West Wits Mining : Half Yearly Report and Accounts - period ended 31 December 2021

West Wits Mining Limited Contents

Corporate directory 2

Directors' report 16

Auditor's independence declaration 18

Statement of profit or loss and other comprehensive income 19

Statement of financial position 20

Statement of changes in equity 21

Statement of cash flows 22

Notes to the financial statements 23

Directors' declaration 29

Independent auditor's review report to the members of West Wits Mining Limited 30

West Wits Mining Limited Corporate directory

DirectorsJoint Company SecretariesRegistered officePrincipal place of businessMr Michael Quinert, Non-Executive Chairman Mr Jac van Heerden, Managing Director

Mr Hulme Scholes, Non-Executive Director Mr Peter O'Malley, Non-Executive Director Mr Timothy Chapman, Non-Executive Director

Mr Simon Whyte

Mr Paul Godfrey (appointed 6th September 2021)

Level 6, 400 Collins Street

Melbourne VIC 3000 Australia

Level 6, 400 Collins Street Melbourne VIC 3000 Australia

Share register

Automic Pty Ltd

Level 5 126 Phillip Street Sydney NSW 2000 [phone]

Auditor

William Buck

Level 20, 181 William Street Melbourne VIC 3000

Solicitors

QR Lawyers

Level 6, 400 Collins Street Melbourne VIC 3000

Bankers

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

Stock exchange listing

West Wits Mining Limited shares are listed on the Australian Securities Exchange (ASX code: WWI)

Website

https://westwitsmining.com/

Interim Report

Reporting Period 1 July - 31 December 2021

HIGHLIGHTS

Witwatersrand Basin Project ("WBP")

➢ Witwatersrand Basin Project Mining Right application granted in terms of section 23(1) of the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002)

➢

Updated global JORC Mineral Resource Estimate ("MRE") stands at 4.28Moz at 4.58g/t Au (2g/t cut-off)1

• ➢ WBP Scoping Study: Initial production schedule released August 2021, the study was updated for the increased MRE and released on 9th March 2022 (post period) which included financial modelling. Results included:

  • o 27-year Life-of-Mine ("LOM") with an estimated 16.1M tonnes at a Run of Mine ("ROM") grade of 3.11g/t Au for 1.61Moz of Gold from mining Stages 1-42

  • o All In Sustaining Cost ("AISC") of US$ 1,138/oz for production above 800m (72% of total production), increasing to US$ 1,198/oz including Stage 4 Qala Deeps (>800m) 2

  • o Free Cashflow of US$ 511m (A$ 712m); NPV7.5 - Pre-tax of US$ 227m (A$ 316m) and Post-tax of US$ 160m (A$ 223m)2

  • o IRR - Pre-tax of 33% & Post-tax of 29%2

• ➢ WBP Stage 1 Qala Shallows Definitive Feasibility Study ("DFS") results: Ore Reserve of 3MT at 2.88g/t for 278 000oz which includes Proved Ore Reserve of 830,000t at 3.13g/t for 84,000oz; 17-year LOM; 7.3MT at 2.81g/t recovered grade for 663,000oz Recovered Gold; AISC of an estimated US$ 1,144/oz Gold with steady state US$ 1,027/oz3

• ➢ Commenced Qala Shallows Early Mining Initiative which aims to produce 5,000t - 8,500t ore per month from April 2022

• ➢ Bird Reef Central Uranium Exploration Program outlined and aimed at converting the significant uranium Exploration Target to a JORC compliant Mineral Resource Estimate MRE4

Mt Cecelia Project

➢ Mt Cecelia MLTEM data provides robust first-pass exploration drill targets anticipated to commence in 2022 field season5

➢

Rio Tinto Exploration to explore Mt Cecelia project in the East Pilbara, Western Australia under an up to $10M Farm-In and Joint Venture Agreement

West Wits Mining (ASX: WWI, 'West Wits' or 'the Company') is pleased to present its interim report for period 1 July to 31 December 2022.

SOUTH AFRICA

Witwatersrand Basin Project ("WBP"); Central Rand (WWI: 66.6%), Gauteng Province

The Witwatersrand Basin Project is located in the proven gold region of South Africa's Central Rand Goldfield. It holds the world's largest known gold reserves and has produced over 1.5 billion ounces (over 40,000 metric tons), which represents about 22% of all the gold accounted for above the surface.

Prospecting and Mining Rights

In July 2021, West Wits received formal communication from South Africa's Director General of the Department of Mineral Resources and Energy("DMRE") that the Company's Mining Right application was granted in terms of section 23(1) of the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of 2002).

Upon granting of the Mining Right, the global Mineral Resource Estimate ("MRE") was restated to 25.91Mt @ 4.26g/t for 3.55Moz Au (2g/t cut-off)6, allowing for the reduced mining right tenement footprint compared to the previous PR area. A PR lodged by the Company was accepted by the DMRE3 to re-secure certain sections of the old PR area and thereby reintroduce additional Mineral Resources to the MRE.

Image 1 outlines the granted Mining Right boundary which replaces the previous PR boundary.

Image 1: The WBP's granted Mining Right boundary (blue line) replaced the previous Prospecting Right boundary (red line).

The Company applied for a new Prospecting Right (yellow area) to re-introduce areas of long-term interest.

WBP JORC Mineral Resource

On 2 December 2021, West Wits announced an update which significantly increased the Company's global MRE by both ounces and grade, reported within the guidelines of JORC (2012). The new MRE was an update of the MRE announced in July 2021 and represented a significant growth of 724,000oz in-situ gold content for the combined Bird Reef, Main Reef Leader and Main Reef1.

Table 1: 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
Measured	8.81	4.60	1,449,000
Indicated	11.26	4.19	1,517,000
Measured & Indicated	21.06	4.38	2,967,000
Inferred	7.98	5.10	1,309,000
Total	29.05	4.58	4,276,000

Notes: Global MRE is set at a 2.0g/t Au cut-off and reported in accordance with the JORC Code of 2012. Number differences may occur due to rounding errors. The MRE is inclusive of declared Ore Reserves.6

The MRE upgrade resulted in a:

• • Net increase of 766,000oz in the measured category, which is a noteworthy increase of 112%

• • Substantial 0.32g/t increase of the global MRE grade to 4.58g/t