West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) has completed the buy-back of a 10% minority interest in West Wits Mining SA (Pty) Ltd, increasing its ownership in the 5-million-ounce gold Witwatersrand Basin Project (WBP) from 66.6% to 74%.
The transaction, first announced on June 16, 2025, involved a US$5.09 million payment to acquire and cancel the shares held by minority shareholder Lilitha Resources (Pty) Ltd. Lilitha retains a 26% interest in the WBP through its remaining stake in West Wits MLI (Pty) Ltd.
West Wits described the buy-back as value-accretive, noting the July 2025 upgrade to the Stage 1 Qala Shallows project. The updated Definitive Feasibility Study outlined a post-tax net present value (NPV7.5) of US$500 million, a post-tax internal rate of return (IRR) of 81%, and forecast production of 944,000 ounces of gold over a 16.8-year mine life, with an all-in sustaining cost (AISC) of US$1,289 per ounce.
West Wits advances Qala Shallows with mobilisation and ore transfers
Last week, West Wits began mobilisation at its Qala Shallows project in South Africa, signalling the shift from early-stage works to full project execution.
Site establishment and infrastructure development are progressing, with key contractors engaged and equipment arriving on site. Subject to final funding, Qala Shallows is expected to ramp up to a steady-state production rate of 65,000 tonnes per month, delivering an average of 70,000 ounces of gold annually over a 12-year mine life.
The company has also begun ore transfers to Sibanye-Stillwater’s Ezulwini Processing Plant, with first gold production targeted for the first half of 2026.
Ore previously stockpiled by West Wits is now being transported by an external contractor to a dedicated pad at the Ezulwini plant, designated exclusively for Qala Shallows feed. Stockpiling will continue until processing begins in 2026, coinciding with the first gold pour.