targets

• o 1.217m oz JORC resource

• Measures: 302,000

• Indicated: 566,200

• Inferred: 349,400

• o Historic estimate of 12.8m oz at 4.6g/t o 31.8m ozs Au produced historically

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• Indonesia

• High grade placer deposit

• o Project show early stage similarities with discoveries inc; Porgera, Edie Creek, Wau

• Independent geologists believe source of nuggets likely to be local, based on the size and shape of the nuggets discovered

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Contact Details

West Wits Mining Limited ACN 124 894 060

Level 3, 62 Lygon Street Carlton VIC 3053 T: +61 3 8692 9049 F: +61 3 8692 9040

E: info@westwitsmining.com

Quarterly Activities Report

Highlights

South Africa

• Operations recommenced at the Sol Plaatje Project in late June

• Approximately 7,500 tonnes extracted in month of July and on track to reach optimal monthly production of 10,000 to 15,000 tonnes per month

• New mining contractor ALS Mining Proprietary Limited engaged to manage the operation of Sol Plaatje Project

• New processing agreement executed with Sibanye Gold Limited with first tonnes shipped last week

• Head grade from the pit continuing in line with expectations at circa 2 g/t au

• Under termination arrangement with former Head Contractor West Wits is to be repaid working capital committed to SPP plus all outstanding ore payments anticipated to total approx. $200,000

Indonesia

• Process continues for balance of tenement to be approved for clear and clean status

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”).

Since temporarily suspending operations at the SPP, the Company’s goal had been to engage with quality contractors in order to recommence the SPP. To that end West Wits was delighted to announce it had engaged ALS Mining Proprietary Limited (“ALS”) as the key contractor to undertake operations at SPP. Several expressions of interest and tenders were received. ALS was chosen because of its extensive track record in demonstrating the capacity and expertise to handle complete open pit mining contracts in hard rock environments. Reference checks undertaken all verified ALS as a competent contractor of high integrity. The scope of works on which the tender was based calls for monthly production of up to 15,000 tonnes reef ore. Achievement of this tonnage rate will meet the requirements of the SPP mine plan and deliver steady revenue.

W: www.westwitsmining.com

• 2 -

Following engagement of ALS operations recommenced at SPP on 20 June. Since recommencement over 7,400 tonnes of ore have been extracted, put through a primary crusher and then stockpiled pending completion of a new processing agreement. From a standing start the production rate for this month is nearing a higher monthly production than the Company achieved within any month under its previous arrangements.

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Figure 1. Truck entering pit 1 at SPP

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Figure 2. Ore being removed from Pit 1

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Figure 3. SPP ore being fed into mobile crusher

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Figure 4. Stockpiled SPP ore ready for shipment

Since the quarters end West Wits announced it has executed a term sheet with Sibanye Gold Limited (“Sibanye”) for the processing of reef material through the Ezulwini Gold Process Plant. Under the agreement West Wits will truck ore from SPP to the nearby Ezulwini plant approx. 40kms away. The Company was delighted with the outcome as it had assessed a number of proposals. Whilst it has taken a number of months to be executed, to now have a company of Sibanye’s industry standing processing West Wits ore is an excellent result.

Under the agreement West Wits will ship 5,000 – 10,000 tonnes from SPP on a trial basis for the month of August as logistics still need to be refined. Ore will be processed on a simple cost recovery and profit share model. The Ezulwini plant only requires ore crushed to 200mm which significantly reduces crushing costs for West Wits. Furthermore, the overall cost structure at Ezulwini is substantially below the costs which were charged by the previous processor used for SPP ore.

• 3 -

Following a successful outcome of the trial a formal agreement will be concluded which will contain the terms and conditions provided for in the term sheet and include a minimum 12 month term with an option to renew for a further 12 months, at the election of Sibanye.

SPP is the first of a planned pipeline of 5-6 surface opportunities across the Soweto Cluster. The Company is targeting a number of near surface opportunities as part of its strategy to expand its existing 1.374 Moz Mineral Resource Estimate (above depth of 400m) of the Soweto Cluster (Table 2). The development of a number of surface opportunities will provide cashflow to allow the Company to further expand its JORC statement from 1.374 Mozs au as well as develop a larger mine plan with the aim of sustaining the production of 100,000 ozs per annum for a minimum 10 years.

Soweto Cluster Gold Project – Global Mineral Resource Estimate – 2 g/t cut-off	Soweto Cluster Gold Project – Global Mineral Resource Estimate – 2 g/t cut-off	Soweto Cluster Gold Project – Global Mineral Resource Estimate – 2 g/t cut-off	Soweto Cluster Gold Project – Global Mineral Resource Estimate – 2 g/t cut-off
Category	Tonnes Millions	Grade g/t Au	Ounces Au
Measured	2.21	4.25	302,300
Indicated	5.6	3.3	592,500
Measured & Indicated	7.81	3.57	894,800
Inferred	4.9	3.1	489,000
Total	12.7	3.38	1,374,000

The table above shows the global mineral resource estimate for the Soweto Project within JORC 2012 Code reported at a 2.0 g/t cut-off. Number differences may occur due to rounding errors. Refer original report “Gold Mineral Resource for Sol Plaatje”, competent person H B Swart ASX release 14[th] September 2016. The Company is not aware of any new information or data that materially affects the information included in the announcement and confirms that all material assumptions and technical parameters underpinning that estimate continue to apply and have not materially changed. The form and context in which the Competent Persons findings are presented have not materially changed.”

West Wits is also continuing its discussions with Mintails regarding the finalisation of amounts due to it from the previous operations at SPP. The Company is nearing a resolution to the outstanding settlement but is preserving its rights until settlement. West Wits does anticipate a resolution in the current quarter.

Indonesia

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

On 9 April 2017, West Wits reported it has received confirmation that a substantial portion of the tenements (IUP’s) for the Company’s Derewo River Gold Project (“Derewo”), situated in Papua Province, Indonesia, have been listed as recommended for “clear and clean” status on List 24 published by the Ministry of Energy and Mineral Resources of Indonesia.

This development was a significant step and attributable to the efforts of our Indonesian partner. The Company remains confident that it is on track to deliver Derewo as a secure mining and exploration project. The IUP’s recommended for clear and clean comprise 4 IUP’s which cover approximately 87,500 hectares of the total tenement position of approximately 127,000 hectares.

• 4 -

During the quarter our partner continued to focus on delivering the balance of its tenement position into Clear and Clean status. This includes the 40 hectare production IUP where the alluvial project is located. We remain very confident this will be rectified through a boundary re alignment which it is now pursuing on behalf of PTMQ.

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 June 2017

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 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	162 (159) - - - (187) - - - - - -	486 (531) - - - (603) - 2 - - - 80
	(184)	(566)
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 2016

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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 (12 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	8 - - - - - -	8 - - - - - -
	8	8
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	340 (184) 8 - 1	724 (566) 8 - (1)
	165	165

• See chapter 19 for defined terms 1 September 2016

Page 2

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)	165	340
	165	340

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

7.	Payments to related entities of the entity and their	Current quarter
	associates	$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

	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 2016

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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			100 - - - 150 -
			250
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] July 2017 (Director/Company secretary)

Print name: Michael Quinert

• See chapter 19 for defined terms 1 September 2016

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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 2016

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