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2026-11-06
◂ Monitor WWI ASX

West Wits Mining Limited

Ramping Producer · Gold · South Africa · Australia · Indonesia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.36
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$156.6M
EV
A$170.1M
Cash
A$16.5M
Debt
A$30M
3 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

5 assets

Core asset

Qala Shallows

South Africa

Ramping Producer74% ownedGold

First gold poured March 2026; 227oz to June from development ore. Production ramp and surface works incomplete.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$500M7.5% discount
IRR81%Published return
Operating cost1,289USD/oz AISC

Post-tax NPV7.5 at US$2850/oz gold; peak funding is US$44m, not initial capex.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Ore Reserveprobable4.6 Mt2.60 g/t AuGold2025-07-23
Tenements1
mr10073Granted— None · No expiry supplied
Milestones2
  1. First gold pour

    Achieved · High materiality

  2. 70,000oz annualised steady state

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Mining RightSouth AfricaGranted—Yes
Water Use LicenceSouth AfricaGranted—Yes
Economic studies1
StudyStageStatusDateSummary
Qala Shallows updated DFSDFSCurrent2025-07-23944koz recovered over 16.8 years; includes inferred resources.

Material

Project 200 WBP expansion

South Africa

Scoping Study Developer74% ownedGold

Internal 35-year scoping model completed but not released; 74% inferred resource in mine plan. Resource overlaps Qala and BRC.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured14.1 Mt4.40 g/t AuGold2026-02-01
Mineral Resourceindicated15.6 Mt4.04 g/t AuGold2026-02-01
Mineral Resourceinferred26.8 Mt3.75 g/t AuGold2026-02-01
Tenements2
pr10730Granted— None · No expiry supplied
pr10839Granted— None · No expiry supplied
Milestones1
  1. Resource conversion before publishable PFS

    Pending · High materiality

Economic studies1
StudyStageStatusDateSummary
Project 200 internal scoping studyScoping StudyCurrent2026-08-27Results withheld; 74% inferred across 35-year model and some years >90%.

Material

Bird Reef Central uranium-gold

South Africa

Resource Stage74% ownedGoldUranium

Gold resource within WBP inventory; uranium MRE not yet declared; exploration plan being finalised.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcecategory not specified in presentation120K oz2.66 g/t AuGold—
Tenements1
brc-mrGranted— None · No expiry supplied
Milestones1
  1. Stage 1 uranium-gold drilling

    Pending · Medium materiality

Other

Mt Cecelia

Australia

Early Explorer100% ownedGoldCopper

Binding divestment agreed, subject to Aventine IPO, capital raising and approvals; prior RTX farm-in status unresolved.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
e455045Granted— None · 2029-05-27

Other

Derewo River

Indonesia

Early Explorer66.7% ownedGold

Legacy minority exploration interest with no current capital programme or reliable economics.