West Wits’ Funding Boost Raises Stakes Ahead of First Gold Pour

Strategic Upsize Strengthens West Wits’ Position

West Wits Mining Limited (ASX, WWI) has successfully upsized its institutional placement to raise A$33.74 million, a significant increase from the initial A$27.5 million announced just days earlier. This boost was driven by a $10 million strategic investment from Tribeca Investment Partners, an Asia Pacific-based firm known for backing growth companies in the resources sector. The move underscores growing institutional confidence in West Wits as it prepares to transition into gold production.

Fully Funding the Qala Shallows Project

The additional capital injection fully funds the Qala Shallows gold project through to steady-state production, targeting an annual output of 70,000 ounces over 12 years. The project, located in South Africa’s prolific Witwatersrand Basin, is on track for its first gold pour in March 2026, marking a milestone as the country’s first new underground gold mine in 15 years. This funding milestone provides West Wits with the financial flexibility to optimise its senior debt arrangements while accelerating development.

Placement Structure and Investor Incentives

The placement involves issuing 421.75 million new fully paid ordinary shares at A$0.08 each, representing a 7% discount to the 15-day volume weighted average price. Investors will also receive free-attaching unlisted options exercisable at A$0.11 within three years, providing additional upside potential. Evolution Capital arranged the placement and will receive a 6% fee plus 10 million options, aligning their interests with the company’s growth trajectory.

Investor and Management Commentary

Ben Cleary, Director and Partner at Tribeca, highlighted the strategic rationale behind their investment, noting the strong near-term catalyst presented by the Qala Shallows project’s commissioning and production ramp-up. West Wits CEO Rudi Deysel welcomed Tribeca as a cornerstone investor, emphasising that the upsized placement represents a robust endorsement of the company’s strategy and production outlook. He also noted that the funding materially strengthens the balance sheet and supports the company’s transition into a gold producer.

Broader Project and Future Prospects

Beyond Qala Shallows, West Wits continues to explore growth opportunities within the Witwatersrand Basin Project, which boasts a substantial 5.025 million ounce gold resource. The company also allocates funds towards a scoping study for Project 200 and a drilling program at its BRC Uranium project, signalling a diversified approach to resource development. As West Wits moves closer to production, market watchers will be keen to see how the company manages operational execution and debt optimisation.