ASX- and OTCQB-listed West Wits Mining has received investment committee approved terms for an initial $12.5-million loan facility from Nebari Natural Resources Credit Fund II, subject to the conclusion of formal authorities, definitive loan documentation and the fulfilment of conditions precedent contained therein.

The funding will be used to advance development of its Qala Shallows gold project, Stage 1 of its larger Witwatersrand Basin project (WBP) in South Africa.

Under the terms of the loan facility, the company may pursue two additional funding tranches totalling $22.5-million, subject to fulfilment of additional conditions precedent including further Nebari IC approval.

This offers scalability as the WBP advances.

The loan facility is structured to safeguard existing shareholder interests while retaining optionality to access an existing R875-million (about $50-million) South Africa bank facility, West Wits points out.

The first gold pour at Qala Shallows is slated for the first quarter 2026. Finalising the funding package will support mobilisation and the project execution timeline, and delivery of mining equipment later this year will enable ramp-up to steady-state production of 65 000 t of ore a month thereafter.

The long-term relationship with Nebari underscores the strong fundamentals of the Qala Shallows project and validates the near-term gold production potential, West Wits highlights.

“Nebari is pleased to partner with West Wits in the development of the Qala Shallows gold project. With its strong fundamentals and near-term gold production, this partnership represents an exceptional opportunity, and we look forward to contributing to the delivery of its value,” says Nebari MD Justin Anderson.

“Securing credit approval from Nebari, a highly experienced financier to the mining sector, for this significant financing package is a major milestone for West Wits and underscores the strong fundamentals of the Qala Shallows project.

“With mobilisation well underway and first gold pour targeted for quarter one 2026 under the definitive feasibility study execution plan, securing this funding package will provide a clear pathway to deliver on our production goals,” says West Wits MD and CEO Rudi Deysel.

He adds that the funding will strengthen West Wits’ balance sheet and position the company to unlock significant near-term value as it advances towards becoming a meaningful gold producer in the Witwatersrand basin.