West Wits Mining : Half Yearly Report and Accounts - period ended 31 December 2020

West Wits Mining Limited

ABN 89 124 894 060

Interim financial report for the half-year ended 31 December 2020

West Wits Mining Limited

Corporate directoryDirectorsCompany Secretary

Principal registered office in Australia

Share and debenture register

AuditorSolicitorsBankersStock exchange listing

Mr Michael Quinert Executive Chairman

Mr Jac van Heerden Managing Director

Mr Hulme Scholes Non-Executive Director

Dr Andrew Tunks (resigned 19 November 2020)

Non-Executive Director

Mr Peter O'Malley Non-Executive Director

Mr Tim Chapman (appointed 19 November 2020)

Non-Executive Director

Mr Simon Whyte

Level 6, 50 Queen Street Melbourne VIC 3000

Automic Pty Ltd

Level 5 126 Phillip Street Sydney NSW 2000 [phone]

William Buck

Level 20, 181 William Street Melbourne VIC 3000

Quinert Rodda & Associates Suite 1, Level 6, 50 Queen Street Melbourne VIC 3000

National Australia Bank Level 2, 330 Collins Street Melbourne VIC 3000

Website

ASX: WWIhttp://www.westwitsmining.com/

Review of operations and activities

Highlights

South Africa

• ➢ Updated JORC compliant global Mineral Resource Estimate ("MRE") of 4.37Moz at 3.88g/t Au (2g/t cut-off) at the Witwatersrand Basin Project ("WBP") 1

• ➢ MRE update increases previously stated MRE by 700koz and global grade by 0.48g/t Au1

• ➢ Diamond-core infill drilling program at WBP kicked-off and is progressing well, three drill rigs onsite with 1,550m of scheduled 2,500m advanced

• ➢ Independent Scoping Study at WBP delivered positive results, confirming WWI's development strategy which aims to produce 50,000 to 60,000oz per annum at steady state production2

• ➢ Independent Bankable Feasibility Study ("BFS") significantly progressed on the Qala Shallows, the first area confirmed for staged development and production

Australia ➢ Results from the SkyTEM's Heliborne Electromagnetic ("HEM") Survey identified eight exploration target areas with four deemed high priority at the Mt Cecelia project in the Paterson Province3

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West Wits Mining Limited ("WWIs" or "the Group") is pleased to present its latest half yearly report for the period ended 31st December 2020.

SOUTH AFRICA

Witwatersrand Basin Project, Central Rand (WWI: 66.6%)

Exploration

TABLE 1: UPDATED GLOBAL MRE FOR THE WBP AT 2.0G/T CUT-OFF1

WBP - Updated Global Mineral Resource Estimate
Category	Tonnes (M)	Grade (g/t Au)	Ounces (M)
Measured	6.73	4.21	912,000
Indicated	14.3	3.90	1,794,000
Measured & Indicated	21.1	4.00	2,706,000
Inferred	14.0	3.70	1,669,000
Total	35.10	3.88	4,375,000

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

WWI's exploration activity at the WBP during the early part of the reporting period focused on converting the K9A Exploration Target into a JORC compliant resource. The work was carried out by West Wits' South African based geological consultant, Shango Solutions, under supervision of the Company's Head of Geology & Exploration, Martin

Bevelander. The K9 project spanned 6-months and culminated in the release of an updated global MRE of 4.37Moz at 3.88g/t Au (2g/t cut-off)1.

The outstanding work carried out by the geology team resulted in an additional 702,000oz and a substantial 0.48g/t increase of the global MRE grade to 3.88g/t which was largely driven by the proportional growth of the K9A reef which features at an average grade of 5.3g/t (Table 2)1.

TABLE 2: MRE FOR THE K9A REEF AT 2.0G/T CUT-OFF1

Updated K9A Mineral Resource Estimate
Category	Tonnes (M)	Grade (g/t Au)	Ounces (M)
Measured	2.1	4.92	338,000
Indicated	2.4	5.08	395,000
Measured & Indicated	4.6	5.01	733,000
Inferred	4.3	5.51	764,000
Total	8.9	5.30	1,497,000

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

The updated MRE covers the K9A and K9B gold bearing reefs (Figure 1) in the eastern portion of the Kimberly Reef Project.

Figure 1: Schematic Cross Section for gold bearing Kimberley Reef conglomerates, all conglomerate horizons are gold mineralised to some extent but the K9A and K9B Bands are the main target for mining. The K9A Band (red circle) and K9B Band (yellow circle)

are the focus of the current JORC Mineral Resource Estimate on the Kimberley East area of the WBP.

On completion of the MRE update in October 2020, the exploration team embarked on a 2,500m infill drilling program focused on the upper 300m of the Qala Shallows. The program is designed to improve the mineral resource confidence level of areas targeted for early mining and, if successful, would allow WWI to declare reserves on completion of the BFS.

Image 1: Diamond

drill team in

operation at the

WBP.

The drill teams advanced 900m of percussion drilling and 650m of diamond-core drilling to the end of the period with holes 1-3 completed and holes 4-5 commenced. The exploration team reported that core recovery is high and intersections into the K10, K9A and K9B reef bands were clearly identified (Image 2).

The average hole depth ranges from 150m to 300m, percussion drilling is utilised in the upper portion of the drill holes where the geology is soft until the harder bedrock is hit. The percussion holes are then cased, allowing the diamond-core drilling through the casings into the competent rock to intersect and sample the targeted ore bodies.

Image 2: Well developed

conglomerate zones with

visible Pyrite

mineralization from hole

RLKPDRE-22

Providing further benefit, the boreholes will intersect the K8 and K7 reefs, stratigraphically below the K9A & K9B and will provide the team an indication if future potential exists within the K8 and K7 reefs (Figure 1). The additional core will also support rock engineers with geotechnical modelling, the results and design criteria will directly feed into the overall mine design of underground infrastructure.

Infill drilling of the Kimberley East area will form part of ongoing operations as the WBP enters production and targets the expansion of the available mineral resource for potential conversion to a reserve. Drilling ramped up in December 2020 after the arrival of the second diamond-core drill rig and team to advance the Kimberley East infill-drilling program, adding to the existing percussion and diamond-core drill rigs.

Feasibility

The Company announced that the positive results received from the Independent Scoping Study by mining consultants

Bara Consulting ("Bara") confirmed the Company's development strategy which targets the WBP to produce 50,000 to 60,000oz per annum at steady state production2.

Bara's Independent Scoping Study utilised a base gold price assumption of USD 1,500 and ZAR/USD exchange rate of ZAR16.5. Sensitivity analysis of gold price in the study indicates the potential for significant upside when compared to the prevailing gold price at the time of reporting.

Bird Reef Central

Main Reef and MRL

Qala Shallow

(<500m)

Bird Reef East

Qala Deeps

(500m - 1,500m)

Not to scale

Figure 2: Schematic of WBP Scoping Study conceptual mine layout shows the connection between the Qala Shallow to both the

Bird Reef East package and Qala Deeps.