WIA Gold Limited (ASX:WIA): How Kokoseb Feasibility Findings Shape Development Planning

Aditi Sarkar

28 October 2026 03:07 PM AEDT

WIA Gold Limited (ASX:WIA): How Kokoseb Feasibility Findings Shape Development Planning

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Highlights

WIA Gold completed its Kokoseb definitive feasibility study in August 2026.
The study defined a maiden Probable Ore Reserve of 1.95 million ounces of gold.
The proposed operation has a 14-year mine life and a 5.25 Mtpa processing plant.
Indicative project debt terms and equity funding form part of the development pathway.
Permitting, financing and construction readiness remain important project milestones.

WIA Gold Limited (ASX:WIA) is an Australian gold exploration and development company advancing the Kokoseb Gold Project in Namibia. Its August 2026 definitive feasibility study (DFS) set out a proposed mine design, reserve estimate, operating assumptions and capital requirements. For WIA Gold (ASX:WIA), the study marks a transition from defining the deposit towards assessing how the project could be financed, approved and constructed.

Kokoseb Reserve and Mine Design

Kokoseb is in Namibia’s Erongo Region, approximately 320 km by road from Windhoek. WIA Gold (ASX:WIA) holds an 80% interest in the project through a joint venture with state-owned Epangelo Mining Company, which holds the remaining 20%. The proposed development comprises an open-pit mine, a carbon-in-pulp processing facility, grid power infrastructure, water supply and filtered tailings storage.

The August 2026 DFS established a maiden Probable Ore Reserve of 69.8 million tonnes at 0.87 g/t gold, containing 1.95 million ounces. The updated Mineral Resource stands at 3.78 million ounces, including a maiden underground Inferred Resource of 0.56 million ounces. Mineral Resources are distinct from Ore Reserves and should not be interpreted as material demonstrated to be economically extractable.

The study envisages processing capacity of 5.25 million tonnes annually over a 14-year mine life. Average annual gold production is estimated at 161,000 ounces during the first five years and 150,000 ounces over the first ten. These are study projections rather than achieved production figures.

Feasibility Economics and Funding Structure

Using a base-case gold price assumption of US$3,600 per ounce, the DFS calculated a post-tax net present value at a 5% discount rate of US$1,214 million and a post-tax internal rate of return of 41%. The model indicated a 21-month payback period. These outcomes depend on the assumptions adopted in the study and are not guaranteed financial results.

Pre-production capital was estimated at US$475 million, while life-of-mine all-in sustaining costs were estimated at US$1,696 per ounce. WIA Gold (ASX:WIA) reported agreed indicative terms for a US$360 million senior debt facility and a US$15 million equity subscription. Indicative financing does not mean final funding documents have been executed or all conditions satisfied.

For the financial year ended 30 June 2026, the company reported a net loss of A$16.1 million and cash of A$119.1 million. Its reported net assets were A$173.9 million. These figures reflect a development-stage business rather than an operating gold mine generating production revenue.

Approvals and Execution Requirements

Kokoseb’s mining licence and environmental assessment processes are central to the timetable. The company reported an environmental and social impact assessment submission in March 2026 and anticipated statutory decisions in the second half of 2026. Approval timing and any conditions imposed remain outside the feasibility model’s direct control.

WIA Gold (ASX:WIA) has identified front-end engineering, long-lead procurement and financing documentation as execution-readiness work. Its stated timetable targets first gold in the fourth quarter of 2028, subject to the sequence of approvals, investment decisions, construction and commissioning. Costs may change with procurement, labour availability, infrastructure work or scheduling.

Key Insights

The Kokoseb DFS provides WIA Gold (ASX:WIA) with a defined reserve, a proposed development configuration and quantified financial assumptions. It also clarifies what remains unresolved: binding financing, statutory permissions and delivery of construction works. The distinction between study-based economics and realised operating performance is important while Kokoseb remains at the development stage.

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