Wia Gold wants to raise A$30 million (about N$370 million) for an accelerated exploration and development programme at its flagship Kokoseb gold project in Namibia.
The company announced that it has secured firm commitments for a placement of 100 million new shares at A$0.30 each, representing a 4.8% discount to its last traded price of A$0.315 on 15 August 2025.
The new shares are expected to be allotted and quoted for trading on 27 August.
Proceeds from the placement will be used to fast-track resource development and exploration drilling, advance technical studies and test work towards a Definitive Feasibility Study, and cover permitting, social and environmental programmes.
Part of the funds will also be directed to working capital, corporate costs, and Wia’s broader exploration portfolio.
The Kokoseb project has grown into one of Namibia’s most significant undeveloped gold deposits.
In July, Wia upgraded its Mineral Resource Estimate to 2.93 million ounces of gold contained in 89 million tonnes grading 1.0g/t.
A Scoping Study is on track for completion this quarter, with several elements of the Definitive Feasibility Study already underway.
Executive Chairman Josef El-Raghy said strong backing from both domestic and international investors confirmed market confidence in the project’s potential. He added that Kokoseb’s expansion strategy would continue through an accelerated programme supported by the new funding.
Following completion of the placement, Wia will have an estimated cash balance of about A$55 million.
Argonaut Securities acted as Lead Manager and Bookrunner, with Tamesis Partners and SCP Resource Finance serving as co-lead managers.
