West Wits Mining Limited
ABN 89 124 894 060
Annual report
For the year ended 30 June 2021
West Wits Mining Limited
ABN 89 124 894 060
Annual report - 30 June 2021
Contents
Corporate Directory .................................................................................................................................... 3
Chairman's letter ........................................................................................................................................ 4
Chairman's letter (continued) ..................................................................................................................... 5
Directors' report ....................................................................................................................................... 24
Auditor's Independence Declaration ........................................................................................................ 40
Consolidated statement of profit or loss and other comprehensive income ............................................ 41
Consolidated statement of financial position ........................................................................................... 42
Consolidated statement of changes in equity ........................................................................................... 43
Consolidated statement of cash flows ...................................................................................................... 44
Directors' declaration ............................................................................................................................... 72
Independent auditor's report to the members ......................................................................................... 73
Shareholder information .......................................................................................................................... 77
Page 2 of 78
Corporate Directory
Directors
Mr Michael Quinert
Non-Executive Chairman
Mr Jac van Heerden
Managing Director
Mr Hulme Scholes
Non-Executive Director
Dr Andrew Tunks
Non-Executive Director (resigned on 19 November 2020)
Mr Peter O’Malley
Non-Executive Director
Mr Timothy Chapman
Non-Executive Director (appointed 19 November 2020)
Joint Company Secretaries
Mr Simon Whyte
Mr Paul Godfrey (appointed 6 September 2021)
Principal registered office in Australia
Level 6, 400 Collins Street
Melbourne VIC 3000
Australia
Share and debenture register
Automic Pty Ltd
Level 5 126 Phillip Street
Sydney NSW 2000
+61 2 9698 5414
Auditor
William Buck
Level 20, 181 William Street
Melbourne VIC 3000
Solicitors
QR Lawyers
Level 6, 400 Collins Street
Melbourne VIC 3000
Australia
Bankers
National Australia Bank
Level 2, 330 Collins Street
Melbourne VIC 3000
Website
http://www.westwitsmining.com/
Page 3 of 78
Chairman's letter
Dear Fellow Shareholders,
On behalf of the Board of Directors, I am pleased to present the 2021 Annual Report for West Wits Mining Limited
(ASX: WWI).
The word Qala means to start, or start anew. West Wits’ kick-off project is located at Qala Shallows, a name which
provides an excellent metaphor for the Company’s rejuvenation of an established resource in one of the world’s
oldest gold mining cities.
Qala Shallows falls within West Wits’ broader Witwatersrand Basin Project (“WBP”), which is revitalising an already
well-mined location using a modern technical approach in a region steeped in gold mining tradition and expertise. The
resulting business model is uniquely streamlined and has allowed West Wits to shift into operational mode - after
significant background work - according to an accelerated schedule.
Our WBP is located fifteen kilometres west of the Johannesburg city centre, and its reefs have all been previously
successfully mined using old-era technologies and processes. The results of Qala Shallows’ recently released
Definitive Feasibility Study (“DFS”) indicate a Proved Ore Reserve of 830,000t, a 17-year Life-Of-Mine project and a
steady-state production of 53 000oz per annum for 10 years. All this for what is only the first stage of our overall
project at the WBP.
The fact that local operators are very familiar with the characteristics of Johannesburg’s reefs creates a high quality
surrounding eco system for the West Wits operation, resulting in unusually low CAPEX costs. In addition, the WBP
has immediate access to experienced and cost-effective service providers for tailings, refinery and other central
process elements, creating an attractive All-In Sustaining Costs (“AISC”) paradigm.
As is detailed within this Annual Report, West Wits had to work hard to secure the license to mine this particular
location, as befits a quality long term resource. While the scope of the initial license was less than the original
prospecting area applied for, our application to begin the process of obtaining a new Prospecting Right has been
formally accepted by the South African Department of Mineral Resources and Energy (“DMRE”). We anticipate that -
subject to the granting of the new prospecting right - a significant portion of the old resource, which was restated by
the DMRE to reflect a smaller surface, will be re-introduced to further increase the current and already significant
global Mineral Resource Estimate of 3.55 million ounces at 4.26 g/t gold.
The granting of the Mining Right and recent release of the Qala Shallows DFS have seen the many administrative,
relationship, governance and logistical strides taken in the year under review which spur a rapid shift from
prospecting to production status. Following the release of the DFS, Qala Shallows’ project development commenced
in September 2021. We expect production to commence in early 2022.
Qala Shallows is the first of five West Wits project stages set to roll out at the Witwatersrand Basin. Our other WBP
targets will be going through their own DFS processes in the coming months, and we expect most DFS results to
have been announced by the second quarter of 2022. Given the history of the area and the established knowledge as
to the quality of these resources, we anticipate similarly strong results as to Qala Shallows, which bodes well for the
future of the WBP as a whole.
West Wits is also making positive strides at its Mt Cecelia Project in Western Australia, starting fresh in a new mining
area that is generating significant industry excitement for the positivity of its recent prospecting results.
The SkyTEM HEM survey identified eight exploration targets, with the later ground based MLTEM survey confirming
four of those as high-priority targets. A maiden drilling program is planned for commencement in 2022. As a 100%
owned greenfield project, Mt Cecelia is in many ways a mirror image of the rejuvenation of an established site taking
place at the Witwatersrand Basin. As this Annual Report makes clear, this is a fundamentally attractive exploration
project with every prospect of establishing itself as a profitable long-term operation.
Together, Mt Cecelia and the Witwatersrand Basin Project position West Wits as an increasingly attractive investor
proposition. The release of the Qala Shallows DFS has empowered the Company to engage comprehensively with
financial institutions. West Wits now enjoys a range of attractive finance options, and has the option to utilise a
Page 4 of 78
Chairman's letter (continued)
combination of capital raising on the ASX and debt funding (following a mixed approach in both Australia and South
Africa). Other instruments, such as streaming, are also under consideration.
The strength of West Wits’ investment profile was affirmed during the reporting period by the decision from
cornerstone investor, Wingfield, to covert 100% of the convertible notes to West Wits shares, effectively removing
$1.17 million (US) of debt from the balance sheet and establishing Wingfield as a major shareholder and key West
Wits strategic investor. On the basis of recent positive developments in both regions of operation we expect similarly
firm commitments from other investors.
As is reflected in both the Australian and South African operational reviews, the period under review was very much
one of laying foundations, following necessary processes and building key relationships. It gives me great satisfaction
to report that the Company was successful in these unglamorous yet essential endeavours, and as of September
2021 is moving quickly towards production status in the key WBP project.
Given the uncertainty permeating the global economy - fuelled in no small part by the ongoing COVID-19 pandemic -
I believe West Wits’ success in moving with such surety from prospecting to production speaks volumes about the
commitment and expertise of Managing Director Jac van Heerden and his team. Our foundations have been laid, and
laid well, and West Wits is now set to deliver strong returns to shareholders and investors.
On behalf of the Board of Directors, I would like to offer sincere thanks to the entire West Wits team for many
significant achievements during the period under review. Your hard work and commitment have positioned the
Company to do much positive business in the years ahead.
Thank you for your ongoing interest and support of West Wits.
For and on behalf of the Board
Michael Quinert
Non-Executive Chairman
West Wits Mining Ltd
30 September 2021
Page 5 of 78
REVIEW OF OPERATIONS
Highlights
Witwatersrand Basin Project (“WBP”), South Africa
➢ Steps taken by WWI’s Corporate Affairs and legal consultants during the reporting period
were critical to the granting of the Mining Right by the Department of Mineral Resources
& Energy (“DMRE”) in July 2021 (post-reporting period).1
➢ Current JORC compliant global Mineral Resource Estimate (“MRE”) 25.91Mt @ 4.26g/t for
3.55Moz Au (2g/t cut-off).2
➢ 2,500m infill diamond drilling program on the Kimberley East area was successful in
converting portions of the existing JORC Mineral Resource Estimate to Measured &
Indicated categories, growing the Measured JORC MRE by 149,000oz.3
➢ Scoping Study results4 provide a Production Target of 80,000oz Au pa average steady-
state production over 18 Years with 95,000oz Max Annual Gold Production in Year 8,
demonstrating the WBP’s potential to be WWI’s cornerstone project as the Company aims
to become a mid-tier gold producer.
➢ Definitive Feasibility Study (“DFS”) of Qala Shallows, first of the WBP’s five stages, was
significantly progressed during the reporting period and completed in August 2021 (post
period). The DFS delivered robust and compelling results5, headlined by:
o Maiden Ore Reserve of 3Mt at 2.88g/t for 278 000oz
o Production Target: 17-year LOM project and 7.3MT at 2.81g/t recovered grade
for 663,000oz Recovered Gold; a steady-state production of 53 000oz per
annum
o All In Sustaining Cost (“AISC”) of an estimated US$1,144/oz Gold with a steady
state AISC of US$1,027/oz
o Pre-tax NPV7.5 of US$150 million (AU$205m) and IRR of 35% at a Gold Price of
US$1,750/oz
Mt Cecelia Project, Australia
➢ Eight exploration target areas identified from SkyTEM Heliborne Electromagnetic Survey
with four deemed high priority targets at the Mt Cecelia project in the Paterson Province.7
➢ 2021 exploration field program designed during the reporting period with a ground
geophysical survey (MLTEM) completed post-reporting period on the top four targets,
providing robust first-pass exploration drill targets to commence in the 2022 field
season.8
Corporate
➢ Cornerstone investor, Wingfield, elected to convert 100% of convertible notes to West
Wits shares, removing USD 1.17m of debt from the balance sheet and formalising
Wingfield’s position as a substantial holder and strategic investor.6
Page 6 of 78
SOUTH AFRICA
Witwatersrand Basin Project, Central Rand (WWI: 66%)
OVERVIEW
West Wits’ key objectives at the Company’s Witwatersrand Basin Project in South Africa during the
financial year 2020-2021 were to:
• Secure the Mining Right
• Complete WBP Scoping Study outlining the Run-of-Mine (“ROM”) production schedule by project
stage
• Complete the DFS for Qala Shallows, stage 1 of the WBP
The Company was pleased to advise that in July 2021 the DMRE granted WBP its Mining Right1 and both
the results of the Scoping Study4 and DFS5 (Stage 1) were completed in August 2021, shortly after the
Mining Right was granted.
The WBP is located within the world-renowned Witwatersrand Basin of South Africa which has historically
produced over 247Moz. This is more than 35% of total global gold production.
Image 1: The WBP on the prolific Witwatersrand Basin
Page 7 of 78
A Scoping Study was completed in July 20209 by mine engineering firm, Bara Consulting (“Bara”) to
determine the optimal development model for the WBP. The Scoping Study identified five distinct reef
packages to develop mining operations. The Qala Shallows and Qala Deeps areas, underpinned by the
Kimberley Reef Package, still have extensive life left and form the backbone of the WBP. The other areas
of operation will supplement additional tonnes through the Qala operations LOM. Bara recommended
the K9A and K9B Reef horizons at the Qala Shallows area be the first stage of the WBP to be advanced
to feasibility.
Image 2: Scoping Study identifies five stages of development for the WBP.
The initial Scoping Study production model relied in part on an area comprising an Exploration Target13 on
the K9A reef for the Qala Shallows, prohibiting the release of the Scoping Study financial results in a public
report. The Company’s primary exploration objective during the period was to convert the Exploration
Target to a JORC compliant Mineral Resource and improve the confidence level of declared Mineral
Resources in the initial 5-year mine plan to Measured and Indicated categories for the purpose of supporting
feasibility studies and potential declaration of Ore Reserves.
The exploration program was successful in converting the Exploration Target into JORC compliant MRE,
increasing the global MRE by additional 702,000oz Au10. The subsequent infill drill program was
completed in January 2021 and the resultant resource modelling achieved its aim in upgrading a
significant block of Indicated and Inferred MRE categories3.
On receiving the restated Mineral Resource geological block model, Bara proceeded with updating the
initial Scoping Study for the entire WBP area which resulted in the release of an updated Production Target
in August 20214, shortly after the period of review. The results firmly established the high potential of the
WBP, estimating a steady-state annual production of 80,000oz for 18-years and 22-year Life-of-Mine. The
study outlined a production target which averages 90,000oz from Year 6 – 11 as production reaches
steady-state from the Qala Shallows, Main Reef package and Bird Reef East areas.
In October 2020, West Wits commissioned a DFS with Bara on the Qala Shallows, the first of the WBP’s
five stages of development. Bara significantly progressed the DFS during the reporting period with results
released on 2nd September 20215, post period. The DFS confirmed that the Qala Shallows stage of the
WBP has the potential to ramp-up to a ROM steady-state production and peak production of approx. 53,000
oz Au and 60,000oz per annum respectively over approximately ten years. The DFS estimates an AISC
of USD1,144/oz and resulted in a maiden Ore Reserve of 3Mt at 2.88g/t for 278 000oz of gold.
Page 8 of 78
Mining Right Granted
In July 2021, West Wits received formal communication from South Africa’s Director General of the DMRE
that the Company’s Mining Right application was granted in terms of section 23(1) of the Mineral and
Petroleum Resources Development Act, 2002 (Act 28 of 2002)1.
Previously, West Wits’ Environmental Authorisation (“EA”) was granted by the DMRE on 23 June 2020.
This approval was then subjected to SA’s appeal procedure. Three appeals relating to West Wits’ EA were
received which was extended a further 30-days due to COVID-19 allowances. At the end of March 2021,
all three appeals were dismissed by South Africa’s Minister of Forestry, Fisheries and the Environment and
the Company’s EA was reinstated11. This paved the way for the Government’s granting of the Mining Right.
There is for interested and affected parties who oppose the Project automatic rights to appeal the decision
of the DMRE internally to the Minister, which has occurred post period. There is also a potential for
applications to the courts for review of ministerial decisions relating the grant of the mining right and the
environmental approval. These sorts of appeals are often pursued irrespective of their legal merit on a “pro
bono” basis by well-funded community legal groups pursuing blatant ideological agendas. Whilst these
applications are commonly pursued the Company is confident that they will not impede the schedule for
implementation of its development plans and ultimately, they will fail given the detailed and comprehensive
consultation and planning process that was undertaken for the Project.
The Mining Right footprint was constrained relative to the prospecting right area to minimise the impact of
the mine on interested and affected parties. The areas not included in the reduced Mining Right area were
non-core and do not affect the mine plan. A Prospecting Right lodged by the Company has been accepted
by the DMRE12 to re-secure certain sections of the old Prospecting Right area and thereby reintroduce
additional Mineral Resources to the MRE. The Company anticipates that, subject to the granting of the new
Prospecting Right, a significant portion of the old Minral Resource will be recaptured.
Image 3 outlines the granted Mining Right boundary which replaces the previous Prospecting Right
boundary. The new Prospecting Right, when granted, will re-introduce areas of long-term interest.
Image 3: The Witwatersrand Basin Project’s granted Mining Right boundary (blue line) replaced the previous
Prospecting Right boundary (red line). The Company has applied for a new Prospecting Right (yellow area)
to re-introduce areas of long-term interest.
EXTENSIVE EXPLORATION PROGRAM
A summary of West Wits exploration program for the reporting period and material changes subsequent to
the reporting date is provided below, including; Exploration Results, changes to Exploration Targets and
Mineral Resources and declared Ore Reserves.
Page 9 of 78
WWI’s exploration activity ramped up in March 2020 and focused on converting the K9A Exploration
Target13 into a JORC compliant MRE and improving the confidence level of the K9A and K9B gold bearing
reefs (Figure 1) in the eastern portion of the Kimberly Reef area to support a feasibility study.
Figure 1: Schematic cross section for gold bearing Kimberley Reef conglomerates. All conglomerate horizons are
gold mineralised to some extent, but the K9A and K9B Bands are main mining targets.
WWI’s in-country geological consultant, Shango Solutions (“Shango”), utilised historical geological, survey
and sampling information, capturing data in a 3D environment to compile a 3D (Digital Terrain Model) and
3D Block Model of the Kimberley Reef package, which was then utilised in the Mineral Resource generation
for input into the feasibility studies. The exploration work converted the Exploration Target into JORC
compliant MRE, resulting in an additional 702,000oz and a substantial 0.48g/t increase of the global MRE
grade to 3.88g/t of 4.37Moz at 3.88g/t Au (2g/t cut-off)10.
On completion of the K9A Exploration Target conversion in October 2020, West Wits commenced an infill
drilling program in Nov-20, comprised of approximately 2,500m of diamond core and percussion drilling
targeting the upper 300m that host the orebodies in the vicinity of the Qala Shaft area. The aim of the
drilling program was to increase the Mineral Resource confidence in areas targeted for early mining to allow
WWI to increase the capacity for declaration of Ore Reserves on completion of the DFS. A total of fourteen
(14) new holes (mother holes and deflections) intersecting the K10, K9A, K9B, K8 and K7 reef bands were
completed by three rigs. In addition, West Wits geologists re-logged the mineralised zones of three
previously drilled MSA drillholes.
The K9B results from the drilling program are the key driver of the grade increase in the Global MRE to
4.24g/t Au which is highlighted by the infill-drilling campaigns best result, hole RLKDD-44 with 1.68m @
5.81g/t Au [123m], including 0.98m @ 9.07g/t (Figure 2)3.
Page 10 of 78
Figure 2: Cross section highlighting selected intersection results (grade and width) of drillholes RLKPDRE 22, 23, 24,
39, 40, and 41 for the K9B, K9A and K8 Kimberley Reef conglomerates.
The infill drill program successfully achieved its aim to upgrade a significant block of Indicated and Inferred
MRE categories which are contained within the near to medium-term mine plan thereby enhancing
confidence and our capacity to declare Ore Reserves. The additional core will also support rock engineers
with geotechnical modelling, of which the results and design criteria will directly feed into the overall mine
design of underground infrastructure.
The exploration results and updated Mineral Resource modelling were released on 5th July 2021, soon after
the end of the reporting period when the majority of the work was completed. The Mineral Resource
update covered the existing Prospecting Right at that time, increasing the global MRE to 32.78Mt @ 4.24g/t
for 4.47Moz Au (2g/t cut-off)3.
Upon granting of the Mining Right the global MRE was restated to 25.91Mt @ 4.26g/t for 3.55Moz Au (2g/t
cut-off) on 23 July 20212, allowing for the reduced Mining Right tenement footprint compared to the previous
Prospecting Right area.
The current global MRE (Table 1), released to the ASX 23/07/2021, includes Ore Reserves (Table 4).
Table 1: Current Global MRE for the WBP, restated for granted Mining Right area2.
Tonnes (M)
4.91
12.70
17.61
8.31
25.91
MRE Category
Measured
Indicated
Measured & Indicated
Inferred
Total
Grade (g/t Au)
4.33
3.84
3.98
4.86
4.26
Ounces
683,000
1,570,000
2,253,000
1,298,000
3,551,000
Notes: The Global MRE set at a 2.0 g/t Au cut-off. Reported in accordance with the JORC Code of 2012. Number
differences may occur due to rounding errors.
MINE EVALUATION & FEASIBILITY STUDIES
West Wits’ exploration team led a group of highly trained search and rescue professionals from the Mine
Rescue Services to the historical underground workings in late November 2020 (Image 4).
Page 11 of 78
Image 4: The team preparing to enter the underground workings and reviewing historical plans
This mine visit was extremely successful, having visually confirmed:
• Historical shafts have remained stable with almost no rock engineering issues identified (Image 5)
since mine closure in 2001
• Natural ventilation exists through all old workings visited
• The water level in the area is approximately 300m below surface
A key result of these findings is that the West Wits technical team, with the required permissions and risk
assessments in place, is sending geological and sampling crews, together with a rock engineering crew,
into the old workings for observations and more detailed mapping and recording.
Image 5: Good conditions reported of the Qala Adit shaft infrastructure (left) and the K9A hanging wall (right)
SCOPING STUDY – WBP PRODUCTION TARGET
Bara updated the original Scoping Study to allow for the restatement of the K9A and K9B JORC compliant
Mineral Resource models. The removal of the Exploration Target and reduction of Inferred Mineral
Resources in the early stage of mining in the updated production model enabled the release of the WBP
production target.
The Scoping Study results firmly established the WBP’s potential to progress into a long-term gold mine
with average steady-state annual production of 80,000oz for 18 years and 22-year Life-of-Mine (“LOM”)
(Table 2)4. The results indicated that WBP has the potential to build up to a peak production rate of over
95,000 oz per annum. The Scoping Report outlined a production target which averages 90,000oz from
Year 6 – 11, as production reaches steady-state from the Qala Shallows, Main Reef package and Bird
Reef East areas4.
Page 12 of 78
Table 2: WBP’s Key Production Metrics4
Image 6 provides a graphical representation of the WBP’s production profile and incremental contributions
of each development stage identified by the Scoping Study4.
Image 6: The WBP Scoping Study’s ROM production schedule in annual ounces of gold by stage over the WBP’s 25-
year life-of-mine.
Definitive Feasibility Study - Qala Shallows (Stage 1)
Qala Shallows is the first of five distinct mine stages identified by Bara’s initial Scoping Study on the
Kimberley Reef. Qala Shallows provides the backbone to underpin subsequent stages of production over
a long life of mine. Additionally, the combination of the existing infrastructure (Qala Adit) and accessible
Page 13 of 78
WBP - SCOPING STUDY - PRODUCTION DATAOUTCOMELife of Mine (Construction to Relinquishment)25 YearsTotal Years of Production22 YearsTotal Production (Ore Tonnes)16,000,000 Max Production Rate (Ore Tonnes)850,000tpaContained Grade Au (Average)3.4g/t AuRun of Mine Grade Au (Average)3.0g/t AuLoM Contained Au oz1,730,000ozMetallurgical Recovery Au (Overall)90%Total Gold Produced1,560,000ozAverage Annual Gold Production (22yrs) 170,000ozAverage Annual Steady State Gold Production (18yrs) 280,000ozMax Gold Production (Year 8)95,000oz1 Over All Production Years, 22yrs (Yr3 - Yr24)2 Steady State - excludes ramp up and ramp down production - 18yrs (Yr5 - Yr22)
shallow Mineral Resources allow access for production on a fast-tracked timeframe relative to most global
opportunities for underground gold mining.
All surface infrastructure design, geotechnical engineering, underground excavation and infrastructure,
equipment requirements and bulk engineering supply were completed during the period. The Qala
Shallows DFS results were released shortly after the reporting period and confirmed the robust economic
viability of Qala Shallows, the first stage of WBP development. Qala Shallows has the potential to ramp-
up to a ROM steady-state production and peak production of approx. 53,000 oz Au and 60,000oz per
annum respectively over approximately ten years5.
First ore is expected to be extracted 12-months from the commencement of development, building up to an
annualised production rate of 25,000 oz Au per annum after 30 months and reaching a full steady-state
production rate of 53,000 oz Au per annum after year four5. Image 8 updates the Qala Shallows production
profile to a DFS level of accuracy. The remaining four stages are at Scoping Study level and will be
subjected to individual Definitive Feasibility Studies as WWI’s progresses towards execution. The DFS on
the second stage of development, Main Reef, is expected to commence before the end of 2021.
Image 7: The Qala Shallows Production Profile, showing Waste and Ore mining, overlaid with the ounce
profile over the life of mine5.
Table 3: Qala Shallows DFS - Key Production Metrics5
Page 14 of 78
Table 4 Ore Reserve Statement - shows that the Qala Shallows hosts a significant Ore Reserve of 3MT at
2.88g/t for 278 000oz Au5.
The DFS’ financial evaluation of Qala Shallows was undertaken using a discount cashflow analysis. The
evaluation used a gold price of US$1,750 per ounce and a rate of exchange of R15/US$.
The financial model for the Qala Shallows includes detailed capital and operating cost estimates for all
infrastructure, equipment and labour complement required over the LOM. The cost estimates have been
compiled by estimating quantities of materials from drawings, the mining schedule and from requesting
prices and rates from supplies and contractors.
Table 5 shows the DFS key baseline financial metrics for the Qala Shallows Project5.
COMMUNITY
West Wits’ stakeholder engagement process continues with interested, impacted and affected parties,
community institutions, provincial and national government offices. These stakeholders are actively
engaged to ensure progressive, mutually beneficial outcomes. As a result, West Wits is on a drive to further
its database of locally sourced skills, services and resources.
In the previous year of review, West Wits had funded the Hlokomelo Community Organisation to
purchase a motorbike for an income generation project. Hlokomelo Motorbike Delivery Service was
established to provide a low-cost outsourcing delivery service for medication and groceries to aged or
Page 15 of 78
sickly community members. During this year of review, the project established itself as a fully-fledged
business with a self-sustaining revenue stream.
Mr Takuddwa Chikonye resides in Soweto, one of the areas impacted by West Wits’ mining operations. Mr
Chikonye matriculated from a township school called Bhukulani Secondary School and received accolades
for placing third in South Africa for his Physical Science year-end results. He wanted to further his secondary
studies in BSc Actuarial Science, however, his family had severe financial constraints. West Wits provided
a scholarship which enabled him to register at the University of Witwatersrand for his studies. Subsequently,
he received distinctions (seven) for all his subjects during his first term at the University.
AUSTRALIA
Mt Cecelia Project, Pilbara WA (WWI: 100%)
West Wits’ 100% owned Mt Cecelia project lies in the Paterson Province which continues to see significant
regional exploration activity led by RIO Tinto’s (“RIO”) WINU project, approximately 70km’s east. Rio also
holds the rights to the majority of Mt Cecelia’s neighboring tenements.
Figure 4: Summary of Mines and Exploration Targets in close proximity to Mt Cecelia (company sourced)
A third-party specialists desktop study was completed in April 2020 and resulted in a new interpretation of
the Mt Cecelia’s geological structures. The potential of a new orogenic gold play determination of VMS
prospective host units and manganese potential were identified, which provides a significant upside
exploration opportunity to the region. West Wits followed up the study with the first field trip in July 2020
and a subsequent SkyTEM helicopter-borne electromagnetic survey7.
Heli-borne Electromagnetic Survey
SkyTEM completed the helicopter-borne electromagnetic (“HEM”) survey covering the 225km2 tenement
area, flying 1,205km survey lines at 200m spacing and 30-50m above ground level in September 2020.
West Wits engaged Southern Geoscience Consultants (“SGC”) to provide geophysical expertise, having
worked closely with SkyTEM previously and being associated with successful discoveries in the Paterson
Province over the past 20 years.
Page 16 of 78
HEM survey data was analysed, processed and interpreted by SGC with the final report identifying eight
priority target areas for further exploration efforts (Image 8). The SW corridor is highlighted by anomalous
conductive responses that were mapped over numerous flight lines, up to 3km in length. Selected
conductive anomalies were modelled using thin plates to estimate the depth, geometry/orientation and
conductance for the associated bedrock conductors. Most conductive responses appeared to be related to
conductors at a relatively shallow depth of approximately 75-125m below the surface7.
Image 8: (Left) Eight SGC target zones recommended for follow-up. Conductor axes marked by lines together with
magnetic lineaments on SKYTEM CH15Z component image7 and (right) SkyTEM begins HEM survey at West Wits’
Mt Cecelia project in the Paterson Province
Table 6 provides a summary of the target areas identified by SGC7.
Target
Area
Priority
SGC_1
High
SGC_2
High
SGC_3
High
SGC_4
High
SGC_5
Secondary
SGC_6
Secondary
Description
Discrete bedrock conductor of ~200-300m strike length adjacent to NW-SE
trending magnetic feature, possible demagnetisation/alteration locally?
Conductor at ~120m depth below surface and dipping at 45-60o NE
Strong conductive response near a magnetic high. Conductor at ~100m depth
below surface and >500m in strike length
Strong conductive response with >1500m strike length. Adjacent to magnetic
unit. Conductor at ~75-100m depth below surface
Multiple strong conductors adjacent and parallel to magnetic lineaments. No
plate modelling has been completed as yet, potentially stratigraphic in nature
Multiple magnetic features suggesting deformation/alteration? and fracturing.
No significant, late channel EM response is apparent
Strong, multiple conductive units over >3km strike, appears stratigraphic in
nature
SGC_7
SGC_8
Secondary Weak conductive response coincident with weakly magnetic lineament
Multiple moderate conductive responses along weakly magnetic units,
apparent fracturing or discontinuities present
Secondary
The SKYTEM HEM survey at Mt Cecelia successfully identified 132 anomalous responses that could be
indicative of bedrock conductors. Several discrete, primary anomalies have been modelled using thin
conductive plates and priority target areas for follow-up exploration have been identified7.
Page 17 of 78
Of primary interest is target SGC_1, given its discrete nature and relationship with local magnetic
units/potential demagnetisation. Also localised, stronger anomalous responses within primary target
areas SGC_2, SGC_3 and SGC_4 are of high priority to perform ground follow-up. Some of the defined
conductors appear to extend for many kilometres and are highly likely related to formational/stratigraphic
type conductors and therefore of secondary priority for follow-up.
The 2021 ground geophysical surveys at Mt Cecelia were delayed from initial Jun-20 timing to early August
due to availability of exploration crews in Western Australia resulting from COVID-19 border closures.
Local specialist survey team, Wireline Services Group (“WSG”), performed a MLTEM survey in August
2021, consisting of 16 Lines totalling 14.2km across the 4 priority targets identified in Southern Geosciences
Consultants (“SGC”) HEM Survey Report. SGC performed the MLTEM survey analysis and reporting
which confirmed the anomalies and refined the drill target modelling for West Wits’ maiden drilling
campaign, scheduled for the 2022 field season8.
Tambina Project, Pilbara WA (WWI: 80%)
First Au (ASX: FAU) continued to manage exploration at the Tambina Project, located approximately 100km
West of Marble Bar, as part of the 2019 Farm-In Agreement. No significant developments were reporting
during the financial year.
INDONESIA
Derewo Project, Paniai Regency (WWI: 64%)
The Company pursued a process with a third party which would have resulted in the Company relinquishing
a controlling interest in the Indonesian subsidiary group. West Wits sought alternative disposal
opportunities as it became evident that it was unlikely Far East Venture Group would be able to execute on
its obligations under the Heads of Agreement (16 August 2019) to take the project to feasibility.
The Company was engaged with an interested investor consortium, primarily made up of Indonesian
investors, since October 2020 however discussions have not significantly progressed at the end of the
reporting period. WWI is continuing to pursue a transaction involving PT Madinah Quarataa’n (PTMQ) as
the Company is of the view that the underlying assets, despite being written off for accounting purposes,
provide a significant opportunity to prospective buyers with regional expertise.
IMPACT OF COVID-19
The impact of the COVID-19 pandemic was largely confined to delays in the Mining Right application
approval process and mobilisation of the exploration field team to Mt Cecelia. The Company does not
expect the pandemic to negatively impact its ability to access financing. It is important to note that the
mining industry in South Africa is fully functional, following strict protocols.
The Company continues to monitor the ongoing COVID pandemic to identify and mitigate any associated
risks to operational and corporate activities in achieving the business objectives.
CORPORATE
The Company has commenced discussions with debt funders and investors. The recent granting of the
Mining Right at the WBP, combined with the DFS on the Qala Shallows, have resulted in significant
interest in WWI from a broad range of financiers in South Africa, Australia and other countries, which
gives the Company a high level of confidence it is now placed to secure its funding requirements in the
short term.
Also announced during the period, Mr Andrew Tunks elected to resign as a Non-Executive Director of the
WWI Board on 19 November 2020 to focus on his increasing workload as Managing Director of Meteoric
Page 18 of 78
Resources (ASX:MEI). Tim Chapman joined the Company’s Board as Non-Executive Director on 19
November 2020 having previously worked closely with the Board as a key advisor to West Wits and being
actively engaged with the Company’s Projects up to 2017. Mr Chapman is Melbourne based and has over
20 years’ experience in financial services and capital markets. Tim’s Australian investment banking
experience and knowledge of the Company’s projects will assist the Board as West Wits embarks on the
advancement of the Witwatersrand Basin Project and Mt Cecelia.
ISSUE OF SECURITIES
The Company issued securities (detailed below) which further align the interests of employees, consultants
and directors with those of shareholders:
• 5,517,543 fully paid ordinary shares issued under the WWI ESOP to KMP in lieu of cash payment
for periodic executive bonuses for services provided to the Company under contract for the 6
months ended 30 June 2020.
• 300,000 fully paid ordinary shares to Alces Capital Partners (or its nominee), a third-party
consultancy who is not a related party of the Group, as a performance bonus under the WWI ESOP
for investor relations services provided to the Group.
• 801,749 fully paid ordinary shares issued under the WWI ESOP to KMP in lieu of cash payment for
periodic executive bonuses for services provided to the Company under contract for the 6 months
ended 31 December 2020.
West Wits issued securities detailed below upon the exercise or conversion of existing unlisted securities:
• The Company received $1,291,016.10 via the exercise of 25,820,322 unlisted Company options
with an exercise price of $0.05 (5 cents) to fully paid ordinary shares
• The Company received $82,500.00 via the exercise of 5,500,000 unlisted Company options with
an exercise price of $0.012 (1.2 cents) to fully paid ordinary shares
• The Company received $48,000.00 via the exercise of 4,000,000 unlisted Company options with
an exercise price of $0.012 (1.2 cents) to fully paid ordinary shares
• The Company issued 167,600,036 fully paid ordinary shares to Wingfield in consideration for
Wingfield converting USD 1,173,200.25 in convertible notes at USD 0.007 (0.7 US cents) per share
in the Company.
• The Company issued 6,450,000 fully paid ordinary shares on conversion of unlisted Performance
Rights after the performance criteria was achieved
The following securities expired during the reporting period:
• 179,678 unlisted options with an exercise price of $0.05 (5 cents)
• 2,300,000 performance rights as the performance condition had not been met
West Wits raised additional capital during the period to support ongoing activities via the issue of securities
detailed below:
• Placement raised $3,407,750 via the issue of 161,940,477 fully paid ordinary shares at $0.021 (2.1
cents) per share in a Placement to new and existing unrelated sophisticated and professional
investors, as announced to the ASX on 14th August 2020.
Shortly after the reporting period, 10 August 2021, the Group completed a share placement to raise $7
million (before costs) via the issue of 117 million new fully paid ordinary shares at $0.06 (6 cents) per share
to existing and new sophisticated and professional investors. 70.1 million unlisted options with an exercise
price of $0.12 (12 cents) and expiry date 10 August 2022 were issued by way of attaching options to the
placement (one option for every two shares) and issue of options to the lead Broker of the Placement (one
option for every ten shares). The 70.1m unlisted options were subsequently listed on the ASX after meeting
the ASX requirements.
Page 19 of 78
ORE RESERVE AND MINERAL RESOURCE STATEMENT
JORC Mineral Resource Estimate as at 23rd July 2021
Notes:
1) Global MRE set at a 2.0g/t Au cut-off. Reported in accordance with the JORC Code of 2012.
2) Number differences may occur due to rounding errors.
3) Mineral Resources are reported as inclusive of Ore Reserves
4) The Inferred Mineral Resources have ahigh degree of uncertainty and it should not be assumed that all or a portion thereof will be converted to Ore
Reserves.
Ore Reserve as at 2nd September 2021
Notes:
1) No Inferred Mineral Resources are included in the Ore Reserves.
2) The evaluation used a gold price of US$1,750 per ounce and a rate of exchange of R15/US$.
Page 20 of 78
Tonnes (M)GradeOuncesTonnes (M)GradeOuncesTonnes (M)GradeOuncesTonnes (M)GradeOuncesBird0.463.4550,800 3.283.10327,600 0.933.0591,100 4.673.13469,400 K9B KRC0.002.98300 0.103.8711,900 0.184.2224,100 0.284.0836,300 K9B KRE1.934.37271,700 6.214.14827,700 2.355.51416,600 10.504.491,516,100 K9A KRE2.104.54306,300 1.824.20245,300 4.205.14694,300 8.114.771,245,800 BPR Marquis (MSA)0.072.746,600 0.072.746,600 KR Sol Plaatje0.0010.341,600 0.243.3725,700 0.243.3927,300 Main Reef Leader0.054.287,200 0.073.518,000 0.093.6411,000 0.223.7526,200 Main0.333.6838,500 1.223.77147,700 0.253.6428,700 1.793.74214,900 South0.046.948,700 0.046.948,700 Total4.914.33683,400 12.703.841,569,700 8.314.861,298,100 25.914.263,551,200 WBP ReefMeasuredIndicatedInferredTotal
ASX Releases are available on the Company’s website: www.westwitsmining.com
1. WWI ASX Release: “Mining Right Granted at Witwatersrand Basin Project” on 20/07/2021
2. WWI ASX Release: “Restated JORC Resource of 3.55Moz Au for Mining Right” on 23/07/2021
3. ASX Release: “Infill-drill Program Grows JORC Resource at WBP to 4.47Moz” on 5/07/2021
4. WWI ASX Release: “The WBP Scoping Study’s Production Model Indicates Potential for Long-Life Project” on
16/08/2021
5. WWI ASX Release: “West Wits’ Qala Shallows DFS Delivers Strong Results Supporting Progress to Stage 1 of
Mine Development” on 02/09/2021
6. WWI ASX Release: “Cornerstone Investor Elects to Convert 100% of Convertible Notes” on 2 March 2021
7. WWI ASX Release: “HEM Survey Identifies Eight Targets Areas at Mt Cecelia” on 16/12/2020
8. WWI ASX Release: “Ground EM Survey Confirm High-Priority Targets at Mt Cecelia” on 10/09/2021
9. WWI ASX Release: “Positive Scoping Study to Advance Development” on 30/07/2020
10. WWI ASX Release: “WWI JORC Resource grows by 700koz to 4.37Moz at 3.88g/t Au” on 21/10/2020
11. WWI ASX Release: “Appeals Dismissed Reinstating Environmental Authorisation” on 29/03/2021
12. WWI ASX Release: “West Wits Takes Step to Reinstate Resources at Witwatersrand Basin Project, South Africa”
on 17/09/2021
13. WWI ASX Release: “WBPs Kimberley Reef Upside Potential” on 28/08/2018
COMPLIANCE STATEMENTS
Previously Reported Information
Competent Person – Mineral Resources and Exploration Results for the Witwatersrand Basin Project
The information in this report that relates to Mineral Resources and Exploration Results for the Witwatersrand Basin
Project is based on and fairly represents information compiled by Mr Hermanus Berhardus Swart. Mr Swart is a
Competent Person who is a Professional Natural Scientist registered with the South African Council for Natural
Scientific Professions (No. 400101/00) and a Fellow of the Geological Society of South Africa, each of which is a
“Recognised Professional Organisation” (RPO). Mr. Swart has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent
Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves.” Mr Swart consents to the inclusion in this report of the matters based on his information in the form
and context in which it appears.
Competent Person – Ore Reserves for the Witwatersrand Basin Project
The information in this report which relates to Ore Reserves is based on, and fairly represents, information and
supporting documentation compiled by Mr Andrew Pooley for Bara Consulting (Pty) Ltd. Mr Pooley is a Principal
Mining Engineer and does not hold any shares in the company, either directly or indirectly. Mr Pooley is a Fellow of
the Southern African Institute of Mining and Metallurgy (SAIMM ID: 701458) and has sufficient experience that is
relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to
qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves”. Mr Pooley consents to the inclusion in this report of the matters based
on his information in the form and context in which it appears.
Competent Person –Exploration Results for the Mt Cecelia Project
The information presented herein that relates to results from the MLTEM survey is based on information compiled and
reviewed by the Russell Mortimer, a Competent Person who is a Member of The Australian Institute of Geoscientists
and fairly represents this information. Mr Mortimer 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 Mortimer consents to the inclusion in this report of the matters based on his
information in the form and context in which it appears.
Page 21 of 78
This report includes information that relates to Exploration Results prepared and first disclosed under the JORC Code
(2012) and extracted from the Company’s previous ASX announcements, with the Competent Person for the relevant
original market announcement indicated in brackets, as follows:
• Mt Cecelia: “Ground EM Survey Confirm High-Priority Targets at Mt Cecelia” 16/12/2021 (Mr Mortimer)
• WBP: “DFS Delivers Strong Results on 1st Stage of WBP Development” 02/09/2021 (Mr Pooley)
• WBP: “Corporate Presentation” 30/07/2021 (Mr Swart)
• WBP: “Restated JORC Resource of 3.55Moz Au for Mining Right” 23/07/2021 (Mr Swart)
• WBP: “Infill-drill Program Grows JORC Resource at WBP to 4.47Moz” 05/07/2021 (Mr Swart)
• WBP: “WWI JORC Resource grows by 700koz to 4.37Moz at 3.88g/t Au” 05/07/2021 (Mr Swart)
• WBP: “Infill-drill Program Grows JORC Resource at WBP to 4.47Moz” 05/07/2021 (Mr Swart)
• Mt Cecelia: “HEM Survey Identifies Eight Targets Areas at Mt Cecelia” 16/12/2021 (Mr Mortimer)
• WBP: “WBPs Kimberley Reef Upside Potential” 28/08/2018 (Mr Swart)
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.
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.
Page 22 of 78
Held at end
of
period
66%*
Acquired
during the
period
-
Disposed
during the
period
-
Interests in Mining Tenements
Tenements
Location
Mining Right -
GP 30/5/1/2/2/10073 MR (WBP)
Witwatersrand Basin, West
Rand, South Africa
Mining Lease –
M45/988 (Tambina)
Mining Lease –
M45/990 (Tambina)
Mining Lease –
M45/991 (Tambina)
Pilbara region, Western
Australia
Pilbara region, Western
Australia
Pilbara region, Western
Australia
Exploration License –
EL 45/5045 (Mt Cecelia)
Pilbara region, Western
Australia
80%*
80%*
80%*
100%
Production IUP –
NO. 47/2010
^ Exploration IUP –
NO. 76/2010
^ Exploration IUP –
NO.31/2010
^ Exploration IUP –
NO. 543/142/SET
Paniai Regency, Indonesia
29%*
Paniai, Indonesia
64%*
Intan Jaya, Indonesia
64%*
Nabire, Indonesia
64%*
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
* Minority positions are held by local parties in compliance with local legislation in relation to foreign ownership and
mineral and production rights.
^ Exploration IUP’s may no longer be within the compliance period and could be subject to cancellation.
Auditor’s independence declaration
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act
2001 is set out on page 40.
Rounding of amounts
The Company is of a kind referred to in ASIC Instrument 2016/191, issued by the Australian Securities
and Investment Commission, relating to the ‘rounding off’ of amounts in the Director’s Report. Amounts
in the Director’s Report have been rounded off in accordance with that Class Order to the nearest
thousand dollars.
This Report is made in accordance with a resolution of Director’s.
Michael Quinert
Chairman
West Wits Mining Limited
Page 23 of 78
Directors' report
Your Directors present their report on the consolidated entity consisting of West Wits Mining Limited and the entities it
controlled at the end of, or during, the year ended 30 June 2021. Throughout the report, the consolidated entity is
referred to as the group.
Directors and company secretaries
The following persons held office as Directors of West Wits Mining Limited during the financial year or unless otherwise
stated:
Mr Michael Quinert, Non-Executive Chairman
Mr Jac van Heerden, Managing Director
Mr Hulme Scholes, Non-Executive Director
Dr Andrew Tunks, Non-Executive Director (resigned 19 November 2020)
Mr Peter O’Malley, Non-Executive Director
Mr Timothy Chapman, Non-Executive Director (appointed 19 November 2020)
Mr Simon Whyte, Joint Company Secretary
Mr Paul Godfrey, Joint Company Secretary (appointed 6 September 2021, post reporting period)
Information on directors & company secretaries
Mr Michael Quinert Non-Executive Chairman
Experience and
expertise
Mr Quinert graduated with degrees in economics and law from Monash University and
has over 35 years’ experience as a commercial lawyer, and over 25 years as a partner
in a Melbourne law firm. He has extensive experience in assisting and advising public
companies on capital raising and market compliance issues.
Other current public
directorships
Former public
directorships in last 3
years
Special responsibilities
Interests in shares,
options and
performance rights
First Au Ltd (ASX:FAU)
First Graphene Limited (ASX:FGR)
None
Remuneration & Nomination Committee
Interest in shares
Interest in options
Interest in performance rights
Mr Jac van Heerden Managing Director
38,523,567
12,000,000
6,750,000
Experience and
expertise
Other current
directorships
Mr van Heerden is a Mining Engineer (MBA) with over 20 years of operations and
project experience in South Africa, DRC and Zimbabwe. His experience has been
gained on both underground and open pit mines with a focus in gold, platinum and
base metals. Jac was President of ERG Africa’s copper/cobalt mine overseeing 3,800
personnel prior to joining WWI.
None
Former directorships in
last 3 years
Special responsibilities
None
None
Interests in shares and
performance rights
Interest in shares
Interest in performance rights
Interest in West Wits MLI (Pty) Ltd
Page 24 of 78
7,465,311
4,500,000
1%
Information on directors & company secretaries (continued)
Mr Peter O’Malley Non-Executive Director
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Experience and
expertise
Mr O’Malley is US based investment finance executive, Mr O’Malley’s experience
includes 13 years at Credit Suisse and later managing Deutsche Bank’s HK Natural
Resources investment banking practice in Asia-Pacific. Peter has extensive experience
advising on M&A, debt/equity transactions, and capital optimisation strategies in
multiple jurisdictions.
Other current
directorships
Bonterra Resources (TSX-V: BTR)
Barnwell Industries (NYSE: BRN)
Former directorships in
last 3 years
Special responsibilities
Interests in shares and
options
None
Remuneration & Nomination Committee
Interest in shares
Interest in options
Mr Hulme Scholes Non-Executive Director
8,967,037
-
Experience and
expertise
Other current
directorships
Former directorships in
last 3 years
Special responsibilities
Interests in shares and
options
Mr Scholes graduated with a BA Law and LLB degree from the University of the
Witwatersrand and is an admitted attorney of the High Court of South Africa. Mr Scholes
specialises in mining and mineral law, has practised exclusively in the field for 20 years
and is regarded as one of South Africa's experts within mining law. He was a partner of
Werksman Attorneys based in Johannesburg from 1999 to 2008 and is currently a senior
partner at Malan Scholes Attorneys. He started his professional career as a learner
official for Harmony Gold Mining Co. Limited in the 1980's which provides him with a
unique blend of experience.
Mr Scholes is currently a Non-Executive Director of Randgold and Exploration Company
Limited (JSE Listing) (JSE: RNG).
None
None
Interest in shares
Interest in options
1,136,364
2,500,000
Page 25 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Information on directors & company secretaries (continued)
Dr Andrew Tunks Non-Executive Director (resigned 19 November 2020)
Experience and
expertise
Other current
directorships
Former directorships in
last 3 years
Special responsibilities
Interests in shares and
options
Dr Tunks is a highly credentialed geologist with 30 years of local and international
experience, particularly in the gold sector. He has spent many years exploring and
overseeing projectsin developing countries throughout Africa and South America. Global
experience means Dr Tunks can provide expertise in navigating diverse regulatory
systems.
Having begun his career with Western Mining Corporation (WA) Dr Tunks progressed to
senior positions with leading gold producers including the role of Chief Geologist at both
IAMGOLD Corporation and Ranger Minerals (West Africa).
Since then, Dr Tunks has held several executive roles with ASX-listed groups including
CEO of Auroch Minerals, General Manager - Operations at Orinoco Gold (Brazil) and
CEO of A-Cap Resources (Botswana). More recently, he was appointed MD of Meteoric
Resources.
Dr Tunks has lectured on economic and structural geology at University of Tasmania,
published articles in peer-reviewed journals and presented at numerous conferences. He
is a member of the Australian Institute of Geoscientists, holds a Bachelor of Science
(Hons) from Monash and a PhD in geology from the University of Tasmania.
Meteoric Resources NL (ASX: MEI)
None
None
Interest in shares
Interest in options
2,644,026
14,500,000
Mr Timothy Chapman Non-Executive Director (appointed 19 November 2020)
Experience and
expertise
Mr Chapman is Melbourne based with a Bachelor of Commerce from Monash University.
He has over 20 years’ experience in financial services and capital markets. Mr
Chapman is currently Director, Corporate Broking at PAC Partners which is a leading
advisory, equity capital markets and research house focused on emerging and mid-cap
companies with a strong track record in the resources sector.
Other current
directorships
Former directorships in
last 3 years
Special responsibilities
Interests in shares and
options
none
none
Chair of Remuneration & Nomination Committee
Interest in shares
Interest in options
234,000
-
Page 26 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Information on directors & company secretaries (continued)
Mr Simon Whyte Chief Financial Officer & Joint Company Secretary
Experience and
expertise
Other current
directorships
Former directorships in
last 3 years
Special responsibilities
Interests in shares,
options and
performance rights
Mr. Whyte is a Chartered Accountant and has over 12 years’ experience in accounting
and operational management, including Ernst & Young and BP Australia Pty Ltd
None
None
None
Interest in shares
Interest in options
Interest in performance rights
8,700,146
3,000,000
4,500,000
Mr Paul Godfrey Joint Company Secretary (appointed 6 September 2021, post reporting period)
Experience and
expertise
Mr Godfrey is a Senior Associate at law firm QR Lawyers and has practiced exclusively
in corporate and commercial law since his admission in February 2017. Mr Godfrey is
also the company secretary of ASX listed mineral exploration company First Au Limited
(ASX:FAU).
Other current
directorships
Former directorships in
last 3 years
Special responsibilities
Interests in shares and
options
None
None
None
Interest in options
Interest in shares
Meetings of directors
-
-
The numbers of meetings of the group's board of Directors and of each board committee held during the year ended
30 June 2021, and the numbers of meetings attended by each Director were:
Mr Michael Quinert
Dr Andrew Tunks
Mr Peter O’Malley
Mr Hulme Scholes
Mr Jac van Heerden
Mr Timothy Chapman
Full meetings
of directors
B
A
6
6
2
2
6
5
6
5
6
6
4
4
A = Number of meetings attended
B = Number of meetings held during the time the Director held office or was a member of the committee during the
year
* Due to the size of the Company the full Board assumes the role of the Audit and Remuneration & Nomination committees
Note: Remuneration & Nomination Committee elected post reporting period.
Page 27 of 78
Principal activities
The Group's continued principal activities in the course of the financial year were to explore for gold and base metals
at the mining tenements situated in South Africa and Western Australia and advance the mining license and feasibility
studies for the Witwatersrand Basin Project in South Africa to ready for development.
There have been no other significant changes in the nature of those principal activities during the financial year.
Dividends
The Directors did not pay or declare any dividends during the financial year (2020: Nil). The Directors do not
recommend the payment of a dividend in respect of the 2021 financial year.
Event since the end of the financial year
On 16th July 2021, South Africa’s Director General of Department of Mineral Resources and Energy granted the
Company’s Mining Right application in terms of section 23(1) of the Mineral and Petroleum Resources Development
Act, 2002 (Act 28 of 2002) for the Witwatersrand Basin Project (“WBP”), South Africa.
On 10 August 2021, the Group completed a share placement to raise $7 million (before costs) via the issue of 117
million new fully paid ordinary shares at $0.06 (6 cents) per share to existing and new sophisticated and professional
investors. 70.1 million options with an exercise price of $0.12 (12 cents) and expiry date 10 August 2022 were issued
by way of attaching options to the placement (one option for every two shares) and issue of options to the lead Broker
of the Placement (one option for every ten shares).
On 2 September 2021, the Company released to the ASX results from the Definitive Feasibility Study on the first stage
of development of the WBP. The study showed a Pre-tax NPV7.5 of US$150 million (AU$205m) and IRR of 35% at a
Gold Price of US$1,750/oz.
No other matters or circumstances have occurred subsequent to period end that has significantly affected, or may
significantly affect, the operations of the group, the results of those operations or the state of affairs of the Group in
subsequent financial years.
Likely developments and expected results of operations
The likely developments in the Group’s operations, to the extent that such matters can be commented upon, are
covered in the Review of Operations in this annual report and above. In the opinion of the Directors, disclosure of
detailed information regarding the expected results of those operations in financial years after the current financial year
is not predictable at this stage, or may prejudice the interests of the Group; accordingly this information has not been
included in this report.
Significant changes in the state of affairs
During the year, the Group successfully raised capital approximately $4.83 million (gross) via a placement and the
exercise of unlisted options, USD 1.17m of debt was retired upon the conversion of 1m convertible notes at the election
of the Convertible Note Holder.
The Company issued 377.9 million new fully paid ordinary shares during the period via the placement, conversion of
unlisted securities and payments under WWI’s ESOP.
In the opinion of the Directors, there were no other significant changes in the state of affairs of the Group during the
financial year under review not otherwise disclosed in this annual report.
Page 28 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited)
The Directors present the West Wits Mining Limited 2021 remuneration report, outlining key aspects of our
remuneration policy and framework, and remuneration awarded this year.
(A) Remuneration Policy
Remuneration of all Executive and Non-Executive Directors, and Officers of the Group is determined by the
remuneration and nomination committee, or in the absence of a remuneration and nomination committee, remuneration
is determined by the Board.
The Group is committed to remunerating Senior Executives and Executive Directors in a manner that is consistent with
"best practice" (including the interests of shareholders) and market-competitive by ensuring fees are appropriate and
in line with the market. Remuneration packages are based on fixed component, determined by the Executives' position,
experience and performance, and may be satisfied via cash or equity.
Non-Executive Directors are remunerated out of the aggregate amount approved by shareholders and at a level that is
consistent with industry standards. Non-Executive Directors do not receive performance based bonuses and prior
shareholder approval is required to participate in any issue of equity. No retirement benefits are payable other than
statutory superannuation, if applicable.
Remuneration policy versus company financial performance
Since the Company was incorporated, it has listed on the Australian Securities Exchange and acquired mining
tenements in Western Australia, South Africa and in Papua Province, Indonesia. Exploration activities commenced in
January 2008 within the South African tenements.
The nature of the Group's mining activities is highly speculative and can provide high returns if successful. The
speculative nature of these activities and recent global economic trends, have been factors which have affected the
Group's share price performance and shareholder wealth over the period.
The Group's remuneration policy is based on industry practice rather than the Group's performance and takes into
account the risk and liabilities assumed by the Directors and Executives as a result of their involvement in the
speculative activities undertaken by the Group. Directors and Executives are fairly compensated for the extensive work
they undertake.
Other than the remuneration of one non-director key management personnel and Managing Director, who are entitled
to remuneration linked to performance, no other Directors’ remuneration were linked to performance during the financial
year. The Group continued to recognise the share-based payment expense from equity issued in prior period and in
current year of $112,109 (2020: $235,924). The bonus expense recognised during the year related to service condition
of each recipient.
The Non-Executive Directors remuneration pool is $300,000, last approved by shareholders in 2007.
Use of remuneration consultants
Due to the size and nature of the organisation, the Company has not engaged remuneration consultants to review and
measure its policy and strategy. The board reviews remuneration strategy periodically and may engage remuneration
consultants in the future to assist with this process.
Page 29 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(A) Remuneration Policy (continued)
Additional remuneration approved by shareholders during the year
The list of remuneration related resolutions proposed for the Directors and other Key Management Personnel approved
at the AGM held on 17 November 2020 are as below:
•
•
•
•
Issuance of 1,833,333 ordinary shares at a deemed issue price of $0.019 per share to Mr Michael Quinert
Issuance of 1,842,105 ordinary shares at a deemed issue price of $0.019 per share to Mr Jac van Heerden
$35,000 bonus for the 6-month period ending 31/12/2020 paid in ordinary shares at a deemed issue price of
the 30-day VWAP of the shares of the Company up to and including 31 December 2020 to Mr Jac van Heerden
$35,000 bonus for the 6-month period ending 30/06/2021 paid in ordinary shares at a deemed issue price of
the 30-day VWAP of the shares of the Company up to and including 30 June 2021 to Mr Jac van Heerden
• Adoption of WWI employee incentive scheme
Voting and comments made at the Company’s 2020 Annual General Meeting (“AGM”)
At the 2020 AGM, 99.97% of the votes received supported the adoption of the remuneration report for the year ended
30 June 2020. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.
(B) Remuneration report
(a) Details of remuneration
The following persons were considered Director/KMP of West Wits Mining Limited during the financial year or unless
otherwise stated:
Mr Michael Quinert, Non-Executive Chairman
Mr Jac van Heerden, Managing Director
Mr Hulme Scholes, Non-Executive Director
Dr Andrew Tunks, Non-Executive Director (resigned 19 November 2020)
Mr Peter O’Malley, Non-Executive Director
Mr Timothy Chapman, Non-Executive Director (appointed 19 November 2020)
Mr Simon Whyte, Joint Company Secretary
Mr Paul Godfrey, Joint Company Secretary (appointed 6 September 2021, post reporting period)
Key management personnel (KMP) of the group are defined as those persons having authority and responsibility for
planning, directing and controlling the major activities of the group, directly or indirectly, including any Director (whether
executive or otherwise) of the group receiving the highest remuneration. Details of the remuneration of the KMP of the
group are set out in the following tables.
Page 30 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
(a) Details of remuneration (continued)
Amounts of remuneration
The following table shows details of remuneration expenses recognised for the Group's KMP for the year ended 30
June 2021.
2021
Directors
Mr Michael Quinert
Mr Jac van
Heerden
Mr Hulme Scholes
Dr Andrew Tunks(1)
Mr Peter O’Malley
Mr Timothy
Chapman (2)
Other KMP
Mr Simon Whyte
Total KMP
compensation
Short-term benefits
Cash
salary and
fees
$
Cash
bonus
$
Non-
monetary
benefits(3)
$
Post-
employment
benefits
Share-based
payments – Equity Settled
Relevant Portion of
remuneration linked
to performance
Super-
annuation
$
Shares
$
Options
$
Performance
Rights
$
Total
$
Fixed
%
Performance
Based
%
78,000
280,000
25,000
10,000
40,000
20,100
-
-
-
-
-
-
-
13,998
-
-
-
-
-
-
-
-
-
-
-
70,000
-
-
-
-
-
-
1,054
1,054
-
-
-
-
-
-
-
-
-
-
-
78,000
363,998
26,054
11,054
40,000
20,100
100
80
96
90
100
100
224,684
763,891
80
84
0
19
4
10
0
0
20
16
163,950
5,000
(316)
16,050
40,000
617,050
5,000
13,682
16,050
110,000 2,109
Notes
(1) Dr Andrew Tunks resigned on 19 November 2020
(2) Mr Timothy Chapman was appointed on 19 November 2020
(3) Comprises of annual leave entitlements..
Page 31 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
(a) Details of remuneration (continued)
The following table shows details of remuneration expenses recognised for the group's KMP for the year ended 30
June 2020.
2020
Short-term benefits
Cash
salary and
fees
$
Cash
bonus
$
Non-
monetary
benefits(3)
$
Post-
employment
benefits
Share-based
payments – Equity Settled
Relevant Portion of
remuneration linked
to performance
Super-
annuation
$
Shares
$
Options
$
Performance
Rights
$
Total
$
Fixed
%
Performance
Based
%
Directors
Mr Michael Quinert
Mr Daniel Pretorius (3)
Mr Hulme Scholes
Dr Andrew Tunks(4)
Mr Peter O’Malley (2)
Mr Jac van Heerden
(1)
Other KMP
Mr Simon Whyte
Total KMP
compensation
127,500
-
24,853
31,000
8,333
211,483
136,986
540,155
-
-
-
-
-
-
-
-
-
-
-
-
-
12,353
-
-
-
-
-
-
34,833 23,277
-
-
-
-
-
6,696
6,696
28,930
12,969
-
-
-
-
198,579
-
31,549
37,696
37,263
70,113
-
-
8,666
302,615
8,744
-
200,383
64
-
79
82
22
71
78
70
36
-
21
18
78
29
22
30
6,639
13,014
35,000
18,992
13,014
139,946 65,599
30,379
808,085
Notes
(1) Mr Jac van Heerden’s remuneration for the period from 1 July 2019 to 15 April 2020 was covered under the capacity as the CEO
of the South African subsidiaries, which is part of other KMP. He was subsequently appointed on 16 April 2020 as the Managing
Director of the Group.
(2) Mr Peter O’Malley was appointed on 16 April 2020.
(3) Mr Daniel Pretorius resigned on 16 April 2020.
(4) Mr Andrew Tunks’s cash salary and fees includes $1,000 for consulting fees paid to Tunks GeoConsulting, a Company
related to Mr Andrew Tunks.
(5) Comprises of annual leave component.
Page 32 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
(b) Equity issued as part of remuneration for the year ended 30 June 2021
Issue of shares
The number of shares in the Company held during the financial year by each Director and other Key Management
Personnel of the Company, including their personally related parties, are set out below.
Share
holdings
2021
Directors
Mr Michael Quinert
Mr Jac van Heerden
Dr Andrew Tunks(1)
Mr Peter O’Malley
Mr Hulme Scholes
Mr Timothy Chapman(2)
Other Key
Management
Personnel
Mr Simon Whyte
Total
Balance at
the start of
the period
Granted as
remuneration
Received on
exercise of
options
Received on
conversion of
Performance
Rights
Other
changes(3)
Balance at
the end of
the period
32,570,234
5,714,285
2,644,026
300,000
1,136,364
-
1,833,333
2,352,309
-
-
-
-
-
-
-
5,500,000
-
-
2,850,000
1,700,000
-
-
-
-
960,000 38,213,567
7,066,594
-
8,967,037
1,136,364
234,000
(2,700,000)
(2,644,026)
3,167,037
-
234,000
7,460,020
49,824,929
2,133,650
6,319,292
-
5,500,000
1,900,000
6,450,000
(2,793,524)
8,700,146
(3,776,513) 64,317,708
(1) Shareholding removed on resignation as a Director on 19 November 2020.
(2) Shareholding added on appointment as a Director on 19 November 2020.
(3) Other changes include on-market purchases, participation in share purchase plan or balance on date of ceasing or
becoming a Director or KMP.
Page 33 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
(b) Equity issued as part of remuneration for the year ended 30 June 2021 (continued)
Issue of options
The number of options over ordinary shares in the Company held during the financial year by each Director and other
Key Management Personnel of the Company, including their personally related parties, are set out below.
Option holdings
2021
Directors
Mr Michael Quinert
Mr Jac van Heerden
Dr Andrew Tunks(1)
Mr Peter O’Malley
Mr Hulme Scholes
Mr Timothy Chapman
Other Key Management
Personnel
Mr Simon Whyte
Balance at
start of the
period
Granted as
remuneration
Options
Exercised
Other
changes(2)
Balance at
end of the
period
Vested and
exercisable
12,000,000
-
14,500,000
5,500,000
2,500,000
-
3,000,000
37,500,000
-
-
-
- (5,500,000)
-
-
-
-
- 12,000,000 12,000,000
-
-
-
-
-
-
-
- (14,500,000)
-
-
-
2,500,000
2,500,000
-
-
-
-
-
3,000,000
- (5,500,000) (14,500,000) 17,500,000 17,500,000
3,000,000
-
-
(1) Option holding removed on resignation as a Director on 19 November 2020.
(2) Other changes include balance on date of ceasing or becoming a Director or KMP.
Page 34 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
(b) Equity issued as part of remuneration for the year ended 30 June 2021 (continued)
Issue of options (continued)
The terms and conditions of each grant of options over ordinary shares affecting remuneration of Directors and other
Key Management Personnel in future reporting years are as follows:
Grant date
21/11/2017
21/11/2017
21/11/2017
21/11/2017
21/11/2017
21/11/2017
04/12/2017
04/12/2017
04/12/2017
29/11/2019
29/11/2019
15/01/2020
15/01/2020
Exercise
price
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.05
$0.012
$0.012
$0.015
$0.015
Granted no.
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
1,000,000
1,000,000
1,000,000
2,500,000
2,500,000
2,200,000
3,300,000
37,500,000
Expiry date
03/12/2022
03/12/2022
03/12/2022
29/01/2023
29/01/2023
29/01/2023
03/12/2022
03/12/2022
03/12/2022
18/12/2023
18/12/2023
02/02/2022
01/03/2022
Total vested Vested % Exercised
-
100%
-
100%
-
100%
-
100%
-
100%
-
100%
-
100%
-
100%
-
100%
-
100%
100%
-
100% 2,200,000
100% 3,300,000
5,500,000
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
4,000,000
1,000,000
1,000,000
1,000,000
2,500,000
2,500,000
2,200,000
3,300,000
37,500,000
Option holders do not have any rights to participate in any issues of shares or other interests in the Company or any
other entity. Option holders hold no voting rights. On exercise, each option is convertible into one ordinary share.
Issue of performance rights
The 24,500,000 equity settled performance rights were issued to Management as per the ASX announcement on 18
December 2019 and related shareholder approval obtained at the AGM on 29 November 2019, the performance rights
vested on date of issue.
Page 35 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
(b) Equity issued as part of remuneration for the year ended 30 June 2021 (continued)
Issue of performance rights (continued)
The performance hurdles, relevant dates and conditions of the rights are detailed below:
Performance Hurdle
Number
issued
Issue date
Expiry
date
Exercise
price
Market/Non-
market
performance
condition
Probability of
non-market
performance
condition
occurring
30 June 2021
Fair value
for each
performance
rights ($)
4,700,000
18/12/2020 31/12/2020
0.0150
Market
Converted
0.0009
3,800,000
18/12/2020 31/12/2021
0.0280
Market
3,100,000
18/12/2020 31/12/2022
0.0420
Market
N/A
N/A
0.0012
0.0016
Total fair
value
recorded
on grant
date
($)
4,183
4,560
4,836
30-day VWAP of
$0.015 at 31/12/2020
30-day VWAP of
$0.028 at 31/12/2021
30-day VWAP of
$0.042 at 31/12/2022
Expanding the JORC
Resource by
600,000oz at a grade
of at least 3g/t by
30/06/2021
Delineating a total of
650,000 ounces of gold
reserves (in
accordance with JORC
20121) at a grade of at
least 3g/t Au by
31/12/2021
Achieving annualised
production of 5,500oz
of gold per annum over
a consecutive period of
3-months in the 12-
months to 30/06/2021
Achieving annualised
production of 25,000oz
of gold per annum over
a consecutive period of
3-months in 2022
calendar year
Achieving annualised
production of 45,000oz
of gold per annum over
a consecutive period of
3-months in 2023
calendar year
TOTAL
1,750,000
18/12/2020 30/06/2021
N/A
Non-market
Converted
0.0050
3,150
1,750,000
18/12/2020 31/12/2021
N/A
Non-market
0%
0.0050
875
2,300,000
18/12/2020 30/06/2021
N/A
Non-market
Lapsed
0.0050
1,150
3,200,000
18/12/2020 30/06/2022
N/A
Non-market
0%
0.0050
4,800
3,900,000
18/12/2020 30/06/2023
N/A
Non-market
0%
0.0050
6,825
24,500,000
30,379
Page 36 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
The number of performance rights held during the financial year by each Director and other Key Management Personnel
of the Company, including their personally related parties, are set out below.
Performance rights holdings
2021
Directors
Mr Michael Quinert
Mr Jac van Heerden
Mr Peter O’Malley
Mr Hulme Scholes
Mr Timothy Chapman
Other Key Management
Personnel
Mr Simon Whyte
Balance at
start of the
period (1)
Granted as
remuneration
Performance
rights
exercised
Other
changes (2)
Balance at
end of the
period (3)
10,500,000
7,000,000
-
-
-
7,000,000
24,500,000
-
-
-
-
-
-
-
(2,850,000)
(1,700,000)
-
-
-
(900,000)
(800,000)
-
-
-
6,750,000
4,500,000
-
-
-
(1,900,000)
(6,450,000)
(600,000)
4,500,000
(2,300,000) 15,750,000
(1) Balance may include performance rights held prior to individuals becoming Director/KMP. For individuals who
became Director/KMP during the period, the balance is as at the date they became Director/KMP.
(2) Other changes incorporates changes resulting from the expiration/forfeiture of performance rights.
(3) For former KMP, the balance is as at the date they cease being KMP.
Page 37 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Remuneration report (audited) (continued)
(B) Remuneration report (continued)
(c) Employment contracts of executives
Name:
Position:
Contract duration:
Notice period:
Fixed remuneration:
Mr Jac van Heerden
Managing Director
Unspecified
4 weeks by either party
$280,000 per annum, including superannuation
$70,000 annual bonus related to service condition
Name:
Position:
Contract duration:
Notice period:
Fixed remuneration:
Mr Simon Whyte
Chief Financial Officer and Company Secretary
Unspecified
4 weeks by either party
$180,000 per annum, including superannuation
$40,000 annual bonus related to service condition
(d) Related party transactions
Transactions between related parties are on normal commercial terms and conditions no more favourable than those
available to other parties unless otherwise stated. Transactions with related parties are as follows:
Legal fees that were paid to QR Lawyers, a Director related entity to Mr Michael Quinert
Rental expense paid to Brickwick Pty Ltd, a Director related entity to Mr Michael Quinert
Legal fees that were paid to Malan Scholes Attorneys, a Director related entity to Mr
Hulme Scholes
Consultancy fees that were paid to MERA Advisers, a Director related entity to Mr Hulme
Scholes for mining right application services
Consultancy fees paid to Kenosis Capital LLC, a related entity to Mr Peter O’Malley
2021
$
54,164
42,400
90,364
2,835
-
2020
$
78,778
8,100
74,666
60,022
104,243
(e) Additional Information
The earnings of the consolidated entity for the five years to 30 June 2021 and factors that are considered to affect total
shareholder returns (‘TSR’) are summarised below:
Loss for the period ($’000s)
Basic earnings per share (cents per share)
Share price at financial year end ($)
2021
543
(0.04)
0.085
2020
1,913
(0.21)
0.016
2019
11,761
(1.56)
0.006
2018
1,390
(0.20)
0.019
2017
(571)
(0.10)
0.018
[End of remuneration report]
Page 38 of 78
West Wits Mining Limited
Directors' report
30 June 2021
(continued)
Shares under option
At the date of this report, the unissued ordinary shares of West Wits Mining Limited under option are as follows:
Quantity
9,000,000
17,000,000
6,000,000
70,071,972
102,071,972
Grant Date
21/11/2017
21/11/2017
29/11/2019
10/08/2021
Exercise Price
$0.050
$0.050
$0.012
$0.12
Expiry Date
30/11/2022
29/01/2023
18/12/2023
10/08/2022
Shares issued as a result of the exercise of options
35,320,322 options were exercised during the year ended 30 June 2021 (2020: Nil).
Insurance of officers and indemnities
During the financial year the Company entered into an insurance policy to indemnify Directors and Officers against
certain liabilities incurred as a Director or Officer, including costs and expenses associated in successfully defending
legal proceedings. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the
premium. The Company has not otherwise, during or since the financial year, indemnified or agreed to indemnify an
Officer or Auditor of the Company or of any related body corporate against a liability incurred as such as Officer or
Auditor.
Proceedings on behalf of the company
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking
responsibility on behalf of the Company for all or part of those proceedings.
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section
237 of the Corporations Act 2001.
Non-Audit Services
The Auditor did not provide any non-audit services to the Company during the financial year.
Rounding of amounts
The Company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ reports) Instrument
2016/191, issued by the Australian Securities and Investments commission, relating to ‘rounding-off’ of amounts in the
Directors’ report. Amounts in the Directors’ report have been rounded off in accordance with that instrument to the
nearest thousand dollars, or in certain cases, the nearest dollar.
Auditor's independence declaration
The lead auditor’s independence declaration as required under section 307C of the Corporations Act 2001 for the year
ended 30 June 2021 has been received and is set out on the following page.
This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act
2001.
On behalf of the directors
Mr Michael Quinert
Executive Chairman
30 September 2021
Melbourne
Page 39 of 78
AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001 TO THE DIRECTORS OF WEST WITS MINING LIMITED
I declare that, to the best of my knowledge and belief, during the year ended 30 June 2021
there have been:
— no contraventions of the auditor independence requirements as set out in the
Corporations Act 2001 in relation to the audit; and
— no contraventions of any applicable code of professional conduct in relation to the
audit.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
A. A. Finnis
Director
Melbourne, 30 September 2021
Consolidated statement of profit or loss and other comprehensive
income
For the year ended 30 June 2021
Notes
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
3
10b
4
Operations
Revenue
Cost of sales of goods
Gross profit/(loss)
Other income
Foreign exchange gain / (loss)
Foreign exchange gain on deconsolidation of West Wits Monarch (Pty) Ltd
Corporate & administration expenses
Finance Costs
Director and employee expenses
Exploration expenses
Impairment expense
Loss before income tax
Income tax expense
Loss for the year from operations
Other comprehensive income
Item that may be reclassified to profit or loss in subsequent year
Exchange differences on translation of foreign operations
Other comprehensive income/(loss) for the year, net of tax
Total comprehensive loss for the period
Loss is attributable to:
Owners of West Wits Mining Limited
Non-controlling interests
Total comprehensive income/(loss) for the period is attributable to:
Owners of West Wits Mining Limited
Non-controlling interests
-
(3)
(3)
78
135
760
(641)
(108)
(739)
(25)
-
(543)
-
(543)
(14)
(14)
(557)
(341)
(202)
(543)
(574)
17
(557)
142
(25)
117
171
(172)
-
(893)
(73)
(905)
(2)
(156)
(1,913)
-
(1,913)
(1,195)
(1,195)
(3,108)
(1,668)
(245)
(1,913)
(2,552)
(556)
(3,108)
Loss per share for loss attributable to the ordinary equity holders of the
Group:
Basic earnings per share
Diluted earnings per share
7(a)
7(a)
cents
(0.04)
(0.04)
cents
(0.21)
(0.21)
The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction
with the accompanying notes.
Page 41 of 78
Consolidated statement of financial position
As at 30 June 2021
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Prepayments
Total current assets
Non-current assets
Plant and equipment
Exploration and evaluation, development and mine properties
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Borrowings
Provisions
Total current liabilities
Non-current liabilities
Other financial liabilities
Total non-current liabilities
Total liabilities
Net assets
EQUITY
Share capital
Reserves
Accumulated losses
Equity attributable to owners of West Wits Mining Limited
Non-controlling interests
Total equity
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
Notes
8(a)
9
8(b)
8(c)
8(d)
10(a)
10(b)
973
262
10
1,245
16
14,229
14,245
15,490
2,336
70
103
2,509
59
59
2,568
12,922
1,202
32
2
1,236
5
10,847
10,852
12,088
2,875
111
154
3,140
1,805
1,805
4,945
7,143
45,239
(1,938)
(24,455)
18,846
(5,924)
12,922
38,406
(1,207)
(24,115)
13,084
(5,941)
7,143
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Page 42 of 78
Consolidated statement of changes in equity
For the year ended 30 June 2021
Consolidated entity
Balance at 30 June 2019
Attributable to owners of
West Wits Mining Limited
Notes
Share capital
$'000
36,963
Other
reserves
$'000
(444)
Accumulated
losses
$'000
(22,447)
Non-
controlling
interests
$'000
(5,385)
Total
$'000
14,072
Total
equity
$'000
8,687
Loss for the year from operations
Other comprehensive income/(loss)
Total comprehensive income for the year
Transactions with owners in their
capacity as owners:
Contributions of equity, net of transaction
costs
Vesting of share-based payments for
options issued
Vesting of share-based payments for
performance rights issued
10(a)
10(b)(i)
10(b)(ii)
-
-
-
1,443
-
-
-
(1,668)
(1,668)
(245)
(1,913)
(884)
(884)
-
(884)
(311)
(1,195)
(1,668)
(2,552)
(556)
(3,108)
-
90
31
1,443
121
-
-
-
-
1,443
90
31
1,564
-
-
-
-
1,443
90
31
1,564
Balance at 30 June 2020
38,406
(1,207)
(24,115)
13,084
(5,941)
7,143
Loss for the year from operations
Other comprehensive income/(loss)
Total comprehensive income for the year
Transactions with owners in their
capacity as owners:
Contributions of equity, net of transaction
costs
Conversion of Convertible Note
Bonuses paid by issue of shares under
ESOP
Vesting of share-based payments for
options issued
Exercised options fair value transfer from
reserve to issued capital
Vesting of share-based payments for
performance rights issued
Options lapsed during the period
Performance rights lapsed during the
period
10(a)
10(a)
11(a)
11(b)
-
-
-
-
(233)
(233)
(341)
-
(341)
(341)
(233)
(574)
(202)
219
17
(543)
(14)
(557)
4,582
1,574
180
-
-
-
-
2
484
(484)
13
-
-
(13)
(2)
(1)
6,833
(498)
-
-
-
(2)
-
-
2
1
1
4,582
1,574
180
-
-
-
-
-
6,336
-
-
-
-
-
-
-
-
-
4,582
1,574
180
-
-
-
-
-
6,336
Balance at 30 June 2021
45,239
(1,938)
(24,455)
18,846
(5,924)
12,922
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Page 43 of 78
Consolidated statement of cash flows
For the year ended 30 June 2021
Cash flows from operating activities
Receipts from customers
Payments to suppliers and employees
Net cash outflow from operating activities
Cash flows from investing activities
Payments for exploration
Net cash outflow from investing activities
Cash flows from financing activities
Proceeds from issues of shares
Capital raising costs
Proceeds from issue of convertible notes
Repayment of borrowings
Payment of interest on borrowings
Net cash inflow from financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at end of period
Notes
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
14(a)
10(a)
10(a)
-
(1,900)
(1,900)
(2,709)
(2,709)
4,821
(239)
-
(41)
(108)
4,433
(176)
1,202
(53)
973
2,006
(3,359)
(1,353)
(300)
(300)
1,535
(253)
1,441
-
(73)
2,650
997
175
30
1,202
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Page 44 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
1 Summary of significant accounting policies
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial
statements to the extent they have not already been disclosed in the other notes above. These policies have been
consistently applied to all the years presented, unless otherwise stated. The financial statements are for the group
consisting of West Wits Mining Limited and its subsidiaries.
(a) Basis of preparation
The financial statements are general purpose financial statements that have been prepared in accordance with
Australian Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the
Australian Accounting Standards Board and the Corporations Act 2001. The financial statements of the Group comply
with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board
(IASB).
The financial statements cover the Group of West Wits Mining Limited and controlled entities (the “Group” or “group”).
West Wits Mining Limited is a listed for profit public company, incorporated and domiciled in Australia.
(i) Reporting basis and conventions
The financial statements have been prepared on an accruals basis and are based on historical costs.
The following is a summary of the material accounting policies adopted by the Group in the preparation of the financial
statements. The accounting policies have been consistently applied, unless otherwise stated.
(b) Going concern
For the year ended 30 June 2021, the Group has reported a net loss after income tax and before eliminating non-
controlling interests of $0.54 million (2020: $1.91 million) and net operating cash outflows of $1.9 million (2020: $1.43
million). As of 30 June 2021, the Group had $0.97 million cash at bank (2020: $1.20 million), and net current liabilities
of $ 1.3 million (2020: $1.9 million).
As announced to the ASX on 10 August 2021, the Group completed a share placement to raise $7 million (before costs)
via the issue of 117 million new fully paid ordinary shares at $0.06 (6 cents) per share and 70.1 million options with an
exercise price of $0.12 (12 cents) and expiry date 10 August 2022.
On this basis, the Board has assessed the going concern basis is appropriate.
(c) New accounting standards and interpretations
(i) Amendments to AASBs and the new Interpretation that are mandatorily effective for the current reporting period
The Consolidated Entity has adopted all of the new and revised Standards and Interpretations issued by the Australian
Accounting Standards Board (the AASB) that are relevant to its operations and effective for the current year.
All new accounting standards required which are mandatory for current accounting period were adopted.
The adoption of all the new and revised Standards and Interpretations has not resulted in any material changes to the
Consolidated Entity’s accounting policies and has no material effect on the amounts reported for the current or prior
years.
(d) Accounting policies
(i) Principles of consolidation
A controlled entity is any entity West Wits Mining Limited has the power to control the financial and operating policies
of, so as to obtain benefits from its activities. The Group controls an entity when the Group is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to
direct the activities of the entity. The existence and effect of potential voting rights that are currently exercisable or
convertible are considered when assessing whether the Company controls another entity. Controlled entities are fully
consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the
date that control ceases.
A list of controlled entities is contained in Note 12 to the financial statements.
Page 45 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
1 Summary of significant accounting policies (continued)
(d) Accounting policies
(i) Principles of consolidation (continued)
All inter-company balances and transactions between entities in the Group, including any unrealised profits or losses,
have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to
ensure consistencies with those policies applied by the Company.
Where controlled entities have entered or left the Group during the year, their operating results have been
included/excluded from the date control was obtained or until the date control ceased.
Non-controlling interests in the equity and results of the entities that are controlled are shown as a separate item in
the consolidated financial statements.
(ii) Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term,
highly liquid investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value.
(iii) Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which
it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
Critical estimates and assumptions:
In calculating the provision of rehabilitation and restoration in relation to the mining production activities in South Africa,
a degree of estimation and judgement was applied to quantify the amount of potential costs required at the end of the
project life.
(iv) Employee benefits
Provision is made for the Group's liability for employee benefits arising from services rendered by employees up to the
end of the reporting period.
Short-term and Long-term employee benefits:
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave, long service
leave, and sick leave when it is probable that settlement will be required and they are capable of being measured
reliably.
Liabilities recognised in respect of short-term employee benefits, are measured at their nominal values using the
remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of long-term employee
benefits are measured as the present value of the estimated future cash outflows to be made by the Company in
respect of services provided by employees up to reporting date.
(v) Interest income and other income
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating
the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective
interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the
financial asset to the net carrying amount of the financial asset.
Other income is recognised when it is received or when the right to receive payment is established.
All income is stated net of the amount of goods and services tax (GST) or value added tax (VAT).
Page 46 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
1 Summary of significant accounting policies (continued)
(d) Accounting policies
(vi) Income Tax
Deferred income tax is provided on all temporary differences at the balance date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes. No deferred income tax will be recognised from
the initial recognition of an asset or liability, excluding a business combination, where there is no effect on accounting
or taxable profit or loss.
The amount of benefits brought to account or which may be realised in the future is based on the assumption that no
adverse change will occur in income taxation legislation and the anticipation that the Group will derive sufficient future
assessable income to enable the benefit to be realised and comply with the conditions of deductibility imposed by the
law.
The charge for current income tax expense is based on the profit adjusted for any non-assessable or disallowed items.
It is calculated using the tax rates that have been enacted or are substantially enacted by the end of the reporting
period.
Deferred income tax assets are recognised to the extent that it is probable that future tax profits will be available against
which deductible temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or liability
is settled. Deferred tax is credited in the statement of comprehensive income except where it relates to items that may
be credited directly to equity, in which case the deferred tax is adjusted directly against equity.
(vii) Goods and Services Tax (GST)/ Value Added Tax (VAT)
Income, expenses and assets are recognised net of the amount of GST/VAT, except where the amount of GST/VAT
incurred is not recoverable from the Taxation Authority. In these circumstances the GST/VAT is recognised as part of
the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the statement of
financial position are shown inclusive of GST/VAT.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST/VAT component of
investing and financing activities, which are disclosed as operating cash flows.
(viii) Impairment of Non-Financial Assets
At the end of each reporting period, the Group reviews the carrying values of its tangible and intangible assets to
determine whether there is any indication that those assets have been impaired.
If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to
sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its
recoverable amount is expensed to the statement of profit or loss and other comprehensive income.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
Page 47 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
1 Summary of significant accounting policies (continued)
(d) Accounting policies (continued)
(ix) Leases
Since AASB 16 has come to effect, any new contracts entered into on or after 1 July 2019, the group considers whether
a contract is, or contains a lease. A lease is defined as ‘a contract, or part of a contract, that conveys the right to use
an asset (the underlying asset) for a period of time in exchange for consideration’. To apply this definition the group
assesses whether the contract meets three key evaluations which are whether:
•
•
•
the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified
by being identified at the time the asset is made available to the Company,
the Company has the right to obtain substantially all of the economic benefits from use of the identified asset
throughout the period of use, considering its rights within the defined scope of the contract,
the Company has the right to direct the use of the identified asset throughout the period of use. The Company
assess whether it has the right to direct ‘how and for what purpose’ the asset is used throughout the period of
use.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost
is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life
and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
•
•
•
•
fixed payments (including in-substance fixed payments), less any lease incentives receivable,
amounts expected to be payable by the lessee under residual value guarantees,
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the
group’s incremental borrowing rate.
Right-of-use assets are measured at cost comprising the following:
•
•
•
•
the amount of the initial measurement of lease liability,
any lease payments made at or before the commencement date, less any lease incentives received,
any initial direct costs, and
restoration costs.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as
an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
(x) Trade and other payables
Liabilities for trade creditors and other amounts are initially recognised at the fair value of the consideration to be paid
in the future for goods and services received, whether or not billed to the Group. They are subsequently measured at
amortised cost.
Payables to related parties are measured at fair value initially then subsequently measured at amortised cost using
effective interest method. Interest, when charged by the lender is recognised as an expense on an accruals basis.
Page 48 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
1 Summary of significant accounting policies (continued)
(d) Accounting policies (continued)
(xi) Foreign currency transactions and balances
Functional and presentation currency
The functional currency of each entity is measured using the currency of the primary economic environment in which
that entity operates. The consolidated financial statements are presented in Australian dollars which is the parent
entity's functional and presentation currency.
Transaction and balances
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of
the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items
measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary
items measured at fair value are reported at the exchange rate at the date when fair values were determined.
Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent
that the gain or loss is directly recognised in equity; otherwise the exchange difference is recognised in the statement
of profit or loss and other comprehensive income.
Group companies
The financial results and position of foreign operations whose functional currency is different from the Group’s
presentation currency are translated as follows:
• assets and liabilities are translated at year-end exchange rates prevailing at the end of the reporting period;
•
income and expenses are translated at average exchange rates, which approximate the rate at the date of the
transaction, for the period; and
retained earnings are translated at the exchange rates prevailing at the date of the transaction.
•
Exchange differences arising on translation of foreign operations are transferred directly to the Group’s foreign currency
translation reserve in the statement of financial position. These differences are recognised in the statement of profit or
loss and other comprehensive income in the period in which the operation is disposed.
(xii) Exploration and development expenditure
Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of
interest. These costs are only carried forward to the extent that they are expected to be recouped through successful
development of the area or where activities in the area have not yet reached a stage that permits reasonable
assessment of the existence of economically recoverable reserves. Accumulated costs in relation to an abandoned
area are written off in full against profit in the year in which the decision to abandon the area is made.
When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the
area according to the rate of depletion of the economically recoverable reserves.
A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward
costs in relation to that area of interest.
Costs of site restoration are provided over the life of the facility from when exploration commences and are included in
the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and
building structures, waste removal and rehabilitation of the site in accordance with clauses of the mining permits. Such
costs have been determined using estimates of future costs, current legal requirements and technology on an
undiscounted basis.
Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site
restoration, there is an uncertainty regarding the nature and extent of the restoration due to community expectations
and future legislation.
Page 49 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
1 Summary of significant accounting policies (continued)
(d) Accounting policies (continued)
(xii) Exploration and development expenditure (continued)
Critical estimates and assumptions:
Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will commence
commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the
mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining
expenditures directly related to these activities and allocating overheads between those that are expensed and
capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful
development or sale of the relevant mining interest. Factors that could impact the future commercial production at the
mine include the level of reserves and resources, future technology changes, which could impact the cost of mining,
future legal changes and changes in commodity prices. To the extent that capitalised costs are determined not to be
recoverable in the future, they will be written off in the period in which this determination is made.
The Directors evaluate estimates and judgements incorporated into the financial statements based on historical
knowledge and best available current information and that capitalised exploration costs are expected to be recovered
either through successful development or sale of the relevant mining interest.
(xiii) Contributed equity
Ordinary shares and unissued share options are classified as issued capital. Ordinary issued capital is recognised at
the fair value of the consideration received by the Company.
Any transaction costs directly attributable to the issue of ordinary shares are recognised directly in equity as a reduction
of the share proceeds received.
(xiv) Share-based payments
Equity settled share-based payments are measured at fair value at the date of grant. Fair value for shares and listed
options is measured using market value. Fair value for unlisted options is measured by use of the Black-Scholes model.
The expected life used in the model has been adjusted, based on management's best estimate for the effects of non-
transferability or exercise restrictions.
The Black-Scholes option pricing model also takes into account the exercise price, the term of the option, the impact
of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend
yield and the risk-free interest rate for the term of the option, together with non-vesting conditions that do not determine
whether the consolidated entity receives the services that entitle the employees to receive payment. No account is
taken of any other vesting conditions.
Critical estimates and assumptions:
The value attributed to share options issued is an estimate calculated using an appropriate mathematical formula based
on an option pricing model. The choice of models and the resultant option value require assumptions to be made in
relation to the likelihood and timing of the conversion of the options to shares and the value of volatility of the price of
the underlying shares.
(xv) Earnings per share
Basic earnings/(losses) per share is calculated by dividing the profit/loss attributable to the owners excluding any costs
of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during
the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.
(xvi) Revenue from mining production
Revenue from mining production is recognised at a point in time when control over the gold ores is passed to the
customer. The performance obligation is satisfied when the quantity of gold ores produced is verified and certified by
both the customer and the company. A trade receivable is recognised at the date of sale and payment is made by the
customer within no more than 30 days from the sale date.
Page 50 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
1 Summary of significant accounting policies (continued)
(d) Accounting policies (continued)
(xvi) Revenue from mining production (continued)
The contract is entered into and the transaction price is determined based on the quantity of ores produced at a pre-
determined unit price and there are no further adjustments to this price. There are no other performance obligations
(unsatisfied or partially unsatisfied), other than already disclosed requiring disclosure.
(xvii) Investments in associates and joint arrangements
Associates are those entities over which the Group is able to exert significant influence but which are not subsidiaries.
A joint venture is an arrangement that the Group controls jointly with one or more other investors, and over which the
Group has rights to a share of the arrangement’s net assets rather than direct rights to underlying assets and obligations
for underlying liabilities. A joint arrangement in which the Group has direct rights to underlying assets and obligations
for underlying liabilities is classified as a joint operation.
Investments in associates and joint ventures are accounted for using the equity method. Interests in joint operations
are accounted for by recognising the Group’s assets (including its share of any assets held jointly), its liabilities
(including its share of any liabilities incurred jointly), its revenue from the sale of its share of the output arising from the
joint operation, its share of the revenue from the sale of the output by the joint operation and its expenses (including its
share of any expenses incurred jointly).
Any goodwill or fair value adjustment attributable to the Group’s share in the associate or joint venture is not recognised
separately and is included in the amount recognised as investment.
The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise the
Group’s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where
necessary to ensure consistency with the accounting policies of the Group.
Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated
to the extent of the Group’s interest in those entities. Where unrealised losses are eliminated, the underlying asset is
also tested for impairment.
Critical estimates and assumptions:
The arrangement in relation to the Kimberley Central Open Pit tenement requires the directors to exercise a degree of
judgement to conclude that the two partners have direct rights to the assets of the partnership and are jointly and
severally liable for the liabilities incurred by the partnership. This arrangement is therefore classified as a joint operation
and the Group recognises its direct right to the jointly held assets, liabilities, revenues and expenses.
Page 51 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
2 Operating segments
(a) Segment results
The Group operates in one operating segment being mining and exploration.
Discussions with TME Group Pte Ltd and other interested parties for the Company’s divestment of the Derewo Project,
held by West Wits Indonesian subsidiary, PT Madinah Quarataa’n (“PTMQ”), has not progressed significantly during
the year ended 30 June 2021. Whilst the Company is committed to the disposal of the Derewo Project, it has been
determined the probability of disposal does not suitably meet the criteria to continue to classify the Indonesian segment
as a discontinued operation. PTMQ has been re-classified as continuing operations which reintroduces the
Indonesian segment within the segment note. As a result, the Group’s activities can be divided into three reportable
segments based on reports received and reviewed by the Board.
The three reportable segments are based on three distinct geographical locations, South Africa, Indonesia and
Australia. Mining and exploration activities are carried out only on the South African segments; whereas the Australian
segment reflects only the administrative arm of the business that supports the mining and exploration activities in the
other geographical location.
Consolidated entity
2021
External sales
Other income
Total
Segment Result Gain / (Loss)
South Africa
$'000
Indonesia
$'000
Australia
$'000
-
59
59
324
-
-
-
-
-
19
19
(867)
Total
$'000
-
78
78
(543)
The segment information provided to the Board for the reportable segments for the year ended 30 June 2020 is as
follows:
Consolidated entity
2020
External sales
Other income
Total
Segment Result
South Africa
$'000
Indonesia
$'000
Australia
$'000
142
139
281
(448)
-
-
-
(156)
-
32
32
(1,309)
Total
$'000
142
171
313
(1,913)
(b) Segment assets
Segment assets are measured in the same way as in the financial statements. These assets are allocated based on
the operations of the segment and the physical location of the asset.
South Africa
Indonesia
Australia
Total segment assets
Page 52 of 78
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
11,457
-
4,033
15,490
8,077
-
4,011
12,088
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
2 Operating segments (continued)
(c) Segment liabilities
Segment liabilities are measured in the same way as in the financial statements. These liabilities are allocated based
on the operations of the segment and the physical location of the asset.
South Africa
Indonesia
Australia
Total segment liabilities
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
580
1,815
173
2,568
818
1,923
2,204
4,945
(d) Other segment information
During the year ended 30 June 2021, there was no operating revenue. In the year ended 30 June 2020, there was
one major customer who contributed to 100% of the group's revenue from our mining production activities in South
Africa.
3 Revenue from contract with customers
(a) Disaggregation of revenue from contracts with customers
The group only derives revenue from the transfer of goods at a point in time (i.e. sale of gold bearing ore) and
revenue from contracts with customers is only generated from the South Africa segment, as disclosed in note 2(a):
Timing of revenue recognition
• At a point in time
• Over time
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
-
-
-
142
-
142
Page 53 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
4
Income tax expense
(a) Numerical reconciliation of income tax expense to prima facie tax payable
Loss from operations before income tax expense
Tax at the Australian tax rate of 26% (2020 - 27.5%)
Tax effect of amounts which are not deductible (taxable)
in calculating taxable income:
Impairment expense
Subtotal
Current year tax benefit not recognised
Income tax expense
5 Key management personnel disclosures
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
(543)
141
(1,757)
483
-
141
(141)
-
14,980
-
483
(483)
-
1,390
The aggregate compensation made to Directors and other members of key management personnel of the group is set
out below:
Short-term employee benefits
Post-employment benefits
Share-based payments
(a) Transactions with other related parties
Consolidated entity
30 June
2021
$
635,732
16,050
112,109
763,891
30 June
2020
$
559,147
13,014
235,924
808,085
The following transactions occurred with related parties:
Consolidated entity
Sales and purchases of goods and services
Legal fees that were paid to QR Lawyers, a Director related entity to Mr Michael
Quinert
Rental expense paid to Brickwick Pty Ltd, a Director related entity to Mr Michael
Quinert
Legal fees that were paid to Malan Scholes Attorneys, a Director related entity to Mr
Hulme Scholes
Consultancy fees that were paid to MERA Advisers, a Director related entity to Mr
Hulme Scholes
Consultancy fees paid to Kenosis Capital LLC, a related entity to Mr Peter O’Malley
30 June
2021
$
30 June
2020
$
54,164
78,776
42,400
8,100
90,365
74,666
2,835
-
60,022
104,243
Page 54 of 78
6 Remuneration of auditors
During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its
related practices and non-related audit firms:
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
Remuneration of the auditor of the parent entity for:
Audit services and review of financial statements
Remuneration of other auditors of subsidiaries for:
Audit services and review of financial statements
Total remuneration for audit and other assurance services
7 Loss per share
(a) Basic & diluted loss per share
Consolidated entity
2021
$
42,500
13,958
56,458
2020
$
42,000
17,392
59,392
Consolidated entity
30 June
2021
Cents
30 June
2020
Cents
Loss per share for loss attributable to the ordinary equity holders of the Group:
Basic earnings per share
Diluted earnings per share
(0.04)
(0.04)
(0.21)
(0.21)
(b) Reconciliation of loss used in calculating earnings per share
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
Loss attributable to the ordinary equity holders of the Group used in calculating basic
& diluted earnings per share:
From operations
(543)
(1,913)
Page 55 of 78
7 Loss per share (continued)
(c) Weighted average number of shares used as the denominator
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
Consolidated entity
2021
Number
2020
Number
Weighted average number of ordinary shares used as the denominator in calculating
basic loss per share
1,243,746,364 919,064,924
The outstanding share options and performance rights for 30 June 2021 and the comparative year are considered to
be anti-dilutive and therefore were excluded from the diluted weighted average number of ordinary shares calculation.
8 Financial assets and financial liabilities
(a) Trade and other receivables
Current assets
Trade receivables
Other receivables
(b) Trade and other payables
Current liabilities
Payables to creditors and employees
Accrued expenses
Trade payables are unsecured and are usually paid within 30 days of recognition.
(c) Provisions
Provisions
Provision for rehabilitation and restoration in relation to the mining
production in South Africa
Others
Page 56 of 78
Consolidated entity
30 June
2021
$'000
-
262
262
30 June
2020
$'000
17
15
32
Consolidated entity
30 June
2021
$'000
1,184
1,152
2,336
30 June
2020
$'000
1,389
1,486
2,875
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
65
38
103
147
7
154
8 Financial assets and financial liabilities (continued)
(d) Other financial liabilities
Non-current liabilities
Convertible notes (i)
Other financial liability
(i) convertible notes
2021
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
-
59
59
1,740
65
1,805
Convertible Note Holder, Wingfield Capital Partners LLC (Wingfield”), elected to convert 100% of the 1M convertible
notes (“Notes”) on the 12-month anniversary from the issue of Tranche 1 Notes. The Notes had an aggregate face
value of USD1.17M (AUD 1.51M) on the date of conversion to fully paid ordinary shares at the conversion price of USD
0.007 (US cents per share).
Conversion 100% of the Notes to equity transferred the debt balance to equity during the period.
The revaluation of the Notes from 30 June 2020 to the date of conversion resulted in a gain of (AUD $0.2 million) which
was recognised in the profit or loss.
The Notes accrued interest at a rate of 12% per annum, interest payable of USD 95,270 (AUD 107,608) on the
milestone was repaid in cash during the period.
Tranche 1 – 400,000 convertible notes
Convertible notes
Gold price option (derivative liability)
Foreign currency (derivative liability)
Interest accrued in arrears
Tranche 2 – 600,000 convertible notes
Convertible notes
Gold price option (derivative liability)
Foreign currency (derivative liability)
Interest accrued in arrears
Initial recognition
$'000
506
71
18
-
595
Initial recognition
$'000
784
107
27
-
918
Revaluation as at
30 June 2020
Balance as at 30
June 2021
$'000
583
82
24
7
696
$'000
-
-
-
-
-
Revaluation as at
30 June 2020
Balance as at 30
June 2021
$'000
874
123
37
10
1,044
$'000
-
-
-
-
-
As a result of the revaluation as of 30 June 2020, a loss of AUD $0.2 million was recognised in profit or loss.
Page 57 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
9 Exploration and evaluation, development and mine properties
Consolidated entity
At 1 July 2019
Cost or fair value
Year ended 30 June 2020
Opening net book amount
Additions
Performance rights capitalised
Exchange differences
Closing net book amount at 30
June 2020
Consolidated entity
At 1 July 2020
Cost or fair value
Year ended 30 June 2021
Opening net book amount
Additions
Performance rights capitalised
Exchange differences
Closing net book amount at 30
June 2021
Rand & DRD
Leases
$'000
Tambina Gold
Project
$'000
Mt Cecelia
Project
$'000
Total
$'000
8,766
1,789
1,189
11,744
8,766
290
17
(1,214)
7,859
1,789
1
-
-
1,790
1,189
9
-
-
11,744
300
17
(1,214)
1,198
10,847
Rand & DRD
Leases
$'000
Tambina Gold
Project
$'000
Mt Cecelia
Project
$'000
Total
$'000
7,859
1,790
1,198
10,847
7,859
2,354
-
673
10,886
1,790
4
-
-
1,794
1,198
351
-
-
10,847
2,709
-
673
1,549
14,229
Page 58 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
10 Equity
(a) Share capital
Ordinary shares
Fully paid
Total share capital
30 June
2021
Shares
30 June
2020
Shares
1,401,056,405
1,401,056,405
1,023,126,278
1,023,126,278
30 June
2021
$'000
45,239
45,239
(i) Movements in ordinary shares:
Details
Balance at 1 July 2019
Shares issued during the year
Less: Transaction costs arising on share issues
Balance at 30 June 2020
Shares issued during the year
Add: Exercised options fair value transfer from reserve to issued capital
Less: Transaction costs arising on share issues
Balance at 30 June 2021
Number of shares
(in thousands)
800,031
223,095
1,023,126
377,930
1,401,056
Details of shares issued
Date
20/08/2020
28/10/2020
12/11/2020
12/11/2020
12/11/2020
20/11/2020
27/11/2020
16/03/2021
30/03/2021
28/10/2020
20/11/2020
8/01/2021
8/01/2021
8/01/2021
2/03/2021
Details
Issue of ordinary shares to provide working capital to
support the Company’s activities pending the anticipated
grant of the Company’s mining right for its WBP
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Exercise of options
Shares issued for Cash Payment
Performance Rights vested
Shares issued in lieu of cash bonus under ESOP
Performance Rights vested
Shares issued in lieu of cash bonus under ESOP
Shares issued as performance bonus under ESOP
Conversion of convertible notes
Shares Based Payments
Total Shares Issued
No. of shares
Unit
price ($)
0.021
0.050
0.050
0.050
0.012
0.012
0.050
0.015
0.050
0.002
0.019
0.001
0.069
0.069
0.009
161,940,477
9,225,059
4,595,263
3,000,000
1,500,000
2,500,000
3,000,000
5,500,000
6,000,000
197,260,799
1,750,000
5,517,543
4,700,000
801,749
300,000
167,600,036
180,669,328
377,930,127
Page 59 of 78
30 June
2020
$'000
38,406
38,406
$'000
36,963
1,696
(253)
38,406
6,587
484
(239)
45,239
$'000
3,401
461
229
150
18
30
150
82
300
4,821
9
105
3
55
20
1,574
1,766
6,587
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
10 Equity (continued)
(a) Share capital (continued)
(ii) Ordinary shares
Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number
of shares held. At shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise
each shareholder has one vote on a show of hands. The fully paid ordinary shares have no par value and the company
does not have a limited amount of authorised capital.
(b) Reserves
Foreign currency translation reserve
Shared-based payment reserve – options 11(a)
Shared-based payment reserve – performance rights 11(b)
Consolidated entity
30 June
2021
$'000
(3,707)
1,760
9
(1,938)
30 June
2020
$'000
(3,483)
2,245
31
(1,207)
West Wits Monarch (Pty) Ltd and Mining & Mineral Reclamation Services (Pty) Ltd were disposed of during the
reporting period for ZAR 1 (AU$ 0.10), both subsidiaries were dormant and had nil carrying value at the time of
disposal. The consolidated group carried AUD 760k of unrealised FX gains in the Foreign Currency Translation
Reserve for West Wits Monarch (Pty) Ltd which was cleared to nil with the resulting gain being recycled through the
Statement of Profit or Loss and Other Comprehensive Income.
11 Share-based payment
(a) Issue of Options
Opening balance
Options issued
Options exercised
Options expired
Amortisation of share-based payments
for options issued in prior periods
Closing balance
2021
30 June
2021
Number of Options
67,500,000
-
(35,320,322)
(179,678)
-
32,000,000
30 June
2020
Number of Options
52,000,000
15,500,000
-
-
-
67,500,000
30 June
2021
$'000
2,245
-
(484)
(3)
2
1,760
30 June
2020
$'000
2,155
58
-
32
2,245
No options were issued during the financial year 2021.
2,500,000 options issued on the 18 December 2019 with an exercise price of AUD 1.2 cents and expiry date of
18/12/2023 vested on 18 September 2020. The amortised cost during the reporting period was $2k and recognised
in the share-based payments.
2020
The value attributed to share options and remuneration shares issued is an estimate calculated using an appropriate
option-pricing model. The choice of models and the resultant option value require assumptions to be made in relation
to the volatility of the price of the underlying shares.
Page 60 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
11 Share-based payment (continued)
(a) Issue of Options (continued)
The 10,000,000 equity settled options were issued to Directors as per the ASX announcement on 18 December 2019
and related shareholder approval obtained at the AGM on 29 November 2019. The exercise price for the 10 million
options is at AUD 1.2 cents per option. 7.5 million options fully vested on the 18 December 2019, with the remaining
2.5 million options vesting 9 months after the issue date.
The assessed fair value of options at grant date was determined using the Black-Scholes option valuation model that
takes into account the exercise price, term of the option (48 months), security price at grant date and expected price
volatility of the underlying security (112%), the expected dividend yield (0.00%), and the risk-free interest rate (0.65%)
for the term of the security. The volatility was based on analysing the Group's historical trading data for the last 24
months up to and including the valuation date.
The 5,500,000 equity settled options were issued to Directors as per the ASX announcement on 15 January 2020. The
exercise price for the 5.5 million options is at $1.5 cents per option. 2.2 million options fully vested on 3 February 2020,
with the remaining 3.3 million options vested on 2 March 2020.
The assessed fair value of options at grant date was determined using the Black-Scholes option valuation model that
takes into account the exercise price, term of the option (24 months), security price at grant date and expected price
volatility of the underlying security (118%), the expected dividend yield (0.00%), and the risk-free interest rate (0.81%)
for the term of the security. The volatility was based on analysing the Group's historical trading data for the last 24
months up to and including the valuation date.
The Option-value model inputs during the year 30 June 2020 included:
Grant date
29/11/2019
Expiry date
18/12/2023
15/01/2020
02/02/2022
15/01/2020
02/03/2022
Exercise
price ($)
0.012
0.015
0.015
No. of
options
‘000
10,000
2,200
3,300
Share price
at grant date
($)
Expected
volatility
Dividend
yield
Risk free
interest
rate
FV at Grant
date per
option ($)
0.005
0.010
0.010
112%
118%
0.00%
0.00%
118%
0.00%
0.65%
0.81%
0.81%
0.0031
0.0052
0.0053
Share-based payment expense of $2k recognised relating to options issued in prior year which vested during the current
financial year (2020: $32k).
Options exercised or expired during the financial year 2021 (2020: nil):
Grant date
15/11/2017
21/11/2017
21/11/2017
04/12/2017
21/11/2017
29/11/2019
15/01/2020
15/01/2020
Quantity
‘000
10,000
10,000
12,000
3,000
17,000
10,000
2,200
3,300
67,500
Expiry date
14/11/2020
30/11/2020
03/12/2022
03/12/2022
29/01/2023
18/12/2023
02/02/2022
01/03/2022
Exercise
price ($)
0.050
0.050
0.050
0.050
0.050
0.012
0.015
0.015
Fair value at
grant date per
option ($)
0.0170
0.0170
0.0190
0.0190
0.0170
0.0031
0.0052
0.0053
2021
Exercised
‘000
Transfer to
Equity
$'000
2021
Expired
‘000
(9,820)
(10,000)
(6,000)
-
-
(4,000)
(2,200)
(3,300)
(35,320)
(161)
(170)
(111)
-
-
(13)
(11)
(17)
(484)
(180)
-
-
-
-
-
-
-
(180)
FV through
P&L
$'000
(3)
-
-
-
-
-
-
-
(3)
Page 61 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
11 Share-based payment (continued)
(a) Issue of Options (continued)
As at 30 June 2021, the following unlisted options are in existence:
Series Issued
21/11/2017
04/12/2017
30/01/2018
18/12/2019
Quantity
‘000
6,000
3,000
17,000
6,000
32,000
(b) Performance Rights
Grant date
21/11/2017
04/12/2017
21/11/2017
29/11/2019
Expiry date
03/12/2022
03/12/2022
29/01/2023
18/12/2023
Exercise price
($)
0.050
0.050
0.050
0.012
Fair value at
grant date per
option ($)
0.0190
0.0190
0.0170
0.0031
Opening balance
Performance rights issued and expensed
Performance rights issued and capitalised
Performance Rights converted to equity
Performance Rights lapsed
Change in Carrying Fair Value at reporting date
Closing balance
2021
30 June
2021
Performance
Rights
‘000
24,500
-
-
(6,450)
(2,300)
-
15,750
30 June
2020
Performance
Rights
‘000
-
11,600
12,900
-
-
-
24,500
30 June
2021
$'000
31
(13)
(1)
(8)
9
30 June
2020
$'000
-
14
17
-
-
31
No performance rights were issued during the financial year 2021.
6,450,000 Performance Rights converted to fully paid ordinary shares upon the performance condition being met during
the reporting period resulting in $13k transfer to equity. 2,300,000 Performance Rights lapsed as the performance
condition was not met by the relevant expiry date. Management assessed the probability of the non-market conditions
being satisfied, the combined impact on the carrying fair value at 30 June 2021 resulted in a gain of ($8k) through the
Profit or Loss.
2020
The 24,500,000 equity settled performance rights were issued to Management as per the ASX announcement on 18
December 2019 and related shareholder approval obtained at the AGM on 29 November 2019.
Page 62 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
11 Share-based payment (continued)
(b) Performance Rights (continued)
During the financial year 2020, the following performance rights were issued
Grant date
Details
29/11/2019
Issued performance rights to directors
No. of shares
11,600,000
11,600,000
2020 Share-based
payment expense
$'000
14
14
Performance rights amounted to $16,800 were capitalised as part of exploration assets during the 2020 financial year.
Management has assessed the probability of the non-market conditions being satisfied.
The table below details performance hurdles, relevant dates and conditions of the rights and movement in the carrying
value for the reporting period:
Number
issued
‘000
Expiry date
Fair value
(FV) for
each PR
at grant
date
($)
Total FV
recorded
at 30
June 2020
($)
Probability of
non-market
performance
condition
occurring
2021
PR
Exercised
to Equity
FV to
P&L
2021
($)
Total FV
recorded at
30 June
2021
($)
4,700
31/12/2020
0.0009
4,183
Converted
(4,183)
3,800
31/12/2021
0.0012
4,560
3,100
31/12/2022
0.0016
4,836
N/A
N/A
-
-
-
-
-
-
4,560
4,836
1,750
30/06/2021
0.0050
3,150
Converted
(8,750)
5,600
1,750
31/12/2021
0.0050
875
0%
2,300
30/06/2021
0.0050
1,150
Lapsed
3,200
30/06/2022
0.0050
4,800
0%
-
-
-
(875)
(1,150)
(4,800)
-
-
-
-
3,900
24,500
30/06/2023
0.0050
6,825
30,379
0%
-
(12,933)
(6,825)
(8,050)
-
9,396
Performance Hurdle
30-day VWAP of $0.015 at
31/12/2020
30-day VWAP of $0.028 at
31/12/2021
30-day VWAP of $0.042 at
31/12/2022
Expanding the JORC
Resource by 600,000oz at a
grade of at least 3g/t by
30/06/2021
Delineating a total of 650,000
ounces of gold reserves (in
accordance with JORC 20121)
at a grade of at least 3g/t Au
by 31/12/2021
Achieving annualised
production of 5,500oz of gold
per annum over a consecutive
period of 3-months in the 12-
months to 30/06/2021
Achieving annualised
production of 25,000oz of gold
per annum over a consecutive
period of 3-months in 2022
calendar year
Achieving annualised
production of 45,000oz of gold
per annum over a consecutive
period of 3-months in 2023
calendar year
TOTAL
Page 63 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
12 Interests in other entities
(a) Material subsidiaries
The group’s principal subsidiaries at 30 June 2021 are set out below. Unless otherwise stated, they have share capital
consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held
equals the voting rights held by the group. The country of incorporation or registration is also their principal place of
business.
Name of entity
Place of
business/ country
of incorporation
West Wits Mining SA (Pty) Ltd
West Wits MLI (Pty) Ltd
Mining & Mineral Reclamation
Services (Pty) Ltd
West Wits Monarch (Pty) Ltd
NuGold Company Ltd (Hong Kong)
PT. NuGold Indonesia
PT. Madinah Qurrata'ain
South Africa
South Africa
South Africa
South Africa
Hong Kong
Indonesia
Indonesia
Ownership interest
held by the group
2021
%
90
73.26
2020
%
90
74
-
-
100
100
64
74
100
100
100
64
Ownership interest held
by non-controlling
interests
2021
%
10
26.74
-
-
-
-
36
2020
%
10
26
26
-
-
-
36
All subsidiaries listed above operated in the mining and exploration industry.
(i) Disposal of subsidiaries
West Wits Monarch (Pty) Ltd and Mining & Mineral Reclamation Services (Pty) Ltd were disposed of during the
reporting period for ZAR 1 (AU$ 0.10), both subsidiaries were dormant and had nil carrying value at the time of
disposal. The consolidated group carried AUD 760k of unrealised FX gains in the Foreign Currency Translation
Reserve for West Wits Monarch (Pty) Ltd which was cleared to nil via other comprehensive income.
West Wits Monarch (Pty) Ltd – Balance Sheet
Investment in West Wits Monarch (Pty) Ltd
Foreign Currency Translation Reserve
Accumulated Losses
30 June
2021
-
-
-
30 June
2020
(2,375)
(760)
3,136
(ii) Significant restrictions
Cash held by all South Africa subsidiaries is subject to exchange control regulations governed by the South African
Reserve Bank (SARB). Ongoing approval by SARB is crucial to the transfer of cash funds into and out of South
Africa.
Page 64 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
12 Interests in other entities (continued)
(b) Non-controlling interests (NCI)
Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material
to the group. The amounts disclosed for each subsidiary are before inter-Company eliminations.
Summarised balance sheet
Current assets
Current liabilities
Current net assets
Non-current assets
Non-current liabilities
Non-current net assets
Net assets
Accumulated NCI
Summarised statement of comprehensive income
Profit / (Loss) for the period
Other comprehensive income
Total comprehensive income – Profit / (Loss)
Loss allocated to NCI – Profit / (Loss)
< blank header row >
Summarised cash flows
Cash flows used in operating activities
Cash flows from investing activities
Cash flows from financing activities
Net increases/(decrease) in cash and cash equivalents
South Africa
Indonesia
30 June
2021
$'000
30 June
2020
$'000
30 June
2021
$'000
30 June
2020
$'000
575
580
(5)
10,882
-
10,882
10,877
1,739
233
818
(585)
7,844
-
7,844
7,259
1,998
-
1,756
(1,756)
-
59
(59)
(1,815)
(1,470)
-
1,858
(1,858)
-
65
(65)
(1,923)
(1,518)
South Africa
Indonesia
30 June
2021
$'000
30 June
2020
$'000
30 June
2021
$'000
30 June
2020
$'000
324
(638)
(314)
31
(448)
822
374
(614)
-
(108)
(108)
(48)
(156)
-
(156)
(56)
South Africa
Indonesia
30 June
2021
$'000
30 June
2020
$'000
30 June
2021
$'000
30 June
2020
$'000
(897)
(2,354)
3,345
94
(846)
(377)
1,362
139
-
-
-
-
-
-
-
-
(c) Transactions with non-controlling interests
There have been no transactions with non-controlling interests during the year 2021 (2020: nil).
Page 65 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
12 Interests in other entities (continued)
(d) Joint operations
West Wits MLI (Pty) Ltd, a subsidiary of the Group has a 50% interest in a joint arrangement called the Kimberley
Central Open Pit which was set up as a partnership together with Elandiwave Pty Ltd (“Elandiwave”), a South Africa
based company for mining production activities. The joint venture operation ceased production in the 2020 financial
year, minor rehabilitation works continued during the 2021 financial year and have since been completed in the current
reporting period which will concludes the joint arrangement.
The principal place of business of the joint operation is in South Africa.
13 Contingent liabilities and contingent assets
(a) Contingent liabilities
The group had no contingent liabilities at 30 June 2021 (2020: nil).
(b) Contingent assets
The group had no contingent assets at 30 June 2021 (2020: nil).
14 Cash flow information
(a) Reconciliation of loss after income tax to net cash inflow from operating activities
Loss for the year
Adjustments for:
Depreciation and amortisation
Impairment of assets
Write Off of Bad Debts
Share-based payments
Change in FV of convertible note through profit and loss
Other unrealised foreign exchange
Interest expense on convertible notes
Foreign Exchange on disposal of West Wits Monarch (Pty) Ltd
Change in operating assets and liabilities:
Decrease/(Increase) in accounts receivable
(Increase)/Decrease in other current assets
(Decrease)/Increase in accounts payable
(Decrease)/Increase in provisions
Net cash outflow from operating activities
Page 66 of 78
Consolidated entity
30 June
2021
$'000
30 June
2020
$'000
(543)
(1,913)
4
-
(4)
131
(162)
(59)
108
(760)
(17)
(8)
(539)
(51)
(1,900)
-
156
-
104
42
173
73
-
1,708
(2)
(1,426)
(341)
(1,426)
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
15 Parent entity financial information
(a) Summary financial information
The individual financial statements for the parent entity show the following aggregate amounts:
Balance sheet
Current assets
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Issued capital
Share-based payments reserve
Accumulated losses
Profit or loss for the year
Total comprehensive income
30 June
2021
$'000
670
29,051
29,721
173
-
173
29,548
(21,978)
45,239
1,770
(17,461)
29,548
(485)
(485)
30 June
2020
$'000
1,005
24,898
25,903
464
1,740
2,204
23,699
(21,764)
38,406
2,276
(16,983)
23,699
(653)
(653)
(b) Guarantees entered into by the parent entity
West Wits Mining Ltd has not entered into any guarantees, in the current or previous financial year, in relation to the
debts of its subsidiaries (2020: Nil).
(c) Contingent liabilities of the parent entity
The parent entity did not have any contingent liabilities as at 30 June 2020 or 30 June 2021. For information about
guarantees given by the parent entity, please see above.
(d) Contractual commitments for the acquisition of property, plant or equipment
At 30 June 2021, West Wits Mining Ltd had not entered into any contractual commitments for the acquisition of property,
plant and equipment (2020: nil).
16 Events occurring after the reporting period
On 16th July 2021, South Africa’s Director General of Department of Mineral Resources and Energy granted the
Company’s mining right application in terms of section 23(1) of the Mineral and Petroleum Resources Development
Act, 2002 (Act 28 of 2002) for the Witwatersrand Basin Project (“WBP”), South Africa.
On 10 August 2021, the Group completed a share placement to raise $7 million (before costs) via the issue of 117
million new fully paid ordinary shares at $0.06 (6 cents) per share to existing and new sophisticated and professional
investors. 70.1 million options with an exercise price of $0.12 (12 cents) and expiry date 10 August 2022 were issued
by way of attaching options to the placement (one option for every two shares) and issue of options to the lead Broker
of the Placement (one option for every ten shares).
On 2 September 2021, the Company released to the ASX results from the Definitive Feasibility Study on the first stage
of development of the WBP. The study showed a Pre-tax NPV7.5 of US$150 million (AU$205m) and IRR of 35% at a
Gold Price of US$1,750/oz.
No other matters or circumstances have occurred subsequent to period end that has significantly affected, or may
significantly affect, the operations of the group, the results of those operations or the state of affairs of the Group in
subsequent financial years.
Page 67 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
17 Capital management
The Group's policy is to maintain a strong and flexible capital base to maintain investor, creditor and market confidence
and to sustain future development of the business. The board monitors the return on capital, which the Group defines
as total shareholders’ equity attributable to members of West Wits Mining Limited divided by the quantity of shares on
issue. The Group is not subject to externally imposed capital requirements.
18 Financial risk management
The Group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. Management
have established risk management policies to identify and analyse the risks faced by the company and the group, to
set appropriate risk limits and controls, and to monitor risk and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Group's activities.
(a) Market risk
(i) Foreign exchange risk
The Group is exposed to currency risk on sales and purchases that are denominated in a currency other than the
respective functional currency of each company within the group.
The Group also has exposure to foreign exchange risk in the currency cash reserves it holds to meet subsidiary loan
requirements. This is kept to an acceptable level by buying foreign currency at spot rates only to fund short term cash
requirements.
The Group's exposure to foreign exchange risk has not changed from the previous year. The Group does not make
use of derivative financial instruments to hedge foreign exchange risk.
Assets
Liabilities
Total exposure
The following significant exchange rates applied during the year:
Currency
.
ZAR
IDR
30 June 2021
ZAR
'000
123,606
(6,257)
117,348
IDR
'000
0
(20,166,667)
(20,166,667)
Average Rate
2020
2021
30 June spot rate
2020
2021
11.4631
10,909
10.5244
9,836
10.7527
11,111
11.8624
10,000
Sensitivity
The Group is exposed to the South African Rand (ZAR) and Indonesian Rupiah (IDR). The average annual movement
in the AUD/ZAR and AUD/IDR exchange rate over the last 5 years was 8.4% for ZAR and 5.2% for IDR (2020: 6.6%
for ZAR and 5.6% for IDR) based on the year-end spot rates. A fluctuation of 8.4% for ZAR and 5.2% for IDR against
the AUD at 30 June would have changed the equity and loss by the amounts show below. This analysis assumes that
all other variables, in particular interest rates, remain consistent. The analysis is performed on the same basis for 2020.
Page 68 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
18 Financial risk management (continued)
(a) Market risk (continued)
(i) Foreign exchange risk (continued)
Consolidated entity
Sensitivity result
Impact on post-tax profit
Impact on other components of
equity
2021
$'000
4
2020
$'000
39
2021
$'000
1,289
2020
$'000
638
The effect on equity is to the Foreign Currency Translation Reserve and Accumulated Losses.
(ii) Price risk
Exposure
The Group is exposed to the risk of fluctuations in prevailing market commodity prices on gold however the Company
did not have any production in current financial year or revenues. The Group’s has not established a formal policy to
manage this risk. Management will continue to assess the gold price risk exposure to the Group’s future operations,
implementing suitable operating & contract protocols as well as hedging options to mitigate the risks when required.
(b) Credit risk
(i) Risk management
Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to
the Group.
Surplus cash is invested with financial institutions of appropriate credit worthiness and the amount of credit exposure
to any one counter party is limited.
The Group did not have any revenue from sales during the financial period. When in production, the Group has only
one counter party for the sale of production output which limit’s the Group’s exposure to credit risk. The Groups
operations The Group's maximum exposure to credit risk at the end of the reporting period is set out in the table below.
The carrying amount of the financial assets represents the maximum credit risk exposure.
Cash and cash equivalents
Trade and other receivables
Consolidated entity
30 June
2021
$'000
973
262
1,235
30 June
2020
$'000
1,202
32
1,234
(ii) Impairment of financial assets
The group has one type of financial assets subject to the expected credit loss model:
•
trade receivables for mining production activities
While cash and cash equivalents are also subject to the impairment requirements of AASB 9, the identified impairment
loss was immaterial.
Page 69 of 78
West Wits Mining Limited
Notes to the financial statements
30 June 2021
(continued)
18 Financial risk management (continued)
(b) Credit risk (continued)
The group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime expected
loss allowance for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics
and the days past due. The expected loss rates are based on the payment profiles of sales over a period since the
commencement of its mining production until 30 June 2021 and the corresponding historical credit losses experienced
within this period. The historical loss rates are adjusted to reflect current and forward-looking information on
macroeconomic factors affecting the ability of the customers to settle the receivables.
On that basis, the loss allowance as at 30 June 2021 from the ECL method was concluded as immaterial as the group
had not written off any receivables.
Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no
reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan
with the group, and a failure to make contractual payments
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent
recoveries of amounts previously written off are credited against the same line item.
(c) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient assets to meet liabilities as they fall due.
The Group is exposed to liquidity risk via the quantity and type of financial assets and liabilities it holds. The board
ensures that the Group can meet its financial obligations as they fall due by maintaining sufficient reserves of cash,
continuously monitoring forecast and actual cash flows, matching the maturity profiles of financial assets and liabilities,
and identifying when they need to raise additional funding from the equity markets.
The Group’s exposure to liquidity risk has remained unchanged from the previous year.
(i) Maturities of financial instruments
Contractual maturities of financial liabilities
At 30 June 2021
Financial assets - cash flows realisable
Cash and cash equivalents
Trade and other receivables
Financial liabilities due to payment
Trade and other payables
Borrowings & Other financial liabilities
Due
within 1
year
$'000
Due
within 1 to
5 years
$'000
Total
contractual
cash
flows
$'000
Carrying
amount
(assets)/
liabilities
$'000
Over 5
years
$'000
973
262
1,235
-
-
(2,336)
(70)
(2,406)
-
(59)
(59)
-
-
-
-
-
973
262
1,235
973
262
1,235
(2,336)
(129)
(2,465)
(2,336)
(129)
(2,465)
Net inflow/(outflow) on financial instruments
(1,171)
(59)
(1,230)
(1,230)
Page 70 of 78
18 Financial risk management (continued)
(c) Liquidity risk (continued)
Contractual maturities of financial liabilities
At 30 June 2020
Financial assets - cash flows realisable
Cash and cash equivalents
Trade and other receivables
Financial liabilities due to payment
Trade and other payables
Borrowings and other financial liabilities
Due
within 1
year
Due
within 1 to
5 years
Over 5
years
Total
contractual
cash
flows
$'000
$'000
$'000
$'000
Carrying
amount
(assets)/
liabilities
$'000
1,202
32
1,234
-
-
-
(2,875)
(111)
(2,986)
-
(1,805)
(1,805)
-
-
-
-
-
-
-
1,202
32
1,234
1,202
32
1,234
(2,875)
(1,916)
(4,791)
(2,875)
(1,916)
(4,791)
(3,557)
(3,557)
Net inflow/(outflow) on financial instruments
(1,752)
(1,805)
Fair value
The fair value of financial assets and liabilities equals to the carrying amounts shown in the statement of financial
position due to the short-term nature of those financial assets and liabilities.
Page 71 of 78
Directors' declaration
In the Directors' opinion:
(a)
the financial statements and notes set out are in accordance with the Corporations Act 2001, including:
(i)
complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory
professional reporting requirements, and
(ii)
(iii)
give a true and fair view of the financial position as at 30 June 2021 and of the performance for the
year ended on that date of the company and the Group; and
comply with International Financial Reporting Standards as disclosed in Note 1
(b)
(c)
the Chairman and Chief Finance Officer have each declared that:
(i)
the financial records of the company for the financial year have been properly maintained in
accordance with section 286 of the Corporations Act 2001;
the financial statements and notes for the financial year comply with the Accounting Standards; and
the financial statements and notes for the financial year give a true and fair view.
(ii)
(iii)
in the Directors' opinion there are reasonable grounds to believe that the company will be able to pay its
debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Mr Michael Quinert
Director
Melbourne
30 September 2021
Page 72 of 78
West Wits Mining Limited
Independent auditor’s report to members
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of West Wits Mining Limited. (the Company and its
controlled entities (the Group)), which comprises the consolidated statement of financial
position as at 30 June 2021, the consolidated statement of profit or loss and other
comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory
information, and the directors’ declaration.
In our opinion, the accompanying financial report of the Group, is in accordance with the
Corporations Act 2001, including:
(i) giving a true and fair view of the Group’s financial position as at 30 June 2021 and of its
financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations
2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our
responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Report section of our report. We are
independent of the Group in accordance with the auditor independence requirements of
the Corporations Act 2001 and the ethical requirements of the Accounting Professional
and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants
(including Independence Standards) (the Code) that are relevant to our audit of the
financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial report of the current period. These matters were
addressed in the context of our audit of the financial report as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
CARRYING VALUE OF EXPLORATION AND EVAUATION ASSETS
Area of focus (Refer to notes 1 and 9)
How our audit addressed it
The Group has continued to incur
exploration costs for their gold mining
projects in Australia and South Africa. As
these costs have been incurred over a
number of years, there is a risk that the
capitalisation of exploration and evaluation
expenditure may no longer be appropriate.
An impairment review is only required if an
impairment trigger is identified.
Due to the nature of the gold industry,
indicators of impairment could include:
— Changes to exploration plans;
— Loss of rights to tenements;
— Changes to reserve estimates;
— Costs of extraction and production; or
— Exchange rate factors.
Based on management’s assessment the
exploration areas in Australia and South
Africa continue to meet the requirements for
capitalisation at 30 June 2021.
Our audit procedures included:
— A review of the directors’ assessment of
the criteria for the capitalisation of
exploration expenditure and evaluation of
whether an impairment charge is
required;
— Understanding and vouching the
underlying contractual entitlement to
explore and evaluate each area of
interest, including an evaluation of the
requirement to renew that tenement at its
expiry;
— Examining project spend per each area
of interest and comparing this spend to
the minimum expenditure requirements
set out in the underlying tenement
expenditure plan; and
— Examining project spend to each area of
interest to ensure that it is directly
attributable to that area of interest.
We also assessed the adequacy of the
Group’s disclosures in respect of exploration
costs in the financial report.
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 30 June 2021 but does not include the financial
report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to fraud
or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with Australian Auditing Standards will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
A further description of our responsibilities for the audit of these financial statements is located at the
Auditing and Assurance Standards Board website at:
http://www.auasb.gov.au/auditors_responsibilities/ar1.pdf
This description forms part of our independent auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in the directors’ report for the year ended 30 June
2021.
In our opinion, the Remuneration Report of West Wits Mining Limited, for the year ended 30 June 2021,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
William Buck Audit (Vic) Pty Ltd
ABN 59 116 151 136
A. A. Finnis
Director
Melbourne, 30 September 2021
Shareholder information
The shareholder information set out below was applicable as at 28 September 2021.
A. Distribution of ordinary fully paid shares
All ordinary shares carry one vote per share.
Holding
1 - 1000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
Ordinary shares
No. of holders
69
58
411
1,538
1,203
3,279
Total units
9,589
229,820
3,395,773
68,455,886
1,446,778,557
1,518,869,625
There were 518 holders of less than a marketable parcel of ordinary shares.
B. Ordinary fully paid shareholders
Top Twenty Ordinary fully paid shareholders
The names of the twenty largest holders of quoted equity securities are listed below:
Holding
Ordinary shares
WINGFIELD DURBAN DEEP LP
CITICORP NOMINEES PTY LIMITED
BNP PARIBAS NOMS PTY LTD
DRD GOLD LIMITED
KASTIN PTY LTD
REALSTAR FINANCE PTY LTD
TWYNAM INVESTMENTS PTY LTD
BNP PARIBAS NOMINEES PTY LTD
BNP PARIBAS NOMINEES PTY LTD SIX SIS LTD
DEBT MANAGEMENT ASIA CORPORATION
DRYCA PTY LTD
SUPERNOVA FUND PTY LTD
MR REX ALEXANDER HOOD & MRS JANE FRANCES HOOD
NATIONAL NOMINEES LIMITED
MRS DIANNE BAILEY
JOHN WARDMAN & ASSOCIATES PTY LTD
MR CHRISTOPHER NORMAN SLEIGH
MR NICHOLAS JAMES MARGETIC & MISS KYM DIANNE
O'MALLEY
MR PETER JOSEPH O'MALLEY
MR SIMON JOHN WHYTE
Number held
173,195,314
83,160,961
63,499,900
47,812,500
35,975,947
26,298,294
24,413,334
22,101,882
18,930,659
18,093,417
16,000,000
13,809,523
13,760,000
11,553,763
11,300,000
10,010,000
9,092,013
9,000,000
8,967,037
8,927,984
625,902,528
%
11.40%
5.48%
4.18%
3.15%
2.37%
1.73%
1.61%
1.46%
1.25%
1.19%
1.05%
0.91%
0.91%
0.76%
0.74%
0.66%
0.60%
0.59%
0.59%
0.59%
41.21%
Listed options
Class
Listed options
Quantity
70,071,972
Exercise
price
$0.12
Expiry Date
10-Aug-2022
Number of
Holders
136
Page 77 of 78
Unquoted Equity Securities
Unlisted options
Class
Unlisted options
Unlisted options
Unlisted options
Other unquoted equity securities
Performance rights
C. Substantial holders
Holding
Wingfield Durban Deep LP
D. Shareholder enquiries
Quantity
9,000,000
17,000,000
6,000,000
Exercise
price
$0.050
$0.050
$0.012
Expiry Date
30-Nov-22
29-Jan-23
18-Dec-23
Number of
Holders
2
2
2
Number on Issue Number of Holders
3
15,750,000
Ordinary shares
Number held
173,195,314
%
11.40
Shareholders with enquiries about their shareholdings should contact the share registry:
Automic Pty Ltd
Level 5 126 Phillip Street
Sydney NSW 2000
+61 2 9698 5414
www.automicgroup.com.au
E. Change of address, change of name, consolidation of shareholdings
Shareholders should contact the Share Registry to obtain details of the procedure required for any of these changes.
F. Annual report
Shareholders do not automatically receive a hard copy of the Company’s Annual Report unless they notify the Share
Registry in writing. An electronic copy of the Annual Report can be viewed on the company’s website
www.westwitsmining.com.
G. Tax file numbers
It is important that Australian resident Shareholders, including children, have their tax file number or exemption
details noted by the Share Registry.
H. CHESS (Clearing House Electronic Subregister System)
Shareholders wishing to move to uncertified holdings under the Australian Securities Exchange CHESS system
should contact their stockbroker.
I. Uncertified share register
Shareholding statements are issued at the end of each month that there is a transaction that alters the balance of
an individual/company’s holding.
J. Listing rule 4.10.19 disclosure
The Company has used the cash and assets in a form readily convertible to cash that it had at the time of
admission in a way consistent with its business objectives.
Page 78 of 78