#1West Wits Mining Investor Presentation - March 2022 Progressing strategic transformation to a mid-tier gold producer Witwatersrand Basin Project (WBP), S.A. Mt Cecelia Project, AUS WEST WITS MINING ASX: WWI#2Disclaimer This presentation may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with estimation of resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to West Wits Mining or not currently considered material by the company. West Wits Mining accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information. Forward-Looking Statements This Announcement includes "forward-looking statements" as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond West Wits Mining Limited's control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding West Wits Mining Limited's future expectations. Readers can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "risk," "should," "will" or "would" and other similar expressions. Risks, uncertainties and other factors may cause West Wits Mining Limited's actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include, but are not limited to, the failure to complete and commission the mine facilities and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for gold and silver; fluctuations in exchange rates between the U.S. Dollar, South African Rand and the Australian Dollar; the failure of West Wits Mining Limited's suppliers, service providers and partners to fulfil their obligations under construction, supply and other agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The information concerning possible production in this announcement is not intended to be a forecast. They are internally generated goals set by the board of directors of West Wits Mining Limited. The ability of the Company to achieve any targets will be largely determined by the Company's ability to secure adequate funding, implement mining plans, resolve logistical issues associated with mining and enter into any necessary off take arrangements with reputable third parties. Although West Wits Mining Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. WEST WITS MINING 2 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#3Investor High Potential Snapshot Revenue opportunity of USD 2.6 billion¹ 1 South Africa, Witwatersrand Witwatersrand Basin Project (WBP) 2 L 14 WEST WITS MINING Western Australia, Eastern Pilbara Mt Cecelia Project Significant resource: 4.28 million ounces of gold JORC Mineral Resource @ 4.58g/t Au³; 69% of MRE in Measured and Indicated categories; includes declared Ore Reserves Early Mining: First ore delivered in Feb 2022 to produce approx. 5000 - 8500 tonnes per month CAPEX: Low due to historical mine works and planned toll processing; competitive on AISC Production Mining Stages 1-4: 27-year Life-of- Mine; estimated 16.1 million tonnes; Run of Mine grade of 3.11g/t Au for 1.61 million oz gold¹ Up to $10M Farm-In & JV Agreement: Rio Tinto5 Location: Highly prospective area in Paterson Province SkyTEM HEM survey: Eight exploration targets identified MLTEM survey: Four high-priority targets confirmed Maiden drilling program: Commences in 2022 3 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#4Company Highlights Opportunity for significant Share Price Growth Capital Structure Well positioned for 2022 upside Shares on Issue 1.84b Market Capitalisation A$64.3m At closing share price of 3.5 cents on 28/03/2022 Cash A$10.3m as at 31/12/2021 Enterprise Value JORC Mineral Resource Estimate³ (Gold) Mineral Resources include declared Ore Reserves Enterprise Value per ounce Listed Options $0.12 expiring 10/08/2022 Unlisted Options (101M @ $0.05, 2.5M @ $0.012 & 6M @ $0.10, $0.15 & $0.25) A$54.0m 4.28Moz A$12.63 110 110.1m Share Price - CPS 12 11 10 10 6 7 8 16 5 432 18 Month Share Price Performance 100 Volume Share Price 75 15 1 121.4m 0 Performance Rights Sep-20 Jan-21 May-21 Sep-21 Jan-22 10.2m (Issued to Executive Team with various performance hurdles) WWI Shareholding in Operating Entity 66.6% WEST WITS MINING 4 50 25 25 Volume - Million ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#5Experienced Leadership In-depth ASX Investor and Operations Knowledge Michael Quinert Chairman ASX-experienced commercial lawyer with extensive involvement in assisting and advising publicly listed mining companies Hulme Scholes Non-Executive Director One of SA's top legal professionals specialising in mining and mineral law BOARD Peter O'Malley Non-Executive Director US-based investment finance executive with wide-ranging experience advising on M&A, debt/equity transactions and capital optimisation strategies in multiple jurisdictions Tim Chapman Non-Executive Director Director of Corporate Broking at PAC with experience in financial services and capital markets WEST WITS MINING Tozama Kulati Siwisa Head of Corporate Affairs BCom with MBA and broad experience in leading transformation projects from development through to execution Luvuyo Jafta General Manager - Mining B-Tech (Mine Engineering) with wealth of managerial and technical experience in resources companies Jac van Heerden Managing Director Mining Engineer with MBA and operations and project experience in South Africa, DRC and Zimbabwe MANAGEMENT Simon Whyte CFO & Company Secretary CA with extensive experience in mining, commodities and logistics Martin Bevenlander Head of Geology & Exploration BSc. Hon. (Geology) with mining experience across mining cycle from greenfield exploration to production 5 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#6Witwatersrand Basin Over 100 years Gold production 01 Located within world-renowned Witwatersrand Basin (SA) North West West Rand Goldfield 78Moz @ 5.1 g/t Au WWI Project Gauteng East Rand Goldfield 320Moz @ 8.2 g/t Au 02 Central Rand historically produced over 247 million ounces 03 Low geological risk 04 WEST WITS MINING Historic mine works underground inspection shows stable existing shafts with almost no rock engineering issues since mine closure in 2001 6 Welkom Goldfield 311Moz @ 8.4 g/t Au WWI Project Carletonville Goldfield 302Moz @ 8.9 g/t Au Central Rand Goldfield 247Moz @ 8.2 g/t Au Evander Goldfield 48Moz @ 7.0 g/t Au Klerksdorp Goldfield 204Moz @ 8.4 g/t Au Free State WWI Project Major Goldfields Central Rand Group West Rand Group Granites Mpumalanga 0 50km DRD 29Moz @ 5 g/t Rand Lease 12Moz @ 5 g/t Rose Deep Witwatersrand Gold Mine 14Moz @ 8 g/t 11Moz @ 7 g/t Langlaagte 20Moz @ 10 g/t City Deep 19Moz @ 9 g/t ERPM 45Moz @ 7 g/t Harmony Doornkop Mine (4.3Moz @ 7.9 g/t) CMR 15Moz @ 7 g/t Crown Mines 45Moz @ 9 g/t Robinson Deep 22Moz @ 8 g/t Simmer & Jack 5Moz @ 8 g/t 0 10km Johannesburg ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#7Cornerstone Witwatersrand Basin Project Significant Mineral Resource³ available on fully permitted mining area Scoping Study's ROM production schedule in annual ounces of gold by stage over WBP's 27-year life-of-mine¹ WBP 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 & 21.06 4.38 Indicated 2,967,000 Inferred 7.98 5.10 1,309,000 Total 29.05 4.58 4,276,000 Notes: Global MRE set at a 2.0g/t Au cut-off; reported in accordance with JORC Code of 2012; number differences may occur due to rounding errors; Mineral Resources are reported as inclusive of Ore Reserves WEST WITS MINING 7 Gold Production (Oz) WBP - Production Schedule - ROM Ounces Au 100,000 80,000 60,000 40,000 20,000 3.6 3.3 3.0 2.7 2.4 2.1 1.8 1.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Years Qala Shallows Main Reef Qala Deeps Bird Reef East -ROM Grade Gold Grade (g/t) ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#8WBS: Uranium enhanced value-add Opportunity to convert significant Uranium Exploration Target of 12-16mlbs into resource at Bird Reef Central Uranium Project Key Milestones Uranium - Exploration Target - Range Low High Tonnes (M) 10 22 Grade (ppm) U308 300 550 Content (Mlb) U308 12 16 Upgrade exploration target to JORC 2012 Compliant Exploration Target - Complete Appoint Geological Consultant - Complete Scope Exploration Drilling to convert target area into a JORC Compliant Resource - Complete Commence Drilling - H2 2022 Notes: o The potential quantity and grade are conceptual in nature. There has been insufficient exploration and evaluation of historical information to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. Notes: o At a gold price of USD 1,750 per ounce, Bird Reef Central did not meet the minimum economic parameters and was excluded from the Scoping Study. Further exploration to be incorporated aiming to convert the uranium target to a JORC Resource and improve viability of the BRC. WEST WITS MINING 8 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#9$ Witwatersrand Basin Project - Scoping Study¹ Scoping Study confirms sustainable profitability Staged Mining Approach Qala Shallows (1); Main Reef Package (2); Bird Reef East (3); Qala Deeps (4) PROJECT 200 • Aimed to produce 200 000t per month Investigating infrastructure requirements • Additional Shafts • Water Handling . Maximum Stress Initiative Process Facility Options & Depositions Space • CAPEX & OPEX estimates Significant Life-of-Mine All In Sustaining Cost ("AISC") 27-year LOM and 16.1 MT at 3.11 g/t Estimated USD 1,138/oz up to 800m and the Gold with a AISC of USD 1,198/oz below 800m $ Peak Funding requirement Solid Production ...l Project Financials USD 77million and 5 year pay back period Peak Production up to 90 000 oz per annum and at an average of 65 000 oz per annum Pre-tax NPV7.5 of USD 227 million (AUD 316m) and IRR of 33% at a Gold Price of USD 1,750/oz WEST WITS MINING 9 -2,898,000N 87,000E 87,000E Qala Deeps >800m 90,000E Bird Reef East 90,000E Proposed drive W TOP Main Reef Package Qala Shallows <800m Kimberley Reef Package K9A & K9B ABN 89 124 894 060 | ASX:WWI | westwitsmining.com 93,000E -2,898,000N 93,000E#10Robust Definitive Feasibility Study at Qala Shallows² Qala Shallows DFS covers 60% of Scoping Study Substantial Maiden Ore Reserve Significant Life-of-Mine $ All In Sustaining Cost ("AISC") $ Peak Funding requirement Declared ore reserve of 3MT at 2.88g/t for 278 000oz, including Proven Ore Reserve of 830,000t at 3.13g/t for 84,000oz 17-year LOM and 7.3MT at 2.81g/t recovered grade for 663,000oz Recovered Gold Estimated US$1,144/oz Gold with a steady-state AISC of US$1,027/oz US$50million and 5.5 year pay back period 70 60 Stage 1 Key Milestones First Ore - Q1 2022 20 000 t per month - Q4 2023 50 000 t per month - H2 2024 Plot Area ° ° Solid Production Project Financials Development Commencement Peak Steady-State Production at 53 000oz per annum for 10 years Pre-tax NPV7.5 of US$150 million (AU$205m) and IRR of 35% at a Gold Price of US$1,750/oz September 2021; Early Mining Initiative first production in Feb 2022 WEST WITS MINING 10 Total Toonnes per month [kt] 50 40 30 20 10 - 9 months Construction 24 Project Month Waste Ore Development Stoping 09 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#11WBP Operational Advancement 2022 Stage 1: Qala Shallows Project Progress 01 Critical infrastructure completed 02 20 03 D Decline and box cut rehabilitation completed On reef underground access progressing 04 50 + Early Mining Initiative on target WEST WITS MINING Qala Shallows Boxcut LOM Decline System Two-level Ore Drive Existing Decline Slyping and Rehabilitation Early Stoping Panels Establishment 11 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#12WBP Infrastructure 1. Change Houses and Lamp Room 2. Office Complex 3. Temporary Workshop Area 4. Recently Rehabilitated Box Cut 5. Run of Mine Stockpile 6. Generators and Utilities Infrastructure 7. Ventilation Shaft WEST WITS MINING 5 6 7 4 3 49938 Be 2 12 1 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#13Mt Cecelia Project Up to $10M Joint Venture and Farm-In agreement with global Rio Tinto WWI Project Joint Venture: Rio Tinto (RTX) commits TO 01 significant expenditure to advance exploration and drilling in 20225 02 02 03 Located approx. 70kms west of RIO WINU Project Rumble Resources Limited (ASX: RTR) advancing Braeside Project on southern border; Multiple High-Grade Lead-Zinc-Silver Breccia Zones discovered WEST WITS MINING Regional overview of Paterson Province Mt Cecelia highlighted in red Rio Tinto Winu Discovery 741m @ 0.52 g/t Au, 0.45% CU RIO Baton Winu Exploration Tenements Live Rio Tinto (RIO) Metals X Newcrest Calibre Magnum Antipa Encounter Carawine Greatland Rumble FMG Others Waukalrycarly Embayment RIO/Carawine JV Rumble Resources Braeside-Barramine Project Rea pog Active Rumble Pending Rumble ☑ Rio Tinto Nifty 交 Telfer Woodie Woodie 13 Fault 0 40km Greatland Gold / Newcrest JV Havieron Discovery 275m @ 4.77 g/t Au, 0.61% CU Havieron Broome Perth • IGO/Encounter JV ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#14Mt Cecelia Project Key Milestones HEM survey: eight exploration target areas with four deemed high priority MLTEM survey: Top four priority drill targets (SGC1-4) defined4 Maiden drilling campaign in 2022 field season WEST WITS MINING 14 SGC 3 SGC 2 SGC 1 Eight SGC target zones4 C SGC 7 SGC 8 SGC 4 SGC 5 SGC 6 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#15Why invest in West Wits $ Significant enterprise value growth potential Ownership of two projects in stable jurisdictions with resilient board and management team WBP Scoping Study - significant 27-year LOM with free cash flow potential of USD 511 million at USD 1,750 per ounce¹ WBP - potential growth to over 80 000 ounces per annum¹ WBP mining contractor and process capacity secured for mine development and early mining initiative Mt Cecelia RTX JV & Farm-In up to $10M; up to 80% interest; 800m drilling committed for 20225 Appointed African focused debt advisors, Taurum International, to secure debt funding WEST WITS MINING 15 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#16WEST WITS MINING WEST WITS MINING WEST WITS MINING LIMITED [email protected] +61 3 8692 9049 +61 3 8692 9040 Level 6, 400 Collins Street, Melbourne, Victoria Australia 3000 INVESTOR RELATIONS Australia Victoria Humphries/Peter Taylor [email protected] [email protected] INVESTOR RELATIONS North America, Canada and UK Jody Kane/Jonathan Paterson [email protected] [email protected] 16 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#17WEST WITS MINING Appendices#18ORE RESERVE STATEMENT FOR QALA SHALLOWS (JORC 2012) Reef Type Ore Reserve Tonnage Grade Category (Mt) (g/t) Content (kg) Content (oz) Proved 0.37 3.38 1 260 40 400 K9A Probable 0.45 2.32 1 040 33 400 Total K9A 0.82 2.80 2 300 Proved 0.46 2.94 1 340 Probable 1.72 2.91 4 990 73 800 43 200 160 600 Total K9B 2.17 2.92 6 330 203 800 Appendix 1: ORE RESERVE & MINERAL RESOURCE ESTIMATE STATEMENTS Table 1: WBP (JORC) Ore Reserve² K9B Declared ore reserve of 3MT at 2.88g/t for 278 000oz, including Proved Ore Reserve of 830,000t at 3.13g/t for 84,000oz² Ore Reserve Notes: 1) No Inferred Mineral Resources are included in the Ore Reserves. 2) The evaluation used a gold price of US$1,750 per ounce and a rate of exchange of R15/US$. WBP's Global Mineral Resource is made up of several gold bearing reefs across the mining right area, a breakdown by reef and MRE category is detailed in Table 23. MRE Notes: Proved 0.83 3.13 2 600 1. Grand Totals Probable 2.17 2.79 Total 3.00 2.88 6 000 8 600 83 600 194 000 277 600 2. Global MRE set at a 2.0g/t Au cut-off. Reported in accordance with the JORC Code of 2012. Number differences may occur due to rounding errors. 3. Mineral Resources are reported as inclusive of Ore Reserves 4. Note: errors may occur due to rounding differences The Inferred Mineral Resources have a high degree of uncertainty and it should not be assumed that all or a portion thereof will be converted to Ore Reserves. Table 2: WBP (JORC) Mineral Resource Estimate - by Reef (2g/t cut-off)³ Measured Indicated Inferred Total Reef Bird Central & West Bird - East Tonnes (M) Grade (g/t) Ounces (M) Tonnes (M) Grade (g/t) Ounces (M) | Tonnes (M) Grade (g/t) | Ounces (M) Tonnes (M) Grade (g/t) Ounces (M) 0.04 3.73 0.00 0.89 2.51 0.07 0.44 2.86 0.04 1.38 2.66 0.12 2.22 4.30 0.31 2.00 4.74 0.30 0.42 4.48 0.06 4.63 4.51 0.67 K9B KRC 0.00 2.98 0.00 0.10 3.87 0.01 0.18 4.22 0.02 0.28 4.08 0.04 K9B KRE 1.93 4.37 0.27 6.21 4.14 0.83 2.35 5.51 0.42 10.50 4.49 1.52 K9A KRE 2.10 4.54 0.31 1.82 4.20 0.25 4.20 5.14 0.69 8.11 4.77 1.25 Main Reef Leader 0.72 5.81 0.14 0.15 8.34 0.04 0.09 7.54 0.02 0.96 6.36 0.20 Main 2.79 4.73 0.42 0.09 5.15 0.01 0.31 5.27 0.05 3.19 4.79 0.49 Total 9.81 4.60 1.45 11.26 4.19 1.52 7.98 5.10 1.31 29.05 4.58 4.28 WEST WITS MINING 18 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#19Appendix 2: References 1. 2. 3. 4. 5. 6. The original report was "Wits Basin Scoping Study" which was issued with consent of the Competent Person, Mr. Andrew Pooley. The report was released to the ASX on 09/03/2022 and can be found on the Company's website (https://westwitsmining.com/). The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The original report was "DFS Delivers Strong Results on 1st Stage of WBP Development" which was issued with consent of the Competent Person, Mr. Andrew Pooley. The report was released to the ASX on 02/09/2021 and can be found on the Company's website (https://westwitsmining.com/). The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The original report was "WBP's Global JORC Mineral Resource Expands by 724,000oz to 4.28MOZ at 4.58 g/t Gold" which was issued with consent of the Competent Person, Mrs Cecilia Hattingh. The report was released to the ASX on 3 December 2021 and can be found on the Company's website (https://westwitsmining.com/). The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The original report was "HEM Survey Identifies Eight Targets Areas at Mt Cecelia" which was issued with consent of the Competent Person, Mr. Russell Mortimer. The report was released to the ASX on 16/12/2020 and can be found on the Company's website (https://westwitsmining.com/). The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. WWI ASX Release: "Up to $10M Farm-In & JV Agreement with Rio Tinto" on 10/12/2021 The original report was "West Wits advances exploration work on Uranium at WBP" which was issued with consent of the Competent Person, Mr Michael Robertson. The report was released to the ASX on 25 October 2021 and can be found on the Company's website (https://westwitsmining.com/). The potential quantity and grade of the Exploration Target are conceptual in nature, there has been insufficient exploration and evaluation of historical information to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. WEST WITS MINING 19 ABN 89 124 894 060 | ASX:WWI | westwitsmining.com#20Appendix 3: Fully compliant BEE ownership in SA South African projects 33.4% owned by Black Equity Empowerment partner, Lilitha Resources (Pty) Ltd. Surpasses SA's Mining Charter requirement of 26% and the slated 30% in current Draft Mining Charter proposal West Wits Mining Ltd (ASX: WWI) 90% West Wits Lilitha Mining SA BEE partner plays active part in SA activities; instrumental in (BEE Group) (Pty) Ltd 10% WBP's licensing WEST WITS MINING 20 20 26% West Wits MLI (Pty) Ltd 74% ABN 89 124 894 060 | ASX:WWI | westwitsmining.com