#1WEST WITS MINING WEST WITS MINING SOUTH AFRICA NEAR TERM GOLD PRODUCER Corporate Presentation | Mining Indaba 2024 | February 2024 ASX:WWI | OTCQB: WMWWF COPYRIGHT ©2023 ALL RIGHTS RESERVED Qala Shallows, Witwatersrand Basin Project, Gauteng Mining District, Johannesburg, South Africa#2DISCLAIMER WEST WITS MINING FORWARD-LOOKING STATEMENTS This presentation 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 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. COMPETENT PERSON STATEMENTS The original report was "Updates to Qala Shallows DFS provide improved results for Witwatersrand Basin Project" which was issued with consent of the Competent Person, Mr. Jim Pooley. The report was released to the ASX in July 2023 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. Comprising 8.8MT at 4.60g/t for 1.449Moz measured, 11.3MT at 4.19g/t for 1.517Moz Indicated and 8MT at 5.10g/t for 1.309Moz inferred. 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. ASX:WWI PAGE 2#3CORPORATE SNAPSHOT Transforming into mid-tier gold producer Dual listed ASX (WWI) & OTCQB (WMWWF) listed minerals exploration & mining company focused on gold / strategic metals Two stable jurisdictions: Flagship Witwatersrand Basin Project - Witwatersrand (South Africa) Revenue opportunity of USD 2.6 billion² Greenfield Mt Cecelia Project - Eastern Pilbara (Western Australia) Managed by Rio Tinto (RIO) under Farm-In/JV agreement WEST WITS MINING LTD (ASX: WW1) 90% CAPITAL STRUCTURE (ASX:WWI) Shares on issue 2.43B Unlisted Options 175M Market Capitalisation @1.2c per share on 24/01/2024 Cash 31/12/2023 $28M Enterprise Value per ounce JORC Mineral Resource Estimate¹ (Gold) includes declared Ore Reserves Commodity Exposure A$1.43M A$6.48/oz 4.28Moz Gold, Uranium ASX:WWI LILITHA (BEE GROUP) 10% 26% WEST WITS MINING WEST WITS MINING SA (Pty) Ltd WEST WITS MLI (Pty) Ltd 74% PAGE 3#4SHARE PRICE & VOLUMES ASX:WWI SHAREHOLDER BREAKDOWN BOARD & MANAGEMENT TOP 20 SHAREHOLDERS TOP 21-50 SHAREHOLDERS RETAIL 47.2% WEST WITS MINING 4.2% 37.8% TOP 10 SHAREHOLDERS Wingfield Durban Deep LP Citicorp Nominees BNP Paribas Nominees BNP Paribas Nominees Supernova Fund BNP Paribas Nominees 8.3% 5.5% 2.9% 2.9% 2.8% 2.1% DRD Gold Limited 2.0% Realstar Finance 1.8% 10.8% Kastin 1.7% Mr Ronald Werner Neugebauer & Miss Tess 1.6% Caitlin Neugebauer TOTAL 31.6% PAGE | 4#5SHARE PRICE & VOLUMES ASX: WWI https://www2.asx.com.au/markets/company/wwi + Comparison Indicator + wwi Event • 1 Year - Daily ~ Line CLOSE $0.012 24/1/2024 0.022 0.020 0.018 00 0.016 или 0.014 0.0120 0.010 О ASX:WWI Volume Add Overlay February March April May June July August September October November December January 2024 2023 X 40м 20M#6INVESTOR FOCUSED INTERNATIONAL BOARD WEST WITS MINING AUSTRALIA WWI CHAIRMAN Michael Quinert ASX-experienced commercial lawyer with extensive involvement in assisting and advising publicly listed mining companies SOUTH AFRICA SUBSIDIARY EXECUTIVE DIRECTOR/HEAD OF CORPORATE AFFAIRS Tozama Kulati Siwisa BCom with MBA with extensive experience in ESG management having worked at Lonmin plc prior to joining West Wits SOUTH AFRICA WWI NON-EXECUTIVE DIRECTOR Hulme Scholes One of SA's top legal professionals specialising in mining and mineral law SOUTH AFRICA WWI NON-EXECUTIVE DIRECTOR Jac van Heerden Mining Engineer with MBA and operations and project experience in South Africa, DRC and Zimbabwe AUSTRALIA WWI NON-EXECUTIVE DIRECTOR Warwick Grigor Experienced mining analyst who founded Far East Capital Limited, a specialist mining company financier and corporate adviser ASX:WWI PAGE |#7EXPERIENCED MANAGEMENT TEAM WEST WITS MINING ASX:WWI CHIEF OPERATIONS OFFICER/COUNTRY MANAGER (RSA) EXECUTIVE MANAGER COMMERCIAL CHIEF FINANCIAL OFFICER/COMPANY SECRETARY HEAD OF GEOLOGY AND EXPLORATION Rudi Deysel Mining Engineer with Geophysics and MBA and extensive production experience in conventional narrow tabular underground, as well as open cast, mining various commodities including Gold, PGMs, Copper and Cobalt Keith Middleton Experienced Executive of ASX listed companies specialising in the Australian and international resources sector; highly skilled in financial analysis, risk management, major capital works expenditure, corporate governance and ESG regulations Simon Whyte Chartered Accountant with extensive experience in mining, commodities and logistics which includes global majors, Ernst & Young and BP, prior to joining West Wits Martin Bevenlander Geologist with expertise that spans across the entire mining cycle, from grassroots exploration, project design to exploration project management. Worked in Indonesia, Papua New Guinea, Australia, and across Africa PAGE | 7#8SOUTH AFRICA: THE GOLDEN NATION rents Johannesburg Pretoria Carletonville South Deep oof-Driefontein Complex WEST WITS MINING envat ements NET WT 1000g HISTORICAL DOMINANCE NET WT 1000g Cape Town SA has reputation as reliable gold source & critical player in the global gold market. SOUTH AFRICA Welkom. Beatrix PRODUCTION CAPABILITIES Durban. SA boasts considerable gold reserves, estimated at nearly 282 million ounces. INTERNATIONALLY RECOGNISED EXPERTISE SA has access to utilities & services and mining expertise is sought after globally. Insured's Name DB CERTIFICATE OF INSURANCE "VICE AGREEMENT CONTRACT Contract ("Agreement") is ho located at SOUND GOVERNANCE Modern mining regulatory system with a strong Mining Charter & Health and Safety legislation. at's (that to as "Pa ASX:WWI PAGE 8#9SA TOO GOOD A JURISDICTION FOR INTERNATIONAL INVESTORS TO IGNORE WEST WITS MINING INVESTMENT CLIMATE Boasts most advanced, broad-based economy on African continent Stable institutions; mature financial & services sectors Independent judiciary; robust legal sector committed to upholding rule of law Free press and investigative reporting Good infrastructure and experienced local partners Embedded ESG principles in business models Transparent permitting processes "South Africa's mining sector delivered a sterling performance in the past year, despite several local and global challenges. All stakeholders received much-welcomed value." - SA Mine 2022, PWC A MINING NATION Mineral production achieved record values in 2021 exceeding R1,000,000,000,000 (A$83.6bn) for first time Total mineral sales R880bn (US$54bn) in 2022 8th largest mineral producer GOLD MINING PRODUCTION FACTS 8th largest gold producer 89 gold mining projects ASX:WWI South Africa: mining output I Volume index (2019=100) -Value of sales (R bn) 120 -7% +3% 100 2016 17 18 19 20 8: Sources: Statistics South Africa; EIU. 21 22 PAGE 9 80 60 40 20 lo 0#10WEST WITS MINING GOLD: A GLOBAL CURRENCY SAFE HAVEN ASSET AT TIME OF HEIGHTENED RISK Portfolio diversification in a 13-year global equity bull market Gold price does not have strong relationship with typical supply/demand fundamentals or cost curve dynamics In 2021, top 8 gold miners in the world had combined market cap of $153 billion Expected to trend higher and move well beyond all-time highs "BofA is bullish on gold in 2023E, forecasting an annual average price of $2,009/oz. We think there could be a consolidation period in the coming months before the yellow metal resumes its ascent to a new all-time high." Lawson Winder, Bank of America analyst PRECIOUS METAL WITH ENDURED VALUE Store of value Rare & difficult to extract Malleable diverse use in medical applications and electronics industry Durable and noncorrosive Intrinsic value of visual beauty & magnetic appeal Monetary history & economic indicator SOCIETAL CONTRIBUTION Creates job opportunities, supports local businesses, and generates tax revenues for infrastructure, education, healthcare Prioritises social welfare and community development Reserves held by central banks act as source of foreign currency reserves, providing stability & facilitating international trade ASX:WWI PAGE 10#11SOUTH AFRICA'S GOLDEN ARC WITWATERSRAND GOLDFIELD Large basin of metamorphosed conglomerates Greatest goldfield in the world Occurs across 4 provinces Stretches 350 km long by ~180 km wide Historical production from >150 mines which extracted >4.5 Gt ore to yield >42 000 t Au at avg grade of 9.3 g/t Au Mines reached depths of ~3600 m WITWATERSRAND BASIN WWI operating in 1 (Central Rand Gold Field) of 5 recognised gold fields Considered world's largest known gold deposits TPOO Produced 1 500 Moz (+40 000 metric tons; 22% of all gold accounted for above surface) Vater Estimated 1 200 Moz remaining Divided into 2 supergroups: West Rand Group & Central Rand Group Central Rand Group produced 93% of total gold Central Rand Group's main reefs: Main Reef; Main Reef Leader; Bird Reef (Johannesburg subgroup) & Kimberley Reefs (Turffontein subgroup) 2 historic mining centres: Durban Roodepoort Deep & Rand Leases ASX:WWI Durban Roodepoort Deep 29 Moz at 5g/t WWI PROJECT Dear 250-1 Vhr Mous SOWETO Vid bekon Proie Midwa Leng ene Rand Leases 12 Moz at 5g/t NESBURG CMR 15 Moz at 7g/t 7m WEST WITS MINING eppe S Ah Langlaagte 20 Moz at 10g/t Robinson Deep 22 Moz at 8g/t City Deep 19 Moz at 9g/t Rose Deep 14 Moz at 8g/t Witwatersrand BENGAL Gold Mine 11 Moz at 7g/t ERPM 45 Moz at 7g/t Crown Mines 45 Moz at 9g/t Simmer and Jack 15 Moz at 8g/t ALBERTON RMISTONG Jd BOKSBURG Do St Kademy Vaid youpor Yoshion WWI's Witwatersrand Basin Project Central Rand Goldfield PAGE | 11#12REJUVENATION OF A HISTORIC PRODUCER EGOLI, City of Gold (Gauteng, Johannesburg) WEST WITS MINING MRE HISTORY Grade (g/t) 1900-1980: Commencement of mining on Rand Leases & open cut on Main Reef & Main Reef Leader by Severin Mining and Development (Pty) Ltd. Year Gold Ounces Most reefs: extensively mined down to ~2,000 meters 2016 1,374,000 3.38 2007: WWI listed on ASX; consolidation of gold & uranium assets of DRD Gold; Geostorm Investments 2017 3,261,000 3.4 WWI assets: covered historic tenements of Rand & Durban 2020 4,375,000 3.88 Roodepoort Deep form western part of Central Rand (Soweto Cluster) & East Champ D'Or; Luipardsvlei; West Wits; West Rand Consolidated Leases within West Wits Goldfield (Randfontein Cluster) 2021 4,469,000 4.24 2012: WWI sold Randfontein Cluster 2021 3,551,000 4.26 Soweto Cluster renamed Witwatersrand Basin Project ("WBP") ☐ West Wits WBP within Central Rand Supergroup Mining Right covers most of historically mined Rand and Durban Roodepoort Deep (DRD) leases, which produced >40Moz gold 2021 4,276,0001 4.58 Notes Kimberley Reef @ 400m depth Kimberley Reef depth increased to 1,500m Further Kimberley Reef data capture Upgrade following in-fill drilling at Kimberley Reef East Reduction following relinquishment of larger PR area Extension of Bird Reef, Main Reef and Main Reef Leader to 1,000m from 400m depth ASX:WWI PAGE 12#13• WITWATERSRAND BASIN PROJECT (WBP) Strong Investment Opportunity HIGH TECHNICAL STANDARD " Well understood geology, mineralisation & metallurgy Historic mine works with existing shafts & well understood rock engineering Successful "Proof of Mining Method" extraction and stockpiled in 2022 Close to metropolitan area with access to utilities, services, highways, skilled personnel Low geological risk & advanced understanding of project economics OPERATIONAL READINESS FOR RAPID PRODUCTION Qala Shallows: robust DFS released to ASX July 2023 Surface and underground infrastructure developed with quick accessibility & rapid production Small footprint: minimal rehabilitation liability Production rate-based contract enhancing productivity & efficiency Cost-effective toll treatment agreement with nearby processing plant ■ New fleet of underground mining equipment STRONG ESG CREDENTIALS " Black Economic Empowerment (BEE) ownership of 33.4% - higher than mandated 26% Local Economic Development Programme & Social Labour Plan Procurement from local Sowetan community Water Use License granted & efficient water use model Government approval of 7.5MVA power grid supply Approved & fully compliant operational permits ASX:WWI#14WITWATERSRAND BASIN PROJECT (WBP) Sustained Profitability MINING RIGHT Close to city: 15 km to west of Johannesburg, Gauteng Province, South Africa Focus: 2 existing but closed sites located on historical Rand Leases Gold Mine & Durban Roodepoort Deep Gold Mine Covers: ~9.5 km of strike of host rocks & include ~2.5 km strike of Kimberley group; ~7.5 km strike of the Bird group; ~3 km strike of the Main Reef group Definitive Feasibility Study: Kimberley Reefs - Qala Shallows JORC 2012 completed July 2023 Scoping Study: Main Reef Package; Bird Reef East; Qala Deeps Package Independent trade-off study: confirms potential opportunity to increase production to 200 000oz Au p/a Joint gold & uranium opportunity: Bird Reef PROSPECTING RIGHT APPLICATIONS PR10730 739ha (yellow) / PR10839 446ha (green) Approval from Department of Mineral Resources and Energy pending which will increase Mineral Resource Estimate Significant other near mine opportunities remain for extending prospecting Bird Reef Central Bird Reef East Mining Right New Prospecting Right areas Actively seeking closer association with neighbouring operators to maximise mining & ore treatment synergies Old Prospecting Right New Prospecting Right ASX:WWI Main Reef & Main Reef Leader Qala Shallows WEST WITS MINING Qala Deeps PAGE | 14#15WITWATERSRAND BASIN PROJECT (WBP) WEST WITS MINING Mining Right 4.28 Moz @ 4.58g/t Gold, with 3 Moz Measured and Indicated Google Earth Image 2023 Maxer Technologies Image Landsat /Copernicus Image 2023 Arbus Ezulwini Plant ASX:WWI Sandton CBD Johannesburg CBD Qala Operations Qala Shallows DFS 934 koz over 18-year LOM, with reserves at 4.03 Mt @ 2.71 g/t for 351.4 koz Qala Shall 8 km PAGE 15 9#16WITWATERSRAND BASIN PROJECT (WBP) Three Distinct Independent Reefs KIMBERLEY REEF (K9A & K9B) Divided into discrete mining areas: Qala Shallows & Qala Deeps Includes the Qala Incline Shaft Robust & updated Qala Shallows DFS earmarked to produce 924,000oz³ Qala Deeps remains upside as part of the completed Scoping Study & Project 200 initiative BIRD REEF (BR) Focus of joint gold and uranium ■ Horizon lies 800 m in the foot of the Kimberley Reef Orebody to be accessed from Qala Shallows' infrastructure Uranium capacity remains under explored No surface mining footprint required MAIN REEF (MR & MRL) Focus on high grade gold bearing remnants Focus horizon lies 800 m in the foot of the Bird Reef Orebody to be accessed from existing shaft infrastructure Opportunity remains to explore the North Reef from MR horizon - historically overlooked No surface mining footprint required Bird Reef Outcrop Kimberley Reef Outcrop 2000m K9 Kimberley Reef 800m 800m Bird Reef ASX:WWI Main Reef WEST WITS MINING Main Reef Outcrop PAGE | 16#17WITWATERSRAND BASIN PROJECT (WBP) Mineral Resource Estimate WBP MINERAL RESOURCE ESTIMATE (JORC 2012)¹ Significant global Mineral Resources Estimate of 4.28 Moz gold resource @ 4.58 g/t Au 3 distinct Reef horizons: Kimberley Reef; Bird Reef; Main Reef Prospecting Rights approval expected: will re-introduce a substantial portion of previous Mineral Resource Estimate While Reef Adit No.4 Shaft 275030 No.1 Adit Monaliza WBP MINERAL RESOURCE (JORC 2012)1 West Wits Mining Right PR10730 Kimberley Reef Shafts Kimberley Reef Outcrop Main Reef Shafts Bird Reef Shafts Category Tonnage (Mt) Grade (g/t) Content (oz) Bird Reef Outcrop Measured 8.8 4.60 1 449 000 Main Reef Outcrop Main Reef Leader Outcrop Faults Resource Classification Measured Indicated 11.26 4.19 1 517 000 Indicated Measured & Indicated 21.06 4.38 2 967 000 Inferred Inferred 7.98 5.10 1 309 000 Total 29.05 4.58 4 276 000 ASX:WWI " 6 Shaft No.8 Shaft 9 Shaft 27 5030°E Circular Shaft No.5 Shaft Bird Reef Central 8 Shaft 27540E WEST WITS MINING Main Reef Leader & Main Reef Mineral Resources 9 Shaft 10 Shaft No.7 Shaft Great Britain Shaft Sha11 Shaft Marie Louise Winze Kimberley Reef No.1 Shaft Kimberley Reef Mineral Resources Bird Reef Mineral Resources Qala No 2 Vent Shaft Qala Shaft Donkey Adit Qala Adit 27506 Kilometers 0475 0.95 19 Location of Mineral Resource Estimate within the Mining Right PAGE 17#18QALA SHALLOWS DFS on Kimberley Reef ROBUST DEFINITIVE FEASIBILITY STUDY³ " Gold produced: 924,000oz Steady-state production: 70,000oz p/a (9 years) ~2000 P Ore Reserves: 4.03 million tonnes at 2.71g/t for 351,400 oz gold Life-of-Mine: 17.7 years RAPID PRODUCTION GROWTH Critical infrastructure completed Decline & box cut rehabilitation completed ☐ Mining blocks available by access Established water supply infrastructure Qalla Deeps Received 7.5MVA power allocation with primary power substation completed Advanced infrastructure set up for rapid near-term production ramp-up "We've got plenty of gold and even at 70,000 ounces a year, we are only scratching the surface of what this ore body can deliver." Michael Quinert, Chairman ASX:WWI -2000m IN COMPLETED 500m WEST WITS MINING UNDERGROUND WORKINGS KR Horison 850m Qala Shallows 1850m 1100m Qala Shallows Boxcut LOM Decline System UNDERGROUND PRODUCTION PLAN Existing Decline Slyping and Rehabilation Early Stoping Panels Establishment Two-level Ore Drive PAGE | 18#19QALA SHALLOWS Fast-tracked Monetisation WEST WITS MINING US$1.7B REVENUE OPPORTUNITY3 Estimated peak funding of US$54m (ZAR 943M) over a three-year period All-in-Sustaining Cost (AISC) of Life-of-Mine (LOM): US$977/oz Higher OPEX and CAPEX resulting from increased production have been offset by revenue from increased production during the 3-year funding period and favourable movements in the Gold Price and South African Rand FUNDING FORMAL INTEREST FOR US$26 MILLION DEBT FUNDING RECEIVED South African wealth fund, Industrial Development Corporation (IDC), expressed formal interest in providing loan funds of ZAR300 million (~US$15.9 million) Largest shareholder Wingfield Partners LLC (Wingfield), expressed formal interest and indicative terms to provide debt facility of US$10 million (~A$15.7 million), re-affirming strong support and confidence Qala Shallows Financial Evaluation 3 Total Revenue (USD) Total Free Cashflow (USD) Peak Funding (USD) LOM C1 Cost (USD/oz) LOM All-In Sustaining Cost (USD/oz) Steady-State All in Sustaining Cost (USD/oz) Payback (years) Pre-Tax Net Present Value 7.5 (USD) Post-Tax Net Present Value 7.5 (USD) Pre-Tax Internal Rate of Return (%) Post-Tax Internal Rate of Return (%) JUL-23 $ 1709 million $ 522 million $ 54 million $ 818 / oz $977/oz $ 871 /oz 4.1 years $367m $ 255m 61% 53% ASX:WWI PAGE | 19#20QALA SHALLOWS Cost Curve Relative to Peer Gold Group 2022 FY AISC ($/oz) 3.500 3.000 2 500 Juniors and Emerging Majors JSE & ASX Listed Gold Producers & Projects (Africa) - AISC comparison 2011 2000 1892 1645 1685 1724 1771 1729 1490 1513 1513 1500 1 359 1 112 1 059 977 1000 832 847 724 500 2 620 2 475 WEST WITS MINING 2 989 3 025 Yaoure O/C Abujar Gold TGMEU/G Gold Mine O/C Project Gold Mine Project Qala Shallows Gold Project Edikan O/C Evander U/G South Deep Sissingue O/C Gold Mine Gold Mine Moab Khotsong Kusasaletha Baberton Doornkop Mines Cook Masimong Mponeng Tshepong Joel Target 1 Driefontein Beatrix Kloof Has capacity to become one of lowest cost per oz mines in Africa Close to surface operations Mining contractor model with OEM maintaining equipment Truck transport to surface vs. shaft hoisting of rock Mechanised on-reef strike development Consume reduced amount of electricity ASX:WWI PAGE | 20#21QALA SHALLOWS Mine-to-Market Ready Asset Ore Production [Tonnes] 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 Qala Shallows Annual Gold Production Schedule 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Robust DFS earmarked to produce 924,000oz³ Steady-state production of 70,000oz p/a³ Project Year ROM Ore Tonnes Recovered Gold 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Recovered Gold [oz] Advanced understanding of geology & project economics ESG baseline testing & environmental authority Already produced ore stockpile suitable for nearby plant with toll treatment agreement (Sibanye-Stillwater) ■ Mine permitting & social license Metallurgy program completed & delivered processing flowsheet ASX:WWI Surface & underground infrastructure in place for rapid production growth WEST WITS MINING PAGE | 21#22WITWATERSRAND BASIN PROJECT (WBP) Qala Shallows Ore Reserve WEST WITS MINING QALA SHALLOWS ORE RESERVE³ The updated DFS released to market (July 2023) Reserve base increased by 21% (61,400 oz) Grand total of 4.03 million tonnes at 2.71g/t for 351,400 oz gold This reserve as a standalone asset is economically viable ORE RESERVE STATEMENT FOR QALA SHALLOWS AT 30 JUNE 2023 (JORC 2012)³ Reef Type Ore Reserve Category Tonnage Grade (Mt) (g/t) Content (kg) Content (oz) Proved 0.48 3.20 1550 49 825 K9A Probable 0.50 2.41 1 209 38 871 FORWARD LOOKING WORKPLAN Funding to be used in the mobilisation of key resources to initiate mining operations Total K9A 0.99 2.80 2759 88 695 Proved 0.48 2.71 1 297 41 711 Will enable a robust 30,000 tonne ore stockpile to facilitate delivery of 15,000 tonnes per month to Sibanye-Stillwater's plant which ramps up to steady state of over 60,000 tonnes per month Targeting achievement of the stockpile & delivery within 5 months, from start of production K9B Probable 2.56 2.68 6 874 221 017 Total K9B 3.04 2.69 8 172 262 728 Gradual mine build-up towards a steady-state production of 5,700 ounces of gold per month Proved 0.96 2.96 2 847 91536 3.07 Grand Totals Probable 2.64 8 083 259 887 Grand Total 4.03 2.71 10 930 351 424 ASX:WWI PAGE | 22#23ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) ENVIRONMENTAL STEWARDSHIP & BIODIVERSITY CONSERVATION Complete underground operation: low noise and dust levels Small footprint & surface infrastructure: low rehabilitation liability & minimal impact on surrounding environment Efficient water use model: Minimal water usage & zero effluent discharge into local tributaries WEST WITS MINING SOCIAL POSITIVE IMPACT OF HOST COMMUNITIES Local Economic Development Programme: Community wards forum in collaboration with City of Joburg Local procurement: Sourced from growing BEE database Social & Labour Plan: Includes Beneficiary Learnership Programme GOVERNANCE RESPONSIBLE PRODUCTION PRACTICES Corporate Governance Framework: Complies with changing legal & regulatory requirements Company Mine Health & Safety: Conforms to Mine Health & Safety Act 29 of 1996 Mining Right & Water Use License: Granted Health & Safety: Zero harm approach Stakeholder Engagement: Transparent reporting ASX:WWI PAGE 23#24WEST WITS MINING URANIUM OPPORTUNITY SOUTH AFRICA ASX:WWI TOTCQB: WMWWF Bird Reef Phase 1 Uranium Drilling, Witwatersrand Basin Project, Gauteng Mining District, Johannesburg, South Africa#25ASX:WWI Since the original Uranium Exploration Program in 2008, West Wits has significantly increased its knowledge concerning the gold mineralisation of the Bird Reef Sequence, including the delineation of a discreet gold resource. It is envisaged that the combination of the established gold resource as per the Company' Scoping Study' and supplementary uranium credits from the proposed BRC Uranium Exploration Project will notably enhance the prospects of a lucrative project to pursue. WEST WITS MINING PAGE 25#26BIRD REEF SEQUENCE & URANIUM-GOLD POTENTIAL WEST WITS MINING BACKGROUND ☐ ■ 37 million pounds of Uranium extracted from the region, including East Champ d'Or, Luipaardsvlei, and West Rand Consolidated leases Selective mining of gold mineralised White Reef in the eastern part Bird Reef Sequence not historically mined on the western part of West Wits mining right and offers substantial exploration potential WBP Uranium Exploration BR Exploration WEST WITS' INTEREST Uranium prices rebound and a shift towards uranium in the decarbonised energy mix WWI mining right allows mining and extraction of both gold and uranium on the Bird Reef Sequence. This means the Gold could be a negative cost to the Uranium project thereby enhancing the viability and value of the project The Gold bearing reef horizon is in close proximity to the Uranium which lends itself to contemporaneous development and extraction via one set of infrastructure Unexplored section provides a unique opportunity for future exploration and development ASX:WWI Google Earth Legend BR payshoot FRODERPORT 23 Cph1b Cphia DARYOSSMERNIA Historical BH Phlb direction Phase1 BH Planned BH Reguliston 42 plan West Wits White Reef outcrop The purple polygon predicts the Bird Reef payshoot orientation within the WBP area based on historical studies PAGE | 26#27BIRD REEF CENTRAL EXPLORATION PROGRAM WEST WITS MINING Restatement of Uranium Exploration Target under JORC (2012) code for the Bird Reef Central ("BRC") Uranium Project (previously named Raptor Project) 2008 Exploration results confirmed consistent uranium mineralisation over approx. 3.3km with more than 7km of strike identified along the targeted Bird Reef section within the WBP's mining right area BRC Uranium Exploration Program outlined and aimed at converting the significant Uranium Exploration Target to a JORC compliant Mineral Resource Estimate ("MRE") within the Bird Reef Sequence of the WBP Uranium Exploration Target is confined to the western margin of the WBP's mining right area and remains open for the approx. 3.75km strike length extension to the east The Bird Reef already has a declared JORC compliant Gold MRE of 4.67Mt Ore at 3.13g/t for 469,4000z5 Au Comprehensive audit conducted on all exploration work flows to ensure compliance with JORC standards MSA Geo Consultants, WWI's competent person, consistently informed and actively involved in the technical progress of the project No issues identified during the MSA audit, indicating a seamless adherence to JORC standards Continue a results-driven three-phased exploration program Range Tonnes (M) Grade (ppm) U308 Content (Mlb) U308 EXPLORATION TARGET4 Low High 10 22 300 550 12 16 Notes: 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. Mid to late 2022 TIMELINE Mid-August to End-September 2022 Initial expression of intent for phased exploration Execution of Phase 1 exploration drilling Release of Phase 1 results Enhance the understanding and categorisation of the mineral resources through continued exploration efforts October 2022: Ongoing ASX:WWI PAGE | 27#28PHASE 1 DRILLING RESULTS URANIUM DIAMOND-HOLE DRILLING PROGRAMM Designed to confirm uranium mineralisation in Bird Reef stratigraphy The Bird Reef Package consists of four conglomeratic reef bands namely Upper Monarch Reefs, Monarch Reef, Middle Reef, and the White Reef at the base All drillholes (Phla, Phalb, and Ph1c) intersected (drilled through) all the four reef packages PHASE 1 COMPLETED Phase 1: 3 holes @ 291m completed Phase 1 results6: Middle Reef (PH1B): 1.59m depth @ 835ppm U & 1.46g/t Au (85.11m) (Highlighted interval: 0.96m @ 1,321ppm U & 2.30g/t Au from 85.74m) White Reef (PH1B): 1.20m depth @ 108ppm U & 5.45g/t Au (104.61m) Middle Reef (PH1C): 1.26m depth @ 221ppm U & 0.38g/t Au (77m) NEXT STEP DRILLING (PHASES 2 & 3) Phase 2: 10 holes @ 2,640m Phase 3: 2 holes @ 1,600m ASX:WWI WEST WITS MINING PH1A PH1C TN Drillhole PH1A Monarch reef -0.17m at 600ppm U Middle Monarch -0.35m at 180ppm U White reef -0.32m at 3.49g/t Au & 160ppm U PH1A PH1C PH1B Historical completed holes Phase 1 completed holes Drillhole PH1B Monarch reef -0.2m at 500ppm U Middle Monarch - 0.96m at 1320ppm U PH1B White reef - 1.20m at 5.45g/t Au & 110ppm U Phase 1 drilling Phase 2 drilling Phase 3 drilling Deep exploration Holes-Ph 3 Monarch Reef -1.0m at 160ppm U -0.36m at 490ppm U -0.48m at 140ppm U Drillhole PH1C TN -0.23m at 690ppm U Middle Reef -1.26m at 220ppm U Scale 300m PAGE | 28#29WEST WITS MINING ASX:WWI OTCQB: WMWWF MT CECELIA PROJECT GREENFIELDS GOLD PROJECT Paterson Province / East Pilbara, Western Australia#30MT CECELIA PROJECT Global Rio Tinto (RTX) JV & Farm-in up to $10m EXPLORATION LICENCE WWI single sub-block (~225km2): ~270km ESE of Port Hedland and 200km ENE of Marble Bar WWI 100% owned tenement for 5 years in good standing SIGNIFICANT DISCOVERIES Strategic Location Close proximity to major exploration tenements: 150km NW of Telfer Mine 120km NNW of Nifty Mine NEIGHBOURING PROJECTS Paterson Region: Greatland Gold/Newcrest's Havieron: 92 Mt @ 1.9 g/t Au & 0.24% Cu Rio's Winu: 608 Mt @ 0.41% Cu & 0.3 g/t Au Pilbara Region: De Grey's 9 Moz Hemi gold discovery: 229.8 Mt @ 1.22 g/t Au ASX:WWI 650000 7800000 50000 Port Hedland 50000 100000 Legend Tenements class WEST WITS MINING 100000 150000 200000 250000 300000 350000 #00000 Marble B Pardoo Warrawagine Sandfire E400040 150000 200000 250000 300000 Principal Road Farming In Secondary Road Track Dual Carriageway Minor Road call other values> 0 12.5 25 50 75 100 * Towns Kilometers Rio Tinto *Winu Magnum 350000 West Wits JV Location Map Strategy and Development Expert (RX) Paber Aretw 18/01/0022 Coordinate Stam Name: GOM 1994 MGA Zone 1 Datum: 154 Units: Meter 400000 Copyright Telfer Broome Oinu PAGE | 30 7650000 7700000 7750000 7800000#31MT CECELIA PROJECT Paterson Province / East Pilbara, Western Australia WEST WITS MINING GEOLOGY & MINERALISATION Regional geological setting is highly prospective & conducive to multiple possible styles of base metal mineralisation Neoarchaean to Proterozoic units of both Pilbara Craton (Gorge Creek Group) & Fortescue Basin (Fortescue Group) Includes: metasediments; intermediate to mafic volcanics; felsic intrusives; banded iron formation (BIF); manganese mineralisation (Pinjian Chert Breccia) typical inter cratonic geological setting Majority of outcrop comprised of BIFs & black shales of Nimingarra Formation – considered prospective for orogenic gold and base metal deposits Bedrock largely concealed beneath recent sedimentary cover Pinjan Chert Breccia presents manganese prospectivity Major Vines Fault structure runs broadly NNE-SSW through center of E45/5045 towards Nifty Mine Area is interpreted to be influenced by large geological structures e.g. Vines Fault WWI Project Rio Tinto Winu Discovery 741m @ 0.52 g/t Au, 0.45% CU • Winu RIO Baton Waukalrycarly Embayment RIO/Carawine JV Rumble Resources Braeside-Waroo Project Red Dog Active Rumble Rumble Woodie Woodie Exploration Tenements Live Rio Tinto (RIO) Carawine Cyprium Greatland Newcrest Rumble ■Antipa Calibre Magnum Encounter FMG Others 交 Nifty Telfer Fault 0 40km Greatland Gold / Newcrest JV Havieron Discovery 275m @ 4.77 g/t Au, 0.61% CU Havieron Broome Perth • IGO/Encounter JV ASX:WWI PAGE | 31#32MT CECELIA PROJECT KEY MILESTONES 2018: Desktop study - re-interpretation of the regional geology and structure 2020: Completed heliborne electromagnetic survey - identified 8 priority EM targets7 August 2021: Completed ground geophysical MLTEM surveys: top 4 priority drill targets (SGC1-4) defined with legitimate bedrock conductors December 2021: Earn-in & JV agreement with Rio Tinto Exploration up to $10M & up to 80% interest (RTX wholly owned subsidiary of Rio Tinto Limited) March 2023: Assay results from completed maiden drilling program on SGC_1 target comprised of 4 Reverse Circulation holes @ -1,036m³ May 2023: Downhole Electromagnetic (DHEM) survey @ SGC_1 across 4 holes to guide diamond drill testing of target using existing heritage cleared areas & commencement of 2023 Exploration Program to enhance understanding of anomalies⁹ July 2023: RTX completed DHEM survey Ongoing Results and target evaluation ASX:WWI#33MT CECELIA PROJECT Maiden Drilling Program SIGNIFICANT GOLD INTERCEPTS AT PRIMARY EM SGC_1 TARGET8 WEWI0001 56m @ 0.55g/t Au from 194m including 20m @ 0.93g/t Au from 194m WEWI0004 82m @ 0.51g/t Au from 128m including 24m @ 0.95g/t Au from 150m WEWI0003 & WEW10005 located ~200m NW of WEWI0001 & WEW10004; designed to test NW boundary of modelled EM plate WEW10001; WEW10004; WEW10005: Relatively low levels of base metal anomalism, but elevated gold results 7713200- SGC 3 SGC 1 SGC 2 SGC 8 SGC 4 SGC 5 SGC 7 SGC 6 288000 288200 288400 288600 288800 289000 DHEM SURVEY RESULTS⁹ 7713000 Identified potential of two modelled conductivity plates to extend the sulphide zones intersected in holes WEWOO5 & WEWIO01 TRONO010 IRONO009 NEXT STEPS ASX:WWI Potential diamond drilling to test interpreted conductors at SGC_1 Ongoing interpretation & assessment of the nature of the mineralisation intersected at SGC_1 Huzzas Card 7712800- Huzzas Laydow 7712600- 7712400- 211 m 7712200- -7713200 7713000 WEW10002 WEWI0003 WEW1000S -7712800 WEWI0001 WEWI0004 288000 288200 288400 288600 288800 -7712600 -7712400 7712200 Esri, HERE Garmin USGS 289000#34Qala Shallows Box Cut CHIEF OPERATIONS OFFICER Rudi Deysel +27 (0)78 680 2864 [email protected] PRECIS LIKE INVESTOR RELATIONS Keith Middleton +61 438 101 102 [email protected] SOUTH AFRICA Unit 8A, Sifon Industrial Park 279 Sifon Street, Robertville Roodepoort 1709 AUSTRALIA Level 6, 400 Collins Street Melbourne, Victoria Australia 3000 westwitsmining.com | [email protected] COPYRIGHT ©2023 ALL RIGHTS RESERVED WEST WITS MINING#35REFERENCES WEST WITS MINING 1. 2. 3. 4. 5. 6. 7. 8. 9. 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/). Comprising 8.8MT at 4.60g/t for 1.449Moz measured, 11.3MT at 4.19g/t for 1.517Moz Indicated and 8MT at 5.10g/t for 1.309Moz inferred. 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 "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 "Updates to Qala Shallows DFS provide improved results for Witwatersrand Basin Project" which was issued with consent of the Competent Person, Mr. Andrew Pooley. The report was released to the ASX on 27 July 2023 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 "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. The original report was "Updated Mineral Resource Estimate for the Soweto Cluster" which was issued with consent of competent persons Mr. Hermanus Berhardus Swart, it was released to the ASX on 22 January 2016 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 & context in which the Competent Persons' findings are presented have not been materially modified. The original report was "Positive Phase 1 Uranium Drilling Results for West Wits" which was issued with consent of Competent Persons Mr. Michael Robertson. The report was released to the ASX on 6 October 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 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. The original report was "Significant Maiden Gold Intercept at Mt Cecelia" which was issued with consent of Competent Person, Mr. Martin Bevelander. The report was released to the ASX on 18/01/2023 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 "Mt Cecelia Project DHEM Survey Results" which was issued with consent of the Competent Person, Mr Martin Bevelander, who is a Member of SACNAS Reg. # 400158/07 - The South African Council of Natural Scientific Professions and fairly represents this information. Mr Bevelander has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Bevelander is a WWI employee and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. ASX:WWI PAGE | 35