West Wits Mining secures ZAR339 million loan for Qala Shallows gold project

West Wits Mining announced financial close on its senior loan facility, drawing ZAR339 million (about A$29.9 million) from a total ZAR875 million facility funded by Absa Bank and Nedbank CIB. The funds are earmarked for the Qala Shallows gold project in South Africa’s Central Rand Goldfield. Management expects the loan to finance the mine through to steady‑state production, targeting 70,000 oz of gold per year over a 12‑year mine life with a net present value of USD 500 million and an internal rate of return of 81 % at a gold price of USD 2,850 per ounce.

The capital injection will support the purchase of heavy‑machinery, surface infrastructure upgrades and environmental works, including a pollution‑control dam, a new haulage road and a potable‑water mains connection. Equipment deliveries are scheduled for Q3 2026, and the site will switch to permanent grid power in Q4 2026. Early ore deliveries are planned to the nearby Sibanye‑Stillwater Ezulwini processing plant, providing initial production revenue. The broader Witwatersrand Basin project holds an estimated 7.24 million ounces of gold resources, underscoring the strategic importance of the financing for West Wits’ transition from developer to producer.