West Wits Mining Limited announced that the Company has secured a definitive agreement for cost-effective toll treatment of its ore with Ezulwini Mining Company (Pty) Ltd. ("Ezulwini"), a subsidiary of Sibanye-Stillwater Ltd. ("Sibanye-Stillwater"). Finalisation of this toll treat arrangement is a key step to completing the Phase 1 Qala Shallows Witwatersrand Basin Project ("WBP") funding process. West Wits has secured a toll treating agreement ("Agreement") with Sibanye-Stillwater to process ore from Stage 1, Qala Shallows, of its WBP.

The partnership with Sibanye-Stillwater (via its wholly owned subsidiary Ezulwini) provides a mutually beneficial venture, supplying Ezulwini with approximately 15,000 tonnes of gold bearing material ("Material") per month (but increasing over time up to 54,000 tonnes of Material per month) improving plant efficiencies and utilising spare capacity at the Cooke 4 Ezulwini Processing Facility ("Facility"). Securing the Agreement further de-risks the WBP. West Wits intends funding the WBP through a combination of traditional debt and equity markets and its appointed corporate advisory firm, Taurum International, will now commence a debt raising process to secure the debt funding component of the project funding.

The Company anticipates the primary funding options to be significantly advanced by the end of Fourth Quarter 2022 which would enable the Company to mobilise mining equipment and the mine contractor's workforce in First Quarter 2023 to execute the revised definitive feasibility study released in August 2022. The plan is to build-up a stockpile of up to circa 30,000t and to start delivering the ore to Sibanye- Stillwater at a constant rate of 15,000t per month before building to 20,000t and 54,000t peak production within 3-years.