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1 Fast Facts Capital Structure Shares on issue DRD Entitlement shares Performance Shares Options Market Cap Cash in Bank Debt Enterprise Value (EV) Current JORC Reserve Current JORC Resource EV / Reserve oz EV / Resource 31 Mar million 38 million 46 million 78 million A$8.38 million A$0.82 million Nil A$7.81 million 59, ,700 A$132/oz A$18/oz ASX Announcement and Media Release Monday, 30 April 2012 Quarterly Activities Report Review of Operations West Wits Mining Limited ( West Wits or the Company ) during the continued to address a number of challenges at its Derewo River Gold Project ( Derewo ) in Papua Province, Indonesia and move towards completion of the partial sale of its South African exploration assets. ASX: WWI Company Directors & Management Michael Quinert Executive Chairman Neil Pretorius NonExec Dir Phillip Hains NonExec Dir/ Co Sec Hulme Scholes NonExec Dir Vin Savage NonExec Dir Top Shareholders DRD Gold Ltd GOC Holdings Ltd Trevor Neale ECR Minerals PLC Top 40 Shareholders 13% 11% 5% 4% 74% Company Highlights Indonesia o High grade placer deposit o Project show early stage similarities with discoveries inc; Porgera, Edie Creek, Wau o Independent geologists believe source of nuggets likely to be local, based on the size and shape of the nuggets discovered South Africa o 59,000 ozs Reserve o 426,7000 ozs Resource o Further near surface resources to be targeted o 61m ozs Au produced historically o 37m lbs U produced historically South Africa On 25 January 2012 West Wits announced it had entered into a binding heads of agreement to sell the West Wits Lease, West Rand Consolidated Lease, Luipaardsvlei Lease and East Champ D Or Lease ( the Randfontein Cluster ) for A$9 million to a consortium comprised of Mintails Limited ( Mintails ) (ASX: MLI) and Galabyte (Pty) Limited ( Galabyte ). On 16 April 2012 West Wits consequently announced that due diligence had been successfully completed and the Company was proceeding with the sale. However West Wits only received confirmation from Mintails stating it was satisfied and wished to move to completion. Galabyte did not elect to confirm it was in a position to proceed and as such West Wits and Mintails then agreed to complete this transaction themselves albeit on slightly modified terms. The binding terms between West Wits and Mintails are as follows; A$2 million to be paid upfront on completion of definitive documents; A$1 million to be paid after 6 months on an unconditional basis with payment guaranteed to West Wits; A$1 million to be paid after 9 months on an unconditional basis and with satisfactory security for payment to be provided to West Wits; Contact Details West Wits Mining Limited ACN Suite 1, 1233 High Street Armadale VIC 3143 T: +61(0) F: +61(0) E: info@westwitsmining.com W: Corporate Advisor Peregrine Corporate Limited Tim Chapman T: E: tchapman@peregrinecorporate.com.au A$1 million to be paid after 12 months on an unconditional basis and with satisfactory security to be provided to West Wits; A$1 million on the later of 15 months from the upfront payment or regulatory approval for the transfer of the leases to Mintails or its nominee; and, A$3 million to be paid progressively after transfer of the leases. Payments will be based on the tonnage of ore processed by Mintails Page 1 of 10

2 This amended transaction, as with the original agreement, provides for secured payments of A$5 million within 12 months of completion and prior to the legal transfer of title of the leases. As such West Wits has agreed to grant Mintails an interim contract to mine the resource pending transfer of title. The definitive documents are now agreed as to form with the transaction now at the stage of procuring execution of the documents by all parties. The Company anticipates this being completed in the near future. As previously announced this transaction has no effect upon the Company s continued rights with respect to the Rand Leases and the DRD Lease in South Africa which contain stated JORC resources of 287,000 oz au. By comparison the Randfontein Cluster leases being sold contain stated JORC resources of 139,000 oz au and a JORC reserve of 58,800 oz au. Proceeds from the sale of the Randfontein Cluster leases will be principally applied to development of the Company s Derewo River Gold Project in Papua Province, Indonesia. Indonesia Development of Derewo Project The Company has continued to progress a number of issues with regards to completing the initial alluvial circuit at the Derewo River Gold Project ( Derewo ). On 26 March 2012 the Company provided an update to the market outlining some delays being encountered with regard to getting access to the site designated for the initial alluvial project. These delays have largely been created by the operators of the supply chain supporting the artisanal mining population and as such the Company elected to not complete the civil works required for the alluvial circuit until control of the site has been secured. It was always understood that the removal of these people may present delays and efforts to repatriate this population by the local authorities whilst continuing have taken longer than anticipated. Over the last few weeks West Wits has been seeking the intervention of higher authorities within the Indonesian system who have previously expressed support for the project. Meetings with many interested parties have taken place and steps are now been put in place to manage the repatriation of these illegal miners and provide safe access to the site for West Wits employees. The Company hopes to be in a position to provide timelines on this process in the coming weeks. The Company continues to have strong and ongoing support of the local Wolami people to commence alluvial operations as soon as possible as they see this project as a platform for significant economic, health and social advancement in the area. Exploration Whilst delay persists with the establishment of the base at the site of the alluvial operation, the Company is proceeding with its planned exploration activities from an alternative site within its extensive Exploration IUP s. Base camp sites have been identified in the Wopogi and Sena Prospect areas and are in process of being established. The newly appointed senior site geologist has been deployed in Papua and is finalising an extensive review of the Freeport data set. This review is now being completed through check sampling of significant results within the data set. As part of this check sampling socialisation programs are continuing with indigenous communities. Page 2 of 10

3 Recruitment of additional geological and technical staff is underway to add to the senior geological team with over 60 years of exploration experience in similar terrains in Papua New Guinea. Aeromagnetic data from an airborne survey completed by World Geoscience Corporation in late 1993 for Freeport has also been reprocessed and integrated into to the Company s database. The magnetic data is of reasonable quality for data collected and processed at that time. The line spacing is at 800m. Reprocessing has produced reasonable quality reduced to pole depth slices, however generation of further derivatives is limited by the original data. There is a strong correlation between anomalous copper and gold geochemistry and reduced to pole magnetic highs. This enhances the geological prospectivity of the area as the worldclass Grasberg deposit is associated with a strong magnetic high. The reduced to pole data shows a magnetic bull s eye about 3.5km in diameter associated with anomalous surface gold and copper geochemistry in the centre of the Wopogi Prospect. The complex structure of the Sena Prospect is confirmed by the magnetics and further assessment of the results is continuing. New Indonesian Mining Regulations On 6 March 2012 the Indonesian government published amendments to the existing regulations relating to the implementation of mining business activities in Indonesia. The main amendment increases divestment obligations for foreign ownership in certain Indonesian mining projects. Local ownership requirements, which currently require mandatory divestment of 20% to Indonesian entities after five years of production, would be extended to require Indonesian ownership to reach 51% after the tenth year of production. In respect of Derewo, the Company noted that: 50% of its economic interest in the existing alluvial operation is already held by local Indonesian entities, therefore further divestment (if required) would appear to be limited to an additional 1% of the Company s interest in the tenth year of commercial operation; and Page 3 of 10

4 20% of the economic interest in the exploration leases is held by local Indonesian entities, therefore any further divestment (if required) would not appear to be necessary unless these permits were converted to mining leases and then only after the sixth year of commercial production. At the time of the announcement there was still some uncertainty as to whether the Company would be required under the divestment provisions to offer the divestment of the alluvial project to the Indonesian government before its local partner. All indications to date are that this is not the case and in the instance of West Wits it will only be required to offer a further 1% of its alluvial project after 10 years of production. However the Company will continue to monitor developments in respect of the amended regulations. For And On Behalf Of The Board Michael Quinert Chairman West Wits Mining Limited Page 4 of 10

5 Rule rd Quarter Mining Exploration Entity Quarterly Report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity WEST WITS MINING LIMITED (ASX: WWI) ABN Quarter ended ( current ) st March, 2012 Consolidated statement of cash flows Cash flows related to operating activities Current Quarter Year to Date (9 months) 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration (e) contract services (f) staff costs (g) other working capital (730) (293) (41) (29) (1,208) (1,164) (127) (61) 1.3 Dividends received 1.4 Interest and other items of a similar nature received Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other (provide details if material) Net Operating Cash Flows (1,081) (2,499) Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other Acquisition of Subsidiaries, net of cash acquired (15) (100) (347) Net investing cash flows (100) (362) 1.13 Total operating and investing cash flows (carried forward) (1,181) (2,861) 30/9/2001 Page 5 of 10

6 1.13 Total Operating and Investing Cash Flows (Brought Forward) Current Quarter Year to Date (9 months) (1,181) (2,861) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 3, Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other capital raising costs Net financing cash flows 3,266 Net increase (decrease) in cash held (1,181) Cash at beginning of /year to date 2, Exchange rate adjustments to item (46) 1.22 Cash at end of Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current Quarter $A' Aggregate amount of payments to the parties included in item Aggregate amount of loans to the parties included in item Explanation necessary for an understanding of the transactions Salaries, directors fees, corporate advisory and consulting fees at normal commercial rates NonCash Financing and Investing Activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest Page 6 of 10 30/9/2001

7 Financing Facilities Available Add notes as necessary for an understanding of the position. Amount Available 3.1 Loan facilities Amount Used 3.2 Credit standby arrangements Estimated Cash Outflows for Next Quarter 4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration 4.5 Contract Services 4.6 Staff Costs Total 450 Reconciliation of Cash Reconciliation of cash at the end of the (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current Quarter Previous Quarter 5.1 Cash on hand and at bank 829 2, Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) Total: Cash at End of Quarter (item 1.22) 829 2,007 30/9/2001 Page 7 of 10

8 Changes in Interests in Mining Tenements 6.1 Interests in mining tenements relinquished, reduced or lapsed Tenement reference Nil Nature of interest (note (2)) Interest at beginning of Quarter Interest at end of Quarter 6.2 Interests in mining tenements acquired or increased Nil Page 8 of 10 30/9/2001

9 Issued and Quoted Securities at End of Current Quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total Number Number Quoted Issue Price per Security (cents) (see note 3) Amount Paid up per Security (cents) (see note 3) 7.1 Performance + securities (Nonvoting, nonparticipating, contingent on achieving 20,000oz 46,000,000 of gold by 28/07/ Changes during (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions Ordinary securities 255,722, ,722, Changes during (a) Increases through issues (b) Decreases through returns of capital, buybacks Convertible debt securities (description) 7.6 Changes during (a) Increases through issues (b) Decreases through securities matured, converted 7.7 Options (description and conversion factor) 7.8 Issued during 7.9 Exercised during 7.10 Expired during 7.11 Debentures Nil 78,424,532 11,562,500 $0.08 to $0.30 (totals only) 7.12 Unsecured notes (totals only) 30/9/2001 Page 9 of 10

10 Compliance Statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign here:... Date: 30 th April 2012 (Director) Print name: Michael Quinert Notes 1 The ly report provides a basis for informing the market how the entity s activities have been financed for the past and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The Nature of interest (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. == == == == == Page 10 of 10 30/9/2001