West Wits Mining secures R$236M for gold project
- West Wits Mining received its second senior debt drawdown of R$236 million to fully fund its Qala Shallows Gold Project through to steady-state production.
- The company’s share price increased to $0.39 following the update.
- Operational momentum is accelerating towards commercial production in late 2027 and a target steady-state output of 70,000 ounces per year by early 2029.
West Wits Mining (ASX:WWI) fully funded its Qala Shallows Gold Project to steady-state production after securing a R$236 million debt drawdown.
The second drawdown from Absa and Nedbank follows underground development rates almost tripling from 73m in July to a record 200m in September.
"We have advanced the three things that will drive production at Qala Shallows: underground access, surface infrastructure and funding," said West Wits Mining CEO & Managing Director Rudi Deysel.
Surface infrastructure reached 61% completion by late September 2026, keeping the haulage road, pollution control dam, and ore facilities on track for completion in the third quarter of 2027.
The mine plans to deliver 10,000 to 15,000 ounces of gold in 2027 before ramping up to 70,000 ounces annually by 2029.
Following the announcement, the West Wits Mining share price was up at $0.39.
The South Africa-focused miner breached the historic 2-level area in May, granting trackless equipment access to unmined ore stopes ahead of scheduled stoping in February 2027.
West Wits Mining targets long-term production rates of 600m per month of underground development as commercial operations commence in late 2027.
