West Wits Mining : Small Shareholding Sale Facility

For personal use only

ASX Announcement and Media Release

4 February 2022

Small Shareholding Sale Facility

West Wits Mining Limited (ASX: WWI) (West Wits or the Company) is pleased to announce that it has established a small shareholding sale facility (Sale Facility) for shareholders whose holding of fully paid ordinary shares in the Company (Shares) has a market value of less than $500 as described below (Small Parcel Holding).

The Company has established the Sale Facility for the following reasons:

• To give holders of a Small Parcel Holding the opportunity to sell their shareholding without incurring transaction costs which, in proportion to the value of their investment, may otherwise render a sale of this size unattractive or uneconomic; and
• To reduce the expense and administration involved in maintaining the share register of the
  Company. Based on the Company's closing share price on Thursday, 3 February 2022 (Record Date) (being $0.039), the Company has approximately 3,550 shareholders of which approximately 600 hold a Small Parcel Holding.

The Company will bear all costs (including brokerage fees) associated with the Sale Facility, excluding

tax consequences, which will remain the shareholder's responsibility.

Sale Facility

Shareholders at 7.00pm (AEDT) on the Record Date who hold a Small Parcel Holding (that is a parcelof 12,820 Shares or less based on a closing Share price of $0.039 on the Record Date) will receive a letter from the Company, in the form attached to this announcement, together with a Share Election Form (Form). The letter to be sent to holders of a Small Parcel Holding explains that, unless those shareholders notify the Company that they wish to retain their Shares by submitting a completed Form, or they hold more than 12,820 Shares on the Sale Facility closing date (being Wednesday 30 March 2022, which is the date that is approximately six (6) weeks (refer timetable) from the date on which the letter and the Form attached to this announcement is deemed served), those shares forming a Small Parcel Holding will be sold, and the proceeds remitted to them free from brokerage and handling fees. WWI will either pay funds from the sale to nominated bank accounts or via cheque, as applicable. Any tax consequences from the sale will be the respective shareholder's responsibility.

The Company has engaged Evolution Capital Pty Ltd as broker for the purposes for the Sale Facility.

Those shareholders who hold a Small Parcel Holding and want to retain their Shares must return a completed Share Election Form or make their own arrangements so that they hold more than 12,820 Shares (based on the closing Share price on the Record Date of $0.039) before the Sale Facility closingdate, otherwise their Shares will be sold.

The price at which Small Parcel Holdings will be sold will be the higher of either:

• the 5-day volume weighted average price prior to the closing date of the Sale Facility; or
• the average of the last sale price of WWI shares on ASX for each of the 10 trading days immediately preceding the date of any offer to purchase the Small Parcel Holdings accepted by WWI.

Shareholders whose holding is purchased under the Sale Facility will receive the same price per share.

For personal use only

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Key Dates

Below are the key dates for the Sale Facility:

Record Date	7.00pm (AEDT) on 3 February 2022
Announcement Date	4 February 2022
Documents mailed to shareholders with a Small Parcel	4 February 2022
Holding
Service of documents deemed under constitution	11 February 2022
Sale of Small Parcel Holdings Opening Date	14 February 2022
Sale of Small Parcel Holdings Closing Date (last day for	30 March 2022
return of the Share Election Form)
Payment of proceeds to participating shareholders	Within two months of the Closing Date,
	subject to the Company having bank
	account or address details for the
	participating shareholder

Documentation in the form attached to this announcement in relation to the Sale Facility will shortly be sent to all shareholders who hold a Small Parcel Holder at the Record Date.

If shareholders have any questions in relation to the Sale Facility, please contact the Company via email on [e-mail].

Authorised for release by the Board.

Michael Quinert

Chairman

For further information contact:

Australia

Victoria Humphries / Peter Taylor

Investor Relations

[e-mail]/[e-mail]

North America, Canada and UK

Jody Kane / Jonathan Paterson

[e-mail]/ [e-mail]

General:

[e-mail]

For personal use only

WEST WITS MINING LIMITED

ABN 89 124 894 060

ASX:WWI

E [e-mail]

P [phone]

F [phone]

A Level 6, 400 Collins Street

Melbourne, VIC Australia 3000

Friday, 4 February 2022

Dear Shareholder,

Small Shareholding Sale Facility

West Wits Mining Limited (ASX:WWI, the Company or WWI) is pleased to advise that it proposes implementing a procedure to sell holdings of fully paid ordinary WWI shares valued at less than $500in aggregate (Small Parcel Holding) based on the Company's share price of $0.039 at close of trading on Thursday 3 February 2022 (Record Date).

The Company has a large percentage of shareholders who hold a Small Parcel Holding. While the Company values each of its shareholders, through the sale of Small Parcel Holdings the Company will significantly reduce its administration and share registry costs, whilst also providing the holders of Small Parcel Holdings the opportunity to sell their shares without incurring transaction costs.

The price at which Small Parcel Holdings will be sold will be the higher of either:

• the 5-day volume weighted average price prior to the closing date of the Sale Facility; or
• the average of the last sale price of WWI shares on ASX for each of the 10 trading days immediately preceding the date of any offer to purchase the Small Parcel Holdings accepted by WWI.

The Company has engaged Evolution Capital Pty Ltd as broker for the purposes for the Sale Facility.

As a shareholder who holds a Small Parcel Holding as at the Record Date, you are eligible to have your shares sold by the Company under the procedure described in this letter. The advantage in the Company selling your shares as described in this letter is that the Company will bear all transaction costs, including brokerage, associated with the sale of your shares.

If you wish to retain your shares

You have approximately six (6) weeks (refer timetable) from the date of this notice to elect to retain your shares by completing and returning the enclosed Share Election Form (Form). Please be aware that you are not obliged to sell your shares and the choice is entirely up to you.

If you DO NOT wish your shares to be sold, please complete and return the enclosed Form to the address noted on the Form, so that it is received by the registry by no later than Wednesday 30 March 2022. If you DO NOT return the completed Form by this date your shares will be sold on your behalf.

If on the Closing Date the value of your Small Parcel Holding has increased above $500, your shares will NOT be sold.

Sale of Small Parcel Holding

If you wish to sell your shares, you do not need to take any further action.

For personal use only

By not taking any action by 30 March 2022, you acknowledge and accept that:

• you have irrevocably appointed the Company as your agent to sell your Small Parcel Holding and to deal with the proceeds of the sale of the shares in accordance with the process outlined in this letter; and
• if your shares are in a CHESS Holding as at 30 March 2022, the Company may move those shares to an Issuer Sponsored Holding or a certified holding without further notice.

The Company will arrange for Evolution Capital Pty Ltd to manage the sale of the Small Parcel Holdings and, once received, the proceeds will be paid to you in Australian dollars either:

• directly into the bank account recorded for you with the Company's share registry; or
• in the absence of a recorded bank account, mail a cheque for the amount of the proceeds to the address shown on the Register.

Any shareholder who would like to check and update their bank account details to receive the proceeds from the sale of the Small Parcel Holding can do so through the share registry website at the following link: https://investor.automic.com.au

If bank account details are not updated by 30 March 2022, the Company will mail the proceeds out to holders of Small Parcel Holdings whose shares are sold and who have not provided bank account details to WWI via a cheque payment.

THIS IS AN IMPORTANT DOCUMENT. IF YOU ARE IN ANY DOUBT AS TO HOW TO DEAL WITH IT THEN YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL OR OTHER PROFESSIONAL ADVISER.

Key Dates

Below are the Key Dates for the sale of Small Parcel Holdings:

	Record Date	7.00pm (AEDT) on 3 February 2022
	Announcement Date	4 February 2022
	Documents mailed to shareholders with a Small Parcel Holding	4 February 2022
	Service of documents deemed under constitution	11 February 2022
	Sale of Small Parcel Holdings Opening Date	14 February 2022
	Sale of Small Parcel Holdings Closing Date (last day for return	30 March 2022
	of the Form)
	Payment of proceeds to participating shareholders	Within two months of the Closing
		Date, subject to the Company having
		bank account or address details for
		the participating shareholder

For personal use only

If you have any questions in relation to the sale of Small Parcel Holding please contact the Company via email on [e-mail].

Yours Sincerely

Simon Whyte

Joint Company Secretary and CFO