en.Wedoany.com Reported - West Wits Mining, listed on the Australian Stock Exchange, has signed a final loan agreement to finance its Qala Shallows gold project located in the West Rand of Johannesburg.

The signing of this agreement marks the completion of the financing pathway required for West Wits Mining to achieve steady-state gold production.

The completion of the financing arrangement eliminates a key execution risk, enabling West Wits Mining to accelerate the ramp-up of the Qala Shallows project. The project targets a steady-state production of 70,000 ounces of gold per year starting from the second quarter of 2028.

Absa and Nedbank Corporate and Investment Banking collaborated with West Wits Mining to structure the current financing package. This package includes a ZAR 875 million senior loan facility, a ZAR 150 million working capital facility, and a ZAR 90 million cost overrun debt facility.

West Wits Mining CEO Rudi Deysel stated that the signing of the three loan facilities marks the completion of the financing package and represents a significant step forward in the delivery of the Qala Shallows project. The senior loan facility announced in May provided the core capital pillar, while the working capital facility and cost overrun debt facility offer commercial flexibility—ensuring the company can effectively manage working capital cycles and maintain financial resilience during the ramp-up phase. With the financing structure completed and gold production already underway, the company's focus will be on disciplined operational delivery, including advancing underground development, increasing ore delivery rates to the Ezulwini processing plant, and progressing toward steady-state production.

West Wits Mining is the first new underground gold mine developed in South Africa in the past 15 years. The project is supported by a US$500 million after-tax net present value (based on a gold price of US$2,850 per ounce) confirmed by a definitive feasibility study, as well as a global mineral resource estimate compliant with the Joint Ore Reserves Committee standards (7.24 million ounces, with a high-grade concentration of 4 grams per tonne).

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