WEST WITS MINING LIMITED — Investor Presentation 2019

Nov 20, 2019

Main heading West Wits Mining Limited

(ASX: WWI)

“ Transforming world class mineral resources into Gold ”

Investor Presentation November 2019

Disclaimer

This presentation may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements.

These factors include, among other things, commercial and other risks associated with estimation of resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to the Company or not currently considered material by the Company.

West Wits accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information.

Competent Person

The information in this announcement that relates to Exploration Results from South Africa is based on information compiled by Hermanus Berhardus Swart, a Competent Person who is a Professional Natural Scientist registered with South African Council for Natural Scientific Professions accredited (No. 400101/00) and a Fellow of the Geological Society of South Africa, each of which is a “Recognised Professional Organisation” (RPO) that is included in a list that is posted on the ASX website from time to time. Hermanus Berhardus Swart is employed by Dunrose Trading 186 (PTY) Ltd trading as Shango Solutions, which provides services as geological consultants to the Company. Hermanus Berhardus Swart has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Hermanus Berhardus Swart consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Dr Andrew J. Tunks MAIG

The peer review of the South African results was undertaken by Dr. Andrew Tunks and represents an accurate representation of the available data. Dr. Tunks (Member Australian Institute Geoscientists) is a consultant to the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Tunks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Investment Highlights Main heading

1. Strategic landholding in the Paterson Range, Western Australia – exploration license has been granted and the Company has planned a program to begin immediately

2. Gold Project – the Company has a JORC resource of 3.65m oz at 3.4g/t in the Rand Belt, South Africa.

3. Mining Right - in final stages of approval (1Q 2020), the Company will complete feasibility studies by 3Q 2020 and project execution set to commence 4Q 2020

4. Production – WBP expected to be able to produce 60,000oz pa by 2024 with further growth. Easily accessible ore will allow low CAPEX start-up and reduces peak funding requirement

5. Experience board and management – small, experienced team with low corporate overheads who can deliver a project to oversee contractor mining

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Corporate & Market Overview Main heading

• ➢ Gold Price hit 6-year high at USD 1,515/oz

• ➢ Devalued SA currency against USD improves profitability

• ➢ Continued investment by Board & Management

• ➢ DRD Gold Ltd holds 6% with Board representation

• ➢ Tight shareholding Top 20, Board & Management holding ~50%

Capital Structure	Capital Structure
Shares on Issue	922m
Options ($0.05 & various dates)	54m
Market Cap ($0.005 @ 06/11/2019)	A$4.6m
Cash (@ 31/10/2019)	A$770k
Enterprise Value (EV)	A$3.8m
EV/oz	A$1.05
Major Shareholders
Top 20	47%
Board & Management	9%

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Experienced and Successful Team Main heading

Jac van Heerden CEO – WW SA

Mining Engineer (MBA) with over 20 years of operations and project experience in South Africa, DRC and Zimbabwe. His experience has been gained on both underground and open pit mines with a focus Gold, Platinum and Base Metals. Jac was President of ERG Africa copper / cobalt mine overseeing 3,800 personnel prior to joining WWI.

Michael Quinert Executive Chairman

Over 30 years experience as a commercial lawyer, including three years with ASX and over 20 years as a partner in a Melbourne law firm. He has extensive experience in assisting and advising publicly listed mining companies and currently Non-Exec. Director of First Au Ltd.

Dr Andrew Tunks Non-Exec Chairman

PhD in Geology with over 30-years experience in the mining industry. Managing Director of Meteoric Resources (MEI), prior to that he was CEO of Auroch Minerals and has been involved in several gold and a uranium discovery.

Niel Pretorius Non-Exec Chairman

CEO of DRD Gold Limited – South Africa’s largest tailings processer with a market capitalisation of approx. A$500m (JSE:DRD). SA’s largest gold producer, Sibanye Stillwater, took a 38% stake in DRD in 2018 with a 2-year option to further increase stake to 51%.

Hulme Scholes Non-Exec Chairman

One of South Africa’s top legal professionals, specialising in mining and mineral law for over 30 years. Hulme clients include Tier 1 Miners Sibanye and South32 as well as advising Southern African Governments on the development of mine charters.

Mt Cecelia – Commence Exploration Main heading

• ➢ 100% owned - EL granted May 2019

➢ Sits along a significant boundary (Vines Fault) in a region that includes major discoveries such as Telfer Au-Cu (Newcrest), Nifty Cu (Metals X), Winu (Rio Tinto) and Rumble Resources (RTR) Braeside Project)

• ➢ Carawine Resources (CWX) announced RIO / CWX $6M FARM-IN at neighbouring Baton Project (28[th] October 2019)

• ➢ Rio Tinto’s (RIO) surrounding EL’s granted with aeromagnetic survey currently being completed

• ➢ Mt Cecelia Exploration Program being finalised ❑ Aeromagnetic survey ❑ VTEM Survey

• ❑ Ground Gravity Survey ❑ Drill ready targets CY2020

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Source: Company data
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Central Rand Goldfields Main heading

• ➢ Worlds biggest gold deposits, produced over 35% of global production, over 247 Moz of Au

• ➢ Central Rand Goldfield has produced WWI’s Witwatersrand Basin Project (WBP)

• ❑ Produced 41 Moz at ~5g/t

• ❑ Still significant areas of new ground underexplored by previous mining

• ➢ Current JORC Resource of 3.65 Moz at 3.4 g/t with a planned infill drill program to increase resource by 600k oz – 1 Moz (CY2020)

• ➢ Mining Right approval – 1Q 2020

• ➢ Finalise PFS / BFS studies (post MR approval) ➢ Project commencement 4Q 2020

• ➢ 60,000oz production pa by 2024 and increasing

WWI 3.65Moz JORC Resource and Kimberley East Target Main heading

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Category Ore Tonnes (Mt) Grade g/t Au Ounces Au
Measured 12 3.65 1,420,000
Indicated 9.1 3.37 988,000
Measured & Indicated 21.1 3.55 2,408,000
Inferred 12.8 3 1,240,000
Total 33.9 3.4 3,648,000
Source: ASX Release 27 [th] September 2019
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Kimberley East Underground Target – Pay Shoot Model
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• ➢ Majority Measured & Indicated – 66% of 3.65Moz

• ➢ Global MRE for West Wits @ 2g/t cut-off

• ➢ Significant Exploration Target between:

• ❑ 600,000oz - 6.5M tonnes @ 3.0g/t

• ❑ 1,000,000oz - 8.0M tonnes @ 4.0g/t

• ➢ Historic JORC Resource (1998) was 12.8M oz Au*

• ➢ Kimberley East underground target has a defined & robust resource

• ❑ 12.4MT @ 3.1g/t for 1.25Moz (2g/t cut-off)

• ❑ 2.7MT @ 5g/t for 450Koz (3.5/t cut-off)

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Channel / Pay Shoot
Overbank
Inferred resource & drilling
target area
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• ➢ Mine Planning of Kimberley East Underground Target advanced, targeting the high-grade pay shoots (red highlights)

• ➢ Further drilling planned of the inferred resource and exploration target to bring it into measured / indicated categories and highlight further areas of high-grade pay shoots

• (ASX Release 6 8[th] Dec 2017 / ** ASX Release 31[st] August 2018)

Mine Development – LOW CAPEX Main heading

• ➢ Low CAPEX due to existing infrastructure

Bird Reef Central - Circular Shaft

Main & South Reef – 6 Shaft

• ➢ NO PLANT - excess capacity in the region

• ❑ Harmony Gold Doornkop plant - 10km

• ❑ Sibanye Ezulwini plant - 45km

• ➢ Multiple targets allowing staged development program to manage CAPEX and de-risk the project as it grows to full-scale production

• ➢ Existing Adit requires minimal CAPEX and provides access to ore bodies via trackless haulage for early production

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Harmony’s Doornkop Mine - 5km
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Bird Reef East - 11 Shaft

Kimberley East - Qala Adit - Qala Shaft

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Historical Milestones & Route to Growth Main heading

• ➢ 488,000oz Au added to JORC ➢ Mt Cecelia ➢ WBP MR Application

• ➢ 1.88Moz Au added Resource Exploration Finalised

• to JORC Resource License granted

• ➢ Acquisition of Mt Cecelia Project ➢ WBP Mining Right (MR) application submitted ➢ 600,000-1Moz Exploration Target declared ➢ $665k raised in SPP & Placement ➢ WBP MR Scoping Report submitted ➢ $730k raised in Placement

• 4Q 2017DEC 20171Q 2018 JUNE 20182Q 2018 3Q 2018DEC 2018 4Q 2018 JUNE 20191Q 2019 2Q 2019DEC 2019 3Q 2019

MAR 2020 JUNE 2020

4Q 2019 1Q 2020

2Q 2020

SEP 2020

3Q 2020

DEC 2020

MAR 2021 2024

1Q 2021 2Q 2021

3Q 2021

• ➢ MR Granted ➢ Mt Cecelia field ➢ Increase WBP ➢ PFS completed ➢ Commence ➢ 60,000oz pa plus ➢ Commence drilling work: mapping & aero-mag survey Global JORC Resource of Kimberley East Target Phase 1 of WBP Mining Operation gold production of Kimberley East target – ➢ Mt Cecelia drill exploration target targets identified & inferred resource

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WWI vs Select ASX peers Main heading

Undervalued Relative to Peers

ASX-listed Explorers by Resource Size

Company	ASX Code	Resources (M'oz)	Grade (g/t Au)	MV / Resource (A$/oz)*	Market Cap (A$'m)
Cardinal Resources Ltd	CDV	6.99	1.13	$26.5	$185.2
Theta Gold Mines	TGM	6.03	4.18	$11.6	$69.9
West Wits Mining Ltd	WWI	3.65	3.40	$1.3	$4.6
Gold Road Resources Ltd	GOR	3.31	1.32	$311.2	$1,030.0
West African Resources Ltd	WAF	3.09	1.74	$136.6	$422.2
Tanami Gold NL	TAM	2.75	2.80	$18.8	$51.7
Bellevue Gold Ltd	BGL	1.90	9.20	$163.5	$310.6
De GreyMiningLtd	DEG	1.68	1.80	$32.4	$54.4
Ausgold Ltd	AUC	1.04	1.29	$12.2	$12.7
Breaker Resources NL	BRB	0.98	1.30	$71.2	$69.8
Horizon Minerals Ltd	HRZ	0.67	2.00	$80.2	$53.5
Artemis Resources Ltd	ARV	0.390	1.33	$74.2	$29.0
PATERSON PROVINCE PEERS
Rumble Resources Ltd	RTR				$29.0
Caraw ine Resources Ltd	CWX				$15.7
Sipa Resources Ltd	SRI				$11.1
AIC Mines Ltd	A1M				$18.2

Source: Company data / *MV – “ASX Market Capitalisation at 05/11/2019”

2020 NEWS FLOW AND PRICE CATALYSTS

Commence Mining Operations

Mt Cecelia exploration

Resource Upgrade

Mining Right Granted

Feasibility Study

results

OPPORTUNITY FOR SIGNIFICANT GROWTH

• ➢ WWI $1.3/oz a fraction of peers

• ➢ JORC Resource 3.65Moz in Top Quartile

• ➢ Resource grade 3.4g/t in Top Quartile

• ➢ Similar stage of development to South African peer TGM – Market Cap $69.9m

• ➢ Market Cap of $4.6m

• ❑ South African project offers material near-term value & not priced in

• ❑ Exciting early stage exploration opportunity in Paterson Province about to kick-off

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Investment Conclusion Main heading

TRANSFORM FROM A MICRO-CAP EXPLORER TO SMALL TO MID-TIER OPERATOR

• ➢ Objective 1 – Enhance the value of Mt Cecilia, Paterson Province

• ❑ Commence an exploration campaign, mapping & aero mag surveys from 1Q 2020

• ❑ Drill program to begin CY 2020

• ➢ Objective 2 – Establish Mining Operation in Witwatersrand Basin, South Africa

• ❑ Obtain Mining Right (MR) - 1Q 2020

• ❑ Complete Kimberley East PFS and declare results - 3Q 2020

• ❑ Commence Phase 1 of Mining Operation at Kimberley East – 4Q 2020

• ❑ Produce 60,000oz pa - 2024

• ➢ Objective 3 – Increase Mineral Resource

• ❑ Commence with infill drilling in South Africa – 1Q 2020

• ❑ Obtain new exploration rights in Africa and Australia – 3Q 2021

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Appendix 1: BEE Structure Main heading

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West Wits Mining Ltd
(ASX: WWI)
Lilitha (BEE Group) 10% 90%
West Wits Mining SA (Pty) Ltd
26%
74%
West Wits MLI (Pty) Ltd
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• ➢ West Wits’ South African projects are 33.4% owned by the Black Equity Empowerment partner, Lilitha

• ➢ The ownership structure provides that West Wits’ SA Project is “over-empowered”, surpassing SA’s Mining Charter requirement of 26% and the slated 30% in the current Draft Mining Charter proposal

• ➢ BEE partner, Lilitha, plays an active part in SA activities and has been instrumental in WBP’s development phase & small-scale production

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Corporate Contact Main heading

Simon Whyte Chief Financial Officer

Ph: +61 459 797 101 E: swhyte@westwitsmining.com

West Wits Mining Level 6, 400 Collins Street Melbourne, Victoria 3000