South Africa gold miner West Wits raises $18.2mn for Qala Shallows project

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West Wits Mining Ltd (ASX:WWI) has raised AUD27.5mn ( $18.5mn ) through an equity placement, largely supported by institutional investors, as the Australia -listed junior miner moves to strengthen its balance sheet and fund development at its flagship Qala Shallows gold project in South Africa’s Witwatersrand Basin . The company said the placement will fully fund West Wits through to first gold production at Qala Shallows, marking a major de-risking milestone for the project and for the group’s broader African strategy. Proceeds will be used to advance underground development, mine infrastructure and processing plant preparations, as well as for ongoing exploration and working capital, the company said in a statement. Qala Shallows forms part of the historic Witwatersrand goldfields, one of the world’s most prolific gold-producing regions. West Wits has been working to fast-track the project into production following regulatory approvals and feasibility studies completed over the past two years. Management said the strong institutional participation in the placement reflected growing confidence in the company’s development strategy and the near-term production profile of Qala Shallows. West Wits is an Australian-listed gold explorer and developer with projects in South Africa and Indonesia . Its portfolio includes the Qala Shallows and Kimberley projects in South Africa and the Tirtomoyo project in Java, Indonesia . The company is targeting first gold production at Qala Shallows in the near term, positioning it to generate cash flow to support further exploration and potential expansion across its asset base. Investors will be watching closely for construction milestones and commissioning timelines as West Wits transitions from explorer to producer in one of the world’s most established gold mining jurisdictions. © 2026 bne IntelliNews, source Magazine

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