Wia Gold secures water supply for Kokoseb Project

Wia Gold Limited has secured a water resource exceeding 80 million cubic metres for its flagship Kokoseb Gold Project in Namibia, removing a key development risk as the project’s Definitive Feasibility Study (DFS) remains on track for completion in the third quarter of 2026.

The Australian Securities Exchange-listed company said hydrogeological investigations completed under its OmAP study programme confirmed a project borefield comprising approximately 11 to 13 production bores across a 35-kilometre strike length.

The estimated water resource is significantly above the mine’s projected annual demand of approximately 1.5 million cubic metres.

“OmAP hydrogeological work progressed significantly, with drilling and pump testing validating the geophysical model and supporting preliminary aquifer modelling. Results indicate a Project borefield comprising approximately 11–13 production bores over a 35 km strike length, with estimated available water resources exceeding 80 Mm³. This substantially exceeds the Project’s anticipated water demand of approximately 1.5 Mm³ per annum,” the company said.

Wia said geophysical surveys have now extended to 55 kilometres, confirming the continuity of the palaeochannel system and strengthening confidence in the project’s long-term water supply strategy.

The company has completed the DFS-level borefield design, together with capital and operating cost estimates, while additional production and monitoring boreholes have been drilled to support its water abstraction licence application.

Environmental scoping has also commenced following registration with the Ministry of Environment, Forestry and Tourism.

The water milestone comes as the DFS continues to advance across all major workstreams.

Wia said the final mine geotechnical review confirmed the pit design parameters established during the Scoping Study, while pit optimisation has been completed.

Process plant engineering has also progressed, with 3D plant layouts, material take-offs and piping and instrumentation diagrams completed, alongside mechanical, electrical and construction tender processes.

Designs for non-processing infrastructure, including accommodation facilities, site services and access roads, have also been substantially completed. The company is reviewing bulk earthworks tenders submitted predominantly by Namibian contractors.

In addition, NamPower has issued a formal power supply offer for a 132kV transmission line connection, with Wia advancing a customer-build option and a related memorandum of understanding.

Exploration activities also continued during the quarter, with the company completing 19,819 metres of drilling comprising 29 diamond drill holes and 10 reverse circulation holes.

The drilling programme identified a new high-grade mineralised horizon beneath the Central Zone pit shell, approximately 700 metres below surface and 350 metres beneath the current Scoping Study pit shell.

Significant drill intercepts included 17 metres grading 2.16 grams per tonne (g/t) gold from 769 metres, including 4 metres at 3.92g/t gold, and 9 metres grading 10.64g/t gold from 811 metres.

Wia said the Central and Southern Zone high-grade mineralised shoots remain open at depth, with step-out drilling extending the Central Zone by 580 metres and the Southern Zone by a further 80 metres below the current pit shell.

The company is preparing an updated Mineral Resource Estimate, including its inaugural underground resource, for release during the third quarter of 2026.

“The current 2.93Moz Mineral Resource Estimate is based on open-pit mineralisation only. An updated MRE incorporating an inaugural underground resource is anticipated in Q3 2026,” the company said.

During the quarter, Wia also strengthened its balance sheet by raising A$92 million (approximately N$1.1 billion) through a placement of 200 million new shares to domestic and international institutional investors.

The proceeds will fund early works, project development, pre-production capital expenditure, permitting, environmental programmes, regional exploration and other activities required to advance the Kokoseb project towards development.

As at 30 June 2026, the company held A$119.1 million in cash and remained debt free, while discussions with commercial banks, credit funds and royalty and streaming providers on project financing continue.

The Environmental and Social Impact Assessment and Environmental and Social Management Plan, submitted in March 2026, remain under regulatory review, alongside the Mining Licence Application lodged in October 2025 and the Accessory Works Permit application submitted in May 2026.