West Wits Mining : Quarterly Report - Quarterly Activities and Cashflow Reports - period ended 30 June 2022

ASX Announcement and Media Release

29 July 2022

Quarterly Activity Report

Reporting Period 1 April - 30 June 2022

HIGHLIGHTS

• Finalised terms of restructured mining contract with Mining Contractor, Modi Mining
• Completed procurement process for reliable underground mining equipment fleet to transform the current cost-plusmining contract into a rate-basedcontract to drive contractor efficiencies
• Revised Definitive Feasibility Study significantly advanced incorporating the updated mine schedule, mining contractor & equipment rates
• Toll-treatnegotiations substantially progressed, unlocking Phase 1 Qala Shallows of the Witwatersrand Basin Project ("WBP")
• Farm-inpartner's, Rio Tinto Exploration, maiden drilling campaign at WWI's Mt Cecelia project in the Paterson Province on-track for September 2022
• Agreement reached to increase WWI's ownership in the WBP to 74% (previously 66.6%)
• Official dual-quotation on the US OTCQB market, code: WMWWF

West Wits Mining (ASX: WWI, OTCQB: WMWWF, 'West Wits', 'WWI' or 'the Company') is pleased to present its latest quarterly report for the period ending 30 June 2022.

SOUTH AFRICA

WITWATERSRAND BASIN PROJECT; CENTRAL RAND (WWI: 66.6%), GAUTENG PROVINCE

Phase 1 Qala Shallows Project

To date, operational activities at Qala Shallows have successfully:

• Completed all critical infrastructure, including substations and water infrastructure
• Completed the decline and box cut rehabilitation
• Completed on reef underground access
• Delivered first ore (estimated stockpile of 3 000t) during an early works programme
• Significant advancement in toll treatment negotiations which will be key to unlocking the Qala Shallows project funding

The early works presented an opportunity to establish a small-scale mining operation, with the objective to proof the designed mining method to mine areas already exposed at WBP.

In its Quarterly Report of March 2022, the Company reported a review of the mining contractor arrangements, as well as the need to procure a new fleet of underground mining equipment. This process necessitated a slow down and ultimately a pause of operations at its Phase 1 Qala Shallows of the WBP. The time was utilised:

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29 July 2022

• to renegotiate the mining contract with Modi Mining (Pty) Ltd ("the Contractor") from a cost- plus contract to a production rate-based contact. It was always envisaged that once the box cut and the decline had been rehabilitated and access to the underground reef was established, that the Company would enter into a re-measurable contract with the Contractor.
• to enter a refurbishment period in order to secure new and reliable mining equipment. The refurbishment objectives have been met, and the plan is now targeting for the Contractor to re-establish operations on site in Q4 2022.

Image 1 showcases Qala Shallows' progressive infrastructure.

IMAGE 1: QALA SHALLOWS PROJECT PROGRESS

The Company's latest video shows the infrastructure in place allowing for a rapid production build- up: https://youtu.be/WLBcEFzPQPk

Restructured Mining Contract and updated Qala Shallows Definitive Feasibility Study

During this period, the Company also successfully negotiated new rates with the Contractor. The rates show a significant improvement over the rates used in the Definitive Feasibility Study ("DFS") published in September 2021.

The updated rates have enabled the Company to re-work its previous DFS and to re-estimate the CAPEX and OPEX for the Qala Shallows project. An announcement on the updated DFS is expected soon. It will highlight the following:

• a revised production schedule with access to the ore body having already been established through the early works
• CAPEX already spent on the project through the early works programme
• an updated rate-based contract negotiated with the Contractor

Revamped and new mining equipment

In order to de-risk the availability issues West Wits previously experienced with unreliable rental mining equipment, the Company completed the adjudication of a formal tender for new mining equipment. The start-up of the mine, now targeted for Q4 2022, will be undertaken with completely re-furbished equipment and pre-set supplier performance criteria. Due to the lead times for new

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equipment acquisition, the refurbished equipment will be progressively phased out over a period of 12 months and replaced with the up-to-datebrand-new equipment.

Qala Shallows improved near-term Production Schedule

The soon-to-be released updated DFS will outline a near-term production plan based on access and information obtained through the early works program. The blueprint is to build-up a stockpile from the current 3 000t to circa 30 000t and to start delivering the ore to the toll-treater at a constant rate of 15 000t per month before building to 20 000t per month. The graph in Figure 1 outlines the ramped- up production profile.

FIGURE 1: NEAR-TERM QALA SHALLOWS PRODUCTION SCHEDULE

Fast tracking project funding options

The extensive work done during this period as outlined above will enable the Company to accelerate its multiple project financing initiatives to completion upon securing a long-term toll treating agreement.

West Wits announced an Equity Placement Facility with SBC Global Investment to provide funding of up to $75m1. A modest call was made under the Equity Placement Agreement during the quarter. Further details are set out in the announcement released to ASX on 11 July 2022. The Equity Placement Facility is not seen as the main source of funding and the Company, along with the appointed corporate advisory firm Taurum International, will continue to pursue the optimum project financing solution with the primary funding initiative.

Uranium exploration drilling

Plans for the uranium exploration drilling program have been completed and the Company will be commencing with an initial confirmatory drilling campaign by the end of July 2022. The confirmatory campaign will consist of three holes strategically sited to historical drill holes. This initial phase of the campaign, from site establishment through to the final report, is expected to be completed in the next three to four months.

Project 200

In March 2022, an update of the WBP Scoping Study was released, which demonstrated that the WBP's production potential is significantly higher than previously modelled. West Wits has, therefore, initiated Project 200 which is focused on optimising production rates with the aspiration of targeting a production plan of 200 000 oz per annum.

During the reporting period Phase 1 of Project 200 was commissioned with independent mine engineering firm, Bara Consulting ("Bara"). This work plan will undertake various discrete trade off

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studies and technical evaluations to define the scope of work and motivate justification for a formal Scoping Study (Phase 2). Trade-off studies being undertaken include:

• Impact of dewatering on the available mineral resource
• Production rate evaluation considering the additional and dewatered resource
• Access trade-off study
• Metallurgical plant location trade-off
• Tailings deposition strategy
• Long-holeopen stoping mining method evaluation

Bara is scheduled to complete Phase 1 of Project 200 imminently for the Company's review.

AUSTRALIA

Mt Cecelia, Paterson Province (100%)

Activities by Rio Tinto Exploration ("RTX") under the Farm-In and Joint Venture agreement for the June 2022 Quarter consisted of ongoing planning and approvals for an initial drill program to test the high priority SGC-01 target in the far north of the tenement (E45/5045), and potentially the SGC-07 and SGC-08 targets.

As previously reported, the targets are electromagnetic ("EM") anomalies identified from airborne and ground EM surveys undertaken by West Wits in 2021. The anomalies are interpreted as potential bedrock conductors that may represent base metal sulphide mineralisation1.

Figure 2: Eight SGC target zones (magenta) identified. Conductor axes marked by lines (bright red, yellow and blue) together with magnetic lineaments (brown) on SKYTEM CH15Z component image1.

A heritage survey completed with Traditional Owners in Jun-22 indicatively cleared the proposed access tracks and drill pads to facilitate planned earthworks and drilling, likely commencing in September 2022 (with timing subject to receipt of the formal heritage clearances). Whilst the preferred camp location was not cleared during the survey, due to the identification of possible artifacts, alternative camp locations are available and being considered.

RTX have indicated that an initial minimum 800m drill program is planned, with further drilling to potentially be undertaken pending the initial results.

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CORPORATE

Increasing WBP Ownership

West Wits has agreed with its BEE partner, Lilitha Resources (Pty) Ltd ("Lilitha"), to acquire Lilitha's interest in its subsidiary West Wits Mining SA (Pty) Ltd ("WWM SA") for $50,000 in cash and 96,000,000 fully paid ordinary shares in WWI3. This acquisition increases WWI's direct ownership interest of WBP to 74% and simplifies the corporate structure.

Changes to South Africa's foreign investment rules, subject to regulatory approval, enable Lilitha to swap a 7.4% effective interest in the WBP for aggregate consideration comprising $50,000 in cash and 96M fully paid ordinary WWI shares. 75% of the WWI shares will be held in escrow, released via two equal tranches (36M WWI shares each), being 240 days and 360 days from the completion date respectively. Lilitha's direct interest as a WWI shareholder underscores the strategic partnership and commitment to the growth of WWI.

Trading on OTCQB Market

On 25 May 2022, West Wits commenced with the trading of its ordinary shares on the OTCQB Market (US) under the ticker symbol "WMWWF". The Company has also secured Depository Trust Company ("DTC") approval to allow real time electronic clearing and settlement in the USA of its OTCQB traded common shares through the Depository Trust & Clearing Corporation ("DTCC"). Existing ordinary shares of WWI may now be traded on the OTCQB Market and investors can find real-time quotes and market information on the OTC Markets website: www.otcmarkets.com/stock/WMWWF/overview.

The OTCQB market has high financial reporting standards and strong corporate governance requirements, both of which are satisfied through the Company's ongoing compliance with ASX listing rules. West Wits sought the OTCQB quotation to provide current and potential North American investors with appropriate accessibility and liquidity to invest in the Company.

Corporate Social Responsibility

West Wits selected two young trainees for the Company's our Beneficiary LearnershipProgramme which forms part of itsSocial Labour Plan.

Both Resego Segwabe and Solly Given Nkuna are from Matholesville in Roodepoort close to the WBP. Resego is studying Fitting and Turning, as she has always been fascinated by machines and wants workin an environment which encourages success and growth. Solly is studying to become a diesel mechanic. He appreciates the high demand for this particular skill in South Africa. Both are completingtheir courses through the Anglo-AmericanEngineering Skills Training Centre.

Approved for release by the Board of West Wits Mining Limited.

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