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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

Funding, performance and ownership

Financials & Capital

As of 2026-09-11
Cash A$16.5M Construction Funded
Debt A$30M Net cash A$-13.5M
Basic shares 434.9M 2026-09-07
Runway Construction Funded A$16.5m cash at 11 September; roughly A$97m debt package with A$30m drawn. A$67m nominal undrawn includes working-capital and cost-overrun facilities with conditional drawdown terms, so is not unrestricted cash.

Liquidity

Financial position

Financed to planned steady state, but cash fell A$15.6m between 30 June and 11 September; ramp costs, debt terms and grid-power schedule remain material.

Capital structure

Ownership and dilution

Ordinary shares
434.9M
Fully diluted
520.1M

The 10-for-1 consolidation left 434,647,512 ordinary shares; 53,000 May, 62,500 June 24, 125,000 June 30 and 6,000 September 7 option exercises yield 434,894,012. The September Appendix 2A gives current listed and unlisted class totals. Fully diluted shares add all 85,190,696 outstanding options, rights and warrants on a conservative one-for-one basis with no proceeds.

Security classes5
ClassTypeQuantityStrikeExpiry
WWI ordinary fully paidOrdinary Share434.9M——
WWIO options expiring 5 September 2027Option30.2MA$0.3852027-09-05
WWIAC options various strikes and datesOption38.1M——
WWIAD performance rightsPerformance Right250K——
WWIAG warrantsOption16.7M——

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
ProductionQala ShallowsJune 2026 quarterQuarter148 oz AuReported
ProductionQala ShallowsFY2026 to 30 JuneYear227 oz AuReported
OtherQala ShallowsAs at 30 June 2026Point In Time544 m cumulative developmentReported
Company guidance1
MetricProjectPeriodLowHighStatus
Annualised Gold Outputqala-shallowsQ1 2029 steady state70,00070,000 oz/yearCurrent

Capital history

Capital events

6 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-07RaisingA$2.3K6K—Completed—
2026-07-01DebtZAR 339M——Completed—
2026-06-30RaisingA$48.1K125K—Completed—
2026-06-26DebtUS$-12.5M——Completed—
2026-06-24RaisingA$24.1K62.5K—Completed—
2026-05-05RaisingA$20.4K53K—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

2025 annual report and subsequent material local filings reviewed; newer annual report and original Sibanye toll terms unavailable. RTX status unresolved after proposed Aventine sale.

Project cash flows accrue 74% to WWI and 26% to Lilitha; subsidiary debt sits in the project company.

Joint Venture · Active
Counterparties
Lilitha Resources (Pty) Ltd
Applies to
Qala Shallows · Project 200 WBP expansion · Bird Reef Central uranium-gold · Gold · Uranium
Economic direction
Burden
Period
From 2025-08-11; no end date stated
Key terms
WWI project-company ownership: 74 percent
Local partner ownership: 26 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Ore delivered to Ezulwini; tolling cost included in updated DFS AISC and project NAV.

Tolling Or Processing · Active
Counterparties
Sibanye-Stillwater Limited · Ezulwini Mining Company
Applies to
Qala Shallows · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Processing pricing: Variable with gold price and plant costs
How it affects our valuation

No valuation treatment is available for this arrangement.

Put option programme protects approximately half of construction-period planned gold sales while preserving upside; do not extend to all life-of-mine output.

Commodity Hedge · Active
Counterparties
Absa Bank · Nedbank CIB
Applies to
Qala Shallows · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Protected share of planned sales: 50 percent
Approximate put floor: 3,500 USD/oz
Term: Through construction
How it affects our valuation

No valuation treatment is available for this arrangement.

Mt Cecelia disposal conditional on Aventine listing, raising and approvals; current 100% held interest becomes contingent consideration only at completion.

Farm Out · Conditional
Counterparties
Aventine Resources Limited
Applies to
Mt Cecelia · Gold · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Aventine equity at IPO price: 2,000,000 AUD
Net smelter royalty: 1 percent
Milestone consideration: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

2025 annual report reported ongoing discussions; subsequent Aventine disposal creates unresolved status conflict. No value credited separately.

Farm In · Unknown
Counterparties
Rio Tinto Exploration Pty Limited
Applies to
Mt Cecelia · Gold · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Initial earn-in spend: 4,000,000 AUD
Further earn-in spend: 6,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.