West Wits advances build-out of Qala Shallows gold project in South Africa out after $12.5mn Nebari drawdown

About this update from West Wits Mining Limited

West Wits Mining (ASX:WWI) has drawn $12.5mn under its debt-financing arrangement with the Nebari Natural Resources Credit Fund , marking the first tranche of a facility of up to $35mn , according to Mining Weekly . The funding supports construction and early development at the company’s Qala Shallows gold project in South Africa’s Witwatersrand Basin . The company said underground development, fleet expansion and surface works are progressing on schedule, keeping Qala Shallows on track for a first gold pour in March 2026 . First underground ore was delivered to surface in mid-October and is being stockpiled ahead of toll treatment at Sibanye-Stillwater’s Ezulwini plant. Development of the main decline has started, with the first blast completed — a milestone West Wits says establishes long-term access for ramp-up toward a targeted steady-state output of 70,000oz/y. The company emphasised that production and workforce estimates remain projected targets, not current operational levels. A new underground fleet has been commissioned, including a 20t dump truck, a 10t load-haul-dumper, a utility vehicle and scissor-lift cassettes. Additional equipment — including a second double-boom drill rig due in December and two dump trucks and one LHD scheduled for delivery by March 2026 — has been ordered to support the ramp-up. The site team has expanded to 103 personnel and is forecast to reach about 150 by March 2026 and more than 1,000 workers in the project’s third year. West Wits’ interest in the project is held through its operating structure in the Witwatersrand, one of the world’s most historically prolific goldfields. Infrastructure milestones include completion of a temporary workshop and lamproom, with work continuing on the explosives delivery bay and site terracing to enlarge the surface footprint for full-scale operations. CEO Rudi Deysel said Qala Shallows has “moved from development into delivery” following the Nebari drawdown and ongoing mobilisation. He added that the mine’s economics are supported by current gold-market conditions, with spot prices strengthening global project margins. The Nebari facility provides structured debt financing rather than equity, supporting West Wits’ capital strategy for early-stage development. © 2025 bne IntelliNews, source Magazine

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