{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Company Interviews","title":"West Wits Mining (ASX:WWI) - 'Undervalued?' Investment series, with Rudi Deysel","html":"","width":"100%","height":180,"duration":2279,"description":"Interview with Rudi Deysel, Managing Director & CEO of West Wits Mining\nOur previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-qala-shallows-breakthrough-drives-70000-oz-target-gold-production-10547\nRecording date: 22nd October 2026\nWest 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.\nThe 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.\nFunding 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.\nOperationally, 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...","thumbnail_url":"https://img.transistorcdn.com/1wv-MFlQAgnm-ca64e5kK4984dZB0os8-HJdRVsI74M/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzEzNTcyLzE2MjM5/NTQyMDctYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}