Name of the Project
Witwatersrand Basin Project (WBP).

Location
At the northern edge of the Witwatersrand basin, in the Central Rand Goldfield, immediately south-west of the City of Johannesburg, in Gauteng, South Africa.

Project Owner/s
West Wits Mining.

Project Description
A scoping study has demonstrated the WBP’s potential to be West Wits’ cornerstone project as the company aims to become a midtier gold producer.

The scoping study investigated four phased scenarios, based on five development stages.

The fourth scenario has been determined to be the optimal development model, delivering a 27-year mine life, with an estimated 16.1-million tonnes at a run-of-mine (RoM) grade of 3.11 g/t gold for 1.61-million ounces of gold from Stage 1 to 4.

Stage 1 comprises Qala Shallows, which includes an early mining initiative to produce 5 000 t a month to 8 500 t a month.

Material to be mined in the early mining initiative is in addition to Qala Shallows production targets stated in the formal mining plan detailed in the September 2021 definitive feasibility study.

Qala Shallows production will be progressively augmented with ore sourced from Stage 2 – Main Reef Package (MRP) and Stage 3 – Bird Reef East (BRE), to increase overall production rates. Once Qala Shallows is depleted, production in that area will continue by starting Stage 4
– Qala Deeps (Deeps), using most of the existing infrastructure established and already funded from Stage 1. Stage 5 (Bird Reef Central) is excluded from the analysis because of its lower recovered grade profile and standalone infrastructure costs.

The MRP, comprising the Main Reef and Main Reef Leader reef bands, will produce 593 000 t at an RoM grade of 3.36 g/t gold for 64 000 oz of additional gold production over years 4 to 7 combined.

The BRE ore will replace the Main Reef tonnage as the Main Reef area is depleted. Development of BRE is scheduled to start in Year 6, with stoping starting in Year 7.

The BRE section will provide 897 000 t at an RoM grade of 3.34 g/t gold for 96 000 oz of additional production over years 6 to 12 combined.

The Deeps is a direct depth extension of the existing Qala Shallows area, from 800 m to 1 500 m below surface. The Deeps section will provide 7.3-million tonnes at an RoM grade of 3.11 g/t gold for 732 000 oz of additional gold production over years 13 to 27 combined.

The WBP has the potential to build up to peak production of more than 92 000 oz/y. The scoping study’s production target averages 79 500 oz from Year 5 to 16 as production reaches steady state from stages 1, 2 and 3.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The scoping study estimates a net present value, at a 7.5% discount rate, of $227-million and an internal rate of return of 33%, with a payback of five years.

Capital Expenditure
The project will require peak funding of $77-million.

Planned Start/End Date
WBP’s early mining initiative at Qala Shallows started in September 2021, with first ore produced in February 2022.

Latest Developments
West Wits will continue to focus on:

• procuring project finance for the full implementation of Stage 1;

• procuring long-lead mining equipment. The early mining initiative will use rental equipment as an interim measure;

• refining the toll-treating/rental arrangement with the identified process facility during the build-up (long-term tolling agreement);

• feasibility studies on the potential optimisation of the WBP’s infrastructure and mine plan to increase production rates;

• continuing with further geological work and feasibility studies on Stage 2 and 3 of the WBP mining area;

• undertaking additional exploration drilling to convert the inferred mineral resources to indicated and measured categories; and

• investigating, through the Project 200 initiative, the potenial to further use this large gold resource to increase production rates.

Key Contracts, Suppliers and Consultants
Bara Consulting (scoping study) and Modi Mining (mining contract).

Contact Details for Project Information
West Wits Mining, tel +61 3 8692 9049 or email info@westwitsmining.com.