West Wits Mining : Quarterly Activities and Cashflow Reports - period ended 31 December 2021

ASX Announcement and Media Release

28 January 2022

Quarterly Activity Report

Reporting Period 1 October - 31 December 2021

HIGHLIGHTS

Witwatersrand Basin Project ("WBP")

• ➢ Updated global JORC Mineral Resource Estimate ("MRE") stands at 4.28Moz at 4.58g/t Au (2g/t cut-off)1

• ➢ Updated MRE significantly grew the previously stated MRE by 724,000oz (20%) and increased grade by 0.32g/t Au for the combined Bird Reef ("BR"), Main Reef Leader

  ("MRL") and Main Reef ("MR") of the WBP area1

• ➢ Appointment of local mining contractor, Modi Mining (Pty) Ltd for Early Mining Initiative, with extensive underground mining experience and certified Black Economic

  Empowerment delivering on the Company's mission to support local employment

• ➢ Early Mining Initiative: Stage 1 Qala Shallows on track for early production in February 2022 with key site surface infrastructure installed plus box cut and box cut, brow and adit support completed

• ➢ Toll Treating agreement reached with AIM-listed African gold recovery services company Goldplat plc (AIM: GDP) for production from Early Mining Initiative

• ➢ Bird Reef Central Uranium Exploration Program outlined and aimed at converting the significant uranium Exploration Target to a JORC compliant Mineral Resource Estimate MRE2

Mt Cecelia Project

➢ Rio Tinto Exploration to explore Mt Cecelia project in the East Pilbara, Western Australia under an up to $10M Farm-In and Joint Venture Agreement3

Corporate

➢ Completed Rights Issue raises $5.8M from existing eligible shareholders with a further $2.1M raised via placement of the entire shortfall4

West Wits Mining (ASX: WWI, 'West Wits' or 'the Company') is pleased to present its latest quarterly report for the period ending 31 December 2021.

SOUTH AFRICA

Witwatersrand Basin Project ("WBP"); Central Rand (WWI: 66.6%), Gauteng Province

The WBP is set to yield 1.56 million ounces ofgoldover a 22-year mine life, with output over 18 years of this period averaging 80,000oz to 90,000oz per annum5.

Early Mining Initiative at Qala Shallows - Phase 1 of WBP

Qala Shallows is stage one of five stages at the WBP, located on the Kimberly Reef package in the Witwatersrand Basin, South Africa. The Qala Shallows Definitive Feasibility Study supports an underground mining operation with a robust rate of 7.3MT at 2.81g/t recovered grade for 663,000 oz recovered Gold over a 17-year Life-of-Mine6.

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ASX Announcement and Media Release

28 January 2022

IMAGE 1: FIVE STAGES OF THE WITWATERSRAND BASIN PROJECT

Ground operations commenced at Qala Shallows in September 2021, with bush clearing, site preparation and underground technical surveys. Early works are being implemented over a six-month period from October 2021 to March 2022, with initial production aimed at delivering 5,000t to 8,500t ore per month from February 2022 which is expected to ramp up to a production rate of 8,500 to 10,000t per month from July 2022.

During underground surveys, the technical services team collected a 150kg ore sample from the old workings accessible via the alleviated secondary shaft access 12E Winze, as well as in-situ ore from faces in the area. Initial test work indicates grades are in line with early works expectations and typical of Kimberly reef material.

West Wits commissioned mining contractor Modi Mining (Pty) Ltd to execute the Early Mining

Initiative's activities and civil contractor Siyabhowa-Humba JV was appointed to supply and install surface bulk supply infrastructure to offices and underground workings2.

Images 2-6 showcase progress on site.

IMAGE 2: QALA SHALLOWS SITE PROGRESS

The Early Mining Initiative is still on track for early production in February 2022. The teams have accomplished the construction of key site surface infrastructure, including diesel and power supply,

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28 January 2022

potable and service water supply, security fences, change houses, workshops and offices. The first generator set was delivered and reticulation for surface infrastructure was completed. A second generator set, with mini substation, was delivered in January 2022 to enable production increase from February onwards.

IMAGE 3: BOX CUT REHABILITATION

Construction and the rehabilitation of the Qala Adit boxcut, brow and adit support were completed. A secondary entry point to Qala Shallows (the 12E Winze Shaft) was rehabilitated for early access which allows for the sampling and surveying of extended areas of underground workings. All development and decline production equipment were delivered and commissioned, including a 10-tonne Load-Haul & Dump, 7-tonne Load-Haul & Dump, Twin Boom Drill Rig and Utility Vehicle.

The following equipment is scheduled for delivery in the current period:

• • 20t haul truck to transport ore from underground to surface

• • Single boom drill rig for ore drive development

• • Hydraulic electric hand drills for stoping

• • Winches to move broken ore to ore drives for loading

IMAGE 4: DELIVERY OF NEW EQUIPMENT

Modi operated a two-shift rotation through the December holiday period with a night shift crew deployed towards the end of December.

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ASX Announcement and Media Release

28 January 2022

West Wits also obtained blasting permission during the period to enable underground development and production.

IMAGE 5: DESIGN OF THE UNDERGROUND WORKINGS AT QALA SHALLOWS

IMAGE 6: UNDERGROUND SHAFT AND BOX CUT

During the reporting period, West Wits concluded negotiations with Goldplat to provide toll treating services for the Early Mining Initiative, including the delivery of the dore bars to Rand Refineries for

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ASX Announcement and Media Release

28 January 2022

refining and ultimately, the sale of the gold. AIM-listed Goldplat is a gold recovery services company with two processing operations in South Africa and Ghana.

WBP JORC Mineral Resource Update

On 2 December 2021, the Company announced a Global Mineral Resource update for the WBP which significantly increased the Company's global Mineral Resource Estimate (MRE) by both ounces and grade, reported within the guidelines of JORC (2012).

TABLE 1: UPDATED GLOBAL MRE FOR THE WITWATERSRAND BASIN PROJECT AT 2.0G/T CUT-OFF1

WBP - Updated Global Mineral Resource Estimate
Category	Tonnes (M)	Grade (g/t Au)	Ounces
Measured	8.81	4.60	1,449,000
Indicated	11.26	4.19	1,517,000
Measured & Indicated	21.06	4.38	2,967,000
Inferred	7.98	5.10	1,309,000
Total	29.05	4.58	4,276,000

Notes: Global MRE is set at a 2.0g/t Au cut-off and reported in accordance with the JORC Code of 2012. Number differences may occur due to rounding errors. The MRE is inclusive of declared Ore Reserves.6

The new MRE is an update of the previously announced (23 July 2021) MRE and represents a significant growth of 724,000oz in-situ gold content for the combined Bird Reef, Main Reef Leader and Main Reef of the Witwatersrand Basin Project East area1.

The MRE upgrade has resulted in a:

• • Net increase of 766,000oz in the measured category1, which is a noteworthy increase of 112%

• • Substantial 0.32g/t increase of the global MRE grade to 4.58g/t1

The current upgraded MRE is based on modelling to a depth of 1,000m below surface maximum for the Main Reef, Main Reef Leader and the Bird Reef areas of the WBP, whereas the geological modelling and resource estimation of the previous MRE was extended only to a maximum depth of ~400m below surface for these areas. Only the MRE for the Kimberley Reefs were previously extended below 400m, having a maximum depth of 1,500m.

The MRE increase has prompted West Wits to review its August 2021 WBP Scoping Study7. The updated geological information will be worked into the Scoping Study's mine plan by Bara Consulting which will result in an updated Production Target and financial modelling, which is anticipated to be completed for release in February 2022.

Bird Reef Central Uranium Project

On 25 October 2021, West Wits announced the restatement of its Uranium Exploration Target to JORC (2012) standard and the inclusion of uranium as a targeted mineral in the Bird Reef Central ("BRC") exploration program, Stage 4 of the WBP. The Bird Reef already has a declared JORC compliant Gold MRE of 4.67Mt Ore at 3.13g/t for 469,400oz7 Au at the WBP.

A review of historical uranium exploration results and the 2008 Conceptual Target was carried out with historical data and analysis constrained for the current mining right footprint. The evaluation supported a new uranium Exploration Target for the Bird Reef Sequence within the mining right area as outlined in Table 2.

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