Wia Gold has started formal discussions with potential financiers as it advances the development of its Kokoseb Gold Project in Namibia, marking a step towards securing funding to bring the project into production.
The company, in its quarterly update for the period ending 31 March 2026, said work on the Definitive Feasibility Study (DFS) is progressing on schedule, with completion targeted for the second half of 2026.
Key technical work is advancing in line with expectations. Geotechnical testing has confirmed open-pit design assumptions, while metallurgical testwork has supported earlier results, indicating stable recovery rates and non-acid forming material. Process plant design and infrastructure planning are also underway, alongside assessments of multiple water supply options.
“Definitive Feasibility Study (DFS) for the 2.93Moz Kokoseb Gold Project in Namibia is progressing on schedule, with completion targeted for H2 2026. Significant high-grade drilling results continue to confirm the continuity, scale and robustness of high-grade plunging shoots, supporting future underground mining potential at Kokoseb,” the company said.
The DFS is currently based on an open-pit mining scenario. However, recent drilling has pointed to strong underground potential. High-grade intercepts from the Southern and Central zones confirm that mineralisation extends below the current pit design, which could support the inclusion of an underground resource in an updated Mineral Resource Estimate later this year.
Permitting processes are also progressing. The Environmental and Social Impact Assessment (ESIA) and Environmental and Social Management Plan (ESMP) were formally submitted in March to the Ministry of Industries, Mines and Energy and the Ministry of Environment, Forestry and Tourism. The mining licence application, submitted in October 2025, remains under review.
The company said it has strengthened its leadership team during the quarter, appointing a new chief executive officer, chief financial officer and non-executive director with experience in African mining project development.
Wia Gold has also streamlined its portfolio by divesting non-core assets in Côte d’Ivoire, while retaining exposure through shares and performance rights in the acquiring company.
Exploration activity at Kokoseb remains active, with multiple drill rigs focused on both resource expansion and infill drilling. The project currently hosts a mineral resource of 2.93 million ounces of gold based on open-pit mineralisation.
“Exploration during the quarter remained focused on confirming the continuity of high-grade plunging shoots and demonstrating that mineralisation remains open at depth, supporting potential future underground development. Six diamond rigs and one reverse circulation rig are active on site,” the company said.
Wia Gold reported cash of approximately N$470 million (A$40.9 million) and no debt at the end of the quarter, providing funding to continue advancing the project.
