Interview with Rudi Deysel, Managing Director & CEO of West Wits Mining
Our previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-qala-shallows-breakthrough-drives-70000-oz-target-gold-production-10547
Recording date: 22nd October 2026
West Wits Mining (ASX:WWI) has moved from developer to producer at its Qala Shallows gold project on Johannesburg's Witwatersrand Goldfield. First gold was poured in March 2026, and the company is now ramping towards a steady state of 70,000 ounces per annum. CEO and Managing Director Rudi Deysel argues that the market has not caught up with this progress, and that the share price reflects a valuation gap rather than any shortfall in the asset.
The valuation case is straightforward on management's numbers. West Wits has a market capitalisation of about A$165 million and held A$36 million in cash on 7 October 2026. Against a 7.24-million-ounce JORC resource at 4.0 g/T gold, Deysel puts the enterprise value at around A$21 per resource ounce. He compares this with ASX-listed gold peers in Australia, Mali and South Africa trading between A$44 and A$118 per ounce. The company's own presentation, using the 7 October share price, gives A$25/oz.
Funding is the second pillar. A package of about A$97 million from Absa and Nedbank covers construction and the ramp-up. It includes an A$8 million cost overrun facility that the company's current models do not use. Two senior debt drawdowns totalling about A$50 million have been completed. Each required a cost-to-complete test signed off by the banks' independent technical adviser, which Deysel presents as external validation that the project is on track. The facility includes an 18-month holiday on interest and principal.
Operationally, the ramp-up is accelerating. Underground development reached a record 200 metres in September 2026, and surface infrastructure is 61% complete. Ore is toll treated at Sibanye-Stillwater's Ezulwini plant, which removes plant construction risk. Deysel says AISC below US$1,300/oz reflects executed contracts. The updated DFS set life-of-mine AISC at US$1,289/oz using a US$2,850/oz gold price. At around US$4,100/oz gold, management estimates roughly US$200 million of annual margin at steady state, before corporate costs, finance and tax.
The milestone sequence is defined. Primary stoping begins in February 2027, grid power connects in early 2027 and surface infrastructure completes in the third quarter of 2027. Commercial production is targeted for the fourth quarter of 2027, followed by 42,500 ounces in 2028 and steady state in the first quarter of 2029.
Geological confidence rests on the Witwatersrand Basin's history of more than 1.5 billion ounces produced. Deysel cites high resource-to-reserve conversion and positive reconciliations to date. A new decline into virgin ground gives the mine twin access points to the orebody.
Growth sits outside the current valuation. About 6.2 million resource ounces lie beyond the mine plan. The Project 200 scoping study examines 200,000 ounces per annum and is being optimised before release. Bird Reef Central offers uranium-gold optionality, with funded exploration targeting a maiden uranium resource.
View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-mining
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