• West Wits Mining raised A$33.74 million ($23 million) to advance the Qala Shallows gold project in South Africa.

• The company expects the first gold pour in March 2026, positioning Qala Shallows as the first new underground mine launched in South Africa in 15 years.

• The project targets 70,000 ounces per year over 12 years, with expansion plans of up to 200,000 ounces annually under the broader Witwatersrand Basin Project.

In a note published on January 22, Australian mining company West Wits Mining announced a capital raising of A$33.74 million, equivalent to about $23 million, to fund the development of the Qala Shallows gold project in South Africa.

The company aims to advance construction work toward the first gold production at the asset, which it describes as the first underground mine commissioned in the country in 15 years. West Wits specified that the funds came from a private placement backed by institutional investors.

Although the company will allocate part of the proceeds to other South African operations, including the BRC Uranium project, West Wits earmarked A$23.4 million specifically for the advancement of Qala Shallows. The company inaugurated the project in December 2025 and currently places it in the final development phase, with a first gold pour expected in March 2026.

The achievement of this milestone will prove critical for West Wits, as it will enable the ramp-up toward commercial production. Under current plans, Qala Shallows targets annual production of 70,000 ounces of gold over a mine life of 12 years. However, the company views this phase as the initial stage of the broader Witwatersrand Basin Project (WBP), through which it aims to develop a mining complex capable of producing up to 200,000 ounces of gold per year.

Meanwhile, the development of Qala Shallows benefits from a supportive market environment. Gold prices have risen more than 9% since the start of 2026, according to Trading Economics. Over the long term, the project should also generate additional economic benefits for South Africa, with total estimated contributions of $1.15 billion.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J. A. de BERRY QUENUM