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Investor Presentaiton

QALA 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
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