Highlights

  • August 2026 resource update estimated 3.78 million ounces of gold at Kokoseb.
  • The definitive feasibility study identified a 1.95-million-ounce Probable Ore Reserve.
  • WIA completed an AUD 125 million Placement in September 2026.
  • Closing cash at 30 September 2026 was reported at AUD 229.2 million.

WIA Gold Limited (ASX:WIA) is advancing the Kokoseb gold project in Namibia, with exploration and development work concentrated in the Damaran belt. During 2026, the company completed a definitive feasibility study, updated its Mineral Resource and progressed financing preparations. WIA shares finished trading on 5 November 2026 at AUD 0.395, while project approvals and funding remained central to its next development steps.

Kokoseb Resource and Study Outcomes

WIA Gold Limited (ASX:WIA) announced an updated Kokoseb Mineral Resource Estimate in August 2026 of 3.78 million ounces at an average grade of 1.0 gram per tonne gold. The estimate included 3.23 million ounces within the open-pit resource and approximately 0.56 million ounces of underground Inferred material. Because of rounding, component figures may not sum exactly to the stated total. Inferred Resources have lower geological confidence and are distinct from Ore Reserves.

The definitive feasibility study identified a maiden Probable Ore Reserve of 69.8 million tonnes grading 0.87 grams per tonne for 1.95 million ounces. The study modelled an initial 14-year mine life and average gold production of around 150,000 ounces annually over the first ten years. Such forecasts represent a technical development case rather than achieved production. They depend on permitting, financing, construction, Mining and processing assumptions.

Development Economics and Financing

The Kokoseb feasibility study used a gold-price base case of USD 3,600 per ounce. On those assumptions, the company reported a post-tax net present value at a 5% discount rate of USD 1.2 billion, a 41% post-tax internal rate of return and pre-production Capital Expenditure of USD 475 million. These scenario outputs are sensitive to gold prices, exchange rates, capital costs and operating performance; they are not independently realised cash flows.

WIA Gold Limited (ASX:WIA) completed an AUD 125 million Equity placement priced at AUD 0.425 per share, following the study. It also disclosed indicative terms for a proposed USD 360 million senior secured Debt Facility and a USD 15 million equity subscription. Indicative financing terms do not constitute unconditional funding, and debt documentation, conditions and drawdowns require separate confirmation.

September Quarter Progress and Approvals

The company reported cash of AUD 229.2 million and no debt at 30 September 2026. Exploration and evaluation expenditure for the quarter was approximately AUD 7.103 million. The cash balance gives a measure of near-term financial capacity, but project construction spending is materially larger than ordinary exploration costs and may alter the cash position as work progresses.

The September-quarter report described engineering, contractor planning and preparation for long-lead procurement as the company moved from technical studies toward potential project execution. WIA reported that Namibian mining-licence and environmental assessment processes remained in progress. It anticipated the relevant approvals by the end of 2026. The indicated plan envisaged early works in the first half of 2027, subject to approvals and financing, and first gold in the fourth quarter of 2028.

Project Risks and Key Insights

WIA Gold Limited (ASX:WIA) still faces permitting, debt-financing, construction, geological and operational risks. Further drilling may change future resource estimates, while mining plans must remain consistent with reserve classifications and study assumptions. A higher gold price may improve modelled results, but lower realised prices or cost escalation could have the opposite effect.

Key Insights

Kokoseb moved through major technical-study and equity-financing milestones during 2026. The next measurable developments are government approvals, final financing documentation, early engineering decisions and project spending. The projected production timetable should remain identified as management’s target until the required construction and commissioning work has occurred.