Wia Gold Limited says it will need about N$7.2 billion (US$414 million) in funding and further technical work before its Kokoseb Gold Project in the Erongo Region can proceed, despite a preliminary scoping study showing positive economics.
The study, covering a 2.93 million ounce resource, reported strong potential returns but warned of low geological confidence, cost uncertainties, and the challenge of securing finance.
“Completing this first study on Kokoseb has demonstrated the technical robustness and commercial attractiveness of the Project. Located in Namibia, Africa’s leading mining jurisdiction, with established modern infrastructure, Kokoseb provides excellent prospective returns for all of our stakeholders,” Wia Executive Chairman Josef El Raghy said.
According to the study, pre-production capital costs are projected at N$6.2 billion (US$358.8 million).
This includes N$2.55 billion (US$147.6 million) for the process plant, N$574 million (US$33.2 million) for non-process infrastructure, N$401 million (US$23.2 million) for mining mobilisation and pre-production, and N$558 million (US$32.3 million) for contingency.
The project is expected to process 58.9 million tonnes at 0.97 grams per tonne through a 5.25 million tonne per year carbon-in-leach plant, with gold recovery of more than 90%. Total recovered gold is projected at 1.65 million ounces.
The scoping study outlines an 11-year open pit operation located 320 kilometres from Windhoek, producing an average of 177,000 ounces of gold annually during its first five years, at an all-in sustaining cost of US$1,265 (N$21,859) per ounce.
The report said the mine will require a new 95-kilometre power line from Omburu substation to supply 31 megawatts at about US$0.117 per kilowatt-hour (N$2.02).
Water supply remains under review, with annual demand estimated at 1.1 million cubic metres. Wia is investigating the Okombahe and Ozondati water schemes and the Omaruru Alluvial Plains aquifer, which could hold up to 52.5 million cubic metres if proven viable.
Wia said it has seven drilling rigs operating to expand and define the resource, with an underground mining resource estimate due by mid-2026. A Definitive Feasibility Study is expected in the second half of 2026.
The company said its mining licence application was lodged with the Ministry of Mines and Energy in October 2025, while the Environmental and Social Impact Assessment is planned for the first quarter of 2026.
“The Scoping Study now provides Wia with the required technical platform to commence the DFS. Progress on exploration, testwork, site investigations and permitting has been accelerated with the target of completing the required workstreams to transition into Project delivery in the second half of 2026,” El Raghy said.
Wia holds 80% of Kokoseb in joint venture with Epangelo Mining Company, which owns 20%. If developed, Kokoseb would be Namibia’s fourth modern gold mine.
