Wia Gold Extends High-Grade Gold Zones as Kokoseb DFS Nears Completion

Drilling Uncovers New Underground Gold Targets

Wia Gold (ASX:WIA) has revealed compelling drilling results at its Kokoseb Gold Project in Namibia, identifying a new high-grade mineralised horizon approximately 700 metres below surface and well beneath the existing Central Zone open pit. This discovery extends mineralisation to 580 metres of strike below the current scoping study pit shell, with high-grade shoots remaining open at depth, significantly enhancing the project's underground mining potential.

Recent assays from 19,819 metres of drilling, incorporating 29 diamond and 10 reverse circulation holes, confirmed robust continuity and scale of the high-grade plunging shoots. Notable intercepts include 9 metres at 10.64 g/t gold from 811 metres and 5 metres at 4.51 g/t gold including 1 metre at 20.24 g/t gold, underscoring the strength of the underground resource potential. These results support an updated Mineral Resource Estimate (MRE) incorporating an inaugural underground resource, expected in Q3 2026.

Definitive Feasibility Study Progresses on Schedule

The Definitive Feasibility Study (DFS) for Kokoseb, focused on an open-pit development, remains on track for completion in the third quarter of 2026. Key technical milestones achieved during the quarter include completion of geotechnical reviews confirming pit design parameters, advanced mine scheduling and optimisation, and progress in process plant design with 3D layouts and tendering underway.

Hydrogeological studies have validated a substantial water resource exceeding 80 million cubic metres, far surpassing the project's estimated annual demand of 1.5 million cubic metres. The DFS-level borefield design is complete, and environmental scoping activities have commenced with Namibian authorities. Additionally, the Tailings Storage Facility design is finalised, and power supply arrangements are progressing, including a formal offer for a 132kV power line connection from NamPower.

Capital Raise and Financing Momentum

Wia Gold strengthened its financial position with a A$92 million placement at A$0.46 per share, completed during the quarter. The placement attracted strong support from domestic and offshore institutional investors, reflecting growing confidence in Kokoseb’s prospects. Proceeds will fund execution readiness, early works, pre-production capital expenditure, ongoing studies, permitting, and regional exploration.

Parallel to the DFS, Wia advanced project financing discussions, receiving multiple indicative, non-binding proposals from a broad range of financiers including commercial banks, credit funds, and royalty and streaming providers. The competitive interest underscores market confidence in the quality of the Kokoseb asset and the Namibian mining jurisdiction. The company is evaluating options to balance capital structure, cost, and dilution.

Management Strengthened to Drive Development

Post-quarter, Wia appointed John Mussett as Project Director to lead Kokoseb’s development phase. Mussett brings extensive international experience, most recently overseeing a US$2.6 billion project portfolio at Aris Mining across Colombia and Guyana. His track record includes managing the redevelopment of AngloGold Ashanti’s Obuasi Gold Mine in Ghana, delivering a complex underground gold mine restart on time and budget.

Regulatory and Regional Exploration Updates

Environmental and social impact assessments, along with the mining licence application, continue to progress through Namibian regulatory channels. The company also submitted accessory works permit applications and road access proposals for assessment.

Regional reconnaissance across Wia’s extensive Damara Belt tenements has continued, focusing on stream sediment sampling and mapping to prioritise future exploration targets beyond Kokoseb.