Key Highlights

  • WIA Gold (ASX:WIA) shares were down 13.04% at A$0.40 during the 23 October 2026 trading session.
  • The S&P/ASX 200 was down 0.37% at 8,760.50 at 1:16 pm AEDT on the same day.
  • On 20 October 2026, the company released its quarterly activities report for the period ended 30 September 2026, covering the Kokoseb Gold Project in Namibia.

WIA Gold Ltd (ASX:WIA) shares were trading at A$0.40, down 13.04%, during the 23 October 2026 trading session, a larger fall than the 0.37% decline (32.70 points) recorded by the S&P/ASX 200 (XJO), which was at 8,760.50 at 1:16 pm AEDT. Wia Gold is a Namibia-focused gold development and exploration company, and on 20 October 2026 it released its quarterly activities report for the period ended 30 September 2026, covering the Kokoseb Gold Project's definitive feasibility study, project financing, a Capital raising and ongoing drilling.

Latest Developments

Definitive feasibility study outcomes in the 20 October 2026 report

In its Quarterly Report dated 20 October 2026, Wia said the definitive feasibility study (DFS) for Kokoseb, released on 10 August 2026, indicated average annual gold production of approximately 150,000 ounces over the first 10 years and total production of 1,836,000 ounces over a 14-year mine life. The company reported a maiden Probable Ore Reserve of 69.8Mt at 0.87g/t gold for 1.95 million ounces, based on a gold price assumption of US$2,600 per ounce.

The report listed total pre-production capital of US$475 million and, for a base case of US$3,600 per ounce, a post-tax net present value (5%) of US$1,214 million and a post-tax internal rate of return of 41%.

Financing and cash position reported on 20 October 2026

Wia said it agreed an indicative, non-binding term sheet with Sprott Resource Lending Corp. for a US$360 million senior secured Debt Facility and a US$15 million subscription in any future Equity raise, with financing completion targeted for the fourth quarter of 2026. The company said the facility remains subject to conditions including due diligence, definitive documentation, final Investment committee approval and receipt of the Mining Licence and Environmental Clearance Certificate.

The report also stated that a A$125 million Placement at A$0.425 per share was completed, with shares issued on 28 September 2026. As at 30 September 2026, Wia reported a cash balance of A$229.2 million and no debt. Together with the proposed facility and existing cash, the company said it currently expects the placement to fully fund Kokoseb through to first gold.

Drilling, plant review and timetable noted on 20 October 2026

The company said six diamond drill rigs continued to operate at Kokoseb, and referred to underground-focused intercepts including 15.5m at 6.53g/t gold from 499.5m in KDD191. It also said an engineering review identified design provisions that could enable a future increase in plant throughput from 5.25Mtpa to about 7.0Mtpa at an estimated additional cost of US$9.3 million, while describing any expansion as theoretical or conceptual at this stage. Early works are targeted for the first half of 2027, with first gold targeted for the fourth quarter of 2028, subject to approvals and financing documentation.

About WIA Gold Ltd

Wia Gold Limited is an ASX-listed gold development and exploration company with its office at 130 Hay Street, Subiaco, Western Australia. Its focus is the Kokoseb Gold Project on Namibia's Damara belt, discovered in May 2021 according to the report. The company also holds exploration licences in Namibia, including projects named Katerina, Okombahe and Gazania.

On 28 September 2026, the company appointed Jamie Day as a Non-Executive Director.

Related Sector Context

Wia operates in gold development and exploration, a segment in which companies move through studies, permitting, financing and construction before any production. The Kokoseb DFS assumed power from the Namibian grid. The S&P/ASX 200 was down 0.37% at 1:16 pm AEDT on 23 October 2026, while Wia shares were down 13.04% during the trading session.

Risks to Weigh In

  • The Sprott facility is an indicative, non-binding term sheet and remains subject to due diligence, documentation and approvals, according to the company.
  • Grant of the Mining Licence and Environmental Clearance Certificate is anticipated by year end but is not yet confirmed.
  • Early works and first gold timing are subject to approvals and finalising financing documentation.
  • The company described any plant expansion as theoretical or conceptual, subject to further studies and approvals.
  • The Underground Exploration Target is conceptual, and it is uncertain whether further exploration will result in a Mineral Resource.

Catalysts on Watch

  • Completion of financing on the Sprott facility, targeted for the fourth quarter of 2026.
  • Grant of the Mining Licence and Environmental Clearance Certificate, anticipated by year end.
  • Early works targeted for the first half of 2027.
  • Drilling within the next six to twelve months to assess the Underground Exploration Target.
  • First gold production, targeted for the fourth quarter of 2028.

The Story So Far

WIA Gold shares were down 13.04% at A$0.40 during the 23 October 2026 trading session, while the S&P/ASX 200 was down 0.37%. The company's quarterly activities report, dated 20 October 2026, summarised DFS outcomes, the placement, the proposed Sprott facility and drilling at Kokoseb. The company has pointed to financing completion, permitting and early works as its next milestones.