Update on IDC due diligence and funding for Qala Shallows project

West Wits Mining Limited (ASX: $WWI) is making progress with the Industrial Development Corporation of South Africa (IDC) due diligence process for the Qala Shallows project in Johannesburg. The IDC has initiated the due diligence investigation as part of its proposed ZAR300 million debt facility to fund development capital for Qala Shallows.

Chairman's perspective on IDC due diligence and funding progress

The commencement of work by the IDC team to complete the due diligence represents a significant milestone towards finalisation of funding for Qala Shallows. Not only does it move IDC closer to providing final terms, but it will also provide comfort and validation for other potential funders who invariably respect and take heed of the IDC's process. I am confident the significant work our team has done to demonstrate the project's robust economics and technical merit will ensure a successful outcome for this due diligence program.

Summary of Qala Shallows project and funding outlook

West Wits Mining's Qala Shallows project, with a comprehensive Definitive Feasibility Study, is expected to produce nearly 1 million ounces of gold over a 17-year lifespan, generating approximately 1,000 jobs over 18 years. The project's steady state annual output of over 70,000 ounces of gold at a cost below $900 per ounce underscores its significant potential for local economic and community development. The progress with IDC's due diligence and the engagement with other funding sources indicate a positive outlook for finalising funding terms, mobilising resources, and initiating operations.