ANNUAL REPORT
For the year ended 30 June 2023
West Wits Mining Limited
ABN 89 124 894 060
West Wits Mining Limited
Contents
30 June 2023
Corporate directory
Chairman's Letter
Review of Operations
ORE Reserve and MRE Statement
Directors' report
Auditor's independence declaration
Statement of profit or loss and other comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Directors' declaration
Independent auditor's report to the members of West Wits Mining Limited
Shareholder information
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3
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West Wits Mining Limited
Corporate directory
30 June 2023
Directors
Mr Michael Quinert, Non-Executive Chairman
Mr Jac van Heerden, Non-Executive Director
Mr Hulme Scholes, Non-Executive Director
Mr Peter O’Malley, Non-Executive Director
Mr Warwick Grigor, Non-Executive Director
Joint Company Secretaries
Mr Simon Whyte
Mr Paul Godfrey
Registered office and
Principal place of business
Share register
Auditor
Solicitors
Bankers
Level 6, 400 Collins Street
Melbourne VIC 3000
Australia
Automic Pty Ltd
Level 5 126 Phillip Street
Sydney NSW 2000
+61 2 9698 5414
William Buck
Level 20, 181 William Street
Melbourne VIC 3000
QR Lawyers
Level 6, 400 Collins Street
Melbourne VIC 3000
National Australia Bank
Level 2, 330 Collins Street
Melbourne VIC 3000
Stock exchange listing
West Wits Mining Limited shares are listed on the Australian Securities Exchange
(ASX code: WWI) and in the USA on OTCQB (code: “WMWWF”)
Website
https://westwitsmining.com/
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West Wits Mining Limited
Chairman's Letter
30 June 2023
Chairman’s Letter
Dear Shareholders,
On behalf of the Board of Directors, it’s my pleasure to present West Wits’ (“ASX: WWI”; “OTCQB: WMWWF”) Annual
Report for the fiscal year ending 30 June 2023.
In the current equity market climate, securing financing has been a gradual process, but we are making steady headway. I
am pleased to report we are in active discussions with various capital providers, both in terms of debt and equity, each
considering investments ranging from US$10-20 million. Our strategy involves tapping into a variety of funding sources over
a span of several years. Initially, we plan to secure approximately US$10-15 million to continue developing our underground
operations at Qala Shallows.
Operationally, once we've accumulated a meaningful stockpile, we will start delivering ore to Sibanye-Stillwater’s Ezulwini
plant, bringing in revenue. The heads of agreement signed with Sibanye was a significant milestone that demonstrated the
ready to mine status of our project. Strategically we will reinvest this cash flow into ongoing development of our project and
supplement it with further financing as needed. Our goal is to achieve steady-state production approximately three years from
commencement of operations, ensuring we have the necessary funds for the commissioning and ramp-up phases.
In terms of project economics, our recent efforts in the updated DFS for Qala Shallows yielded positive results. We've seen a
38% increase in recoverable gold to 924,000 ounces, a 27% boost in steady-state production to 70,000 ounces per annum
over nine years, and a material decrease in steady-state All-in-Sustaining Costs to US$871 per ounce. These figures
underscore our commitment to sound financial management.
To our shareholders, I want to emphasise and reinforce our focus on generating cash and delivering strong returns. During
the year we have seen a substantial increase in the projected post-tax NPV, amounting to almost A$400 million (a 104%
increase). This positions us to generate a total of approx. A$800 million free cash flow, which demonstrates the value and
potential of the Witwatersrand Basin Project. Regarding the discrepancy between our market capitalisation and NPV, it's worth
noting that our post-tax NPV, after considering accumulated tax losses and our share of the project entity, is still around 8
times our current market capitalisation. The pre-tax NPV is now an impressive A$570 million (US$367M).
Following the release of the updated DFS, the Industrial Development Corporation of South Africa provided the company with
a pathway to secure loan facilities of US$15.9 million subject to certain criteria being met. Subsequently our shares
experienced a notable surge, registering a 16.67% increase to reach 2.1 cents per share at the time. This significant boost in
market capitalisation underscores the strong investor confidence in our Company's potential and the promising trajectory of
our projects.
I am also pleased that our Qala Shallows asset has a secured vital mains water access, and we've also negotiated an
advanced mains power supply agreement with City Power. These achievements will further enhance our project's viability and
cost-effectiveness.
I would like to take this opportunity to extend our heartfelt gratitude to Jac van Heerden for his invaluable contributions as
Managing Director and CEO during this year. In July 2023, Jac transitioned to the role of non-executive director within our
Company. Following Jac's transition, Rudi Deysel took on the role of Chief Operating Officer and Country Manager (RSA).
Rudi has worked closely with Jac over the past two and a half years, playing a pivotal role in bringing our project to execution
status. I am extremely pleased with the technical capability and operational experience that the team based in Johannesburg
bring to the Company and would like to thank them for their management and leadership of our projects.
In conclusion, on behalf of the Company and the Board of Directors, I extend our heartfelt gratitude to all shareholders for
their unwavering loyalty and steadfast support throughout FY23. West Wits has been undervalued in the market. While South
Africa may face some challenges, it remains a politically stable and advanced nation in Africa. Our Witwatersrand Basin
Project is strategically located, and once established, it has the potential to be a multi-decade operation. The Qala Shallows
development represents only a fraction of our global 4.27Moz Gold Mineral Resource Estimate. We encourage shareholders
to consider the fundamentals when evaluating our Company's future.
Sincerely,
Michael Quinert
Chairman, West Wits Mining
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West Wits Mining Limited
Review of Operations
30 June 2023
REVIEW OF OPERATIONS
HIGHLIGHTS
Witwatersrand Basin Project (“WBP”), South Africa
QALA SHALLOWS MINE
Operational Readiness
➢ Secured cost-effective toll treat agreement with Sibanye-Stillwater Ltd
➢ Established water supply infrastructure
➢ Received 7.5MVA power allocation with primary power substation completed
➢ Expression of Interest received from Industrial Development Corporation (“IDC”) to provide debt facility of
ZAR300 million (approx. A$24.5 million)
Significant Updated Definitive Feasibility Study (“DFS”)2
➢ Gold Production: 924,000oz over 17.7-year Life-of-Mine
➢ Steady-State Production: ~70,000oz pa for 9 years
➢ Steady State All-In-Sustaining-Cost: US$ 871/oz
➢ Project Financials: Free Cashflow - US$522M; Pre-tax NPV7.5 - US$367M; Post-tax NPV7.5 - US$255M
➢ Peak Funding: US$54M with payback period of 4.1-years from construction
➢ Current Ore Reserve: 4.03 million tonnes at 2.71g/t for 351,400 oz Gold
URANIUM EXPLORATION
➢ Positive follow up Uranium Drilling Program 3 diamond-hole assay results underscore the Bird Reef Central
area’s potential to be a uranium / gold project, noting Note this area hosts a JORC Exploration Target of 12-
16 million pounds U3O8 at 300 to 550 ppm4
➢ Assay results highlighted by5:
•
•
•
1.59m @ 835ppm U and 1.46g/t Au from 85.11m (PH1B – Middle Reef), including
0.96m @ 1,321ppm U and 2.30g/t Au from 85.74m
1.20m @ 108ppm U and 5.45g/t Au from 104.61m (PH1B – White Reef), including
0.49m @ 226ppm U and 12.15g/t Au from 105.32m
1.26m @ 221ppm U and 0.38g/t Au from 77m (PH1C – Middle Reef), including
0.5m @ 456pm U and 0.80g/t Au from 77.76m
Mt Cecelia Project, Western Australia
➢ Completed Maiden Drilling Program assay results confirm significant intervals of gold mineralisation Assay
results for two drill-holes7:
• Drill-hole WEWI0001 56m @ 0.55g/t Au from 194m, including
20m @ 0.93g/t Au from 194m
• Drill-hole WEWI0004 82m @ 0.51g/t Au from 128m, including
24m @ 0.95g/t Au from 150m
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West Wits Mining Limited
Review of Operations
30 June 2023
SOUTH AFRICA
Witwatersrand Basin Project (“WBP”); Central Rand (WWI: 66.6%), Gauteng Province
Situated within the renowned gold-rich landscape of the Central Rand Goldfield in South Africa, the WBP has consistently
demonstrated its immense potential. With a substantial gold resource of 4.28 million ounces, grading at 4.58 grams per
tonne (g/t) of gold1, it provides a platform for West Wits’ to transform into a mid-tier gold producer.
The WBP comprises three distinct reef mining targets, each slated for sequential development: the Kimberley Reef, Main
Reef, and Bird Reef. In September 2021, West Wits successfully concluded a comprehensive DFS and issued its inaugural
Ore Reserve Statement for the Qala Shallows Project, situated on the Kimberley Reef. This constitutes stage 1 of the WBP.
This initial study underwent a subsequent update in August 2022, followed by a further update and a Ore Reserve increase
in June 20232. These updates were prompted by various developments and the acquisition of new information, including the
installation of essential infrastructure, underground survey data, confirmation of contractual terms with external partners, and
took into account adjustments reflecting market-based cost escalations.
QALA SHALLOWS OPERATIONAL READINESS
Qala Shallows' readiness for operation is demonstrated by:
• Strategic Tolling Agreement: Successfully secured a cost-effective toll treatment agreement with Sibanye-
Stillwater Ltd.
• Key Infrastructure Completion: Substations and water infrastructure are fully operational
• Debt Facility: Expression of formal interest from South African Industrial Development Corporation (“IDC”) in
providing loan funds
• Efficient Infrastructure: Surface and initial underground infrastructure designed and constructed for quick
accessibility and rapid production
• Decline Refurbished: Successful completion of decline and box cut refurbishment
• Access to the Reef: Establishment of on-reef underground access, approx. 3,000 tons of ore delivered to surface
during an Early Mining initiative and on-reef drive open to mine upon recommencement of operations
• Minimal Environmental Impact: Small footprint resulting in minimal rehabilitation liability
• Efficient Water Management: Granted a Water Use License with an efficient water use model
• Productivity Enhancement: Production rate-based contract terms agreed to boost efficiency and productivity
• Modern Equipment: Adjudication of a new fleet of advanced underground mining equipment
• Regulatory Compliance: Possess approved and fully compliant operational permits
IMAGE 1: QALA SHALLOWS PROJECT PROGRESS
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West Wits Mining Limited
Review of Operations
30 June 2023
Secured Toll Processing Agreement
In October 2022, West Wits successfully secured a cost-effective toll treating agreement with major mining house, Sibanye-
Stillwater Ltd, for the processing of ore extracted from Qala Shallows. This strategic partnership, facilitated through Sibanye-
Stillwater's wholly owned subsidiary, Ezulwini Mining Company (Pty) Ltd (“Ezulwini”), establishes a mutually advantageous
initiative.
Under the Agreement, West Wits will initially supply Ezulwini with approximately 15,000 tonnes of gold-bearing material per
month, with the plan to make incremental increases over time to eventually reach up to 65,000 tonnes per month. This
agreement not only boosts operational efficiencies but also maximises the utilisation of available capacity at Ezulwini. Situated
within a 25 kilometres radius from Qala Shallows, Ezulwini is easily accessible via a primary highway, further enhancing
logistical convenience.
Advances in Water and Power Infrastructure
Dedicated to its mission of establishing an economically efficient gold mine that revitalises the region and creates significant
value for shareholders, West Wits prioritises cost-effective infrastructure solutions and strong relationships with local
communities.
A significant milestone in this journey is the strategic collaboration between the Company and Calgro M3 Developments, a
Property Development firm listed on the Johannesburg Stock Exchange. This partnership includes the successful completion
of a crucial potable water supply pipeline near Qala Shallows. Beyond ensuring water provisions for Calgro M3's community-
oriented developments, this alliance also guarantees a reliable potable water supply for the project itself. Additionally, West
Wits has secured a water supply agreement with Johannesburg Water, further fortifying water resources for the venture.
Significant progress has also been made in ensuring a reliable power supply for Qala Shallows. In April 2023, West Wits
announced the approval granted by South Africa's Joburg City Power for a substantial 7.5MVA power supply. This dedicated
power supply is strategically allocated to the Fleurhof 88/11kV primary substation, conveniently located within a kilometre of
Qala Shallows. Image 2 provides a view of the newly completed Fleurhof substation, a critical component in West Wits’
mission to secure a consistent, cost effective and robust source of electricity for the project.
IMAGE 2: FLEURHOF SUBSTATION
Recent media attention has focused on South Africa's national power supply challenges. However, for context, it's crucial to
note that over the past three years, the country has maintained sufficient power generation at a significantly lower cost
compared to diesel generators commonly used in remote mining areas. Early access to grid power translates into substantial
cost savings as reliance on diesel generators diminishes during the initial development phase and then be utilsed for backup
power generation.
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West Wits Mining Limited
Review of Operations
30 June 2023
Moreover, West Wits is keenly observing the remarkable progress in renewable energy, particularly solar power infrastructure
and battery-operated mining equipment, given South Africa's ideal climate for maximising solar energy utilisation. Additionally,
the Company's preferred equipment supplier has made significant advancements in battery-powered mining equipment,
promising to substantially reduce reliance on diesel power.
West Wits envisions over the longer term an optimal power supply mix for the WBP, seamlessly blending electrical grid, solar,
and diesel power to ensure uninterrupted production.
Funding – IDC Expression of Interest
The IDC formally expressed its written interest to provide debt funding amounting to ZAR300 million, approximately equivalent
to US$15.9 million, as part of a proposed ZAR600 million debt funding package to support the development capital required
for Qala Shallows. This endorsement from the IDC, a prominent development finance institution dedicated to fostering
economic growth and industrial development in South Africa, underscores the remarkable potential of West Wits' project. The
proposed funding terms align with standard conditions for loan facilities of this nature, serving as a testament to the IDC's
confidence in the WBP.
Upon securing the debt funding package, successfully completing the necessary due diligence and receiving final approval of
terms and conditions by the IDC’s Executive Credit Committee, the initial funds would be strategically allocated towards
mobilising the mining contractor and procuring essential equipment, facilitating the commencement of operations. This
proactive step will enable the Company to establish a robust 30,000-tonne ore stockpile, ensuring a consistent monthly
delivery of 15,000 tonnes per month to Ezulwini, in accordance with the tolling agreement.
Within a span of six to eight months, this production will commence to generate revenues from gold production, laying a strong
foundation for the future of the project.
QALA SHALLOWS UPDATED DEFINITIVE FEASIBILITY STUDY
West Wits commissioned independent mining engineers Bara Consulting (“Bara”), to undertake a comprehensive review and
update of the Qala Shallows DFS released in August 2022 and reported on in the Annual Report for the year ended 30 June
2022. The updated DFS further enhances its already promising outlook and amplifies Qala Shallows’ already optimistic
prospects. The DFS was further updated post the end of the 30 June 2023 financial year.
Qala Shallows Improved Production Schedule
Image 3 outlines Qala Shallows’ production profile to an execution level of accuracy for a 24-month budgetary period. The
remaining Life-of-Mine (“LOM”) is at a DFS level of accuracy, and there is an improved confidence on costs regarding some
capital and operating expenditure, most notably the mining and equipment costs.
IMAGE 3: QALA SHALLOWS PRODUCTION PROFILE SHOWING THE WASTE AND ORE MINING OVERLAID WITH
THE RECOVERED GOLD OUNCE PROFILE OVER LOM 2
900
800
700
600
500
400
300
200
100
-
]
T
K
[
S
E
N
N
O
T
E
T
S
A
W
/
E
R
O
1
2
3
4
5
6
7
8
9
10 11 12 13 14 15 16 17 18
Project Year
Ore Tonnes
Waste Tonnes
Recovered Content
7
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
]
Z
O
[
D
L
O
G
D
E
R
E
V
O
C
E
R
West Wits Mining Limited
Review of Operations
30 June 2023
The updated production profile indicates waste and ore tonnes, as well as recovered gold content in ounces. Qala Shallows
now has a steady-state gold production of approximately 70,000 oz per annum for 9 years2.
Qala Shallows Updated Mine Schedules
The DFS models two mine schedules updated in terms of JORC 2012 requirements:
1. Base Case – LOM plan which targets total Mineral Resources (Measured, Indicated and Inferred Mineral
Resources)
2. Ore Reserve – LOM Plan which targets Measured and Indicated Mineral Resources only
Qala Shallows Improved Production Data
Table 1 shows the highlights of the production data from the updated LOM plan in comparison to the earlier version. There is
an increase from the 2022 DFS plan regarding total ROM tonnage, as well as the maximum production rates and gold
produced.
TABLE 1: BASE CASE - KEY PRODUCTION METRICS FOR QALA SHALLOWS
QALA SHALLOWS – PRODUCTION DATA*
Life-of-Mine (Construction to Relinquishment)
Total Production (Run of Mine Tonnes)
Max Production Rate (Tonnes)
Run-of-Mine Grade Au (Average)1
LOM Contained Au
Metallurgical Recovery Au (Overall)
Gold Produced
Average Annual Gold Production
Average Annual Steady State Gold Production (9yrs)
Max Gold Production (Year 6)
* Includes Inferred Resources
AUG-223
JUL-232
15.7 years
17.7 years
7.6 million t
10.2 million t
699,000 pa
839,000 pa
2.98 g/t Au
3.04 g/t Au
726,400 oz
1,005,000 oz
92%
92%
688,000 oz
924,000 oz
43,000 oz
51,000 oz
55,000 oz
60,000 oz
70,000 oz
75,000 oz
The improved production data includes:
• New survey and sampling data obtained from underground access, enabling an update of the dip of the ore body
based on actual measurements
• Confirmation of mining blocks available for mining in the old mine area
•
•
Inclusion of additional Mineral Resources not previously accounted for in the LOM
Increase of ore production rate to approx. 65,000tpm (2022: 55,000tpm)
• Application of a 5% ore loss through the ore flow process
Qala Shallows Enhanced Financial Outcome
Updated capital and operating cost estimates, along with the updated LOM plan, were used in the updated DFS financial
evaluation. Gold price and Foreign Exchange (USD / ZAR) assumptions have been updated to more closely represent the
current market trends. The Base Case financial evaluation improved when compared to the 2022 DFS, which is largely driven
by increase in production volume and production rate, plus favourable movements in the Gold Price and USD / ZAR rate.
Table 2 shows the financial evaluation of Qala Shallows, comparing the August 2022 DFS to the updated July 2023’s figures.
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West Wits Mining Limited
Review of Operations
30 June 2023
TABLE 2: BASE CASE - FINANCIAL EVALUATION OUTCOME
QALA SHALLOWS – FINANCIAL EVALUATION
Total Revenue (USD)
Total Free Cashflow (USD)
Peak Funding (USD)
LOM C1 Cost (USD/oz)
LOM All in sustaining Cost (USD/oz)
Steady-State All in Sustaining Cost (USD/oz)
Payback (years)
Pre-Tax Net Present Value 7.5 (USD)
Post-Tax Net Present Value 7.5 (USD)
Pre-Tax Internal Rate of Return (%)
Post-Tax Internal Rate of Return (%)
* Including Inferred Resources
AUG-223
$ 1 170 million
JUL-232
$ 1 709 million
$ 268 million
$ 552 million
$ 63 million
$ 917 / oz
$ 1 093/oz
$ 962 /oz
5.0 years
$ 180m
$ 125m
38%
32%
$ 54 million
$ 818 / oz
$ 977/oz
$ 871 /oz
4.1 years
$ 367m
$ 255m
61%
53%
The main highlights are:
• AISC – 10.6% decrease to US$977/oz with steady state AISC falling to US$871/oz
• Post Tax NPV7.5 - 104% increase in Post Tax NPV7.5 to US$255M
• Post-Tax IRR – 63.5% increase to 53%
The waterfall chart presented in Image 4 clearly shows that the most significant improvement to the financial evaluation is
attributed to revenue obtained by 38% increase in Gold Produced and 5.7% increase in Gold Price. Operating Costs increased
due to the higher production volumes and the ZAR unit cost increased approx. 6% from higher Processing and Transport
rates. This was offset in USD terms by the devaluation of the ZAR.
IMAGE 4: BASE CASE - WATERFALL CHART FOR NPV7.5 (ZAR'million)
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West Wits Mining Limited
Review of Operations
30 June 2023
Qala Shallows Sensitivity Analysis
The sensitivity analysis in Table 3 shows that even at a low gold price of US$1,500/oz, the project still has strong financial
outcomes which makes this a highly robust project.
TABLE 3: BASE CASE - SENSITIVITY TO GOLD PRICE2
Gold
Price
Pre-Tax
Project
NPV7.5
Post-Tax
Project
NPV7.5
Post-Tax
Project
IRR
Operating
Margin
Peak Funding
Requirement
Payback
Period
USD/oz
USD'm
USD'm
1 500
1 750
1 850
2 000
2 200
219
321
367
437
531
144
223
255
302
366
%
34
47
53
61
72
%
46
53
56
59
63
USD'm
years
68
58
54
49
43
4.9
4.3
4.1
3.8
3.6
Recent devaluation of the South African Rand compared to the United States Dollar presents further project potential as
demonstrated in Table 4, which outlines the sensitivity to exchange rate. This is largely driven by the additional revenue
realised by the project at higher ZAR/USD exchange rates, as most project costs remain in South African Rand terms.
TABLE 4: BASE CASE- SENSITIVITY TO EXCHANGE RATE 2
Exchange
Rate
Pre-Tax
NPV7.5
Post-Tax
NPV7.5
Post-Tax
IRR
Operating
Margin
Peak Funding
Requirement
Payback
Period
ZAR/USD
USD'm
USD'm
15.00
16.50
17.50
18.50
20.00
287
338
367
394
429
200
235
255
273
296
%
39
47
53
59
67
%
48
53
56
58
61
USD'm
years
75
61
54
47
40
4.7
4.3
4.1
3.9
3.7
The main highlights are:
• Gold Price: US$1,850/oz (2022: US$1,750/oz)
• Exchange Rate: ZAR 17.5 to US$ 1 (2022: ZAR 15.0 to US$ 1)
• Toll Treating rate based on executed agreement
• New contractor rates based on firm quotes
Ore Reserve
A LOM plan and budget have been generated by the mine plan update and inclusion of actual costs in the updated financial
evaluation. The outcome of this exercise is positive and an improvement to the 2022 DFS with a 61,400oz (21%) increase in
Ore Reserve to 351,424oz2.
The work undertaken was based on DFS level work, as well as actual on-site activities linked to the Early Works Program. It
is therefore considered that the Ore Reserve can be updated based on the updated mine plan. Table 5 outlines the updated
Mineral Ore Reserve.
TABLE 5: ORE RESERVE STATEMENT FOR QALA SHALLOWS (JORC 2012)2
Grand Totals
Ore Reserve
Category
Proved
Probable
Total
Tonnage Grade Content
Content
(g/t)
2.96
2.64
(kg)
2 847
8 083
2.71
10 930
(oz)
91 536
259 887
351 424
(Mt)
0.96
3.07
4.03
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West Wits Mining Limited
Review of Operations
30 June 2023
URANIUM EXPLORATION
In October 2021, the Company announced the restatement of its Uranium Exploration Target to JORC (2012) standard4 and
the inclusion of uranium as a targeted mineral at the Bird Reef Sequence for an enhanced value-add to the WBP.
Table 6 provides an overview of the scale of the Uranium Exploration Target.
TABLE 6: URANIUM EXPLORATION TARGET4
Range
Tonnes (M)
Grade (ppm) U3O8
Content (Mlb) U3O8
Low
10
300
12
High
22
550
16
EXPLORATION TARGET: The potential quantity and grade are conceptual in nature. There has been insufficient exploration and
evaluation of historical information to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a
Mineral Resource.
Phased Drilling Program
In late July 2022, West Wits launched its follow up Uranium Drilling Program, carried out by the independent firm, the MSA
Group (“MSA”), with the primary goal of converting the declared JORC Uranium Exploration Target into an Inferred Mineral
Resource. In Phase 1 of this program, the Company conducted drilling operations comprising three boreholes, each reaching
an approximate depth of 120 meters, strategically targeting known mineralised zones. The results were announced in October
20225. This program built on the knowledge gained from previous drill campaigns undertaken by West Wits and wealth of
historical data we have access too.
Image 5 depicts the historical completed drillholes and the three Phase 1 Uranium Drilling Program drillholes completed.
IMAGE 5: PLAN VIEW OF THE BIRD REEF CENTRAL AND WEST EXPLORATION TARGET AREA, WITHIN THE WBP’S
MINING RIGHT BOUNDARY
Phase 2 of the follow up drill program will encompass exploration along the strike and down-dip directions within the confines
of West Wits’ Mining Right area, further advancing the Company’s pursuit of valuable uranium resources. West Wits also
remains keen to test mineralisation at greater depths in Phase 3. Table 7 outlines the Uranium Drilling Program’s phased
approach.
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West Wits Mining Limited
Review of Operations
30 June 2023
TABLE 7: PHASED APPROACH OF URANIUM DRILLING PROGRAM
Uranium Exploration
Phase 1 - Completed
Phase 2
Phase 3
TOTAL
Phase 1 Drilling Results
PHASED URANIUM DRILLING PROGRAM
Drill Holes
Planned Meters
3
10
2
15
291.3m
2,640m
1,600m
4,600M
The Company was encouraged by the grades and widths observed in the Phase 1 intercept results, validating the presence
of consistent uranium mineralisation along a stretch of approximately 3.3 kilometres within the Bird Reef Central area of the
WBP. This extensive area encompasses the Monarch Reef, Middle Monarch Reef, and White Reef zones. Table 8 shows the
detailed results for each drillhole intersecting the Upper Monarch Reef, Middle Monarch Reef, and White Reef.
TABLE 8: URANIUM DRILLING INTERCEPT RESULTS5
SIGNIFICANT COMPOSITE PER DRILLHOL
Intersections reported at cut-off > 100ppm U
BHID
Strat Horison
PH1A Monarch Reef
PH1A Middle Reef
PH1A White Reef
PH1B Monarch Reef
PH1B Middle Reef
PH1B Middle Reef
PH1B White Reef
PH1C Monarch Reef
PH1C Monarch Reef
PH1C Monarch Reef
PH1C Monarch Reef
PH1C Middle Reef
PH1C White Reef
From
54.66
62.20
80.9
77.58
85.11
85.74
104.61
64.93
66.75
69.29
70.91
77.00
94.16
To
54.83
62.55
81.22
77.78
85.44
86.70
105.81
65.93
67.11
69.77
71.14
78.26
95.97
Width
(cm)
17
35
32
20
33
96
120
100
36
48
23
126
181
Au g/t
1.24
0.22
3.49
0.80
0.36
2.30
5.45
0.23
0.04
0.37
1.14
0.38
0.83
U ppm
601
183
163
504
184
1 321
108
162
492
136
685
221
63
The assay results are highlighted as follows:
•
•
•
1.59m @ 835ppm U and 1.46g/t Au from 85.11m (PH1B – Middle Reef), including
▪
0.96m @ 1,321ppm U and 2.30g/t Au from 85.74m
1.20m @ 108ppm U and 5.45g/t Au from 104.61m (PH1B – White Reef), including
▪
0.49m @ 226ppm U and 12.15g/t Au from 105.32m
1.26m @ 221ppm U and 0.38g/t Au from 77m (PH1C – Middle Reef), including
▪
0.5m @ 456pm U and 0.80g/t Au from 77.76m
12
West Wits Mining Limited
Review of Operations
30 June 2023
AUSTRALIA
Mt Cecelia, Paterson Province (100%)
In Western Australia's Paterson Province, West Wits through its farm in with Rio Tinto successfully concluded the inaugural
drilling campaign at the Mt Cecelia Project in December 2022, yielding noteworthy gold intercepts9. Focusing on the
exploration of gold, nickel, and copper resources, exploration at Mt Cecelia is overseen by Rio Tinto Exploration (Pty) Ltd
(“RTX”) through a Farm-In/JV Agreement, enabling Rio Tinto Limited (ASX: RIO) under which RTX could potentially acquire
an 80% stake in the project through expenditure of $10 million. The Paterson Province region is renowned for hosting several
world-class mining ventures, including the Woodie Woodie manganese mine, Nifty copper operations, and the Telfer
gold/copper/silver mines.
Figure 1 presents the eight SGC target zones within the Mt Cecelia Project area. These targets represent Electro Magnetic
("EM") anomalies detected through airborne and, in certain instances, ground EM surveys conducted by West Wits.
FIGURE 1: MT CECELIA PROJECT TARGET ZONES6
13
West Wits Mining Limited
Review of Operations
30 June 2023
Completed Maiden Drilling Program At Primary Target Sgc_1
Mt Cecelia Project’s maiden drilling program, concluded in December 2022, resulted in four drill-holes of 1,036m at its primary
EM target: SGC_1. Figure 2 depicts the four drillholes over the modelled ground TEM anomaly.
FIGURE 2: FOUR DRILLHOLES AT TARGET SGC_1
Assay results7 confirmed significant intervals of gold mineralisation with drill-holes WEWI0001 and WEWI0004 ending in gold
mineralisation. WEWI0001 contains 20m @ 0.93 g/t Au within a broader mineralised interval of 56m @ 0.55g/t Au. WEWI0004
contains 24m @ 0.95 g/t Au within a broader mineralised interval of 82m @ 0.51g/t Au. Table 9 outlines the significant intervals
and key intercepts.
TABLE 9: DRILL-HOLES WEWI0001 AND WEWI0004 ASSAY RESULTS: KEY INTERCEPTS7
HOLE ID
From (m)
WEWI0001
WEWI0001
- Including
- Including
- Including
- Including
WEWI0004
- Including
- Including
WEWI0004
- Including
WEWI0004
156
194
194
194
220
244
128
150
156
232
232
278
To
(m)
166
250
214
200
228
250
210
174
170
246
240
290
Interval
(m)
10
56
20
6
8
6
82
24
14
14
8
12
Au
(g/t)
0.19
0.55
0.93
1.2
0.37
0.89
0.51
0.95
1.06
0.43
0.61
0.17
Ag
(ppm)
0.5
1.41
1.06
1.14
2.94
2.32
1.04
0.97
1.08
0.39
0.52
0.22
• Length-weighted assay intervals selected based on a 0.1g/t gold cut-off using a 6m minimum interval thickness and a maximum of 6m
of internal dilution (i.e., of below cut-off grade material within the interval).
• No top-cutting has been applied to these assay intervals.
•
Intersections are down drill-hole lengths and true widths are not known with certainty. Refer to JORC Table 1 Section 2
WEWI0003 and WEWI0005 were located approximately 200m northwest of the initial holes (WEWI0001 & WEWI0004) and
were designed to test the northwest boundary of the modelled EM plate.
14
West Wits Mining Limited
Review of Operations
30 June 2023
Completed Downhole Electromagnetic Survey
At the end of the reporting period, RTX successfully completed a follow-up Downhole-Electromagnetic (“DHEM”) survey
operation that focused on three Reverse Circulation (“RC”) drill holes, which had previously been reported as part of the
primary target SGC_1. The primary objectives of this operation were as follows:
1. Verification of the intersection of the RC drilling with the modelled plates generated from the 2021 MLTEM survey.
2.
Identification of any off-hole conductors (commonly referred to as "near-misses") in the drilling activities at SGC_1,
thereby pinpointing potential targets for diamond drilling activities.
The DHEM survey entailed the deployment of geophysical instruments through wireline technology into the completed drill
holes. It systematically collected measurements at various positions to detect conductive zones. This valuable geophysical
data will play a crucial role in shaping the planning and execution of potential future diamond drill holes.
The results of the DHEM survey have revealed promising indications within two of the modelled conductivity plates, suggesting
the possibility of extending the current sulphide zones and, potentially, uncovering further gold mineralisation, which had been
intersected in holes WEWI0005 and WEWI0001.
TAMBINA PROJECT, PILBARA
The Company and Farm-In partner, First AU Limited, determined that the Tambina Project did not form part of core operations
and interested parties were sought for the disposal of the asset during the period. The Company fully impaired the asset in
the 2022 reporting period and elected to surrender the tenements in July 2023, after the current reporting period, to focus on
core operations.
DEREWO PROJECT, PANIAI REGENCY (WWI: 64%), INDONESIA
West Wits continued to pursue a transaction involving PT Madinah Quarataa’n (PTMQ) to divest its interest during the
reporting period. The Exploration IUPs may no longer be within the compliance period and could be subject to cancellation.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
In fulfilling its Environmental, Social, and Governance (“ESG”) promises, West Wits’ path is guided by the Company’s
sustainable development framework. This framework guarantees the integration of sustainable development principles into
every facet of activities, encompassing the Company’s strategic approach, day-to-day operations, and decision making.
Health and Safety
West Wits oversees and places the highest importance on the health and safety of its employees. This commitment extends
not only within the confines of the mine but also to the communities affected by West Wits operations, where a significant
portion of its workforce resides. The Company firmly believes that by actively contributing to the health and well-being of these
communities, it fosters an environment conducive to the success of all stakeholders.
Environmental
West Wits understands that to coexist harmoniously with the natural environment, it must possess a comprehensive
understanding and deep appreciation of the impacts of its operations. The Company’s environmental strategy is instrumental
in effectively addressing, mitigating, or offsetting the environmental risks associated with activities. This strategy lays out well-
defined plans for responsible mine operation, decommissioning, or closure, surpassing mere compliance standards.
Performance improvement, enhancement of reputation, and robust risk management form the foundational pillars of this
strategy. West Wits collaborates closely with Masana Waste and Environmental Management (MWEM) to maintain continuous
monitoring of dust levels, ground and surface water conditions, ensuring adherence to the National Environmental
Management Act 107 of 1998 (NEMA).
Social
West Wits, in adherence to its Social and Labour Plan (“SLP”) as well as its Corporate Social Investment programs, ensures
the promotion of inclusive and equitable quality education, fostering lifelong learning opportunities by extending bursaries to
students hailing from the host communities. Two such beneficiaries of the learnership program, Resego Segwabe and Solly
15
West Wits Mining Limited
Review of Operations
30 June 2023
Given Nkuna, have successfully completed their studies at the Anglo-American Engineering Skills Training Centre. Meanwhile,
Malaika Mosotho Ramanyimi, a Mining Engineering student under the SLP, is currently in her second year at the University
of Johannesburg, and Takudzwa Chikonye, studying Actuarial Science, is in his final year at the University of Witwatersrand.
West Wits remains committed to championing ethical business practices, surpassing regulatory requirements, and maintaining
collaborative partnerships with key stakeholders. The establishment of stakeholder forums, such as the Local Economic
Development (“LED”) forum enables productive dialogues with diverse stakeholders within the affected community wards,
serving to better understand their needs and expectations.
West Wits is dedicated to upholding transparency and honesty through ethical mining practices, ensuring the fulfilment of its
commitments. Collaborating closely with the City of Johannesburg and various structures, the Company actively identifies
opportunities and promotes a message of cooperation and community support.
Governance
The Company maintains a continuous and fruitful partnership with the DMRE, the South African Police Service and the
Johannesburg Metro Police Department to combat illegal mining activities within its designated Mining Right area.
Women In Mining
Ms. Tozama Kulati Siwisa, Head of Corporate Affairs, featured as speaker at the 2nd Annual Women in Mining Africa Summit
held from 28 to 30 June 2023 at Emperor’s Palace in Johannesburg. She shared her insights on the topic: "More Women on
Mining Boards - why does it matter?" Ms. Siwisa was also invited to participate as discussion panel member at SSCG
Consulting's Africa Mining and Minerals Forum held on 26 July 2023. She, along with other panel members, delved into topics
including mining and minerals investment opportunities in Africa, project financing, exploration and production, value addition,
ESG and sustainability in the value chain, risk assurance, and digital transformation.
Ms. Siwisa is scheduled to participate as a panel speaker at The Mining Show which takes place on 20 and 21 November
2023 in Dubai. Her presentation will centre on the topic of "Maintenance Models for Sustainable Mining Operations:
Incorporating Environmental Factors." The event's primary objectives are to facilitate networking opportunities and spotlight
the transformation of the mining industry throughout the Middle East, Africa, and the South Asian region.
IMAGE 6: TOZAMA KULATI SIWISA, HEAD OF CORPORATE AFFAIRS
Risks
West Wits operating and financial results and performance are subject to various risks and uncertainties, some of which are
beyond West Wits reasonable control. Set out below are matters which the Group has assessed as having the potential to
have a material impact on its operating and/or financial results and performance:
Fluctuations in external economic drivers including macroeconomics and metal prices: The consolidated entity’s
primary focus is the advancement of its WBP. If the Company achieves successes leading to mineral production, the revenue
it may derive through the sale of commodities exposes the potential income of the Company to commodity price (especially
gold). Commodity prices fluctuate and are affected by many factors beyond the control of the Company.
16
West Wits Mining Limited
Review of Operations
30 June 2023
Furthermore, international prices of various commodities are denominated in United States dollars, whereas the income and
expenditure of the Company are in South African Rand and Australian dollars. The Company reports its accounts in Australian
currency. These factors expose the Company to the fluctuations and volatility of the rate of exchange between the United
States dollar, the South African Rand and the Australian dollar as determined in international markets.
General economic conditions, movements in interest and inflation rates and currency exchange rates may have an adverse
effect on the Company’s activities, as well as on its ability to fund those activities. Furthermore, share market conditions may
affect the value of the Company’s securities regardless of the Company’s operating performance.
Foreign Country Specific Risks: The Company is subject to country-specific risks associated with its operations in South
Africa. The Company’s ability to carry on business in the normal course may be adversely affected by considerations
associated with economic, social or political instability, changes in regulatory regimes affecting foreign ownership, government
participation or working conditions, exchange rate fluctuations, and/or changes to mining licensing and regulatory regimes.
Political, economic and social conditions including potential social unrest, widespread adverse health conditions or events,
and occupation of sites by squatters and/or illegal or artisanal miners in South Africa could affect and may in the future affect
the Company’s activities. We believe that these risks are balanced against a robust legal system with high quality judiciary
which can be accessed to ameliorate the impact of specific country risks associated with unlawful conduct
Environmental risks: The operations of the Company have historically been, and will in future be subject to, extensive
environmental laws and regulations. The Company uses and will continue to use all reasonable endeavours to comply with
the environmental, legal and regulatory requirements, however, these laws are complex and there is a risk of inadvertent non-
compliance by the Company. The activities of the Company impact upon the environment and it is anticipated that any
advanced exploration or mine development will impact the environment further. There is a risk that any mining operation
undertaken by the Company may create environmental risks, particularly with respect to environmental damage through
construction activities, disposal of waste products and/or water contamination. Such occurrences could delay production or
increase costs of operations.
Climate risks: The emergence of new or expanded regulations associated with transitioning to a lower carbon economy
including market changes associated with climate change mitigation. The Company may be impacted by local and international
compliance regulations, or specific taxes or penalties associated with carbon emissions or environmental damage. Given the
uncertainty with respect to the future regulatory framework regarding climate change mitigation, the Company may be subject
to further restrictions, conditions and risks. While the Company will seek to manage such risks as and when they arise, there
can be no guarantee that the Company will be able to do so in a cost effective manner, if at all.
Climate change may cause physical and environmental risks that cannot be predicted, including extreme weather patterns
and events that may directly or indirectly impact the operations of the Company and may significantly disrupt the industry in
which the Company operates.
Exploration and Tenement interests: The Company’s exploration activities are dependent upon the grant and maintenance
of appropriate authorisations including grants, licences, permits, consents, access arrangements and regulatory
authorisations, which may not be granted or may be withdrawn or made subject to limitations. Renewals and transfers may
be affected by completing remediation obligations or allocating responsibility for environmental liabilities.
The Company holds one granted exploration tenement at Mt Cecelia in Western Australia and has been granted a mining
right by the mining regulator in South Africa. The Company also holds three small mining leases in Western Australia, known
as Tambina, which were surrendered in 1Q FY 2024.
Even though the application for a mining right in South Africa has now been granted, third party appeals which objects to the
grant of the mining right by the mining regulator in South Africa have been filed by one party. As previously announced the
Company is opposing these appeals and whilst it believes the Appeals are misconceived there can be no guarantee of success
in such a proceeding.
The interests of the Company in its projects are governed by mining legislation, regulations and conditions imposed by the
relevant legislature. Each interest is subject to annual expenditure and reporting obligations. Interests are typically granted for
fixed terms and renewal or extension is subject to regulatory approval, which depends in part upon historical and ongoing
compliance with conditions and relevant law. Failure to meet these requirements may result in loss of one or more interests
in a project.
Future requirements for capital: The Company may in future require additional funding to carry out its planned and future
activities on its projects. The Company may also incur unexpected costs in implementing its existing and future exploration
and/or development plans, including engaging contractors to undertake specific activities and meeting regulatory costs and
requirements in connection with its projects. There can be no guarantee that, if required, further financing will be available on
commercially acceptable terms, or at all. Any additional financing through equity issues would be dependent upon the ability
of the Company to raise funds in the securities market, which in turn is dependent on there being sufficient identifiable appetite
from investors for equity in the Company. Such equity issues, if successfully conducted, would also be dilutive to current equity
holdings in the Company. Furthermore, debt financing may not be available to support the scope and extent of proposed
activities of the Company. While the Company will seek further funding as and when required, ultimately access to such
17
West Wits Mining Limited
Review of Operations
30 June 2023
funding or lack thereof may require the Company to scale back its operations, including allowing the lapse of one or more of
its projects and/or the postponement, or abandonment, of one or more of its projects.
Lack of production, income or dividends: The Company has a limited history of generating returns from its activities. There
is no certainty that production may start or income will be generated at any particular time or at all, or that production or the
levels of revenue (if achieved) will be profitable.
COVID-19: The outbreak of COVID-19 is impacting global economic markets. The nature and extent of the effect of the
outbreak on the performance of the Company remains uncertain. The Company’s share price may be adversely affected in
the short to medium term by the economic uncertainty caused by COVID-19. Further, any governmental or industry
measures taken in response to COVID-19 may adversely impact the operations of the Company and are likely to be beyond
the control of the Company.
Third Party Risks: The Company (and its group entities) have contracted with, or will in the future need to contract with,
various parties to enable the implementation of its exploration plans on its projects. Such counterparties include service
contractors, consultants, suppliers, landowners and joint venture/farm-in partners. There is a risk that counterparties may fail
to perform their obligations under existing or future agreements. This could lead to delays, increase in costs, disputes and
even litigation. All these factors could negatively affect the Company’s operations and there can be no assurance the
Company would be successful in seeking remedies or enforcement of its rights through legal actions.
Failure to attract and retain key employees: The responsibility of overseeing the day-to-day operations and the strategic
management of the Company depends substantially on its senior management and Directors. There can be no assurance
there will be no detrimental impact on the performance of the Company or its growth potential if one or more of these senior
managers or Directors cease their employment with the Company and suitable replacements are not identified and engaged
in a timely manner.
Cyber Risk: A cyber security breach has the potential to disrupt the Group’s operations. The Group mitigates this risk by
maintaining and regularly updating its suite of information technology security measures to restrict access to the Group
operating systems, including multi-factor authentication, firewalls, phishing identification software and cloud hosted
solutions. The Group conducts regular penetration testing and training to educate its workforce and ensure its security
measures remain at the forefront of available market solutions.
1.
2.
3.
4.
5.
6.
7.
The original report was “WBP’s Global JORC Mineral Resource Expands by 724,000oz to 4.28MOZ at 4.58 g/t Gold” which was issued with consent
of the Competent Person, Mrs Cecilia Hattingh. The report was released to the ASX on 3 December 2021 and can be found on the Company’s
website (https://westwitsmining.com/). Comprising 8.8MT at 4.60g/t for 1.449Moz measured, 11.3MT at 4.19g/t for 1.517Moz Indicated and 8MT at
5.10g/t for 1.309Moz inferred. The Company is not aware of any new information or data that materially effects the information included in the relevant
market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent
Person’s findings are presented have not been materially modified from the original market announcement.
The original report was “Updates to DFS Provide Improved Results for WBP” which was issued with consent of Competent Persons Mr. Andrew
Pooley. The report was released to the ASX on 26 July 2023 and can be found on the Company’s website (https://westwitsmining.com/). The
Company is not aware of any new information or data that materially effects the information included in the relevant market announcement and, in the
case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market
announcement continue to apply and have not materially changed. The form and context in which the Competent Person’s findings are presented
have not been materially modified.
The original report was “Revised Qala Shallows DFS provides improved results for Witwatersrand Basin Project” which was issued with consent of
Competent Persons Mr. Andrew Pooley. The report was released to the ASX on 4 August 2022 and can be found on the Company’s website
(https://westwitsmining.com/). The Company is not aware of any new information or data that materially effects the information included in the relevant
market announcement and, in the case of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning
the estimates in the relevant market announcement continue to apply and have not materially changed. The form and context in which the Competent
Person’s findings are presented have not been materially modified.
The original report was “West Wits advances exploration work on Uranium at WBP” which was issued with consent of the Competent Person, Mr
Michael Robertson. The report was released to the ASX on 25 October 2021 and can be found on the Company’s website
(https://westwitsmining.com/). The potential quantity and grade of the Exploration Target are conceptual in nature, there has been insufficient
exploration and evaluation of historical information to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a
Mineral Resource. The Company is not aware of any new information or data that materially effects the information included in the relevant market
announcement. The form and context in which the Competent Person’s findings are presented have not been materially modified from the original
market announcement.
The original report was “Positive Phase 1 Uranium Drilling Results for West Wits” which was issued with consent of Competent Persons Mr. Michael
Robertson. The report was released to the ASX on 6 October 2022 and can be found on the Company’s website (https://westwitsmining.com/). The
Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form
and context in which the Competent Person’s findings are presented have not been materially modified.
The original report was “HEM Survey Identifies Eight Targets Areas at Mt Cecelia” which was issued with consent of Competent Person, Mr. Russell
Mortimer. The report was released to the ASX on 16/12/2020 and can be found on the Company’s website (https://westwitsmining.com/). The
Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form
and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
The original report was “Significant Maiden Gold Intercept at Mt Cecelia” which was issued with consent of Competent Person, Mr. Martin
Bevenlander. The report was released to the ASX on 17/01/2023 and can be found on the Company’s website (https://westwitsmining.com/). The
Company is not aware of any new information or data that materially effects the information included in the relevant market announcement. The form
and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.
18
West Wits Mining Limited
ORE Reserve and MRE Statement
30 June 2023
ORE RESERVE AND MINERAL RESOURCE STATEMENT
Ore Reserves
The 2022 Ore Reserve and Mineral Resource Statement reported the Ore Reserve 3.2 million tonnes at 2.81g/t for
290,000oz as at 04 August 2022.
JORC 2012 compliant Ore Reserves as at 4th August 2022
Mining Category
Reserve Category
Tonnes
Grade
Content
Mt
g/t (Au)
Koz
Underground Mining - WBP
Qala Shallows
K9B Kimberley Reef
K9A Kimberley Reef
Total Proved
Total Probable
Total Proved and Probable
Proved Reserve
Probable Reserve
Proved Reserve
Probable Reserve
0.44
1.92
0.39
0.46
0.83
2.38
3.21
2.83
2.81
3.29
2.36
3.05
2.73
2.81
39.5
174.1
41.8
34.6
81.3
208.7
290.0
Subsequently, an updated Life-of-Mine plan and Financial Model was generated by incorporating new technical information
(i.e. survey and sampling data obtained from underground access, additional Mineral Resources not previously accounted for,
increases to production rates, etc.) and updated financial inputs (i.e. USD / ZAR exchange rate & gold price assumptions for
new market conditions, new contractor rates, CPI cost increases, etc.). The updated Definitive Feasibility Study resulted in a
reserve base increase of 61,400oz gold to a declared Ore Reserve at 4.03 million tonnes at 2.71g/t for 351 400oz gold as at
30 June 2023.
Only Measured and Indicated Mineral Resources have been considered in the declaration of Ore Reserves. All factors
required to convert Mineral Resources to Ore Reserves have been considered including dilutionary effects, cut off grades,
pillar requirements, non-viable parts of the mineral resource, capital and operating costs, selling prices, geotechnical
conditions, mining efficiencies, metallurgical recoveries, environmental and social constrains, etc. These factors were used to
develop a mine plan and mining inventory. The use of these factors has resulted in a technically and economically viable
plan.
JORC 2012 compliant Ore Reserves as at 30th June 2023
Mining Category
Reserve Category
Tonnes
Grade
Content
Mt
g/t (Au)
Koz
Underground Mining - WBP
Qala Shallows
K9B Kimberley Reef
K9A Kimberley Reef
Total Proved
Total Probable
Total Proved and Probable
Proved Reserve
Probable Reserve
Proved Reserve
Probable Reserve
0.48
2.56
0.48
0.50
0.96
3.07
4.03
2.71
2.68
3.20
2.41
2.96
2.64
2.71
41.7
221.0
49.8
38.9
91.5
259.9
351.4
Notes:
1. Ore Reserves are a subset of Mineral Resources.
2. Ore Reserves reported in conformance with the JORC 2012 Code definitions.
3. Ore Reserves are calculated using a gold price of US$ 1,850/ounce.
4. Ore Reserves are calculated using a cut-off grade of 2g/t Au.
5. The above data has been rounded to the nearest 1,000,000 tonnes, 0.01 g/t gold grade and 1,000 ounces. Errors of
summation may occur to rounding.
19
West Wits Mining Limited
ORE Reserve and MRE Statement
30 June 2023
Mineral Resource Estimates (“MRE")
The Company’s 2022 Annual Ore Reserve and Mineral Resources Statement reported the Company’s global MRE of
29.0Mt at 4.58g/t for 4.27Moz gold (inclusive of Ore Reserves) as at 30 June 2022.
There has been no change to the Company’s Mineral Resource Statement from the previous year.
JORC compliant technical and competent person reports accompany all work and is available from the Company’s internal
Technical Library. All data utilised and generated during modelling is available and similarly backed up in digital form in the
Company’s folders.
JORC 2012 compliant Mineral Resource Estimate as at 30 June 2023
CATEGORY
MEASURED
INDICATED
INFERRED
TOTAL
WBP - REEF / AREA
Mt
g/t
Koz
g/t
Koz
Mt
g/t
Koz
0.04
2.2
3.73
4.30
4
307
2.51
4.74
72
0.4 2.86
305
0.4 4.48
Mt
0.9
2.0
0.1
3.87
12
0.2 4.22
Mt
1.4
4.6
g/t
2.66
4.51
Koz
118
671
0.3
4.08
36
41
60
24
1.9
4.37
272
6.2
4.14
828
2.4 5.51
417
10.5 4.49
1 516
2.1
0.7
2.8
9.8
4.54
306
1.8
4.20
245
4.2 5.14
694
8.1
4.77
1 246
5.81
4.73
135
425
0.2
0.1
8.34
5.15
41
14
0.1 7.54
0.3 5.27
21
53
1.0
3.2
6.36
4.79
197
492
4.60 1 449 11.3 4.19
1 517
8.0 5.10
1 309
29.0 4.58
4 276
Bird Central & West
Bird East1
K9B Kimberley Reef
Central
K9B Kimberley Reef
East
K9A Kimberley Reef
East
Main Reef Leader1
Main Reef1
Total
Notes:
1. Bird and Main East reef horizons were remodelled applying industry best practice 3D modelling - Independent
competent person JORC 2012 complying sign-off
2. Global MRE set at a 2.0g/t Au cut-off. Reported in accordance with the JORC Code of 2012.
3. Number differences may occur due to rounding errors.
4. Mineral Resources are reported as inclusive of Ore Reserves
5. The Inferred Mineral Resources have a high degree of uncertainty and it should not be assumed that all, or a portion
thereof, will be converted to Ore Reserves.
COMPLIANCE STATEMENTS
Competent Person – Mineral Resources and Exploration Results for the Kimberly Reef package and Bird Reef Central
& West (WBP)
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 – Mineral Resources and Exploration Results for the Bird Reef East and Main Reef package (WBP)
The information in this report that relates to Mineral Resources Estimate for the Witwatersrand Basin Project is based on and fairly represents
information compiled by Mrs Cecilia Hattingh, who is an employee of Rock Stock Investments (Pty) Ltd. Mrs Hattingh is a Competent
Person who is a Professional Natural Scientist registered with the South African Council for Natural Scientific Professions (No. 4000/19/03)
and a Fellow of the Geological Society of South Africa (GSSA96902), each of which is a “Recognised Professional Organisation” (RPO).
Mrs Cecilia Hattingh 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”. Mrs Cecilia Hattingh consents to the release of the report and the information
contained here within 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,
20
West Wits Mining Limited
ORE Reserve and MRE Statement
30 June 2023
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.
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.
TENEMENT SCHEDULE
Tenements
Location
Mining Right -
GP 30/5/1/2/2/10073 MR
(WBP)
X Mining Lease –
M45/988 (Tambina)
X Mining Lease –
M45/990 (Tambina)
X Mining Lease –
M45/991 (Tambina)
Witwatersrand Basin, West
Rand, South Africa
Pilbara region, Western
Australia
Pilbara region, Western
Australia
Pilbara region, Western
Australia
Exploration License –
EL 45/5045 (Mt Cecelia)
Pilbara region, Western
Australia
Held at
end of
FY2023
66.6%*
80%*
80%*
80%*
100%
Production IUP –
NO. 47/2010 (Derewo)
^ Exploration IUP –
NO. 76/2010 (Derewo)
^ Exploration IUP –
NO.31/2010 (Derewo)
Paniai Regency, Indonesia
29%*
Paniai, Indonesia
64%*
Intan Jaya, Indonesia
64%*
^ Exploration IUP –
NO. 543/142/SET (Derewo)
Nabire, Indonesia
64%*
Acquired
during FY2023
-
-
-
-
-
-
-
-
Disposed
during
FY2023
-
-
-
-
-
-
-
-
X The Company lodged surrender documents on 20/07/2023 (post period) for the three Tambina tenements.
* 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
21
West Wits Mining Limited
Directors' report
30 June 2023
The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as
the 'consolidated entity') consisting of West Wits Mining Limited (referred to hereafter as the 'company' or 'parent entity') and
the entities it controlled at the end of, or during, the year ended 30 June 2023.
Directors and company secretaries
The following persons were directors of West Wits Mining Limited during the whole of the financial year and up to the date
of this report, unless otherwise stated:
Directors
Mr Michael Quinert, Non-Executive Chairman
Mr Jac van Heerden, Non-Executive Director (transitioned from Managing Director on 31 July 2023)
Mr Hulme Scholes, Non-Executive Director
Mr Peter O’Malley, Non-Executive Director
Mr Timothy Chapman, Non-Executive Director (resigned on 3 October 2022)
Mr Warwick Grigor, Non-Executive Director (appointed on 3 October 2022)
Joint Company Secretaries
Mr Simon Whyte
Mr Paul Godfrey
Information on directors & company secretaries
Name:
Title:
Experience and expertise:
Mr Michael Quinert
Non-Executive Chairman
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.
First Graphene Limited (ASX:FGR)
Other current directorships:
Former directorships (last 3 years): First Au Ltd (ASX:FAU)
Special responsibilities:
Interests in shares:
Interests in options:
Interests in performance rights:
Remuneration & Nomination Committee, Audit & Risk Committee
47,638,337
3,750,000
1,500,000
Name:
Title:
Experience and expertise:
Mr Jac van Heerden
Non-Executive Director (transitioned from Managing Director on 31 July 2023).
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.
Other current directorships:
None
Former directorships (last 3 years): None
None
Special responsibilities:
9,281,638
Interests in shares:
5,025,000
Interests in options:
1,200,000
Interests in performance rights:
Right to 0.34% interest
Interest in West Wits MLI (Pty) Ltd
22
West Wits Mining Limited
Directors' report
30 June 2023
Name:
Title:
Experience and expertise:
Mr Peter O’Malley
Non-Executive Director
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.
Bonterra Resources (TSX-V: BTR), Barnwell Industries (NYSE: BRN)
Other current directorships:
Former directorships (last 3 years): None
Special responsibilities:
Interests in shares:
Interests in options:
Interests in performance rights:
Remuneration & Nomination Committee, Audit & Risk Committee
8,967,037
2,025,000
-
Name:
Title:
Experience and expertise:
Mr Hulme Scholes
Non-Executive Director
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.
None
Other current directorships:
Former directorships (last 3 years): Randgold and Exploration Company Limited (JSE Listing) (JSE: RNG).
Special responsibilities:
Interests in shares:
Interests in options:
Interests in performance rights:
None
1,136,364
4,525,000
-
Name:
Title:
Experience and expertise:
Other current directorships:
Mr Warwick Grigor (appointed on 3 October 2022)
Non-Executive Director
Mr Grigor is a highly respected and experienced mining analyst, with an intimate
knowledge of all market related aspects of the mining industry. He is a graduate of the
Australian National University having completed degrees in law and economics. His
association with mining commenced with a position in the finance department of
Hamersley Iron, and from there he moved to Sydney to become a mining analyst with
institutional stockbrokers. Mr Grigor left County NatWest Securities in 1991 to establish
Far East Capital Limited which was founded as a specialist mining company financier
and corporate adviser, together with Andrew "Twiggy" Forrest. In 2008, Far East
Capital Limited sponsored the formation of a stockbroking company, BGF Equities, and
Mr Grigor assumed the position of Executive Chairman. This was re-badged as
Canaccord Genuity Australia Limited when a 50% stake was sold to Canaccord Genuity
Group Inc. Mr Grigor retired from Canaccord in October 2014, returning to Far East
Capital Limited.
First Graphene Limited (ASX:FGR)
Nagambie Resources (ASX:NAG) (appointed 4 October 2023, post reporting period)
Aguia Resources (ASX:AGR) (appointed 19 September 2023, post reporting period)
Former directorships (last 3 years): None
Special responsibilities:
Interests in shares:
Interests in options:
Interests in rights:
Remuneration & Nomination Committee, Audit & Risk Committee
24,203,891
-
-
23
West Wits Mining Limited
Directors' report
30 June 2023
Name:
Title:
Experience and expertise:
Mr Timothy Chapman (resigned on 3 October 2022)
Non-Executive Director
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.
None
Other current directorships:
Former directorships (last 3 years): None
Special responsibilities:
Interests in shares:
Interests in options:
Interests in performance rights:
Chair of Remuneration & Nomination Committee, Member of Audit & Risk Committee
-
-
-
Name:
Title:
Experience and expertise:
Mr Simon Whyte
Chief Financial Officer & Joint Company Secretary
Mr. Whyte is a Chartered Accountant and has over 15 years’ experience in accounting
and operational management, including Ernst & Young and BP Australia Pty Ltd
Other current directorships:
None
Former directorships (last 3 years): None
None
Special responsibilities:
11,188,188
Interests in shares:
Interests in options:
3,000,000
Interests in performance rights:
1,200,000
Name:
Title:
Experience and expertise:
Mr Paul Godfrey
Joint Company Secretary
Mr Godfrey is a Special Counsel 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).
None
Other current directorships:
Former directorships (last 3 years): None
None
Special responsibilities:
-
Interests in shares:
-
Interests in options:
-
Interests in performance rights:
'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all
other types of entities, unless otherwise stated.
'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes
directorships of all other types of entities, unless otherwise stated.
Meetings of directors
The number of meetings of the company's Board of Directors ('the Board') held during the year ended 30 June 2023, and
the number of meetings attended by each director were:
Mr Michael Quinert
Mr Timothy Chapman
Mr Hulme Scholes
Mr Peter O’Malley
Mr Jac van Heerden
Mr Warwick Grigor
Full Board
Audit and Risk Committee
Attended
Held
Attended
Held
4
1
3
4
4
3
4
1
4
4
4
3
1
1
-
1
-
-
1
1
-
1
-
-
24
West Wits Mining Limited
Directors' report
30 June 2023
Held: represents the number of meetings held during the time the director held office.
Note: Meetings held represent full meetings and does not count other written resolutions carried in accordance with the
Company’s Constitution.
Principal activities
The Group's continued principal activities in the course of the reporting period were to explore for gold and base metals at
the mining tenements situated in South Africa and Western Australia and complete feasibility studies for the Witwatersrand
Basin Project in South Africa and commence mine development.
There have been no other significant changes in the nature of those principal activities during the financial year.
Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Review of operations
The loss for the consolidated entity after providing for income tax and non-controlling interest amounted to $2,749,000 (30
June 2022: $5,281,000).
Refer to precedent "Operations Review" section for details.
Significant changes in the state of affairs
On 11th July 2022, the Company issued 24.2 million WWI Shares under the Equity Placement Agreement with SBC Global
Investment Fund for gross proceeds of $0.44 million (before costs) and on the 23rd August 2022 issued 5 million unlisted
options with an exercise price of $0.0264 (2.64 cents) and expiry date 23 August 2025.
On 4th August 2022, the Company released to the ASX results from the revised Definitive Feasibility Study on the first stage
of development of the WBP. The study showed a Pre-tax NPV7.5 of US$180 million and IRR of 38% at a Gold Price of
US$1,750/oz, an increase of US$30M and 3% respectively on the original DFS results released on 2nd December 2021.
On 17th August 2022, the Company completed a share placement to raise $2.5 million (before costs) via the issue of 139
million new fully paid ordinary shares at $0.018 (1.8 cents) per share to existing and new sophisticated and professional
investors.
On 3 October 2022, The Company appointed Mr Warwick Grigor as a non-executive director and Mr Tim Chapman resigned
as non-executive director on the same day.
On 21 October 2022, The Company secured a toll treating agreement (“Agreement”) with Sibanye-Stillwater to process ore
from Stage 1, Qala Shallows, of its WBP. The partnership with Sibanye-Stillwater (via its wholly owned subsidiary Ezulwini)
provides a mutually beneficial venture, supplying Ezulwini with approximately 15,000 tonnes of gold bearing material per
month (but increasing over time up to 54,000 tonnes of Material per month).
On 8 November 2022, the Company issued 35 million WWI shares at $0.017 per share under the Share Purchase Agreement
for Northern Reserves Pty Ltd for commencement of a reverse circulation-percussion drilling program in the Mt Cecelia
project area, the final project milestones.
On 16 February 2023, the Company completed a placement and issued 107,142,857 shares at $0.014 per share to existing
and new, unrelated sophisticated and professional investors under a placement and raised $1.5 million (before costs).
On 14 April 2023, the Company received binding commitments from unrelated sophisticated and professional investors for
78,571,431 fully paid ordinary shares including the shortfall of the recent Share Purchase Plan of the Company (SPP) at
$0.014 (1.4 cents) per share (being the SPP price) to raise $1.1 million before costs. On 20 April 2023, the Company issued
a total of 83,836,695 fully paid ordinary shares of which 5,265,264 fully paid ordinary shares were issued in lieu of cash for
consulting services rendered.
There were no other significant changes in the state of affairs of the consolidated entity during the financial year.
25
West Wits Mining Limited
Directors' report
30 June 2023
Matters subsequent to the end of the financial year
On 10 July 2023, the Company appointed Mr Roelof (Rudi) Deysel as Chief Operating Officer and Country Manager (RSA),
effective on 31 July 2023.
On 11 July 2023, the Company announced that the Industrial Development Corporation of South Africa (“IDC”) has issued a
written expression of interest and indicative funding terms in connection with the financing of the Company’s Qala Shallows,
part of the Witwatersrand Basin Project (“WBP”) in Johannesburg, South Africa amounted to ZAR300 million (approx.
US$15.9 million).
On 31 July 2023, Mr Jac Van Heerden transited from Managing Director to Non-Executive Director.
On 31 July 2023, the Company issued 4,459,185 ordinary shares to key management personnels.
On 31 July 2023, the Company issued 73,824,320 ordinary shares at $0.015 (1.5 cents) per share as Provisional Placement
Shares under the Equity Placement Agreement. The Placement Period closed on 12 September 2023 and resulted in the
purchase of 21,428,572 ordinary shares at $0.014 (1.4c) to raise $300,000. Under the Equity Placement Agreement the
number of the balance of the Provisional Shares can purchased by the Investor, held for future drawdowns and/or for
offsetting against future obligations to issue shares to the Investor, or (at the election of the Investor) that number of shares
can be transferred as directed by the Company for an aggregate consideration of $1.
On the 13 September 2023 issued 5 million unlisted options with an exercise price of $0.0219 (2.19 cents) and expiry date
12 September 2026.
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 Operations Review 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.
Environmental regulation
The consolidated entity is not subject to any significant environmental regulation under Australian Commonwealth or State
law.
Remuneration report (audited)
The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in
accordance with the requirements of the Corporations Act 2001 and its Regulations.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including all directors.
The remuneration report is set out under the following main headings:
●
●
●
●
●
●
Remuneration Policy
Details of remuneration
Service agreements
Share-based compensation
Additional information
Additional disclosures relating to key management personnel
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.
26
West Wits Mining Limited
Directors' report
30 June 2023
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 and South Africa. 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 as well as the Group's performance for Executives 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.
Remuneration of the Managing Director and Key Management Personnel are entitled to Short Term Incentive bonuses linked
to performance during the financial year $29,183 (2022: Nil). Directors’ and Executive remuneration also includes Long Term
Incentive in the form of options, the value of which is linked to the performance of the Company. The Group continued to
recognise the share-based payment expense from equity issued in prior period and in current year of $63,132 (2022:
$96,325). The bonus expense recognised during the year related to service condition of each recipient.
The Non-Executive Directors remuneration pool is $500,000, last approved by shareholders at the FY21 annual general
meeting.
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.
Performance Bonus
KMP contracts executed on 1st November 2021 include an entitlement to an annual performance bonus which is determined
by measuring a baseline bonus amount against a balanced scorecard of Key Performance Indicators (KPI). Performance
Bonuses accrue annually on 1st July, the amounts vested in the reporting period are payable in cash in current financial year.
The minimum annual performance bonus amount is Nil and maximum amount is $208,333 (Mr van Heerden) and $125,000
(Mr Whyte). The three categories of KPI metrics are outlined below:
KPI
Safety1
Budget2
Production3
Other4
STI PERFORMANCE BONUS KPI
SCORECARD
MR VAN
HEERDEN
SCORECARD BASELINE
WEIGHT
MR VAN
HEERDEN
VESTED
MR VAN
HEERDEN
FORFEITED BASELINE VESTED
MR WHYTE MR WHYTE MR WHYTE
FORFEITED
20%
40%
40%
25,000
50,000
50,000
125,000
-
-
-
-
25,000
50,000
50,000
125,000
15,000
30,000
30,000
75,000
-
-
-
-
15,000
30,000
30,000
75,000
-
-
75,000
-
-
45,000
-
125,000
75,000
125,000
75,000
45,000
75,000
27
West Wits Mining Limited
Directors' report
30 June 2023
1.
2.
3.
4.
Measurement of safety performance of operations, including fatalities and Lost Time Injury Frequency Rate
(LTIF). There were Nil fatalities and Nil LTIFR during the reporting period and therefore the conditions were satisfied
Measurement of actual costs against periodic cash forecast. Actual costs versus budgeted costs for projects
delivered during the period were below forecasts and therefore the conditions were satisfied.
Note: Having regard to the financial position of the Company the payment of the component of the STI, for which the
original conditions had been satisfied (1 & 2), is deferred and conditional until such time as a toll treating agreement
has been executed. Therefore Performance Bonuses relating to Safety (1) and Budget (2) KPI’s will be assessed in
the subsequent reporting period.
Measurement of actual production against forecast production. Due to the Company’s decision to pause
development at the WBP, production activities were paused and the production target was not able to be
achieved. The portion of the performance bonus related to Production in the reporting period is to be assessed by
the Board upon recommencement of operations.
Note: Having regard to the financial position of the Company and pause of development of the WBP during the
financial year, payment of the component of the STI, for which the original conditions had been satisfied (1 & 2), has
been waived.
Payment of the prior year (2022) component of the STI, for which the original conditions had been satisfied (1 & 2),
was deferred and conditional until such time as a toll treating agreement had been executed. A toll processing
agreement was executed in October 2022 resulting in the payment of the prior year component (1 & 2).
Voting and comments made at the company's 2022 Annual General Meeting ('AGM')
At the 2022 AGM, 96.46% of the votes received supported the adoption of the remuneration report for the year ended 30
June 2022. The company did not receive any specific feedback at the AGM regarding its remuneration practices.
Details of remuneration
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:
Amounts of remuneration
Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.
28
West Wits Mining Limited
Directors' report
30 June 2023
Short-term benefits
Post-
employment
benefits
Share-based
payments
Share-based
payments
Share-based
payments
Cash salary
and fees
$
Cash
bonus
$
Non-
monetary*
$
Super-
annuation
$
Shares
$
Equity
settled
options
$
Cash
settled**
$
Total
$
130,000
50,000
60,000
15,000
45,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,938
-
-
-
-
-
16,614
8,972
8,972
(6,980)
-
-
-
-
146,614
58,972
68,972
8,020
-
-
48,938
300,000
75,000
(1,154)
-
17,959
22,263
203,620
803,620
45,000
120,000
2,360
1,206
21,380
25,318
11,224
29,183
13,291
63,132
-
-
-
414,068
296,875
1,042,459
30 June 2023
Non-Executive
Directors:
Mr Michael
Quinert
Mr Hulme
Scholes
Mr Peter O’Malley
Mr Timothy
Chapman **
Mr Warwick
Grigor ***
Executive
Director:
Mr Jac van
Heerden
Other Key
Management
Personnel:
Mr Simon Whyte
Comprises of annual leave entitlements
Mr Timothy Chapman was resigned on 3 October 2022
*
**
*** Mr Warwick Grigor was appointed on 3 October 2022
29
West Wits Mining Limited
Directors' report
30 June 2023
Short-term benefits
Post-
employme
nt benefits
Share-
based
payments
Share-
based
payments
Share-
based
payments
30 June 2022
Non-Executive
Directors:
Mr Michael
Quinert
Mr Hulme
Scholes
Mr Peter O’Malley
Mr Timothy
Chapman
Executive
Director:
Mr Jac van
Heerden
Other Key
Management
Personnel:
Mr Simon Whyte
Cash
salary
and fees
$
109,333
41,667
51,667
50,069
293,333
191,158
737,227
Cash
Non-
bonus monetary* annuation
$
Super-
$
$
Equity
settled
options
$
Shares
$
Cash
settled**
$
Total
$
-
-
-
-
-
-
-
-
-
-
-
17,371
-
-
-
-
-
-
-
-
-
20,236
10,928
10,928
10,928
-
-
-
-
129,569
52,595
62,595
60,997
-
27,117
264,000
601,821
14,391
31,762
19,116
19,116
-
-
16,189
96,326
-
240,854
264,000 1,148,431
*
**
Comprises of annual leave entitlements
Cash settlement during the financial year of Mr van Heerden’s right to a 0.66% interest in West Wits MLI (Pty) Ltd
relating to his 12-month service to 31 December 2019 under his original contract as CEO of West Wits MLI (Pty) Ltd.
The proportion of remuneration linked to performance and the fixed proportion are as follows:
Name
Non-Executive Directors:
Mr Michael Quinert
Mr Hulme Scholes
Mr Peter O’Malley
Mr Timothy Chapman
Mr Warwick Grigor
Executive Directors:
Mr Jac van Heerden
Other Key Management
Personnel:
Mr Simon Whyte
Fixed remuneration
At risk - STI
30 June 2023 30 June 2022 30 June 2023 30 June 2022 30 June 2023 30 June 2022
At risk - LTI
89%
85%
87%
100%
100%
84%
79%
83%
82%
-
-
-
-
-
-
72%
52%
18%
77%
93%
15%
-
-
-
-
-
-
-
11%
15%
13%
-
-
16%
21%
17%
18%
-
10%
48%
8%
7%
30
West Wits Mining Limited
Directors' report
30 June 2023
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details
of these agreements, effective from 1 November 2021, are as follows:
Name:
Title:
Term of agreement:
Details:
Name:
Title:
Term of agreement:
Details:
Name:
Title:
Agreement commenced:
Term of agreement:
Details:
Mr Jac van Heerden
Managing Director (ceased on 31 July 2023)
6-months' notice period by either party
$300,000 per annum, including superannuation.
$125,000 performance bonus per annum based on a balanced KPI score card
26-days annual leave per annum
Eligible for securities under the company’s employee share scheme
Mr Simon Whyte
Chief Financial Officer and Joint Company Secretary
3-months' notice period by either party
$225,000 per annum, including superannuation
$75,000 performance bonus per annum based on a balanced KPI score card
26-days annual leave per annum
Eligible for securities under the company’s employee share scheme
Roelof Deysel
Chief Operating Officer and Head of Country (South Africa)
31 July 2023
Ongoing
ZAR2,300,000 per annum,
commencement of mining operations,
ZAR900,000 performance bonus per annum based on a balanced KPI score card 25-
days annual leave per annum
Eligible for securities under the Company's employee share scheme.
to ZAR2,800,000 per annum upon
increasing
Key management personnel have no entitlement to termination payments in the event of removal for misconduct.
Share-based compensation
Options
There were no options over ordinary shares issued to directors and other key management personnel as part of
compensation that were outstanding as at 30 June 2023.
31
West Wits Mining Limited
Directors' report
30 June 2023
Number of
options
Vesting date and
Name
granted Grant date
exercisable date Expiry date
Hulme Scholes
Hulme Scholes
Michael Quinert
Michael Quinert
Michael Quinert
Jac van Heerden
Jac van Heerden
Jac van Heerden
Simon Whyte
Simon Whyte
Simon Whyte
Hulme Scholes
Hulme Scholes
Hulme Scholes
Peter O'Malley
Peter O'Malley
Peter O'Malley
1,250,000 29/11/2019
1,250,000 18/09/2020
1,250,000 17/12/2021
1,250,000 17/12/2021
1,250,000 17/12/2021
1,675,000 17/12/2021
1,675,000 17/12/2021
1,675,000 17/12/2021
1,000,000 17/12/2021
1,000,000 17/12/2021
1,000,000 17/12/2021
675,000 17/12/2021
675,000 17/12/2021
675,000 17/12/2021
675,000 17/12/2021
675,000 17/12/2021
675,000 17/12/2021
29/11/2019
18/09/2020
1/07/2022
1/07/2023
1/07/2024
1/07/2022
1/07/2023
1/07/2024
1/07/2022
1/07/2023
1/07/2024
1/07/2022
1/07/2023
1/07/2024
1/07/2022
1/07/2023
1/07/2024
18/12/2023
18/12/2023
1/07/2024
1/07/2025
1/07/2026
1/07/2024
1/07/2025
1/07/2026
1/07/2024
1/07/2025
1/07/2026
1/07/2024
1/07/2025
1/07/2026
1/07/2024
1/07/2025
1/07/2026
Fair value
per option
Exercise
price
at grant date
$0.012
$0.012
$0.100
$0.150
$0.250
$0.100
$0.150
$0.250
$0.100
$0.150
$0.250
$0.100
$0.150
$0.250
$0.100
$0.150
$0.250
$0.003
$0.003
$0.009
$0.012
$0.014
$0.009
$0.012
$0.014
$0.009
$0.012
$0.014
$0.009
$0.012
$0.014
$0.009
$0.012
$0.014
Options granted carry no dividend or voting rights.
Performance rights
There were no performance rights over ordinary shares issued to directors and other key management personnel as part of
compensation that were issue during the year ended 30 June 2023 and at the date of the report.
Additional information
The earnings of the consolidated entity for the five years to 30 June 2023 and factors that are considered to affect total
shareholder returns (‘TSR’) are summarised below:
2023
$'000
2022
$'000
2021
$'000
2020
$'000
2019
$'000
Loss for the period ($’000s)
3,086
5,692
543
1,913
11,761
Basic earnings per share (cents per share)
(0.15)
(0.34)
(0.04)
(0.21)
(1.56)
Share price at financial year end ($)
0.012
0.020
0.085
0.016
0.006
32
West Wits Mining Limited
Directors' report
30 June 2023
Additional disclosures relating to key management personnel
Shareholding
The number of shares in the company held during the financial year by each director and other members of key management
personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at Received
as part of
the start of
the year1
remuneration Additions2
Balance at
the end of
the year
Other3
Ordinary shares
Mr Michael Quinert
Mr Jac van Heerden
Mr Hulme Scholes
Mr Peter O’Malley
Mr Timothy Chapman
Mr Simon Whyte
Mr Warwick Grigor
43,198,588
8,465,311
1,136,364
8,967,037
273,000
11,427,984
24,203,891
97,672,175
-
-
-
-
-
510,204
-
510,204
-
816,327
-
-
-
-
-
816,327
4,439,749 47,638,337
9,281,638
-
1,136,364
-
8,967,037
-
(273,000)
-
(750,000) 11,188,188
- 24,203,891
3,416,749 102,415,455
1Balance may include shares held prior to individuals becoming KMP. For individuals who became KMP during the period,
the balance is as at the date they became KMP.
2Additions from the vesting of performance rights and converted into shares.
3Other changes include on-market purchases, participation in share purchase plan, and/or cessation of being a KMP.
Option holding
The number of options over ordinary shares in the company held during the financial year by each director and other
members of key management personnel of the consolidated entity, including their personally related parties, is set out below:
Balance at
the start of
the year1
Granted
Expired/
forfeited/
other2
Balance at
the end of
the year3
Exercised
Options over ordinary shares
Mr Michael Quinert
Mr Jac van Heerden
Mr Hulme Scholes
Mr Peter O'Malley
Mr Timothy Chapman
Mr Simon Whyte
15,750,000
5,025,000
4,525,000
2,025,000
2,025,000
6,000,000
35,350,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(12,000,000)
-
-
-
(2,025,000)
(3,000,000)
3,750,000
5,025,000
4,525,000
2,025,000
-
3,000,000
(17,025,000) 18,325,000
1Balance may include options held prior to individuals becoming KMP. For individuals who became KMP during the period,
the balance is as at the date they became KMP.
2Other changes incorporates changes resulting from the expiration/forfeiture of options, and/or cessation being a KMP.
3For former KMP, the balance is as at the date they cease being KMP.
Performance rights holding
The number of performance rights over ordinary shares in the company held during the financial year by each director and
other members of key management personnel of the consolidated entity, including their personally related parties, is set out
below:
Performance rights over ordinary shares
Mr Michael Quinert
Mr Jac van Heerden
Mr Simon Whyte
Balance at
the start of
the year
Granted
Vested
Lapsed
Balance at
the end of
the year
4,200,000
3,000,000
3,000,000
10,200,000
-
-
-
-
-
-
-
-
(2,700,000)
(1,800,000)
(1,800,000)
(6,300,000)
1,500,000
1,200,000
1,200,000
3,900,000
33
West Wits Mining Limited
Directors' report
30 June 2023
Transactions with other related parties
The following table outlined the transactions occurred with related parties during the current and previous financial year and
trade payables to related parties at the current and previous reporting date:
Purchases of goods and services
Legal fees to QR Lawyers, a Director related entity to Mr
Michael Quinert
Rental expense to Brickwick Pty Ltd, a Director related entity
to Mr Michael Quinert
Legal fees to Malan Scholes Attorneys, a Director related
entity to Mr Hulme Scholes
Broker fees Far East Capital, a Director related entity to Mr
Warwick Grigor
Consultancy fees to MERA Advisers, a Director related entity
to Mr Hulme Scholes
Broker fees Pac Partners Securities Pty Ltd, a Director related
entity to Mr Tim Chapman
30 June 2023
30 June 2022
Transaction
Value
$
Balance
Outstanding
$
Transaction
Value
$
Balance
Outstanding
$
50,179
11,821
78,295
28,217
21,382
2,115
24,000
-
91,943
35,705
118,214
4,015
66,000
-
-
-
-
-
-
3,919
464,675
-
-
-
229,504
49,641
689,103
32,232
This concludes the remuneration report, which has been audited.
Shares under option
Unissued ordinary shares of West Wits Mining Limited under option at the date of this report are as follows:
Grant date
29/11/2019
24/12/2021
26/05/2022
17/08/2022
17/08/2022
17/08/2022
23/08/2022
13/09/2023
Expiry date
18/12/2023
24/12/2024
26/05/2025
01/07/2024
01/07/2025
01/07/2026
23/08/2025
12/09/2026
Exercise
price
Number
under option
$0.012
$0.050
$0.040
$0.100
$0.150
$0.250
$0.026
$0.0219
2,500,000
75,000,000
25,000,000
7,615,426
7,440,354
8,041,256
5,000,000
5,000,000
135,597,036
No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the
company or of any other body corporate.
Shares under performance rights
Unissued ordinary shares of West Wits Mining Limited under performance rights at the date of this report are as follows:
Grant date
18/12/2019
Expiry date
31/12/2023
Exercise
price
Number
under rights
$0.000
3,900,000
No person entitled to exercise the performance rights had or has any right by virtue of the performance right to participate in
any share issue of the company or of any other body corporate.
34
West Wits Mining Limited
Directors' report
30 June 2023
Shares issued on the exercise of options
There were no shares of West Wits Mining Limited issued on the exercise of options during the year ended 30 June 2023
and up to the date of this report.
Shares issued on the exercise of performance rights
There were no ordinary shares of West Wits Mining Limited issued on the exercise of performance rights during the year
ended 30 June 2023 and up to the date of this report.
Indemnity and insurance of officers
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
There were no non-audit services provided during the financial year by the auditor.
Officers of the company who are former partners of William Buck Audit (Vic) Pty Ltd
There are no officers of the company who are former partners of William Buck Audit (Vic) Pty Ltd.
Rounding of amounts
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
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
immediately after this directors' report.
Auditor
William Buck Audit (Vic) Pty Ltd continues in office in accordance with section 327 of the Corporations Act 2001.
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
___________________________
Michael Quinert
Chairman
27 September 2023
35
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 2023 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, 27 September 2023
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
West Wits Mining Limited
Statement of profit or loss and other comprehensive income
For the year ended 30 June 2023
Interest income
Other income
Expenses
Impairment of tenements
Foreign exchange gain / (loss)
Corporate & administration expenses
Director and employee expenses
Exploration expenses
Finance Costs
Depreciation expense
Loss before income tax expense
Income tax expense
Consolidated
Note 30 June 2023 30 June 2022
$'000
$'000
9
10
56
-
17
(1,477)
(1,548)
(6)
(22)
(116)
-
67
(1,794)
1
(2,144)
(1,582)
(81)
(59)
(100)
(3,086)
(5,692)
6
-
-
Loss after income tax expense for the year
(3,086)
(5,692)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Foreign currency translation
Other comprehensive loss for the year, net of tax
Total comprehensive loss for the year
Loss for the year is attributable to:
Non-controlling interest
Owners of West Wits Mining Limited
Total comprehensive loss for the year is attributable to:
Non-controlling interest
Owners of West Wits Mining Limited
(2,485)
(2,485)
(540)
(540)
(5,571)
(6,232)
(337)
(2,749)
(411)
(5,281)
(3,086)
(5,692)
(895)
(4,676)
(561)
(5,671)
(5,571)
(6,232)
Cents
Cents
Loss per share from continuing operations attributable to the owners of West
Wits Mining Limited
Basic loss per share
Diluted loss per share
26
26
(0.15)
(0.15)
(0.34)
(0.34)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the
accompanying notes
37
West Wits Mining Limited
Statement of financial position
As at 30 June 2023
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Right-of-use assets
Prepayments
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Exploration and evaluation, development and mine properties
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade and other payables
Lease liabilities
Provisions
Total current liabilities
Non-current liabilities
Borrowings
Lease liabilities
Provisions
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Equity attributable to the owners of West Wits Mining Limited
Non-controlling interest
Total equity
Consolidated
Note 30 June 2023 30 June 2022
$'000
$'000
7
8
8
9
10
11
12
11
12
13
14
1,371
30
-
1
1,402
38
1,466
23,024
24,528
2,328
546
144
1
3,019
51
1,564
22,650
24,265
25,930
27,284
2,339
79
38
2,456
65
6
616
687
3,279
848
83
4,210
65
89
642
796
3,143
5,006
22,787
22,278
64,461
(2,541)
(31,753)
30,167
(7,380)
58,534
(35)
(29,736)
28,763
(6,485)
22,787
22,278
The above statement of financial position should be read in conjunction with the accompanying notes
38
West Wits Mining Limited
Statement of changes in equity
For the year ended 30 June 2023
Issued
capital
$'000
Reserves
$'000
Total equity
attributable
to owners of
the parent
$'000
Accumulated
losses
$'000
Non-
controlling
interest
$'000
Total
Equity
$'000
Balance at 1 July 2021
Loss after income tax expense for the
year
Other comprehensive loss for the
year, net of tax
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners:
Contributions of equity, net of
transaction costs
Bonuses paid by issue of shares
under ESOP
Shares issued to consultants under
ESOP
Exercise of options
Exercised options fair value transfer
from reserve to issued capital
Vesting of performance rights
Share-based payment expense on
options issued to lead managers
Share-based payment expense on
options
45,239
(1,938)
(24,455)
18,846
(5,924)
12,922
-
-
13,158
55
24
42
11
5
-
-
-
(5,281)
(5,281)
(411)
(5,692)
(390)
(390)
-
(5,281)
(390)
(5,671)
(150)
(561)
(540)
(6,232)
-
-
-
-
(11)
(5)
2,212
97
-
-
-
-
-
-
-
-
13,158
55
24
42
-
-
2,212
97
-
-
-
-
-
-
-
-
13,158
55
24
42
-
-
2,212
97
Balance at 30 June 2022
58,534
(35)
(29,736)
28,763
(6,485)
22,278
Issued
capital
$'000
Reserves
$'000
Total equity
attributable
to owners of
the parent
$'000
Accumulated
losses
$'000
Non-
controlling
interest
$'000
Total
Equity
$'000
Balance at 1 July 2022
Loss after income tax expense for the
year
Other comprehensive loss for the
year, net of tax
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners:
Contributions of equity, net of
transaction costs (note 13)
Share-based payments (note 27)
Shares issued for the acquisition of
Northern Reserves Pty Ltd
Lapsed options
Vesting of options
58,534
(35)
(29,736)
28,763
(6,485)
22,278
-
-
-
5,229
103
595
-
-
-
(2,749)
(2,749)
(337)
(3,086)
(1,927)
(1,927)
-
(2,749)
(1,927)
(4,676)
(558)
(895)
(2,485)
(5,571)
-
-
-
(732)
153
-
-
-
732
-
5,229
103
595
-
153
-
-
-
-
-
5,229
103
595
-
153
Balance at 30 June 2023
64,461
(2,541)
(31,753)
30,167
(7,380)
22,787
The above statement of changes in equity should be read in conjunction with the accompanying notes
39
West Wits Mining Limited
Statement of cash flows
For the year ended 30 June 2023
Cash flows from operating activities
Payments to suppliers (inclusive of GST)
Interest received
Interest and other finance costs paid
Consolidated
Note 30 June 2023 30 June 2022
$'000
$'000
(2,667)
10
(21)
(2,982)
-
-
Net cash used in operating activities
25
(2,678)
(2,982)
Cash flows from investing activities
Payments for plant and equipment
Payments for exploration and evaluation
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issues of shares, net of transaction costs and exercise of options
Capital raising costs
Repayments of borrowings
Interest and other finance costs paid
Repayment of lease liabilities
13
Net cash 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 the end of the financial year
-
(2,239)
(190)
(10,112)
(2,239)
(10,302)
5,155
-
-
-
(718)
16,591
(1,099)
(70)
(21)
(754)
4,437
14,647
(480)
2,328
(477)
1,363
973
(8)
1,371
2,328
The above statement of cash flows should be read in conjunction with the accompanying notes
40
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 1. General information
The financial statements cover West Wits Mining Limited as a consolidated entity consisting of West Wits Mining Limited
('the Company') and the entities it controlled (together ‘the Group’ or ‘consolidated entity’) at the end of, or during, the year.
The financial statements are presented in Australian dollars, which is West Wits Mining Limited's functional and presentation
currency.
West Wits Mining Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered
office and principal place of business is:
Registered office and Principal place of business
Level 6, 400 Collins Street
Melbourne VIC 3000 Australia
A description of the nature of the consolidated entity's operations and its principal activities are included in the directors'
report, which is not part of the financial statements.
The financial statements were authorised for issue, in accordance with a resolution of directors, on 27 September 2023. The
directors have the power to amend and reissue the financial statements.
Note 2. Significant accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate
for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as
issued by the International Accounting Standards Board ('IASB').
Historical cost convention
The financial statements have been prepared under the historical cost convention.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in note 3.
Continuation of business
For the year ended 30 June 2023, the Group has reported a net loss after income tax and before eliminating non-controlling
interests of $3,086,000 (30 June 2022: $5,692,000) and net operating cash outflows of $2,678,000 (30 June 2022:
$2,982,000). As of 30 June 2023, the Group had $1,371,000 cash at bank (30 June 2022: $2,328,000), and net current
liabilities of $1,054,000 (30 June 2022: $1,191,000). These factors indicate a material uncertainty exists that may cast
significant doubt on the entity's ability to continue as a going concern.
41
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
During the year ended 30 June 2023, the Company has raised gross proceeds of $5,277,000 via the followings:
●
On 11th July 2022, the Company issued 24.2 million WWI Shares under the Equity Placement Agreement with SBC
Global Investment Fund for gross proceeds of $0.44 million (before costs) and on the 23rd August 2022 issued 5 million
unlisted options with an exercise price of $0.0264 (2.64 cents) and expiry date 23 August 2025
On 17th August 2022, the Company completed a share placement to raise $2.5 million (before costs) via the issue of
139 million new fully paid ordinary shares at $0.018 (1.8 cents) per share to existing and new sophisticated and
professional investors.
On 16 February 2023, the Company completed a placement and issued 107,142,857 shares at $0.014 per share to
existing and new, unrelated sophisticated and professional investors under a placement and raised $1.5 million (before
costs).
On 14 April 2023, the Company received binding commitments from unrelated sophisticated and professional investors
for 78,571,431 fully paid ordinary shares including the shortfall of the recent Share Purchase Plan of the Company
(SPP) at $0.014 (1.4 cents) per share (being the SPP price) to raise $1.1 million before costs.
●
●
●
The following matters have been considered by the Directors in assessing the Group’s continuing viability of the business
and having the ability to pay its debts as and when they fall due,
●
On 27 May 2022 the Company announced an Equity Placement Agreement (the Agreement) with SBC Global Capital
for A$75 million standby equity capital facility whereby WWI can drawdown via separate placements of WWI fully
ordinary shares (the size of which are subject to certain limits) at the Company’s sole discretion over a 24-month period
to 24 May 2024. The Company had drawn down $0.44 million at the date of this report.
The Company’s ongoing ability to issue ordinary shares under ASX listing rules 7.1 and 7.1A
The ability of Group to scale down its operations or redirect exploration expenditure if required, including the ability to
defer amounts payable to Directors and Executive as far as necessary should sufficient working capital not be available.
the Group’s tenement holdings, substantial JORC Resource and completed definitive feasibility study on the
Witwatersrand Basin Project makes the project highly prospective and should underpin the Company’s ability to raise
funds for its business needs.
Ongoing discussions held with potential funders of the WBP, including a written Expression of Interest in July 2023 from
the South African wealth fund, Industrial Development Corporate of South Africa (‘IDC’), to fund R300M (approx.
A$25M) of development capital for the Qala Shallows project.
●
●
●
●
Based on the successful execution of the above the Directors are satisfied that the Group has access to sufficient working
capital to enable it to pay its debts as and when they fall due for a period of at least twelve months from the date of this
report, and for that reason the financial statements have been prepared on the basis that the Group is a going concern, which
contemplates the continuity of normal business activity, realisation of assets and the settlement of liabilities in the normal
course of business.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
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.
Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only.
Supplementary information about the parent entity is disclosed in note 22.
Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of West Wits Mining Limited
('company' or 'parent entity') as at 30 June 2023 and the results of all subsidiaries for the year then ended. West Wits Mining
Limited and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity
when the consolidated entity 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. Subsidiaries 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.
42
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the consolidated entity.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest,
without the loss of control, is accounted for as an equity transaction, where the difference between the consideration
transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable
to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and
other comprehensive income, statement of financial position and statement of changes in equity of the consolidated entity.
Losses incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit
balance.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and
non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The
consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained
together with any gain or loss in profit or loss.
Operating segments
Operating segments are presented using the 'management approach', where the information presented is on the same basis
as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation
of resources to operating segments and assessing their performance.
Foreign currency translation
The financial statements are presented in Australian dollars, which is West Wits Mining Limited's functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss.
Foreign operations
The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting
date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange
rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences
are recognised in other comprehensive income through the foreign currency reserve in equity.
The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.
Revenue
Interest
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 revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Income tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable
income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary
differences, unused tax losses and the adjustment recognised for prior periods, where applicable.
43
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the
assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
● When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor
taxable profits; or
● When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the
timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable
future.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax
assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the
carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable
that there are future taxable profits available to recover the asset.
Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against
current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on
either the same taxable entity or different taxable entities which intend to settle simultaneously.
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in the
consolidated entity's normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within
12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used
to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity's normal operating cycle;
it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities
are classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
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.
Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective
interest method, less any allowance for expected credit losses. Trade receivables are generally due for settlement within 30
days.
The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a lifetime
expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based on days
overdue.
Property, plant and equipment
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
44
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment
(excluding land) over their expected useful lives as follows:
Buildings
Leasehold improvements
Plant and equipment
40 years
3-10 years
3-7 years
The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.
Leasehold improvements are depreciated over the unexpired period of the lease or the estimated useful life of the assets,
whichever is shorter.
An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the
consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss.
Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which
comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the
commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the
cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and
restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful
life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at
the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or
adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term
leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to
profit or loss as incurred.
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.
Impairment of non-financial assets
Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount
exceeds its recoverable amount.
45
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
Recoverable amount is the higher of an asset's fair value less costs of disposal and value-in-use. The value-in-use is the
present value of the estimated future cash flows relating to the asset using a pre-tax discount rate specific to the asset or
cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to
form a cash-generating unit.
Trade and other payables
These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial
year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The
amounts are unsecured and are usually paid within 30 days of recognition.
Borrowings
Loans and borrowings are initially recognised at the fair value of the consideration received, net of transaction costs. They
are subsequently measured at amortised cost using the effective interest method.
Lease liabilities
A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present
value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or,
if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of
fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts
expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is
reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on
an index or a rate are expensed in the period in which they are incurred.
Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured
if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual
guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an
adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset
is fully written down.
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in
the period in which they are incurred.
Employee benefits
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees.
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the
rendering of services. Cash-settled transactions are awards of cash for the exchange of services, where the amount of cash
is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently determined using
either the Binomial or Black-Scholes option pricing model that 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.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting
period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate
of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit
or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous
periods.
46
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying either the
Binomial or Black-Scholes option pricing model, taking into consideration the terms and conditions on which the award was
granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
●
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the
expired portion of the vesting period.
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the
reporting date.
●
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash paid to
settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions
are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are
satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An
additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value
of the share-based compensation benefit as at the date of modification.
If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is
treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied
during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the
award is forfeited.
If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense
is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award
is treated as if they were a modification.
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.
Fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair
value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date; and assumes that the transaction will take place either: in the principal
market; or in the absence of a principal market, in the most advantageous market.
47
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 2. Significant accounting policies (continued)
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming
they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and
best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable
inputs.
Issued capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
Loss per share
Basic loss per share
Basic loss per share is calculated by dividing the losses attributable to the owners of West Wits Mining Limited, 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.
Diluted loss per share
Diluted loss per share adjusts the figures used in the determination of basic loss per share to take into account the after
income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted
average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not
recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of
the expense.
Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST
recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of
financial position.
Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities
which are recoverable from, or payable to the tax authority, are presented as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
Rounding of amounts
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.
New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory,
have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2023. The consolidated
entity has not yet assessed the impact of these new or amended Accounting Standards and Interpretations.
Note 3. Critical accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in
relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and
assumptions on historical experience and on other various factors, including expectations of future events, management
believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal
the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are
discussed below.
48
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 3. Critical accounting judgements, estimates and assumptions (continued)
Share-based payment transactions
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the
equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes model
taking into account the terms and conditions upon which the instruments were granted. 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. The accounting estimates and assumptions relating
to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the
next annual reporting period but may impact profit or loss and equity.
Exploration and development expenditure
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.
Estimation of useful lives of assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its
property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of
technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives are
less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will
be written off or written down.
Impairment of non-financial assets other than goodwill and other indefinite life intangible assets
The consolidated entity assesses impairment of non-financial assets other than goodwill and other indefinite life intangible
assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may
lead to impairment. If an impairment trigger exists, the recoverable amount of the asset is determined. This involves fair value
less costs of disposal or value-in-use calculations, which incorporate a number of key estimates and assumptions.
Income tax
The consolidated entity is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required
in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary
course of business for which the ultimate tax determination is uncertain. The consolidated entity recognises liabilities for
anticipated tax audit issues based on the consolidated entity's current understanding of the tax law. Where the final tax
outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax
provisions in the period in which such determination is made. Deferred tax assets are recognised for deductible temporary
differences only if the consolidated entity considers it is probable that future taxable amounts will be available to utilise those
temporary differences and losses.
Rehabilitation provision
A provision has been made for the present value of anticipated costs for future rehabilitation of land explored or mined. The
consolidated entity's mining and exploration activities are subject to various laws and regulations governing the protection of
the environment. The consolidated entity recognises management's best estimate for assets retirement obligations and site
rehabilitations in the period in which they are incurred. Actual costs incurred in the future periods could differ materially from
the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates
could affect the carrying amount of this provision.
49
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 4. Fair value measurement
Due to the nature of the Group’s operating profile, the Directors and management do not consider that the fair values of the
Group’s financial assets and liabilities are materially different from their carrying amounts at 30 June 2023.
Note 5. Operating segments
Identification of reportable operating segments
The Group operates in one operating segment being mining & exploration, and its activities were divided into two reportable
segments as of the period ended 30 June 2023.
(a) Description of segments
The two reportable segments are based on two distinct geographical locations, South Africa and Australia. Mining &
exploration activities are carried out in South Africa and Australia segment, whilst the South African segment also conducts
feasibility and mine development activities; whereas the Australian segment reflects the administrative arm of the business
that supports the mining & exploration activities of the reporting Group.
(b) Segment information provided to the Chairman
The segment information provided to the audit and risk committee for the reportable segments for the year 30 June 2023 is
as follows:
Consolidated - 30 June 2023
Revenue
Interest income
Other Income
Total revenue
Segment result
Loss before income tax expense
Income tax expense
Loss after income tax expense
Consolidated - 30 June 2022
Revenue
Other revenue
Total revenue
Segment result
Profit/(loss) before income tax expense
Income tax expense
Loss after income tax expense
South
Africa
$'000
Australia
$'000
Total
$'000
-
57
57
10
-
10
8,039
(11,125)
10
57
67
(3,086)
(3,086)
-
(3,086)
South
Africa
$'000
Australia
$'000
Total
$'000
65
65
2
2
(7,600)
(7,600)
1,908
1,908
67
67
(5,692)
(5,692)
-
(5,692)
There was no revenue generated for the reportable segments for the year ended 30 June 2023 (2022: nil)
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.
50
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 5. Operating segments (continued)
South Africa
Australia
Total segment assets
Segment liabilities
Consolidated
30 June 2023 30 June 2022
$'000
$'000
22,639
3,291
23,614
3,670
25,930
27,284
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.
Consolidated
30 June 2023 30 June 2022
$'000
$'000
928
1,923
292
2,871
1,924
211
3,143
5,006
Consolidated
30 June 2023 30 June 2022
$'000
$'000
(3,086)
(5,692)
(772)
(1,423)
772
1,423
-
-
Consolidated
30 June 2023 30 June 2022
$'000
$'000
24
6
30
26
520
546
South Africa
Indonesia
Australia
Total segment liabilities
Note 6. Income tax expense
Numerical reconciliation of income tax expense to prima facie tax payable
Loss before income tax expense
Tax at the statutory tax rate of 25%
Current year tax losses not recognised
Income tax expense
Note 7. Trade and other receivables
Current assets
Other receivables
VAT receivable
51
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 8. Right-of-use assets
Current assets
Plant and equipment - right-of-use
Less: Accumulated depreciation
Non-current assets
Land and buildings - right-of-use
Less: Accumulated depreciation
Consolidated
30 June 2023 30 June 2022
$'000
$'000
-
-
-
1,640
(174)
1,466
1,466
199
(55)
144
1,594
(30)
1,564
1,708
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Consolidated
Balance at 1 July 2021
Additions
Depreciation expense
Balance at 30 June 2022
Additions
Disposals
Exchange differences
Depreciation expense
Balance at 30 June 2023
Land and
Building
$'000
Plant and
Equipment
$'000
Total
$'000
-
1,594
(30)
1,564
-
-
4
(102)
1,466
-
199
(55)
144
-
(138)
-
(6)
-
1,793
(85)
1,708
-
(138)
4
(108)
-
1,466
West Wits Mining leases land and buildings for its offices and warehouse under agreements of between 1 to 3 years with, in
some cases, options to extend. The leases have various escalation clauses. On renewal, the terms of the leases are
renegotiated. West Wits Mining also leases plant and equipment under agreements of between 1 to 2 years.
Note 9. Exploration and evaluation, development and mine properties
Non-current assets
Exploration and evaluation - at cost
Consolidated
30 June 2023 30 June 2022
$'000
$'000
23,024
22,650
52
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 9. Exploration and evaluation, development and mine properties (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out
below:
Consolidated
Balance at 1 July 2021
Additions
Exchange differences
Impairment of assets
Balance at 30 June 2022
Additions
Exchange differences
Balance at 30 June 2023
Rand & DRD
leases
$'000
Tambina
Mt Cecelia
Gold Project
$'000
Project
$'000
Total
$'000
10,886
10,676
(463)
-
21,099
2,039
(2,260)
20,878
1,794
-
-
(1,794)
-
-
-
-
1,549
2
-
-
1,551
595
-
14,229
10,678
(463)
(1,794)
22,650
2,634
(2,260)
2,146
23,024
Impairment of Tambina Project
A review of the consolidated entity's exploration assets was undertaken as at 30 June 2022 and management's assessment
was that exploration costs incurred on Tambina Project to be impaired due to not being recoverable from development or
sale. The related exploration and evaluation assets have been written off which resulted in an impairment charge of $1.7
million.
Note 10. Trade and other payables
Consolidated
30 June 2023 30 June 2022
$'000
$'000
2,297
42
3,104
175
2,339
3,279
Consolidated
30 June 2023 30 June 2022
$'000
$'000
79
6
85
848
89
937
Current liabilities
Trade payables
Accrued expenses
Refer to note 16 for further information on financial instruments.
Note 11. Lease liabilities
Current liabilities
Lease liability
Non-current liabilities
Lease liability
Refer to note 16 for further information on financial instruments.
53
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 12. Provisions
Consolidated
30 June 2023 30 June 2022
$'000
$'000
Current liabilities
Others
Provision for rehabilitation and restoration in relation to the mining production in South Africa
Non-current liabilities
Provision for rehabilitation and restoration in relation to the mining production in South Africa
-
38
38
616
654
41
42
83
642
725
Mine Rehabilitation
The Group records the present value of the estimated cost of legal and constructive obligations to rehabilitate locations where
activities have occurred which have led to a future obligation to make good. The nature of rehabilitation activities includes
dismantling and removing structures, rehabilitating mine sites, dismantling operating facilities, closure of tailings and waste
sites and restoration, reclamation and revegetation of affected areas.
Typically, the obligation arises when the asset is installed or the ground/environment is disturbed at the mining location.
When the liability is initially recorded, the present value of the estimated cost is capitalised as part of the carrying amount of
the related mining assets. Over time, the discounted liability is increased for the change in the present value based on a
discount rate that reflects current market assessments. Additional disturbances or changes in rehabilitation costs will be
recognised as additions or changes to the corresponding asset and rehabilitation liability when incurred. Although the ultimate
cost to be incurred is uncertain, the Group has estimated its costs based on feasibility and engineering studies using current
restoration standards and techniques.
The unwinding of the effect of discounting the provision is recorded as a finance cost in the Income Statement. The carrying
amount capitalised as a part of mining assets is depreciated/amortised over the life of the related asset.
Costs incurred that relate to an existing condition caused by past operations but do not have a future economic benefit are
expensed as incurred.
Note 13. Issued capital
Ordinary shares - fully paid
2,243,017,234 1,842,232,461
64,461
58,534
Consolidated
30 June 2023 30 June 2022 30 June 2023 30 June 2022
Shares
Shares
$'000
$'000
54
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 13. Issued capital (continued)
Movements in ordinary share capital
Details
Date
Shares
Issue price
$'000
Balance
Share issued in lieu of bonus payment
Share issued
Share issued under the WWI ESOP to a consultant
Exercise of options
Share issued
Share issued
Vesting of performance rights
Share issued
Exercised options fair value transfer from option
reserve to issued capital
Capital raising cost
1 July 2021
12 July 2021
10 August 2021
10 August 2021
14 October 2021
16 November 2021
24 December 2021
31 December 2021
27 May 2022
Balance
Placement
Placement
Shares issued under employee incentive schemes
Shares issued for the acquisition of Northern
Reserves Pty Ltd
Placement
Share purchase plan short fall placement
Shares issued to a consultant
Share purchase plan
Capital raising cost
30 June 2022
11 July 2022
17 August 2022
17 August 2022
8 November 2022
16 February 2023
20 April 2023
20 April 2023
20 March 2023
1,401,056,405
626,555
116,786,665
400,000
3,500,000
50,000,000
262,062,836
3,800,000
4,000,000
-
-
1,842,232,461
24,222,443
138,888,889
4,693,879
35,000,000
107,142,857
78,571,431
5,265,264
7,000,010
-
Balance
30 June 2023
2,243,017,234
$0.087
$0.060
$0.600
$0.120
$0.030
$0.030
$0.000
$0.020
$0.000
$0.000
$0.018
$0.018
$0.022
$0.017
$0.014
$0.014
$0.014
$0.014
$0.000
45,239
55
7,007
24
42
1,600
7,862
5
100
11
(3,411)
58,534
436
2,500
103
595
1,500
1,100
74
98
(479)
64,461
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion
to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company
does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that
it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to
reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated
as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the current company's share price at the time of the investment. The consolidated entity is not actively
pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in order to
maximise synergies.
55
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 13. Issued capital (continued)
The consolidated entity is subject to certain financing arrangements covenants and meeting these is given priority in all
capital risk management decisions. There have been no events of default on the financing arrangements during the financial
year.
The capital risk management policy remains unchanged from the 2022 Annual Report.
Note 14. Reserves
Foreign currency reserve
Options reserve
Consolidated
30 June 2023 30 June 2022
$'000
$'000
(6,006)
3,465
(2,541)
(4,099)
4,064
(35)
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the financial statements of foreign
operations to Australian dollars. It is also used to recognise gains and losses on hedges of the net investments in foreign
operations.
Options reserve
The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their
remuneration, and other parties as part of their compensation for services.
Note 15. Dividends
There were no dividends paid, recommended or declared during the current or previous financial year.
Note 16. Financial instruments
Financial risk management objectives
The consolidated entity's activities expose it to a variety of financial risks: market risk (including foreign currency risk, price
risk and interest rate 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.
Market risk
Foreign currency 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.
56
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 16. Financial instruments (continued)
The average exchange rates and reporting date exchange rates applied were as follows:
Australian dollars
South African Rand (ZAR)
Indonesian Rupiah (IDR)
Average exchange rates
Reporting date exchange
rates
30 June 2023 30 June 2022 30 June 2023 30 June 2022
11.95
10,256.00
11.10
10,472.00
12.52
10,000.00
11.23
10,253.00
The carrying amount of the consolidated entity's foreign currency denominated financial assets and financial liabilities at the
reporting date were as follows:
Consolidated
South African Rand (ZAR)
Indonesian Rupiah (IDR)
Assets
Liabilities
30 June 2023 30 June 2022 30 June 2023 30 June 2022
$'000
$'000
$'000
$'000
312
-
312
665
-
665
370
1,923
1,910
1,923
2,293
3,833
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 12% for ZAR and 8% for IDR (2022: 7.4% for ZAR and
6.0% for IDR) based on the year-end spot rates. A fluctuation of 12% for ZAR and 8% for IDR against the AUD at 30 June
2023 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 2022.
Consolidated entity
Sensitivity result
Impact on post-tax profit
Impact on other
components of equity
2023
$'000
2022
$'000
2023
$'000
2022
$'000
7
103
144
115
The effect on equity is to the Foreign Currency Translation Reserve and Accumulated Losses.
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.
Credit risk
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.
57
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 16. Financial instruments (continued)
Cash and cash equivalents
Trade and other receivables
Consolidated
30 June 2023 30 June 2022
$'000
$'000
1,371
30
2,328
546
1,401
2,874
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.
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 2023 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 2023 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.
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.
58
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 16. Financial instruments (continued)
Remaining contractual maturities
The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which
the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining
contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
Consolidated - 30 June 2023
Non-derivatives
Non-interest bearing
Trade and other payables
Interest-bearing:
Lease liability
Total non-derivatives
Consolidated - 30 June 2022
Non-derivatives
Non-interest bearing
Trade and other payables
Interest-bearing:
Lease liability
Total non-derivatives
Weighted
average
interest rate
%
1 year or
less
$'000
Between 1
and 2 years
$'000
Between 2
and 5 years
$'000
Remaining
contractual
maturities
$'000
Over 5 years
$'000
-
2,339
4.60%
79
2,418
-
6
6
-
-
-
-
-
-
2,339
85
2,424
Weighted
average
interest rate
%
1 year or
less
$'000
Between 1
and 2 years
$'000
Between 2
and 5 years
$'000
Remaining
contractual
maturities
$'000
Over 5 years
$'000
-
3,279
4.60%
848
4,127
-
89
89
-
-
-
-
-
-
3,279
937
4,216
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed
above.
Fair value of financial instruments
Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.
Note 17. Key management personnel disclosures
Compensation
The aggregate compensation made to directors and other members of key management personnel of the consolidated entity
is set out below:
Short-term employee benefits
Post-employment benefits
Share-based payments
(a) Transactions with other related parties
Consolidated
30 June 2023 30 June 2022
$
$
924,826
25,318
92,315
768,989
19,116
360,326
1,042,459
1,148,431
The following table outlined the transactions occurred with related parties during the current and previous financial year and
trade payables to related parties at the current and previous reporting date:
59
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 17. Key management personnel disclosures (continued)
30 June 2023
30 June 2022
Transaction
Value
$
Balance
Outstanding
$
Transaction
Value
$
Balance
Outstanding
$
Sales and purchases of goods and services
Legal fees to QR Lawyers, a Director related entity to Mr
Michael Quinert
Rental expense to Brickwick Pty Ltd, a Director related entity
to Mr Michael Quinert
Legal fees to Malan Scholes Attorneys, a Director related
entity to Mr Hulme Scholes
Broker fees Far East Capital, a Director related entity to Mr
Warwick Grigor
Consultancy fees to MERA Advisers, a Director related entity
to Mr Hulme Scholes
Broker fees Pac Partners Securities Pty Ltd, a Director related
entity to Mr Tim Chapman
50,179
11,821
78,295
28,217
21,382
2,115
24,000
-
91,943
35,705
118,214
4,015
66,000
-
-
-
-
-
-
3,919
464,675
-
-
-
229,504
49,641
689,103
32,232
Note 18. Remuneration of auditors
During the financial year the following fees were paid or payable for services provided by , the auditor of the company:
Consolidated
30 June 2023 30 June 2022
$
$
47,100
46,000
25,095
14,000
72,195
60,000
Remuneration of the auditor of the parent entity for:
Audit or review of the financial statements
Remuneration of other auditors of subsidiaries for:
Audit services and review of financial statements
Note 19. Contingent assets
The group had no contingent assets at 30 June 2023 and 30 June 2022.
Note 20. Contingent liabilities
The group had no contingent liabilities at 30 June 2023 and 30 June 2022.
Note 21. Related party transactions
Parent entity
West Wits Mining Limited is the parent entity.
Subsidiaries
Interests in subsidiaries are set out in note 23.
Key management personnel
Disclosures relating to key management personnel are set out in note 17 and the remuneration report included in the
directors' report.
60
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 21. Related party transactions (continued)
Transactions with related parties
Other than disclosed in note 17 there were no transactions with related parties during the current and previous financial year.
Receivable from and payable to related parties
Other than disclosed in note 17 there were no trade receivables from or trade payables to related parties at the current and
previous reporting date.
Loans to/from related parties
There were no loans to or from related parties at the current and previous reporting date.
Note 22. Parent entity information
Set out below is the supplementary information about the parent entity.
Statement of profit or loss and other comprehensive income
Profit/(loss) after income tax
Total comprehensive income/(loss)
Statement of financial position
Total current assets
Total assets
Total current liabilities
Total liabilities
Equity
Issued capital
Options reserve
Accumulated losses
Total equity
Parent
30 June 2023 30 June 2022
$'000
$'000
(11,120)
1,907
(11,120)
1,907
Parent
30 June 2023 30 June 2022
$'000
$'000
1,089
2,118
42,523
47,558
230
230
210
210
64,461
3,465
(25,633)
58,534
4,064
(15,250)
42,293
47,348
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries
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 (2022: Nil).
Contingent liabilities
The parent entity did not have any contingent liabilities as at 30 June 2023 and 30 June 2022.
Capital commitments - Property, plant and equipment
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2023 and 30 June 2022.
61
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 22. Parent entity information (continued)
Significant accounting policies
The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except
for the following:
●
●
●
Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
Investments in associates are accounted for at cost, less any impairment, in the parent entity.
Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an
indicator of an impairment of the investment.
Note 23. Interests in subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following wholly-owned subsidiaries
in accordance with the accounting policy described in note 2. 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.
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries with non-
controlling interests in accordance with the accounting policy described in note 2:
Name
Principal place of business /
Country of
incorporation
West Wits Mining SA (Pty) Ltd South Africa
West Wits MLI (Pty) Ltd
South Africa
NuGold Company Ltd (Hong
Kong)
PT. NuGold Indonesia
PT. Madinah Qurrata'ain
Hong Kong
Indonesia
Indonesia
Parent
Ownership
interest
Ownership
interest
Non-controlling interest
Ownership
interest
Ownership
interest
30 June 2023 30 June 2022 30 June 2023 30 June 2022
%
%
%
%
90.00%
74.00%
90.00%
74.00%
100.00%
100.00%
64.00%
100.00%
100.00%
64.00%
10.00%
26.00%
-
-
36.00%
10.00%
26.00%
-
-
36.00%
All subsidiaries listed above operated in the mining and exploration industry.
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.
Non-controlling interests (NCI)
Transactions with non-controlling interests
There have been no transactions with non-controlling interests during the year ended 30 June 2023 (2022: nil).
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.
62
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 23. Interests in subsidiaries (continued)
Summarised balance sheet
Current assets
Current liabilities
Current net assets
Non-current assets
Non-current liabilities
Non-current net assets
Net assets
Accumulated NCI
South Africa
Indonesia
30 June 2023 30 June 2022 30 June 2023 30 June 2022
$'000
$'000
$'000
$'000
313
(379)
(66)
22,326
(549)
21,777
757
(2,140)
(1,383)
22,856
(731)
22,125
-
(1,858)
(1,858)
-
(65)
(65)
-
(1,858)
(1,858)
-
(65)
(65)
21,711
20,742
(1,923)
(1,923)
3,157
2,262
4,224
4,224
South Africa
Indonesia
30 June 2023 30 June 2022 30 June 2023 30 June 2022
Summarised statement of comprehensive income
Profit / (Loss) for the period
Other comprehensive income
Total comprehensive income – Profit / (Loss)
(1,421)
(2,131)
(3,552)
(2,013)
(434)
(2,447)
Total comprehensive income allocated to NCI – Profit / (Loss)
(895)
(522)
-
-
-
-
-
(108)
(108)
(39)
South Africa
Indonesia
30 June 2023 30 June 2022 30 June 2023 30 June 2022
Summarised cash flows
Cash flows used in operating activities
Cash flows from investing activities
Cash flows from financing activities
(5,567)
(2,573)
8,230
(8,764)
(3,042)
11,734
Net increases/(decrease) in cash and cash equivalents
90
(72)
-
-
-
-
-
-
-
-
Joint operations
In December 2021, West Wits entered a Farm-In and Joint Venture Term Sheet with Rio Tinto Exploration Pty Limited (“RTX”)
to explore WWI’s Mt Cecelia (E45/5045) in Western Australia. RTX paid West Wits $150,000 up-front and RTX has a sole
and exclusive right to earn an initial 51% joint venture interest in the Tenement by sole funding exploration expenditure of
A$4,000,000 within four (4) years after the Agreement's execution date.
After obtaining the initial 51% interest, RTX has the right to sole fund a further A$6,000,000 of exploration expenditure within
three years of the Joint Venture formation date to earn an additional 29% interest in the Joint Venture. If RTX makes the
Stage 2 sole fund election, RTX must pay West Wits a further $250,000.
During the 2023 financial year, under the initial 51% earn in stage RTX completed heritage surveys with Native Title Parties,
1,000m of Reverse Circulation drilling and downhole electromagnetic surveys at SGC_1 target. At year end, RTX has sole
funded approx. 35% of Stage 1 exploration expenditure requirement within 1.5-years of the 4-year Farm-In period.
63
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 24. Events after the reporting period
On 10 July 2023, the Company appointed Mr Roelof (Rudi) Deysel as Chief Operating Officer and Country Manager (RSA),
effective on 31 July 2023.
On 11 July 2023, the Company announced that the Industrial Development Corporation of South Africa (“IDC”) has issued a
written expression of interest and indicative funding terms in connection with the financing of the Company’s Qala Shallows,
part of the Witwatersrand Basin Project (“WBP”) in Johannesburg, South Africa amounted to ZAR300 million (approx.
US$15.9 million).
On 31 July 2023, Mr Jac Van Heerden transited from Managing Director to Non-Executive Director.
On 31 July 2023, the Company issued 4,459,185 ordinary shares to key management personnels.
On 31 July 2023, the Company issued 73,824,320 ordinary shares at $0.015 (1.5 cents) per share as Provisional Placement
Shares under the Equity Placement Agreement. The Placement Period closed on 12 September 2023 and resulted in the
purchase of 21,428,572 ordinary shares at $0.014 (1.4c) to raise $300,000. Under the Equity Placement Agreement the
number of the balance of the Provisional Shares can purchased by the Investor, held for future drawdowns and/or for
offsetting against future obligations to issue shares to the Investor, or (at the election of the Investor) that number of shares
can be transferred as directed by the Company for an aggregate consideration of $1.
On the 13 September 2023 issued 5 million unlisted options with an exercise price of $0.0219 (2.19 cents) and expiry date
12 September 2026.
No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the
consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial
years.
Note 25. Reconciliation of loss after income tax to net cash used in operating activities
Consolidated
30 June 2023 30 June 2022
$'000
$'000
(3,086)
(5,692)
116
-
-
-
(56)
-
153
(17)
257
(45)
-
100
1,794
37
437
(47)
21
97
(175)
457
(20)
9
(2,678)
(2,982)
Loss after income tax expense for the year
Adjustments for:
Depreciation and amortisation
Impairment of exploration assets
Finance cost - leases
JV cost expensed - non-cash
Other income -non-cash
Interest paid on borrowings
Share-based payments
Other unrealised foreign exchange
Change in operating assets and liabilities:
Increase in trade and other payables
Decrease in employee benefits
Decrease in other current assets
Net cash used in operating activities
64
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 26. Loss per share
Loss per share from continuing operations
Loss after income tax
Loss after income tax attributable to the owners of West Wits Mining Limited
Loss after income tax attributable to the owners of West Wits Mining Limited used in
calculating diluted earnings per share
Consolidated
30 June 2023 30 June 2022
$'000
$'000
(3,086)
(5,692)
(3,086)
(5,692)
(3,086)
(5,692)
Number
Number
Weighted average number of ordinary shares used in calculating basic loss per share
2,071,147,383 1,676,975,544
Weighted average number of ordinary shares used in calculating diluted loss per share
2,071,147,383 1,676,975,544
Basic loss per share
Diluted loss per share
Note 27. Share-based payments
Cents
Cents
(0.15)
(0.15)
(0.34)
(0.34)
Share based payments expense during the period is $153,000 (2022: $97,000) of which relates to options issued to Directors,
KMP and other employees of the Company.
Unlisted options
Set out below are summaries of options granted as share-based payments as at 30 June 2023:
30 June 2023
Grant date
Expiry date
price
Exercise
Balance at
the start of
the year
Granted
Expired/
forfeited/
other
Exercised
Balance at
the end of
the year
21/11/2017
04/12/2017
21/11/2017
29/11/2019
10/08/2021
17/12/2021
17/12/2021
17/12/2021
16/11/2021
24/12/2021
26/05/2022
21/07/2022
21/07/2022
21/07/2022
23/08/2022
03/12/2022
03/12/2022
29/01/2023
18/12/2023
10/08/2022
01/07/2024
01/07/2025
01/07/2026
10/08/2022
24/12/2024
26/05/2025
01/07/2024
01/07/2025
01/07/2026
23/08/2025
-
6,000,000
$0.050
-
$0.050
3,000,000
-
$0.050 17,000,000
-
$0.012
2,500,000
-
$0.120 11,678,664
-
5,950,000
$0.100
-
5,950,000
$0.150
-
$0.250
5,950,000
-
$0.120 15,000,000
-
$0.050 75,000,000
-
$0.041 25,000,000
2,340,426
-
$0.010
2,165,354
-
$0.150
2,091,256
-
$0.250
5,000,000
-
$0.026
173,028,664 11,597,036
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(6,000,000)
(3,000,000)
(17,000,000)
-
(11,678,664)
(675,000)
(675,000)
-
(15,000,000)
-
-
-
2,500,000
-
5,275,000
5,275,000
5,950,000
-
- 75,000,000
- 25,000,000
2,340,426
-
2,165,354
-
2,091,256
-
5,000,000
-
(54,028,664) 130,597,036
Weighted average exercise price
$0.071
$0.086
$0.000
$0.086
$0.066
65
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 27. Share-based payments (continued)
Set out below are the options exercisable as at 30 June 2023:
Grant date
Expiry date
21/11/2017
04/12/2017
21/11/2017
29/11/2019
10/08/2021
24/12/2021
24/12/2021
26/05/2022
21/07/2022
23/08/2022
03/12/2022
03/12/2022
30/01/2023
18/12/2023
10/08/2022
10/08/2022
24/12/2024
26/05/2025
01/07/2024
23/08/2025
30 June 2023 30 June 2022
Number
Number
2,500,000
6,000,000
-
-
3,000,000
- 17,000,000
2,500,000
- 11,678,664
- 15,000,000
75,000,000 75,000,000
25,000,000 25,000,000
-
-
2,340,426
5,000,000
109,840,426 155,178,664
The weighted average remaining contractual life of options outstanding at the end of the financial year was 1.67 years (2022:
1.9 years).
For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the
grant date, are as follows:
Grant date
Expiry date
Share price Exercise
at grant date
price
Expected
volatility
Dividend
yield
Risk-free
interest rate at grant date
Fair value
21/07/2022
21/07/2022
21/07/2022
23/08/2022
01/07/2024
01/07/2025
01/07/2026
01/01/2015
$0.021
$0.021
$0.018
$0.000
$0.100
$0.150
$0.250
$0.026
99.00%
99.00%
99.00%
98.00%
-
-
-
-
2.92%
2.92%
2.92%
3.04%
$0.004
$0.005
$0.005
$0.010
(i)
(ii)
(iii)
(iv)
On 21 July 2022 the Company granted 2,340,426 unlisted options with exercise price at $0.10 (10 cents) vested on
21 July 2022 and expiring on 1 July 2024 to SA senior managers.
On 21 July 2022 the Company granted 2,165,354 unlisted options with exercise price at $0.15 (15 cents) vesting on
1 July 2023 and expiring on 1 July 2025 to SA senior managers.
On 21 July 2022 the Company granted 2,091,256 unlisted options with exercise price at $0.25 (25 cents) vesting on
1 July 2024 and expiring on 1 July 2026 to SA senior managers.
On 23 August 2022 the Company granted 5,000,000 unlisted options with exercise price at $0.026 (2.6 cents)
vesting on 23 August 2022 and expiring on 23 August 2025 to SBC Global Investments as part of transaction costs
for the Placement.
During the period 83,393,308 free attaching options were issued, in relation to share placements, that are not included in the
above tables as they are not considered share-based payments under AASB 2 Share-Based Payment.
Performance Rights
Set out below are summaries of performance rights granted:
66
West Wits Mining Limited
Notes to the financial statements
30 June 2023
Note 27. Share-based payments (continued)
Outstanding at the beginning of the financial year
Lapsed
Outstanding at the end of the financial year
Number of
rights
'000
$
'000
10,200
(6,300)
3,900
4
(4)
-
67
West Wits Mining Limited
Directors' declaration
30 June 2023
In the directors' opinion:
●
●
●
●
the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at
30 June 2023 and of its performance for the financial year ended on that date; and
there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due
and payable.
The directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of the directors
___________________________
Michael Quinert
Chairman
27 September 2023
68
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 2023, 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 2023 and of its financial
performance for the year ended on that date; 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.
Material Uncertainty Related to Going Concern
We draw attention to Note 2 in the financial report, which indicates that the Group incurred a net loss of
$3,086,000 during the year ended 30 June 2023, net operating cash outflows of $2,678,000, and as at
30 June 2023 the Group’s current liabilities exceeded its current assets by $1,054,000. As stated in
Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a
Level 20, 181 William Street, Melbourne VIC 3000
+61 3 9824 8555
vic.info@williambuck.com
williambuck.com.au
William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
Liability limited by a scheme approved under Professional Standards Legislation.
material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a
going concern. Our opinion is not modified in respect of this matter.
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. In addition to the matter described in the Material Uncertainty Related to Going
Concern section, we have determined the matter described below to be the key audit matter to be
communicated in our report.
CARRYING VALUE OF EXPLORATION AND EVAUATION ASSETS
Area of focus (Refer to Notes 2, 3 and 9)
How our audit addressed it
The Group has continued to incur exploration costs
for its 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. The
total balance capitalised over these years have
made this balance significant to the audit and
therefore is reflected as a key audit matter.
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.
Due to the potential commencement of mining
operations, the Group are also liable for the
rehabilitation costs of active tenements, and have
recognised a provision, in respect of this.
Based on management’s assessment the
exploration areas in Australia and South Africa
continue to meet the requirements for capitalisation
at 30 June 2023.
Our audit procedures included:
— A review of the directors’ assessment of the
criteria for the capitalisation of exploration
expenditure and evaluation of the impairment
charge recorded by management;
— 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;
— Examining project spend to each area of
interest to ensure that it is directly attributable
to that area of interest; and
— Reviewing the report prepared by
managements independent expert in respect of
the Group’s rehabilitation requirements. We
reviewed this report for reasonability of the
provision, as well as the credentials of the
experts that prepared it.
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 2023 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:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.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
2023.
In our opinion, the Remuneration Report of West Wits Mining Limited for the year ended 30 June 2023,
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, 27 September 2023
West Wits Mining Limited
Shareholder information
30 June 2023
Shareholder Information
The shareholder information set out below was applicable as at 26/09/2023.
Distribution of ordinary fully paid shares
Holding Ranges
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
Holders
54
16
54
1,428
1,408
2,960
Total Units % Issued Share Capital
0.00%
0.00%
0.02%
2.93%
97.05%
100.00%
5,253
48,091
448,127
67,900,325
2,252,898,943
2,321,300,739
There were 764 shareholders of less than a marketable parcel of ordinary shares ($0.014 on this date) in the Company
totalling 14,657,301 ordinary shares.
There were 5,265,264 restricted ordinary shares with the escrow period ending on 17/04/2024.
Top Twenty Ordinary fully paid shareholders
The names of the twenty largest holders of quoted equity securities are listed below:
Position
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Holder Name
WINGFIELD DURBAN DEEP LP
CITICORP NOMINEES PTY LIMITED
BNP PARIBAS NOMS PTY LTD
BNP PARIBAS NOMINEES PTY LTD
SUPERNOVA FUND PTY LTD
SBC GLOBAL INVESTMENT FUND
BNP PARIBAS NOMS PTY LTD UOBKH A/C R'MIERS
DRD GOLD LIMITED
REALSTAR FINANCE PTY LTD
MR RONALD WERNER NEUGEBAUER & MISS TESS CAITLIN
NEUGEBAUER
KASTIN PTY LTD
TWYNAM INVESTMENTS PTY LTD
DEBT MANAGEMENT ASIA CORPORATION
MRS DIANNE BAILEY
MS CATHERINE LE
SUPERHERO SECURITIES LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
MR DIB DANNY EL-HELWE
MR SIMON JOHN WHYTE
AABP HOLDINGS PTY LTD
Totals
Total Issued Capital
Holding
202,061,981
119,417,177
64,639,392
60,648,616
56,857,143
53,664,805
50,862,998
47,812,500
43,000,000
42,000,000
41,882,363
20,982,223
17,093,417
14,770,001
13,000,000
12,742,806
12,595,716
12,027,227
11,698,392
11,444,206
909,200,963
2,321,300,739
% IC
8.70%
5.14%
2.78%
2.61%
2.45%
2.31%
2.19%
2.06%
1.85%
1.81%
1.80%
0.90%
0.74%
0.64%
0.56%
0.55%
0.54%
0.52%
0.50%
0.49%
39.17%
100.00%
Ordinary fully paid shares are quoted on the ASX (Australia) and OTCQB (USA).
73
West Wits Mining Limited
Shareholder information
30 June 2023
Equity security holders
Unquoted equity securities
Unquoted Securities
UNLISTED OPTIONS
PERFORMANCE RIGHTS
Total Holders
(100,001 - and over)
36
3
Total
Holdings
135,597,036
3,900,000
Evolution Capital Pty Ltd holds 60,000,000 unlisted options (44% of unlisted options).
Refer to the Directors Report and Note 27 to the Financial Statements for further information in relation to unquoted options
and performance rights.
Substantial holders
Names of substantial shareholders who own 5% of more of the voting shares.
Shareholders who have lodged a substantial shareholders notice with the Company.
Holder Name
WINGFIELD DURBAN DEEP LP
Holding Balance % IC
8.70%
173,195,314
Voting rights
The voting rights attached to ordinary shares are set out below:
Ordinary shares
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each
share shall have one vote.
There are no other classes of equity securities.
74