Name of the Project
Witwatersrand Basin Project (WBP) – Qala Shallows.

Location
Johannesburg, South Africa. The project is situated about 15 km west of the Johannesburg central business district, in the province of Gauteng.

Project Owner/s
Explorer, developer and producer of high-value precious and base metals West Wits Mining.

Project Description
Qala Shallows is an integral part of the WBP. An updated definitive feasibility study (DFS), released on July 23, 2025, highlights improved results and reinforces the project's robust value and strong economic fundamentals. 

The reefs to be processed during the life of the project are the Kimberley reefs – K9A and K9B.

The total Joint Ore Reserves Committee- (Jorc-) compliant mineral reserves are estimated at 4.6-million tonnes grading at 2.60 g/t for 383 934 oz of gold. The total Jorc-compliant mineral resources for the K9A reef are estimated at 8.1-million tonnes grading at 4.8 g/t gold for 1.2-million ounces of gold, and 10.5-million tonnes at 4.5 g/t gold for 1.5-million ounces of gold for the K9B reef.

The mine plan has been optimised with a lower cutoff grade of 1.31 g/t (reduced from 2 g/t in 2023), allowing for the inclusion of additional ore and accelerating the production profile. The project uses a conventional breast mining method in an underhand configuration, considered optimal for the Qala Shallows deposit. 

The stopes will be accessed by strike drives developed on the K9B reef horizon and K9A and K9B stopes will be accessed from this infrastructure. The strike drives will connect to a decline system developed from the existing Qala adit boxcut, located centrally in the mining area and in the footwall of the K9B reef.

Steady-state gold production is estimated at 70 000 oz/y over a 12-year period, an increase from nine years in the 2023 DFS. 

Total gold production over the 16.8-year life-of-mine is projected at 944 000 oz, up from 924 000 oz over 17.7 years in the 2023 DFS. The maximum production rate is estimated at 860 000 t/y (2023 DFS: 839 000 t/y), with an average gold production of 56 000 oz/y (2023 DFS: 51 000 oz) and peak production of 75 000 oz in Year 6. The total run-of-mine tonnes are estimated at 10.7-million (2023 DFS: 10.2-million tonnes).

Ore processing will be conducted at the Ezulwini process plant, a subsidiary of Sibanye-Stillwater, on a toll treatment basis. The plant uses carbon-in-pulp for gold recovery. 

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The updated DFS shows a pretax net present value, at a7.5% discount rate, of $719-million (compared with $367-million in 2023) and an internal rate of return of 93% (compared with 61% in 2023). Payback from the end of the peak funding period is estimated at eight months and at 3.3 years from the start of development.

Capital Expenditure
Peak funding is estimated at $44-million over a 2.6-year period, a reduction from $54-million over three years in the 2023 DFS.

Planned Start/End Date
Not stated.

Latest Developments
West Wits is advancing through the mobilisation phase at the project, as the team progresses toward first gold production.

West Wits has started the transfer of previously stockpiled ore to the Ezulwini processing plant under an agreement with multinational mining and metals processing group Sibanye-Stillwater.

The material is being transported by an external contractor and stacked at a designated storage pad made available for exclusive use by the plant. Subject to final funding, stockpiling is expected to continue until the first half of 2026, after which the processing of the ore will start, culminating in the first gold pour.

Mobilisation of contractors to the Qala Shallows site started in June. This marked a significant milestone in the company’s transition from early works to project execution.

The phase includes the establishment of permanent mine infrastructure to support the project’s steady-state production target of 65 000 t a month run-of-mine.

The company has already completed the refurbishment of the existing boxcut and decline, allowing immediate access to underground ore. This early work has enabled an efficient ramp-up to mining operations following the mobilisation of contractors.

Key suppliers and contractors have started mobilisation and delivery of equipment and services. Solrock Mining Services and Bara Consulting are leading the project management and execution.

RHAM Equipment delivered the first load haul dump unit at the end of June, while HPE HydroPower delivered the first training power pack mid-July.

Explosives supplied by AECI are planned for sliping work beginning in August. GST Supplies is expected to deliver a drill rig by the end of September, to support the start of production in October.

Further progress includes the initiation of surface survey and geotechnical investigations in early July. These investigations are intended to inform the design and construction of surface infrastructure. Diesel generators were commissioned in mid-July to provide power for underground ventilation and operations during the initial 11 months.

West Wits said detailed design is ongoing for major work packages, including bulk power supply and long-lead infrastructure items.

Key mobilisation activities include on-site surveying and geolocation by technical teams, the installation of critical infrastructure such as fuel and fluid storage systems and the preparation of operational support areas.

Following the conclusion of the current mobilisation phase, which is expected to run from July to September, and subject to final funding, the Qala Shallows project will start producing ore from the first production blast.

A targeted 30 000 t stockpile will be built over a six-month period to support continuous feed to the Ezulwini plant and ensure stable processing during the production ramp-up phase.

Key Contracts, Suppliers and Consultants
Bara Consulting (independent mining engineers, undertaking the DFS review and update); Modi Mining (mining contractor); Industrial Development Corporation of South Africa and Absa Bank (lenders for the syndicated loan facility); Sibanye-Stillwater's Ezulwini process plant facility (toll treatment agreement for ore processing); AECI (explosives); GST Supplies (drill rig); RHAM Equipment (load, haul, dump unit); HPE HydroPower (training power pack); and Solrock Mining Services and Bara Consulting (project management and execution lead).

Contact Details for Project Information
West Wits Mining, tel +61 3 8692 9049 or email info@westwitsmining.com.