Ann: Witwatersrand Basin Project Update, page-2

West Wits Mining Limited (ASX: WWI) (OTCQB: WMWWF) (“West Wits” or “the Company” provides
details towards the optimisation of the Company’s plans for the Witwatersrand Basin Project (“WBP”.
HIGHLIGHTS
➢ Definitive Feasibility Study (“DFS” of the Qala Shallows is being updated by Bara
Consulting (“Bara” to include new information gained from underground survey works,
optimisations of the mine plan and updated market assumptions.
➢ The updated DFS results are expected to be available in July 2023 and provide a material
improvement in the WBP’s production and economic outcomes.
➢ Environmental Authorisation (“EA” approval received from South Africa’s Department of
Mineral Resources & Energy (“DMRE” for the Prospecting Right (“PR” application and 30-
day community consultation period has been completed.
West Wits Mining Limited (“WWI” “West Wits” or “the Company” Chairman Mr Michael Quinert
said, “The Company continues to progress initiatives to optimise and grow the WBP whilst advancing
discussions with potential funders. The underground survey work, optimisation of the mine plan and
anticipated granting of the Prospecting Right application are expected to have a material impact on
the WBP’s resource and production metrics. Coupled with the favourable movements in gold price and
exchange rate, the quality of the asset continues to improve.”
QALA SHALLOWS - DEFINITIVE FEASIBILITY STUDY UPDATE
Through accessing underground via the refurbished decline shaft at Qala Shallows WWI’s technical
team has been able to undertake detailed measurements of the ore body characteristics, including
reef dip and widths. This information enhanced the data set for the area to be mined over the early
years of the project and enabled further refinement and optimisation of the mine plan.
In assessing this new information, the team identified potential opportunities for improving economic
outcomes at Qala Shallows. As such, WWI decided to commission its independent mining engineers,
Bara Consulting, to undertake a further review and update of the DFS released in August 2022. The
Bara review will consider the improved data set and update the model for changes to the input
assumptions, especially to allow for changes to the gold price and exchange rates since the original
study was released.
Work on this review is progressing and WWI expects the updated DFS will be completed within the
next month. Given the detailed data set information now available and favourable movements in the
key economic factors underpinning the models, WWI is anticipating a material improvement in the
revised DFS outcomes.
WBP - PROSPECTING RIGHT APPLICATION STATUS
South Africa’s DMRE granted approval of the Company’s EA in May 2023 for the Prospecting Right
application and the Company has completed the 30-day community consultation period with
interested and affected parties. This application covers an area to the south and west of the Qala
Shallows area which is the subject of the DFS.
Lawyers for Human Rights (“LHR” have now lodged an appeal application. This application puts
forward arguments that have been previously raised and rejected by both the DMRE and the Minister
in relation to other license applications for the WBP. West Wits believes this review application is


ASX Announcement and Media Release
20 June 2023
page ii
simply an attempt to cause disruption and is without legal merit. West Wits is confident this appeal,
like others before it lodged by LHR, will also be dismissed.
Granting of the Prospecting Right will reintroduce areas reported under the WBP’s previous
Prospecting Right which were removed upon granting of the Mining Right which has a reduced
tenement footprint. The Mineral Resource Estimate currently stands at 4.28Moz at 4.58g/t Au1 and is
expected to have a material increase upon granting of the PR.
FUNDING UPDATE
The Company continues to progress constructive discussions with several prospective funders to
secure the optimum funding solution for the WBP and remains confident it will be able to secure
commitments to finance the re-commencement of operations in the near-term.
Approved for release by the Company’s Chairman