Kokoseb Gold Resource Surges 38% to 2.93 Million Ounces with 62% Indicated

Resource Growth and Confidence

Wia Gold Limited (ASX – WIA) has delivered a significant uplift in its Kokoseb Gold Project mineral resource estimate (MRE), now standing at 2.93 million ounces of gold. This represents a 38% increase from the previous estimate and marks a notable advancement in the project’s development trajectory. Importantly, 62% of this resource is classified as Indicated, reflecting a higher confidence level in the continuity and grade of the mineralisation, which is critical for progressing towards mining feasibility.

The updated MRE incorporates extensive drilling data, including over 91,000 metres of reverse circulation and nearly 30,000 metres of diamond drilling. The robust geological modelling, conducted by Matrix Resource Consultants, has delineated a resource with an average grade of 1.0 g/t gold at a 0.5 g/t cut-off, and a higher-grade subset of 2.07 million ounces at 1.4 g/t gold using a 0.8 g/t cut-off.

Strategic Implications and Next Steps

This resource upgrade provides a solid foundation for Wia Gold’s ongoing scoping study and the planned Definitive Feasibility Study (DFS) targeted for mid-2026. The increase in Indicated resources enhances the project's economic viability and reduces technical risk, enabling more detailed mine planning and economic evaluation. The company is actively drilling to further extend the resource along strike and at depth, with recent high-grade intercepts near drill hole KRC331 and at depth supporting potential underground mining scenarios.

Wia’s Executive Chairman, Josef El-Raghy, emphasised the momentum – "Kokoseb continues to grow exponentially, with significant portions now in the higher confidence Indicated category. Our ongoing drilling is revealing both shallow and deep high-grade zones that will sustain the project’s growth." The project benefits from excellent infrastructure, including proximity to a sealed highway and access to skilled mining services in Namibia, a politically stable and mining-friendly jurisdiction.

Geological and Metallurgical Context

The Kokoseb deposit is hosted within the Kuiseb Formation metasediments of the Pan-African Damaran Orogenic Belt, characterized by structurally controlled gold mineralisation associated with sulphide minerals such as pyrrhotite and arsenopyrite. The deposit extends over a strike length of approximately 6.8 km and remains open for expansion.

Metallurgical testwork completed in 2023 indicates a gold recovery rate of 92% using conventional gravity recovery and cyanidation methods, with rapid leach kinetics. This metallurgical performance supports the potential for a low-cost, long-life open pit operation, which is the current mining scenario underpinning the resource estimate.

Outlook and Market Positioning

As Wia Gold advances Kokoseb through feasibility studies, the market will be watching closely for the scoping study results expected in the coming months. The company’s ability to convert inferred resources to indicated and eventually to reserves will be key to unlocking value. The combination of resource growth, improved confidence, and metallurgical robustness positions Kokoseb as a compelling development asset within Namibia’s established mining landscape.