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West Wits Mining Limited
(Sydney:WWI)
West Wits Mining Limited (WWI) vs. iShares MSCI Australia ETF (EWA)
West Wits Mining Limited Business Overview & Revenue Model
West Wits Mining Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 45.00K | 54.00K | 28.00K | 56.00K | 67.00K | 78.00K |
| Gross Profit | 45.00K | 54.00K | -110.00K | -116.00K | -33.00K | 74.00K |
| EBITDA | -2.20M | -2.19M | -1.68M | -2.95M | -5.53M | -431.00K |
| Net Income | -3.27M | -3.27M | -1.68M | -2.75M | -5.28M | -341.00K |
Balance Sheet | ||||||
| Total Assets | 43.42M | 43.42M | 28.23M | 25.93M | 27.28M | 15.49M |
| Cash, Cash Equivalents and Short-Term Investments | 12.15M | 12.15M | 1.41M | 1.37M | 2.33M | 973.00K |
| Total Debt | 799.00K | 1.05M | 68.00K | 150.00K | 1.00M | 129.00K |
| Total Liabilities | 5.88M | 5.88M | 3.10M | 3.14M | 5.01M | 2.57M |
| Stockholders Equity | 45.31M | 45.31M | 32.53M | 30.17M | 28.76M | 18.85M |
Cash Flow | ||||||
| Free Cash Flow | -4.76M | -4.76M | -2.92M | -4.92M | -13.30M | -4.72M |
| Operating Cash Flow | -1.18M | -1.18M | -1.53M | -2.68M | -3.00M | -2.01M |
| Investing Cash Flow | -3.58M | -3.58M | -1.40M | -2.24M | -10.30M | -2.71M |
| Financing Cash Flow | 15.44M | 15.44M | 2.90M | 4.44M | 14.67M | 4.43M |
West Wits Mining Limited Technical Analysis
West Wits Mining Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | AU$145.05M | -132.09 | -2.97% | ― | ― | 42.74% | |
51 Neutral | AU$175.77M | -10.14 | -18.74% | ― | ― | 14.63% | |
49 Neutral | AU$121.23M | -9.75 | -31.98% | ― | ― | -700.00% | |
47 Neutral | AU$98.71M | -16.60 | -13.15% | ― | ― | 3.85% | |
46 Neutral | AU$343.61M | -69.23 | -8.41% | ― | ― | -85.71% |
West Wits Mining Limited Corporate Events
West Wits Mining Limited has issued 10,847,650 new fully paid ordinary shares on 9 January 2026, following the exercise of 1,347,650 quoted options and the conversion of 9,500,000 unquoted performance rights, and has lodged an Appendix 2A with the ASX to record the new securities. The company confirmed that these shares were issued without a prospectus under the Corporations Act’s cleansing provisions, that it remains in compliance with its continuous disclosure and financial reporting obligations, and that there is no excluded information, signalling regulatory conformity and transparency around the capital structure change for existing and potential investors.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied to the ASX for quotation of 10,847,650 new ordinary fully paid shares, effective 9 January 2026. The additional securities, issued following the exercise or conversion of existing options or other convertible instruments, will expand the company’s quoted share base and may modestly increase market liquidity for its stock while diluting existing shareholders’ holdings on a pro rata basis.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has issued 625,000 fully paid ordinary shares upon the exercise of options, increasing its share capital without conducting a separate disclosure to investors under the prospectus provisions of the Corporations Act. The company has confirmed that it remains compliant with its continuous disclosure and financial reporting obligations, and has stated there is no excluded information relevant to the new share issue, signalling that the capital move is routine and in line with regulatory requirements.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied to the ASX for quotation of 625,000 new fully paid ordinary shares under the company’s ticker WWI. The modest issuance, arising from the exercise or conversion of existing securities, slightly increases the company’s quoted share capital and may provide incremental funding or broaden its shareholder base without materially altering its capital structure.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has issued 6,350,832 new fully paid ordinary shares following the exercise of options, expanding its share capital without a full prospectus-style disclosure. The company confirmed it has met its continuous disclosure and financial reporting obligations under the Corporations Act and that there is no excluded information, positioning the new shares to trade freely on the ASX and signaling regulatory compliance to existing and prospective investors.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied for quotation on the ASX of 6,350,832 new fully paid ordinary shares, to be issued on 7 January 2026 following the exercise or conversion of existing options or other convertible securities. The additional quoted shares modestly increase the company’s issued capital base, providing greater liquidity for shareholders and reflecting ongoing utilisation of equity-linked instruments as part of its funding and capital management strategy.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has issued 1,750,000 fully paid ordinary shares following the exercise of options, expanding its share capital without providing a prospectus or disclosure document under the fundraising provisions of the Corporations Act. The company confirmed it is fully compliant with its financial reporting and continuous disclosure obligations and stated there is no excluded information that would affect investors, signalling transparent governance around the share issuance and maintaining regulatory confidence for shareholders and the market.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied to the ASX for quotation of 1,750,000 new fully paid ordinary shares, following the issue of these securities on 5 January 2026. The additional shares, arising from the exercise or conversion of existing options or other convertible securities, will modestly increase the company’s quoted capital base and may provide incremental funding flexibility and liquidity for shareholders as they are admitted to trading on the exchange.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has disclosed a change in director Michael Quinert’s interests in the company’s securities following the expiry of certain performance rights. The director’s indirect holding of performance rights decreased by 2.5 million to 9.5 million after these rights, which were subject to a 30-day VWAP hurdle of $0.065 and an expiry date of 31 December 2025, lapsed without conversion, leaving his overall share and option holdings unchanged and indicating that specific performance conditions tied to these rights were not met by the deadline.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited, listed on the ASX under the code WWI, has announced a change to its capital structure following the lapse of certain performance-related securities. The company reported that 2.5 million performance rights (WWIAD) ceased on 31 December 2025 after the conditions attached to those rights were not met or became incapable of being satisfied, resulting in a reduction of potential future share issuance and a slight simplification of its capital base for existing shareholders.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining has disclosed changes in director Keith William Lawrence Middleton’s holdings, following a series of on-market share trades and the exercise of options in late December 2025. Middleton sold a total of 800,000 fully paid ordinary shares on-market over 22–23 December, then exercised 2,000,000 unquoted options at $0.035 each on 24 December to acquire an equivalent number of new shares, increasing his direct shareholding from 1.8 million to 3 million while reducing his options from 4.5 million to 2.5 million. The transactions, resulting in cash proceeds from share sales and a $70,000 outlay to exercise options, adjust the director’s exposure to equity and derivatives in the company but do not involve any new capital raising by West Wits, instead clarifying the alignment of executive incentives with shareholder interests.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has issued 1,317,568 fully paid ordinary shares upon the exercise of unlisted options, expanding its share capital without undertaking a public disclosure under Part 6D.2 of the Corporations Act. The company confirmed it remains compliant with key financial reporting and continuous disclosure obligations under the Corporations Act, and stated there is no excluded information relevant to the new share issue, providing regulatory assurance to existing and potential investors about the transparency and legality of the capital change.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied to the ASX for quotation of 1,317,568 new fully paid ordinary shares, to be issued on 30 December 2025. The additional securities, arising from the exercise or conversion of existing options or other convertible instruments, will modestly increase the company’s share capital and free float, providing incremental liquidity for shareholders and reflecting ongoing utilisation of equity-based funding mechanisms within its capital structure.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining has secured a new prospecting right, PR 10839, adjacent to its existing mining right at the Witwatersrand Basin Project in Johannesburg, providing a seamless depth extension of the Kimberley Reef ore body that underpins the Qala Shallows gold development. The company has engaged consultants Shango Solutions to remodel the Kimberley Reefs mineral resource at a lower cut-off grade in light of significantly higher gold prices, incorporating data from the newly granted tenement; this work is expected to support the long-term expansion of the Qala Shallows and future Qala Deeps stages, potentially enhancing the scale and economics of the project for stakeholders.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has issued 2 million fully paid ordinary shares following the exercise of an equal number of unlisted options, expanding its share capital without undertaking a prospectus or formal disclosure to new investors. The company confirmed it remains compliant with its financial reporting and continuous disclosure obligations under the Corporations Act and that there is no excluded information, signalling that the capital move is procedural in nature and maintains transparency for existing shareholders and the market.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied to the ASX for quotation of 2,000,000 new fully paid ordinary shares, issued on 24 December 2025. The additional securities, which result from the exercise or conversion of existing options or convertible instruments, will expand the company’s quoted share base and may modestly enhance its liquidity and capital position in the market.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has issued 1,500,000 fully paid ordinary shares following the exercise of an equivalent number of unlisted options, expanding its share capital without a prospectus under the relevant provisions of the Corporations Act. The company confirmed it remains compliant with its financial reporting and continuous disclosure obligations, noted there is no excluded information that would need to be disclosed to investors, and lodged the required Appendix 2A with the ASX, signalling routine capital management that maintains regulatory transparency for shareholders.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied for quotation on the ASX of 1,500,000 new ordinary fully paid shares, issued on 23 December 2025. The additional securities, arising from the exercise or conversion of existing options or other convertible instruments, will modestly increase the company’s share capital and may provide incremental funding flexibility and liquidity for shareholders as it advances its mining projects.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has issued 1,250,000 fully paid ordinary shares following the exercise of an equivalent number of unlisted options on 22 December 2025. The company advised that these shares were issued without a prospectus under the Corporations Act cleansing provisions, confirmed its ongoing compliance with financial reporting and continuous disclosure obligations, and noted that there is no excluded information relevant to the new securities, signalling a routine capital management step with no undisclosed material developments for shareholders.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has applied to the ASX for quotation of 1,250,000 new ordinary fully paid shares, expanding its issued capital base. The new securities, issued on 22 December 2025 following the exercise or conversion of existing instruments, marginally increase the company’s free float and may provide additional funding flexibility as it advances its mining projects, though the announcement does not detail specific use of proceeds or strategic initiatives tied to this issuance.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited announced the issuance of 1,000,000 fully paid ordinary shares following the exercise of unlisted options. This move, conducted without disclosure to investors under specific provisions of the Corporations Act, signifies the company’s compliance with regulatory requirements and potentially enhances its capital structure.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has announced the issuance of 1,000,000 ordinary fully paid securities, which are set to be quoted on the Australian Securities Exchange (ASX). This move follows the exercise of options or conversion of other convertible securities, potentially impacting the company’s capital structure and market presence.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has announced the issuance of 4,500,000 unquoted equity securities under an employee incentive scheme. This move is part of the company’s strategy to enhance employee engagement and align their interests with the company’s growth objectives, potentially impacting its operational dynamics and stakeholder relationships.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited announced a change in the director’s interest notice, specifically for Director Michael Quinert, who has acquired additional performance rights as incentive securities. This change, approved at the 2025 Annual General Meeting, reflects the company’s strategy to align director incentives with shareholder interests, potentially impacting the company’s operational focus and stakeholder confidence.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited has officially opened the Qala Shallows Underground Mine in South Africa, marking the first new underground gold mine in the region in 15 years. This development is a significant milestone for the company and the South African gold sector, contributing to regional economic development and revitalizing the historic gold province. The project, which has already delivered its first ore, is expected to produce approximately 70,000 ounces of gold annually for 12 years, with a life-of-mine of 17 years. It will create over 1,000 jobs and contribute more than US$1.15 billion to the South African economy. The commencement of operations at Qala Shallows transitions West Wits from a developer to a producer, reinforcing its commitment to South Africa and setting the foundation for future growth through the broader Witwatersrand Basin Project.
The most recent analyst rating on (AU:WWI) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on West Wits Mining Limited stock, see the AU:WWI Stock Forecast page.
West Wits Mining Limited announced the issuance of 166,933,764 unlisted warrants with an exercise price of US$0.0288, set to expire on November 24, 2029. This issuance is part of a previously announced transaction and reflects the company’s strategic efforts to enhance its financial flexibility and support its growth initiatives in the mining sector.
West Wits Mining Limited announced that all resolutions at its 2025 Annual General Meeting were passed, including the significant Resolution 1, which received over 75% approval. This outcome reflects strong shareholder support and is expected to positively impact the company’s governance and strategic direction.
West Wits Mining Limited has had a transformative year, securing substantial funding and advancing its Qala Shallows Gold Project towards production. The company strengthened its financial position with a ZAR 875 million loan from South African banks and a US$12.5 million facility from Nebari, alongside successful equity raises. These efforts have enabled West Wits to increase its project ownership and simplify its structure. The updated Definitive Feasibility Study highlighted the project’s potential, with significant upside due to current gold prices. Bloomberg recognized Qala Shallows as South Africa’s first new underground gold mine in 15 years, emphasizing its strategic importance. The company aims to maintain its development schedule, targeting its first gold pour in March 2026 and a steady-state production rate by 2028.
West Wits Mining Limited has made significant progress at its Qala Shallows Gold Project, securing US$12.5 million in funding from Nebari Natural Resources Credit Fund II LP. This funding is part of a larger US$35 million facility and will support the company’s efforts to advance underground development and infrastructure. The company has successfully delivered its first underground ore to the surface and is on track for its first gold pour in March 2026. With the commissioning of new equipment and an expanding workforce, West Wits is poised to achieve a steady-state production of 70,000 ounces annually, marking a crucial step in its strategic plan to establish a high-margin gold operation in the Witwatersrand Basin.
West Wits Mining Limited has announced a proposed issue of securities, specifically warrants with an exercise price of US$0.0288, set to expire four years from the issue date. The issuance, scheduled for November 19, 2025, involves a total of 166,933,764 securities, which could potentially impact the company’s capital structure and market positioning by providing additional funding for its operations and projects.
West Wits Mining Limited has announced the successful drawdown of the first tranche of US$12.5 million from Nebari Natural Resources Credit Fund II LP, marking a significant milestone for the company. This funding will advance the development of the Qala Shallows Gold Project, with the first gold pour targeted for March 2026, reinforcing West Wits’ transition from developer to producer and strengthening its position in the mining industry.
West Wits Mining Limited announced its participation in the Noosa Mining Conference, where Chairman Michael Quinert will present the company’s recent progress and opportunities, particularly at the Qala Shallows project. The presentation will highlight key milestones that drive value for the company, potentially impacting its operations and positioning in the mining industry.
West Wits Mining Limited has announced the issuance of 100,386,000 unquoted equity securities, which are options expiring on various dates at various prices. This move is part of the company’s strategy to manage its equity structure and potentially raise capital, impacting its financial operations and offering potential implications for its stakeholders.
West Wits Mining Limited has issued 100,386,000 unlisted options to Absa Bank Limited to settle fees under a senior syndicated loan facility, highlighting Absa’s strategic endorsement of the Qala Shallows project. This move aligns the interests of both entities and supports West Wits’ growth as a mid-tier gold producer, while preserving cash resources during a critical funding stage.
West Wits Mining Limited recently held a quarterly investor webinar where they discussed key operational updates, including progress on the Witwatersrand Basin Project and the ramp-up of mining operations at Qala Shallows. The company is advancing its uranium strategy and aims to expand gold production significantly through its Project 200 initiative. Updates on project financing and a gold put option program were also provided, highlighting strategies to manage financial risks while maintaining growth potential. The company remains committed to transparent communication with stakeholders as projects progress.
West Wits Mining Limited has achieved significant milestones in the third quarter of 2025, marking its transition to an operating gold company with the completion of the Qala Shallows mobilisation program. The updated Definitive Feasibility Study (DFS) for the Qala Shallows Project indicates robust financial metrics, with a projected revenue of US$2.7 billion and a post-tax NPV of US$500 million. The company has secured full funding for its first gold production through a combination of equity placement and a loan facility. Operationally, West Wits has commenced ore transfers to the Ezulwini Plant and is on track for its first gold pour in early 2026. The company has also strengthened its corporate structure with key appointments and increased its project ownership to 74%, enhancing its future cash flow potential.
West Wits Mining Limited announced the issuance of 2,625,000 fully paid ordinary shares following the exercise of unlisted options, with an exercise price of $0.023 and an expiry date in September 2027. This move, executed without disclosure to investors under specific provisions of the Corporations Act, reflects the company’s compliance with regulatory requirements and potentially strengthens its capital structure, impacting its operational capabilities and market positioning.
West Wits Mining Limited has announced the issuance of 2,625,000 fully paid ordinary securities, which are set to be quoted on the ASX as of October 20, 2025. This move is part of the company’s strategy to enhance its capital structure, potentially impacting its market position and providing opportunities for stakeholders through increased liquidity and investment potential.
West Wits Mining Limited has announced its 2025 Annual General Meeting, scheduled for 20 November 2025 in Melbourne. Shareholders are encouraged to participate either by attending in person or by lodging their votes via proxy. The meeting will address the company’s annual financial statements and include resolutions on adopting the remuneration report and the election of Mr. Rudi Deysel as a director. The announcement emphasizes the importance of shareholder engagement and outlines the procedures for voting and accessing meeting documents online, reflecting the company’s commitment to transparency and stakeholder involvement.
West Wits Mining Limited has announced the issuance of 625,000 fully paid ordinary shares following the exercise of unlisted options, with an expiry date of September 2027 and an exercise price of $0.023. This move, executed without disclosure under Part 6D.2 of the Corporations Act, signifies the company’s compliance with relevant statutory provisions and reflects its strategic financial maneuvers to potentially strengthen its capital base.
West Wits Mining Limited has announced the issuance of 625,000 ordinary fully paid securities, which will be quoted on the ASX. This move signifies the company’s strategic efforts to strengthen its financial position and expand its operational capabilities, potentially impacting its market standing and offering new opportunities for stakeholders.
West Wits Mining Limited has achieved a significant milestone with the commencement of underground ore production at its Qala Shallows gold project in South Africa’s Witwatersrand Basin. This marks the transition from development to production, supported by robust infrastructure and a strong financial position, including substantial funding arrangements. The company is targeting a 30,000-tonne ore stockpile by Q1 2026, with gold processing set to begin soon after, enhancing its operational capabilities and industry positioning.