West Wits raises $27.5m to advance gold projects and fund production

West Wits Mining Limited has raised A$27.5 million (before costs) through a firm equity placement to predominantly institutional investors, strengthening its balance sheet and positioning the company for its transition into gold production.

The placement, arranged by Evolution Capital, provides funding certainty for West Wits as it advances development at its Qala Shallows gold project. The capital raised fully funds the company through to sustainable gold production, with first gold targeted for March 2026, while also supporting growth and exploration initiatives across its broader asset portfolio.

The equity placement follows an unsolicited approach on behalf of institutional investors, reflecting growing confidence in West Wits’ development strategy and its progression from developer to producer.

Under the terms of the placement, West Wits will issue 343.75 million new fully paid ordinary shares at A$0.08 per share, representing a 7% discount to the 15-day volume weighted average price (VWAP). Every two shares issued will be accompanied by one unlisted option, exercisable at A$0.11 and expiring three years from the date of issue.

Combined with existing cash reserves and available financing options, the proceeds provide funding certainty for sustainable production at Qala Shallows while preserving balance sheet flexibility as the company evaluates potential senior debt options.

Beyond gold production, the capital raised enables West Wits to progress Project 200 through a scoping study and to undertake drilling at the BRC Uranium target. These initiatives expand the company’s exposure to strategic commodities within the Witwatersrand Basin Project and provide additional growth potential.

Commenting on the placement, CEO Rudi Deysel said, “Securing this A$27.5 million placement through predominantly institutional investors is a strong endorsement of West Wits’ strategy and the quality of our Qala Shallows gold project.

“This funding places the company in a very strong position, fully funding mine development through to sustainable gold production, with first gold targeted for March 2026. Importantly, it allows us to progress construction with confidence while maintaining balance sheet flexibility as we evaluate senior debt options,” said Deysel.

He added, “We are particularly pleased to be strengthening our institutional share register at this stage of the company’s evolution, as we transition from developer to producer. In parallel, the capital raised enables us to advance growth opportunities across the Witwatersrand Basin Project, including Project 200 and the BRC Uranium target, providing shareholders with meaningful upside beyond initial production.”