Wia Gold Raises A$92m at A$0.46 to Fund Kokoseb Gold Project

Capital Injection Bolsters Kokoseb Development

Wia Gold Limited (ASX:WIA) has successfully raised A$92 million through a placement of 200 million new shares priced at A$0.46 each, representing a meaningful discount to recent trading levels. The capital raise comes at a pivotal time for the Kokoseb Gold Project in Namibia, providing the financial muscle to push forward with definitive feasibility study (DFS) completion targeted for the second half of 2026 and to advance early development activities.

The placement drew strong demand from both new and existing institutional and sophisticated investors, including a significant offshore component, highlighting growing confidence in Kokoseb’s potential to become one of Africa’s next major gold mines. CEO Henk Diederichs emphasised that the funds will underpin execution readiness, pre-production capital expenditure, ongoing project studies, permitting, and regional exploration programs across Wia’s broader tenure.

Kokoseb’s Resource Base and Project Economics

The Kokoseb deposit currently boasts an updated Indicated and Inferred Mineral Resource of 2.93 million ounces of gold at an average grade of 1.0 g/t Au, including a higher-grade portion of 2.07 million ounces at 1.4 g/t Au. This resource underpins a scoping study completed in September 2025, which outlined an initial mine life exceeding 11 years with average annual production of approximately 177,000 ounces over the first five years.

At a consensus gold price of US$2,600 per ounce, the project delivers a post-tax net present value (NPV) at a 5% discount rate of US$646 million and an internal rate of return (IRR) of 38%, with a payback period of under two years. These robust economics have been further enhanced by the current gold price environment. The company is advancing the project through a DFS scheduled for completion in H2 2026, which will provide more detailed capital and operating cost estimates as well as definitive mine plans.

Strategic Use of Placement Proceeds

Proceeds from the placement will be directed primarily towards advancing Kokoseb’s development, including early works programs and pre-production capital expenditure. Additional funding will support ongoing project studies, metallurgical test work, permitting processes, and social and environmental initiatives critical to securing mining approvals. The company also intends to continue regional exploration efforts to expand the project’s resource base and generate new prospects within its extensive Damaran Project portfolio.

This capital injection significantly strengthens Wia’s balance sheet, positioning the company to maintain momentum as it approaches key milestones. The placement shares will rank equally with existing shares and are being issued under the company’s existing placement capacity, with Argonaut Securities, Tamesis Partners, and Stifel Nicolaus Canada acting as joint lead managers and bookrunners.

Building on Recent Technical and Corporate Progress

Wia Gold’s Kokoseb project has seen a series of positive technical developments, including high-grade drilling results that extend mineralisation at depth and confirm underground mining potential. These findings have been instrumental in shaping the DFS and enhancing the project’s value proposition. The company’s strategic focus on Kokoseb has been sharpened by the divestment of non-core Côte d’Ivoire assets and leadership appointments aimed at leveraging African mining expertise.

These advances align with the company’s broader ambition to establish Kokoseb as Namibia’s next major gold mine. The placement funding provides the financial certainty needed to sustain this trajectory, supporting both near-term development and longer-term exploration upside across the project’s extensive landholding. Investors will be watching closely as Wia delivers on its DFS and continues to unlock value from Kokoseb’s promising resource base.

Wia’s recent progress on high-grade drilling and corporate strengthening initiatives further underscore the company’s commitment to advancing Kokoseb, as highlighted in the company’s high-grade drilling results and divestment of Côte d’Ivoire assets earlier this year.