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West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) has been granted a new prospecting right, PR 10839, via its operating subsidiary West Wits MLI (Pty) Ltd,...
West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) has reported June quarter progress at its Qala Shallows Gold Project in what it calls a “defining period” for the company, including securing a ZAR 875 million (US$50 million) senior syndicated loan facility and completing an updated Definitive Feasibility Study (DFS) highlighting substantially improved project economics. In addition, mobilisation for the Qala Shallows project has commenced, with key operational and infrastructure works now under way. This includes the re-opening of the mine, the arrival of essential equipment and the execution of major supplier contracts, setting the stage for the project’s transition into active development and ore extraction. During the quarter, West Wits executed definitive agreements for a senior syndicated loan facility of ZAR 875 million (~USD 50 million), representing about 55% of the total funding for the Qala Shallows Gold Project. The loan, provided by the Industrial Development Corporation of South Africa (IDC) and Absa Bank Ltd, will be drawn down in milestones, with repayments starting 24 months after the first drawdown and extending over a 36-month period. The facility is hedged through put options, offering downside protection while maintaining full upside exposure to gold prices. With site preparations now under way, Qala Shallows has moved into the active mobilisation phase. The mine was officially re-opened in June 2025, and a three-month mobilisation period is in progress. Key supplier contracts have been finalised, including partnerships with Bara Consulting and Solrock Mining Services JV for engineering and construction, Modi Mining as the appointed mining contractor, and Rham Equipment Specialised Mining Equipment for underground machinery. Critical infrastructure work has already begun, with haulage equipment arriving on site, diesel generators installed and preparations for ore extraction under way. In addition, the first Load Haul Dumper (LHD) has been delivered, and drilling rigs are scheduled for delivery by October 2025. Other ongoing activities include the construction of a box-cut concrete roadway, completion of electrical system designs and preparations for the underground ventilation system. An updated version of the 2023 Definitive Feasibility Study was completed in July 2025, reflecting significantly improved project economics driven by higher gold prices and updated operational costs. Key outcomes from the revised DFS include: Base case - Key production metrics for Qala Shallows. The updated DFS also outlines a peak funding requirement of US$44 million, with an 8-month payback period after the peak funding phase concludes. These figures highlight a strong financial outlook for the Qala Shallows project. West Wits further strengthened its position during the quarter by increasing its stake in the Witwatersrand Basin Project to 74%, following the buyback of a 10% interest from a minority shareholder. The company also completed a A$14 million equity placement, which will fund ongoing operations, the buyback transaction and the updated DFS. Looking forward, West Wits’ next key milestones include delivering the updated mineral resource estimate, securing final project financing and achieving first gold production. The company remains on track to reach steady-state production of 70,000 ounces per year, with a long-term goal of ramping up production to 200,000 ounces annually as part of its “Project 200” long-term growth strategy at the Witwatersrand Basin. West Wits is now entering the decisive execution phase for the Qala Shallows Gold Project, with a clear path towards production and a strengthened financial position to support its continued development. Nvidia Corp (NASDAQ:NVDA, ETR:NVD) has ordered 300,000 additional H20 chipsets from Taiwan’s TSMC, responding to strong demand in China, according to two sources cited by Reuters. The decision follows the Trump administration’s move to allow Nvidia to resume H20 GPU sales to China after a brief ban in April. The H20, designed specifically for the Chinese market under US export restrictions, offers less computing power than Nvidia’s high-end models. The new order adds to an estimated existing stockpile of up to 700,000 units, with around 1 million H20 chips sold in 2024, the Reuters report says. Nvidia is seeking new export licences from the US government and has asked Chinese buyers to submit updated order forecasts. Neither Nvidia nor TSMC commented on the new orders.
West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) will bank ZAR 875 million (approximately US$50M, AU$76.5M) after signing definitive agreements for a senior syndicated loan facility to fund the Qala Shallows Gold Project in South Africa. This is a significant step in the development of the first phase of the Witwatersrand Basin Project and coincides with the delivery of a 7.5-tonne underground Load-Haul-Dump (LHD) unit to the Qala Shallows site, marking the start of on-the-ground mine development works. The development is expected to generate over 1,000 direct jobs and serve as a catalyst for regional development over the mine’s 18-year life. “The signing of the legal agreements marks a transformative moment for West Wits. Securing this facility is the result of years of focused effort and a strong endorsement of the Qala Shallows Project by top tier South African financial institutions,” West Wits CEO Rudi Deysel said. “Seeing our first LHD unit arrive on site is incredibly exciting. It is a tangible symbol of progress and the beginning of a new chapter as we bring the project to life.” West Wits has executed agreements for a senior syndicated loan facility with the Industrial Development Corporation of South Africa and Absa Bank Ltd, through its Corporate and Investment Banking Division. The facility, which will fund approximately 55% of the Qala Shallows development costs, has a 24-month drawdown period and a 36-month repayment term. Interest is linked to the Johannesburg Interbank Average Rate (JIBAR), and 100% of mandatory hedging will be covered by put options, allowing upside exposure to gold prices. The loan will fund development, construction, commissioning and initial operations at Qala Shallows. The remaining 45% of funding will be sourced from equity and early operational revenue. Zwano Nxumalo, project financier at Absa Corporate and Investment Banking, said: “We’re proud to support West Wits on the Qala Shallows Gold Project — a development that will drive local job creation, economic growth, and sustainable mining in the Witwatersrand Basin. This facility reflects our continued commitment to enabling impactful, long-term investments in South Africa’s resources sector.” Following an A$14 million equity raise, West Wits is pressing ahead with mine development activities at Qala, after an increase in ownership of the broader Witwatersrand Basin Project (WBP) to 74%. LHD Unit loaded for delivery to Qala Shallows marking the start of mobilisation as West Wits moves into active development. Key work streams include the buy-back of minority interests in its South African subsidiary, an optimised Definitive Feasibility Study (DFS) reflecting stronger gold prices and improved economics, mobilisation for ore extraction at Qala Shallows, and progress on its long-term Project 200 expansion strategy. “It is with great excitement that we kick-off the Qala Shallows Project. The West Wits team undertook extensive preparatory work to ensure that the project will be delivered as a safe, productive and within-budget operation. Service supplier agreements have now been executed with initial orders placed and the first piece of equipment to be delivered this week,” Deysel said. “As West Wits Mining advances to becoming a gold producer, we will continue to focus on ways to realise the potential of the stunning Witwatersrand Basin Project to further grow the business we are starting.” Facility proceeds are strictly applied to Qala Shallows project development. US President Donald Trump has announced the immediate termination of all trade talks with Canada, ending months-long negotiations between the two countries following Canada’s announcement of a new digital services tax (DST). The DST targets large foreign and domestic digital companies, including major US tech firms such as Meta, Apple, Google, Amazon, and Microsoft. Set to take effect retroactively from 2022, starting on Monday, the DST imposes a 3% tax on large digital companies' revenues from online advertising, social media, online marketplaces, and user data licensing in Canada. Trump posted on his social media platform Truth Social that due to this digital services tax, the US will end all trade discussions with Canada effective immediately and plans to inform Canada within the next week about the tariff rates Canada will be required to pay for conducting business with the US. He accused Canada of copying the European Union, which has implemented a similar tax, and described it as “a direct and blatant attack on our country.” “Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,” Trump wrote in a post on Truth Social. “We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period.” Canadian Prime Minister Mark Carney’s office did not immediately comment on Trump’s remarks.