West Wits Mining Limited (ASX:WWI) Announces Quarterly Activity Update
Operational Achievements
West Wits Mining Limited (ASX: WWI) has reported significant operational advancements during the quarterly period ending December 31, 2024. The company secured a new Prospecting Right (PR 10730) for the Witwatersrand Basin Project, increasing its Mineral Resource Estimate by 749,000 ounces, or 17.5%. This raises the total to 5.025 million ounces at a global grade of 4.66g/t Au.
Financial Update and Project Funding
West Wits is in the process of securing a syndicated senior debt facility aimed at covering 50-60% of the funding for the Qala Shallows Gold Project. Credit approval has been received from one of two parties. Final approval for the loan relies on the completion of the DFI’s approval procedures and documentation execution. The company is also exploring additional funding avenues to support full project financing.
Leadership Changes
Effective December 1, 2024, Mr. Rudi Deysel was appointed as Chief Executive Officer. With over 22 years of experience, he has previously served as Chief Operating Officer and has been pivotal in advancing the Qala Shallows Project and securing financing.
Future Outlook
In 2025, West Wits aims to complete its equity raise, secure the remaining credit approval, and prepare for project execution. The company expects to initiate production by mid-year and targets a steady-state production rate of 70,000 ounces of gold per annum at a low production cost under US$1,000 per ounce.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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