By: African Mining

Wia Gold Ltd. is excited to share the results of its Definitive Feasibility Study (DFS) for the Kokoseb Gold Project in Namibia, confirming the project’s robust technical and economic viability. Alongside this milestone, the company has reached an agreement on indicative financing terms, setting a clear path to develop Kokoseb into Namibia’s next major gold mine.

Key project highlights

• Maiden JORC Probable Ore Reserve of 69.8 million tonnes at 0.87 g/t Au, containing 1.95 million ounces of gold, based on a conservative gold price of US$2,600/oz.
• Expected average annual gold production of approximately 150,000 ounces over the first 10 years, with total production of 1.836 million ounces over a 14-year mine life from an open pit inventory of 72.9 million tonnes at 0.87 g/t Au.
• Strong financial returns with a post-tax NPV5% of US$1.2 billion (A$1.7 billion), an IRR of 41%, and a payback period of 1.8 years at a gold price of US$3,600/oz. At the anticipated July 2026 spot price of US$4,075/oz, the post-tax NPV5% rises to US$1.6 billion (A$2.3 billion) and IRR to 49%.
• Capital expenditure estimated at US$475 million, including US$27 million for pre-production mining, US$40 million contingency, and US$50 million for strategic water and power infrastructure to support future expansion options.
• Life of Mine cash operating cost (C1) of US$1,519/oz and All-in Sustaining Cost (AISC) of US$1,696/oz.

Indicative financing terms agreed with Sprott Resource Lending Corp. for a US$360 million senior secured debt facility plus a US$15 million equity subscription, subject to customary conditions including due diligence and definitive documentation.

Supported by a cash balance of A$119 million at 30 June 2026, ensuring a solid financial foundation for development.

Completion of the DFS advances the project toward Mining Licence grant and environmental approvals, expected in the second half of 2026.

The DFS is based on a 5.25 million tonnes per annum open pit operation, with ongoing studies to explore plant expansion and underground development for additional value.

Henk Diederichs, Managing Director and CEO of Wia Gold, remarked, “The completion of the DFS marks a major milestone for Wia. In just over five years, Kokoseb has progressed from discovery to a development-ready gold project, standing as one of Africa’s most compelling undeveloped assets. The DFS delivers a maiden Ore Reserve, a robust mine plan, and exceptional financial returns, providing a strong foundation for the project’s development.”

He added, “This achievement showcases the dedication of our team, the expertise of our consultants, and the ongoing support from our joint venture partner Epangelo and the Namibian Government. Namibia continues to be a premier mining jurisdiction in Africa, and we believe Kokoseb is well positioned to become the country’s next major gold mine. “

The indicative financing terms with Sprott, comprising US$360 million in debt and a US$15 million equity subscription, represent a strong endorsement of the project’s quality and our progress to date. With the DFS complete, we are focused on finalizing financing documentation, securing approvals, and advancing early execution activities. We look forward to creating significant value for all stakeholders.”

Corey Posesorski, Partner at Sprott, stated, “As one of the largest investors dedicated to natural resources, Sprott is excited to partner with Wia on the Kokoseb Gold Project. Located in a leading African mining jurisdiction, Kokoseb is a well-defined, high-quality gold development project. The DFS reinforces its strong economic fundamentals.”

Our proposed US$360 million senior debt facility and US$15 million equity subscription reflect our commitment to providing innovative, flexible capital to maximize the value of exceptional projects and support strong management teams. We look forward to working closely with Wia as the project progresses through construction and into production.”