WEST WITS MINING LIMITED — Investor Presentation 2021

Sep 15, 2021

ASX Announcement and Media Release 16 September 2021

ASX Announcement and Media Release Thursday, 16 September 2021

Investor Webinar Presentation

West Wits Mining (ASX: WWI, “ West Wits ” or “ the Company ) is pleased to advise its participation in the ShareCafe Small Cap "Hidden Gems" Webinar, to be held Friday 17th of September 2021 from 12:30pm AEST / 10:30am AWST.

Managing Director Jac van Heerden will provide an overview of the Company’s Witwatersrand Basin Project located in the globally significant precious metals district in South Africa, as well as its Mt Cecilia Project in Western Australia’s emerging Paterson Province.

This webinar is able to be viewed live via Zoom and will provide viewers the opportunity to hear from, and engage with, a range of ASX-listed leading micro/mid cap companies.

To access further details of the event and to register at no cost, please copy and paste the following link into your internet browser:

https://us02web.zoom.us/webinar/register/5416151767246/WN_Ps5oHVEwQfua5ugSKHPKNQ

A recorded copy of the webinar will be made available following the event.

A copy of the investor presentation to be delivered during the webinar is attached.

Authorised for release by the Company Secretary of the Company.

For Further information please contact:

Ryan Batros Investor Relations ryan@alces.com.au +61 (0) 472 658 777 www.westwitsmining.com

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WWI Investor Presentation September 2021

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westwitsmining.com

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Witwatersrand Basin Project (WBP), S.A.
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Mt Cecelia Project, AUS
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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 West Wits Mining or not currently considered material by the company.

West Wits Mining 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 – Mineral Resources

The information in this report that relates to Mineral Resources and Exploration Results for the Witwatersrand Basin Project is based on and fairly represents information compiled by Mr Hermanus Berhardus Swart. Mr Swart is a Competent Person who is a Professional Natural Scientist registered with the South African Council for Natural Scientific Professions (No. 400101/00) and a Fellow of the Geological Society of South Africa, each of which is a “Recognised Professional Organisation” (RPO). Mr. 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.” The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form and context in which the Competent Person’s findings are presented have not been materially modified.

Competent Person – Ore Reserves

The information in this report which relates to Ore Reserves is based on, and fairly represents, information and supporting documentation compiled by Mr Andrew Pooley for Bara Consulting (Pty) Ltd. Mr Pooley is a Principal Mining Engineer and does not hold any shares in the company, either directly or indirectly. Mr Pooley is a Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM ID: 701458) 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”. The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form and context in which the Competent Person’s findings are presented have not been materially modified.

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Investor Snapshot

ASX-listed progressing strategic transformation as mid-tier gold producer in two premier regions

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South Africa, Witwatersrand Witwatersrand Basin Project (WBP)

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Western Australia, Eastern Pilbara Mt Cecelia Project

Significant resource: 3.55Moz JORC Mineral Resource @ 4.26g/t Au[2 ] ; 63% of MRE in Measured and Indicated categories; includes declared Ore Reserves

100% owned: Greenfield project

Five stages: Incremental development

Location : Highly prospective area in Paterson Province

Stage 1: Strong DFS[1] results at Qala Shallows

Potential for Early Mining: Aiming to produce approx. 5-8kt pm

CAPEX: Low due to historical mine works and planned toll processing; Competitive on AISC

Production Potential: Over 95,000 oz per annum[3 ] of which Stage 1 will deliver up to 55 000 oz per annum[1]

SkyTEM HEM survey : Eight exploration targets identified[5]

MLTEM survey : Four high-priority targets confirmed

Maiden drilling program : Planned for commencement in 2022

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Company Highlights

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DFS Results and Maiden Ore Reserve: Announced Sep-21: major milestones towards production and catalyst to re-rate WWI

Significant growth in share price over past year: underlines WWI’s potential; with market cap of A$70m still significantly below peers

Strong cash position: $6m

Tight Shareholding: Board and Management - 4.3%; Top 20 Holders - 41%

Fully empowered BEE ownership in SA

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Capital Structure
Shares on Issue	1.52b
Market Capitalisation6	A$70m
Cashas a 15/09/2021	A$6m
Enterprise Value (EV)	A$64m
JORC Mineral Resource Estimate2 (Gold) Mineral Resources include declared Ore Reserves	3.55Moz
EV/Oz	A$18
Listed Options70M @ $0.12 expiring 10/08/2022	70m
Unlisted Options (26M @ $0.05 Dec-22 & Jan-23 / 6M @ $0.012 expiring Dec-23)	32m
Performance Rights (Issued to Executive Team with various performance hurdles)	15.75m

Experienced and Successful Leadership

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Michael Quinert Chairman ASX-experienced commercial lawyer with extensive involvement in assisting and advising publicly listed mining companies

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Hulme Scholes
Non-Executive Director
One of SA’s top legal professionals
specialising in mining and mineral law
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Tozama Siwisa Head of Corporate Affairs MBA (BCom) with broad experience in leading transformation projects from development through to execution

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Luvuyo Jafta General Manager - Mining B-Tech. (Mine Engineering) with wealth of managerial and technical experience in resources companies

BOARD

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Jac van Heerden Managing Director Mining engineer (MBA) with operations and project experience in South Africa, DRC and Zimbabwe

MANAGEMENT

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Peter O’Malley Non-Executive Director US-based investment finance executive with wide-ranging experience advising on M&A, debt/equity transactions and capital optimisation strategies in multiple jurisdictions

Tim Chapman Non-Executive Director Director of Corporate Broking at PAC with experience in financial services and capital markets

Simon Whyte CFO & Company Secretary CA with extensive experience in mining, commodities and logistics

Martin Bevenlander Head of Geology & Exploration MBA and BSc. Hon. (Geology) with mining experience across mining cycle from greenfield exploration to production

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Witwatersrand Basin Project Snapshot

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Located within world-renowned Witwatersrand Basin (SA) Historically produced over 247Moz

In operation for more than 100 years

Low geological risk

Historic mine works underground inspection shows stable existing shafts with almost no rock engineering issues since mine closure in 2001

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Witwatersrand Basin Project

Five Mining Targets Identified with 3.55Moz resource @ 4.26g/t[2]

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Notes: Global MRE set at a 2.0g/t Au cut-off; reported in accordance with JORC Code of 2012; number differences may occur due to rounding errors

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Bird Reef Central
Kimberley Reef East
Qala Shallows
Qala Deeps
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Witwatersrand Basin Project Scoping Study: Production Schedule in Five Stages

Scoping Study’s ROM production schedule[3] in annual ounces of gold by stage over WBP’s 25-year life-of-mine

Stage 1: Qala Shallows DFS production schedule[1] with significant LOM at 55 000 oz pa

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Definitive Feasibility Study[1] Stage 1: Qala Shallows

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Substantial Maiden Declared ore reserve of 3MT at 2.88g/t for Ore Reserve 278 000oz , including Proved Ore Reserve of 830,000t at 3.13g/t for 84,000oz[1] 17-year LOM and 7.3MT at 2.81g/t Significant recovered grade for 663,000oz Recovered Life-of-Mine

17-year LOM and 7.3MT at 2.81g/t recovered grade for 663,000oz Recovered Gold

All In Sustaining Estimated US$1,144/oz Gold with a Cost (“AISC”) steady-state AISC of US$1,027/oz

Peak Funding US$50million and 5.5 year pay back period requirement Peak Steady-State Production at 53 000oz Solid Production per annum for 10 years

Pre-tax NPV7.5 of US$150 million Project Financials (AU$205m) and IRR of 35% at a Gold Price of US$1,750/oz

Development September 2021 Commencement

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Mt Cecelia Project Snapshot

Regional overview of Paterson Province; Mt Cecelia highlighted in red

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Highly prospective

Located approx. 70kms west of Rio Tinto’s (RIO) WINU Project

RIO to drill neighbouring Baton JV Project

Rumble Resources Limited (ASX: RTX) advancing Braeside Project on southern border; Multiple High-Grade Lead-Zinc-Silver Breccia Zones discovered

Company Sourced

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Mt Cecelia Project Overview

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HEM survey: MLTEM survey: Significant step eight exploration Top four priority towards maiden target areas with drill targets drilling campaign four deemed (SGC1-4) defined in 2022 field season high priority[5]

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Eight SGC target zones
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Key Milestones WBP: 5-Stage Development

Witwatersrand Basin Project (WBP)

Mt Cecelia Project

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Mining Right:

DRME Approved

Stage 1:

Stage 1:

Declared Ore Reserve Commence Early on DFS completion Works Development September 2021 September 2021

(Complete)

(Commenced)

Stages 2-5:

Stages 2-5:

Commence Definitive Estimated Feasibility Study development November 2021 commencement Q3 2022

Ground EM survey results:

Exploration drill targets 2022 Field Season

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Peak Production potential from all stages 95 000 oz per annum All Stages Potential LOM 25 years DFS production peak for Qala Stage 1 55 000 oz per annum Qala Shallows Stage 1 LOM 17 years Qala Shallows Stage 1 AISC $1 144 / oz

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Corporate Contacts

RYAN BATROS Investor Relations P +61 472 658 777 E ryan@alces.com.au

WEST WITS MINING LIMITED E info@westwitsmining.com P +61 3 8692 9049 F +61 3 8692 9040 A Level 6, 400 Collins Street, Melbourne, Victoria Australia 3000

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13

Appendices

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Appendix 1: WBP JORC MINERAL RESOURCE ESTIMATE

Table 1: WBP Global JORC Mineral Resource Estimate (2g/t cut-off)[3]

Category	Tonnes(M)	Grade(g/t Au)	Ounces
Measured	4.91	4.33	683,000
Indicated	12.70	3.84	1,570,000
Measured & Indicated	17.61	3.98	2,253,000
Inferred	8.31	4.86	1,298,000
Total	25.91	4.26	3,551,000

Notes: Global MRE set at a 2.0g/t Au cut-off. Reported in accordance with the JORC Code of 2012. Number differences may occur due to rounding errors.

West Wits Mining has developed a 3.55Moz Au JORC (2012) compliant Mineral Resource base (Table 1) from surface diamond drilling completed in 2009 and 2021[8] as well as by sourcing and verifying historical datasets.

WBP’s Global Mineral Resource is made up of several gold bearing reefs across the mining right area, a breakdown by reef and MRE category is detailed in Table 2[7] .

Table 2: WBP JORC Mineral Resource Estimate – by Reef (2g/t cut-off)

WBP Reef	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
	Tonnes (M)	Grade	Ounces	Tonnes (M)	Grade	Ounces	Tonnes (M)	Grade	Ounces	Tonnes (M)	Grade	Ounces
Bird	0.46	3.45	50,800	3.28	3.10	327,600	0.93	3.05	91,100	4.67	3.13	469,400
K9B KRC	0.00	2.98	300	0.10	3.87	11,900	0.18	4.22	24,100	0.28	4.08	36,300
K9B KRE	1.93	4.37	271,700	6.21	4.14	827,700	2.35	5.51	416,600	10.50	4.49	1,516,100
K9A KRE	2.10	4.54	306,300	1.82	4.20	245,300	4.20	5.14	694,300	8.11	4.77	1,245,800
BPR Marquis(MSA)							0.07	2.74	6,600	0.07	2.74	6,600
KR Sol Plaatje				0.00	10.34	1,600	0.24	3.37	25,700	0.24	3.39	27,300
Main Reef Leader	0.05	4.28	7,200	0.07	3.51	8,000	0.09	3.64	11,000	0.22	3.75	26,200
Main	0.33	3.68	38,500	1.22	3.77	147,700	0.25	3.64	28,700	1.79	3.74	214,900
South	0.04	6.94	8,700							0.04	6.94	8,700
Total	4.91	4.33	683,400	12.70	3.84	1,569,700	8.31	4.86	1,298,100	25.91	4.26	3,551,200

Notes: Global MRE set at a 2.0g/t Au cut-off. Reported in accordance with the JORC Code of 2012. Number differences may occur due to rounding errors.

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Appendix 2: References

1. The original report was “DFS Delivers Strong Results on 1st Stage of WBP Development” which was issued with consent of Competent Persons Mr. Andrew Pooley. The report was released to the ASX on 02 September 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. The form and context in which the Competent Person’s findings are presented have not been materially modified.

2. The original report was “Restated JORC Resource of 3.55Moz Au for Mining Right” which was issued with consent of Competent Persons Mr. Hermanus Berhardus Swart. The report was released to the ASX on 23 July 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. The form and context in which the Competent Person’s findings are presented have not been materially modified.

3. 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.

4. WWI ASX Release 20/07/2021 “ Mining Right Granted at Witwatersrand Basin Project ”

5. WWI ASX Release: “HEM Survey Identifies Eight Targets Areas at Mt Cecelia” on 16/12/2020

6. Market Capitalisation based on ASX closing price on 15/09/2021

7. The original report was “WWI Corporate Presentation” which was issued with consent of competent persons Mr Hermanus Berhardus Swart. It was released to the ASX on 30 July 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. The form and context in which the Competent Person findings are presented have not been materially modified.

8. The original report was “Infill-drill Program Grows JORC Resource at WBP to 4.47Moz” which was issued with consent of competent persons Mr Hermanus Berhardus Swart. The report was released to the ASX on 05 July 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. The form and context in which the Competent Person’s findings are presented have not been materially modified.

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Appendix 3: Forward Looking Statements

This Announcement includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond West Wits Mining Limited’s control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding West Wits Mining Limited’s future expectations. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause West Wits Mining Limited’s actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include, but are not limited to, the failure to complete and commission the mine facilities and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for gold and silver; fluctuations in exchange rates between the U.S. Dollar, South African Rand and the Australian Dollar; the failure of West Wits Mining Limited’s suppliers, service providers and partners to fulfil their obligations under construction, supply and other agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The information concerning possible production in this announcement is not intended to be a forecast. They are internally generated goals set by the board of directors of West Wits Mining Limited. The ability of the Company to achieve any targets will be largely determined by the Company’s ability to secure adequate funding, implement mining plans, resolve logistical issues associated with mining and enter into any necessary off take arrangements with reputable third parties. Although West Wits Mining Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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Appendix 4: Fully compliant BEE ownership in SA

• South African projects 33.4% owned by Black Equity

Empowerment partner, Lilitha Resources (Pty) Ltd.

• Surpasses SA’s Mining Charter requirement of 26% and the slated

30% in current Draft Mining Charter proposal

• BEE partner plays active part in SA activities; instrumental in

WBP’s licensing

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West Wits
Mining Ltd
(ASX: WWI)
90%
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West Wits
Lilitha
Mining SA
(BEE Group)
(Pty) Ltd
10%
26% 74%
West Wits MLI (Pty) Ltd
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