West Wits repays Nebari loan, nears $53M senior loan drawdown

Nebari Facility Repayment Unlocks Major Funding Step

West Wits Mining Limited (ASX:WWI) has repaid in full its USD 12.5 million loan from Nebari Natural Resources Credit Fund II LP, clearing all associated obligations and security. This repayment satisfies the final condition precedents for the imminent financial close of a ZAR 875 million (~USD 53 million) senior loan facility syndicated by South African banks Absa and Nedbank Corporate and Investment Banking (CIB).

The Nebari facility, secured in the second half of 2025, played a pivotal role in West Wits’ operational ramp-up at its Qala Shallows Project. The funding enabled underground development, critical equipment purchases, and consistent ore delivery to Sibanye-Stillwater’s Ezulwini processing plant. CEO Rudi Deysel acknowledged Nebari’s nimble support as instrumental in maintaining momentum during a crucial phase.

Senior Loan Facility Completes Capital Structure

The ZAR 875 million senior loan, arranged with Absa and Nedbank CIB, represents a strong institutional endorsement of the technical and commercial viability of Qala Shallows. This syndicated project finance facility, announced definitively on 19 June 2026, fully funds the project through to steady-state production of approximately 70,000 ounces of gold per annum.

The senior lenders are among South Africa’s most experienced mining financiers, underscoring confidence in West Wits’ development strategy. The loan replaces earlier funding arrangements and supports the company’s ongoing production ramp-up, expected to reach steady-state output by late 2028.

Qala Shallows Project Advancing Towards Production Targets

Qala Shallows, the first stage of West Wits’ Witwatersrand Basin Project, holds a global JORC Mineral Resource Estimate of 7.24 million ounces at 4.0 grams per tonne. The project achieved first gold production in October 2025, with the inaugural gold pour at the Ezulwini plant completed in March 2026. Underground development continues to progress, aiming to increase ore delivery and unlock additional mining areas.

The updated Definitive Feasibility Study (DFS) from July 2025 outlines a 16.8-year mine life with total production of 944,000 ounces and an all-in sustaining cost (AISC) of USD 1,181 per ounce. At a gold price of USD 2,850 per ounce, the project delivers a post-tax net present value (NPV7.5) of USD 500 million and an internal rate of return (IRR) of 81%, with an eight-month payback period following peak funding.

Upcoming Milestones and Growth Ambitions

With financial close and first drawdown of the senior loan expected imminently, West Wits is focused on accelerating its production ramp-up. Key near-term objectives include continued underground development, progressive increases in ore throughput to the Ezulwini plant, and a targeted grid power connection by Q4 2026 to improve operational cost efficiency.

Additionally, the company is advancing its Project 200 Scoping Study, which aims to explore scaling production towards an aspirational 200,000 ounces per annum. This study builds on the foundation laid by the current DFS and reflects West Wits’ ambition to significantly expand its footprint in the prolific Witwatersrand Basin gold district.