Company
ASX:WWI
West Wits is focused on the exploration, development and production of high value precious and base metals for the benefit of shareholders, communities and environments in which it operates. The company’s Witwatersrand Basin Project, located in the proven gold region of Central Rand Goldfield in South Africa boasts a 7.24 Moz gold project at 4.00g/t.
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“The Acquisition increases WWI’s share of the WBP at a substantial notional discount to the value implied by the US$227 million NPV of the WBP Scoping Study released in March this year,” West Wits Managing Director Mr Jac van Heerden said.
This equity financing facility is intended to operate as a standby financing mechanism to provide for flexible management of working capital through progressive drawdowns at WWI’s sole discretion as it advances the 4.28Moz gold Witwatersran
“OTCQB trading provides West Wits Mining with access to the world’s largest investment market. A growing number of ASX listed mining companies have sought dual trading in the US, in order to provide North American investors direct and real-
“We have now re-rated the stock to 6.1 cents per share base case and 12.1 cents per share optimistic case on the back of revised project estimates from the scoping study of March 2022,” said the report.
“These excellent and robust results from the scoping study confirm our clear strategy to advance the WBP into a significant gold production operation targeting 65,000 ounces per annum over a long life of 27 years at highly attractive econom
“This is a historic moment for West Wits as we deliver our first ore from our Witwatersrand Basin Project. I must compliment the team, who were able to establish the site, rehabilitate the box cut and the declines and access the ore in a sa
“We have valued WWI at 5.4 cents per share base case and 7.6 cents per share optimistic case using the DCF approach, with conservative assumptions on annual gold production and gold prices," said Pitt Street Research.
A further $2 million is expected to come by way of shortfall arrangements taking total capital raising proceeds, including a $A1.6 million placement, to A$9.4 million.
The project is expected to deliver a staggering 1.56 million ounces of gold over the course of its life, with output over 18 years averaging up to 90,000 ounces per annum.
“RTX brings a wealth of technical expertise, resources and regional knowledge which, combined with synergies from their exploration of Mt Cecelia’s neighbouring tenements (that are held 100% by RTX), will enable the Mt Cecelia targets to be
“Increasing the MRE by 20% in ounces and grade by 0.32 g/t sees us ending 2021 on a high note. We are very much looking forward to a prolific 2022, commencing with the production from our Early Mining Initiative,” says MD.
The funding runway will help WWI ramp up work ahead of its first ore production, expected in quarter one of 2022.
The Witwatersrand asset is more than just a precious metals play, with West Wits on course to advance uranium exploration over its iconic gold property.
The initiative will see production commence in February 2022, with plans to produce between 5,000 and 8,500 tonnes of ore per month.
With Taurum’s appointment, WWI is a step closer to assessing financing options that will support the circa US$50 million required to bring the Witwatersrand gold asset online.
Following the release of the DFS, Qala Shallows’ project development commenced in September 2021. West Wits expects production to commence in early 2022.
WWI’s next steps include the submission of an environmental management plan, as well as a prospecting works plan to the DMRE as part of the standard application process.
The developer behind the 3.55-million-ounce Witwatersrand Basin gold play in South Africa used the survey to confirm the prospectivity of its four exploration prospects at the greenfields Mt Cecelia asset in WA ahead of maiden drilling next
Last week, West Wits released the DFS for Qala Shallows, the first stage of planned mine development at its Witwatersrand Basin Project in South Africa.
Qala Shallows is the first of five planned stages of development at the company’s flagship Witwatersrand Basin Project in South Africa.
