Wia Gold’s Kokoseb Project Edges Towards Production Following Resource Upgrade

Highlights

• Wia Gold’s key development asset posted a significant lift in its resource base, adding an underground component for the first time.
• A feasibility study points to a 14-year operation producing an average of 150,000 ounces per year during its first decade.
• Fresh equity and a planned loan facility are expected to carry the project through the build phase to first gold.

Wia Gold Limited (ASX: WIA) used its 2026 Annual Report to highlight the advances made at its Kokoseb Gold Project in Namibia. Spanning the 12 months ended 30 June 2026 as well as later developments, the report covers resource expansion, the project’s financial outlook, funding plans and pre-construction activities. The company has set a goal of producing its first gold in the fourth quarter of 2028.

Kokoseb Resource Reaches 3.78 Million Ounces

Wia Gold revealed in August 2026 that the Mineral Resource Estimate at Kokoseb had increased 29%, taking it to 3.78 million ounces contained within 113 million tonnes grading an average of 1.0 g/t gold. This update also introduced an initial underground Inferred Mineral Resource totalling 560,000 ounces.

In addition, the project carries a maiden Probable Ore Reserve of 1.95 million ounces, based on 69.8 million tonnes at a grade of 0.87 g/t gold. Mineralisation has not been closed off at depth and extends along more than five kilometres of strike, with ongoing drilling intended to explore the deposit’s upside outside the current mine design.

Study Confirms Robust Project Returns

The Definitive Feasibility Study, finalised in August 2026, proposes an open-pit mine with a 14-year life and a plant capable of treating 5.25 million tonnes of ore each year. Production is forecast to average 150,000 ounces annually over the initial ten years, while total output across the mine life is estimated at roughly 1.836 million ounces.

Based on an assumed gold price of US$3,600 per ounce, the study estimates a post-tax net present value of US$1.214 billion and an internal rate of return of 41%. Pre-production capital is put at US$475 million, which includes a contingency allowance along with additional investment in water and power supply.

Financing and Project Timeline

On 18 September 2026, shareholders gave the green light to an A$125 million placement. When combined with a planned US$360 million senior secured debt facility from Sprott Resource Lending Corp. and the company’s existing cash, Wia Gold believes it will have sufficient capital to develop Kokoseb all the way to first gold.

The debt facility has yet to be finalised and depends on the completion of due diligence, final legal documentation, approval from the lender’s investment committee and the issue of required mining and environmental permits. Wia Gold hopes to achieve financial close during the fourth quarter of 2026.

Outlook

Looking forward, Wia Gold will concentrate on project delivery, permitting, completing its financing package and further exploration. While the larger resource and the completed feasibility study provide a well-defined route to development, the timing of production will hinge on satisfying funding conditions, securing regulatory approvals and advancing construction. The company remains on track to target first gold in the fourth quarter of 2028.

Note- All data presented is based on information available at the time of writing.

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