West Wits Mining (WWI) Real Gold, Real Progress, and Leverage That the Market Hasn’t Caught Yet

West Wits Mining is one of the most undervalued, execution-ready gold developers on the ASX.

✅ DFS complete

✅ Fully permitted

✅ Bank and equity funded

✅ Site works underway

✅ Gold at all-time highs

The 2023 DFS was based on $1,850/oz gold. Today, gold is over $3,300/oz. The market hasn’t adjusted — but the economics have.

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️ QALA PROJECT IS LIVE – FUNDED AND ACTIVE

Early-stage mobilisation is already happening — funded by the recent $14M capital raise, not debt.

Current progress:

Temporary power installation underway (grid connection approved)

First underground Load-Haul-Dump machine delivered to site

Civil works started (boxcut roadway for underground access)

Modi Mining contractor crews mobilising this week

⏳ 6–8 week site setup underway

Fully funded (equity); $54M debt facility remains undrawn

This is real, physical progress — not just paperwork.

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THE DFS (AT $1,850 GOLD)

924,000 oz over 17.7 years

$522M free cash flow

$255M post-tax NPV

53% post-tax IRR

$871/oz AISC steady-state

4.1 year payback

That’s already strong. But way out of date.

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AT $2,750–$3,300 GOLD, THE STORY EXPLODES

Gold Price NPV (Post-Tax) IRR Payback Cash Flow

$1,850 $255M 53% 4.1 yrs $522M

$2,750 $500–600M 75–85% ~18 months $900M+

$3,300 $700–850M+ 90–100%+ ~12 months $1.1–1.3B+

No changes to the plan — just the gold price.

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$54M DEBT FACILITY – LOCKED IN

✅ IDC + Absa credit-approved

✅ Based on $1,850 DFS

✅ Drawdown comes after site setup

An updated DFS would likely:

Lower required equity contribution

Reduce hedging obligations

Improve lending terms

Preserve more upside for shareholders

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⛏️ CUT-OFF GRADES — WHY THEY MATTER

Qala’s DFS used a 2.0 g/t cut-off grade

With gold at $3,300, that can drop to 1.5 g/t or lower

Lower cut-off = more mineable ore, more ounces, longer life

High-grade zones (4.3–4.5 g/t) still dominate in core areas

This is reserve expansion without drilling.

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COSTS STILL COMPETITIVE

AISC likely increasing modestly to ~$975–1,050/oz

Still delivering $2,200+/oz margin

No need to build a plant — toll treatment keeps capex down

65–70% gross margins likely in current price environment

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✅ QUICK SNAPSHOT

Key Metric Status

DFS Complete ✅ July 2023

Gold Price Used in DFS $1,850/oz (outdated)

Spot Gold Today $3,300+/oz

Site Work Started ✅ Yes – underway now

Mobilisation Funded ✅ $14M equity raise

Bank Debt Available ✅ $54M credit approved

Permits in Place ✅ Yes – fully granted

Margin at Spot Gold $2,200+/oz

Cut-Off Flexibility High – adds reserve upside

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FINAL THOUGHT

West Wits is not a “maybe.”

It’s a funded, permitted, and active mine build — in a gold bull market. The DFS is outdated, the economics are exploding, and the site is live.

Real asset.

Real margin.

Real progress.

Market hasn’t caught on — yet.