West Wits Mining (WWI) H1 2026 earnings summary

Executive summary

• Transitioned from mobilisation to development at the Qala Shallows Gold Project, with first underground ore delivered and stockpiling underway ahead of toll processing and first gold pour scheduled for March 2026.

• Strengthened project economics via an updated Definitive Feasibility Study (DFS), expanded tenement footprint, and increased ownership of the Witwatersrand Basin Project (WBP) from 66.6% to 74%.

• Secured substantial equity and debt funding, positioning the company as fully funded through to first gold and steady-state production.

• Officially opened Qala Shallows, South Africa's first new underground gold mine in 15 years, and advanced local economic development and stakeholder engagement initiatives.

Financial highlights

• Loss after income tax for the half-year was $3.31 million, compared to $1.55 million for the same period last year.

• Total comprehensive loss for the half-year was $1.60 million, compared to $0.89 million in the prior year.

• Cash and cash equivalents increased to $22.56 million as of 31 December 2025, up from $12.15 million at 30 June 2025.

• Net assets rose to $52.45 million from $37.54 million at 30 June 2025.

• Significant capital raised through placements and loan facilities, including a $17.7 million placement and a US$12.5 million loan tranche.

Outlook and guidance

• Immediate priority is to deliver first gold in March 2026 and ramp up underground development toward sustainable steady-state production.

• Fully funded to execute transition to production, with expanded resource base and tenement footprint.