West Wits Mining (ASX:WWI) Chairman Michael Quinert told attendees at the RIU Fremantle event that the company has moved beyond exploration and is now focused on execution as it advances its Qala project in South Africa’s Witwatersrand Goldfields. Quinert said the company reopened the mine and began extracting ore in October, describing it as a “significant moment” and a “rebirthing” of the ore body. He added that the operation was the first underground gold mine opened in South Africa in 15 years, drawing media and high-profile attention at an opening event held in December.
Shift to production and near-term milestones
Quinert positioned West Wits as a “near-term” gold developer targeting production in 2026, while also noting the company is moving toward a gold pour “next month,” indicating near-term processing progress following the resumption of ore extraction. He emphasized that the company is using established South African underground mining methods that have been in place for about a century, while incorporating “tweaks of modern technology” including trackless vehicles and hydropower systems. The approach, he said, is intended to reduce risk by avoiding unproven mining methods.
Funding, balance sheet, and ownership structure
He outlined multiple funding options secured during the past year, including a $50 million bank facility with two South African banks that is “ready to draw upon” around June. Quinert also said the company has a facility with Nebari Natural Resources Fund in New York, and that Nebari is considering a proposal to replace the bank facility—creating what he characterized as unusual optionality for a company transitioning from explorer to developer.
Quinert added that, beyond the financing itself, the bank process provided validation after a “rigorous six-month due diligence process,” during which independent parties reviewed the project and the company’s capacity to execute. He also said West Wits owns 74% of the project and works with a Black Economic Empowerment partner that he described as cooperative and constructive.
Project scale: Witwatersrand context and West Wits’ resource base
Quinert underscored the historical significance of the Witwatersrand Basin, quoting industry literature that the basin has produced an estimated 22% to 25% of all known gold to date. For perspective, he compared the basin’s estimated 1.5 billion ounces of historical production to Australia’s Kalgoorlie Golden Mile (about 65 million ounces) and the Victorian goldfields (about 80 million ounces). He said West Wits’ mining area alone has produced more than 31 million ounces historically.
On the company’s own resource base, Quinert noted that an earlier ASX-listed operator reported a 12.8 million-ounce resource in 2001 under JORC requirements. He said West Wits has “rehabilitated” 7.2 million ounces of that at 4 grams per tonne, and constrained the current resource to 400 meters to avoid areas of the basin that are flooded. Quinert said dewatering could potentially allow more gold to be added to the project in the future.
DFS highlights and expansion studies
Quinert pointed to the definitive feasibility study (DFS) released last July for the Qala Shallows stage-one development. He said the plan targets steady-state production of 70,000 ounces per year over a 17-year mine life. According to Quinert, the analysis used a gold price of $2,850 per ounce, which he said reflected the consensus price used by the banks during their due diligence process.
Based on those assumptions, Quinert stated the project is expected to generate $1 billion in free cash flow, with a post-tax net present value (NPV) of $500 million and a post-tax internal rate of return (IRR) of 81%. He also said the company has a reserve that covers seven years at a 1.31 cut-off grade. Quinert noted that the Qala Shallows plan uses 1 million ounces of the company’s 7.2 million-ounce resource, leaving room for potential future growth beyond stage one.
With funding in place, Quinert said the company is also looking at ways to monetize a broader portion of the resource base. He highlighted a “Project 200” initiative aimed at evaluating whether production can be scaled from 70,000 ounces to 200,000 ounces per year, noting that a scoping study has been commissioned.
Additional assets, ESG focus, and expected news flow
Beyond Qala, Quinert said West Wits has a second project in the Paterson Province of Western Australia that will be returned to an exploration phase “soon.” He also described a separate, standalone uranium-gold project with a gold resource and a uranium exploration target, which he said the company expects to advance with an exploration program this year to provide additional news flow and potential upside.
Quinert said West Wits raised AUD 33 million in January, which he described as drawing strong interest from Australian institutions “for the first time,” and giving the company confidence to accelerate work across its portfolio while continuing Qala development.
He concluded by noting the company has a strong ESG program focused on local communities near Johannesburg—including education and economic development initiatives—which he said are required under the company’s license conditions.
About West Wits Mining (ASX:WWI)
West Wits Mining Limited explores for and develops gold and base metals mining tenements in South Africa and Western Australia. Its flagship project is the Witwatersrand Basin project located in South Africa. West Wits Mining Limited was incorporated in 2007 and is based in Melbourne, Australia.
