Wia Gold entered 2026 with a strong balance sheet, holding A$45.84 million in cash, equivalent to about N$555 million, and no debt at the end of December, as the company accelerated work to convert the Kokoseb Gold Project from a large-scale discovery into a fully defined development in central Namibia.
The solid cash position underpinned an intensive December quarter in which Wia advanced the Definitive Feasibility Study on Kokoseb, expanded drilling across high-grade zones and moved key permitting processes forward.
The quarter followed completion of the Kokoseb Scoping Study in September 2025 and marked a clear shift from concept validation toward execution planning, with DFS completion targeted for the second half of calendar year 2026.
Kokoseb, which hosts a mineral resource of 2.93 million ounces of gold, remains the company’s sole strategic focus after the divestment of non-core assets in Côte d’Ivoire.
Management said the period was dedicated to de-risking the project technically, environmentally and commercially, while building the foundations for a potential mine development decision.
Progress on the DFS was recorded across all major workstreams. Geotechnical drilling for the open pit and potential underground operation is well advanced, with completion expected in February 2026 before samples are dispatched to South Africa for laboratory testing.
Mining studies also moved forward during the quarter, with expressions of interest issued for contract mining budget pricing and strong responses received from industry participants.
Metallurgical testwork is substantially complete and is now undergoing validation ahead of final integration into the DFS.
On the processing side, Wia appointed Senet, a subsidiary of DRA, to undertake process plant design and cost estimation. Site geotechnical investigations for the plant have been completed, while the basis of design for non-process infrastructure, including buildings and earthworks, has been finalised.
Water supply, a critical factor for any large mining development in Namibia, continued to receive focused attention.
Exploratory drilling and pump testing were completed at the Okombahe Water Supply Scheme, with hydrogeological modelling scheduled to commence imminently.
Drilling at the Ozondati Water Supply Scheme is expected to start toward the end of January 2026, while mobilisation of audio magnetotelluric equipment is underway to support broader geophysical surveys.
Power supply studies also reached an important milestone during the quarter, with NamPower completing its internal power supply assessments.
The results of these studies are expected to be delivered to Wia in the first quarter of 2026 and will inform final infrastructure and cost assumptions within the DFS.
Alongside study work, Wia maintained an aggressive exploration campaign at Kokoseb aimed at confirming the continuity of high-grade mineralisation and testing depth extensions that could support a future underground operation.
Six drill rigs remain active on site, focused on both resource conversion and expansion as the company works to further strengthen the quality of the resource base.
Drilling results released during the quarter delivered multiple high-grade intercepts that reinforced the project’s underground potential, demonstrating that mineralisation remains open at depth and continues along plunging shoots previously identified within the deposit.
Management has consistently highlighted this underground optionality as a key longer-term value driver beyond the planned open-pit operation.
Beyond the core Kokoseb area, regional reconnaissance programmes continued across Wia’s broader Namibian licence package.
These activities, including stream sediment sampling, reconnaissance mapping and rock-chip sampling, are designed to fast-track decisions on whether to pursue more systematic exploration programmes that could complement the Kokoseb development.
Permitting advanced steadily during the quarter, with the Mining Licence application already lodged with the mines ministry in October 2025.
The Environmental and Social Impact Assessment is nearing completion, with final stakeholder review scheduled for early 2026 and submission to regulators expected in the first quarter of the year.
Strategically, the December quarter also marked Wia’s exit from Côte d’Ivoire. In November 2025, the company entered into a binding agreement to divest its non-core West African exploration assets to ASX-listed Santa Fe Minerals.
The transaction, structured through a combination of equity and performance rights, allows Wia to concentrate capital and management attention on Kokoseb while retaining exposure to potential upside through an ongoing shareholding in Santa Fe.
The Kokoseb Scoping Study completed in September 2025 continues to underpin the project’s investment case. It outlines an initial mine life of more than 11 years, average production of about 180,000 ounces per annum in the first five years from an open-pit operation, and strong project economics at both consensus and prevailing gold prices.
Corporate changes are set to shape the next phase of development. Highly experienced mining executive Henk Diederichs will assume the role of managing director and chief executive officer from 1 February 2026, with Josef El-Raghy transitioning from executive to non-executive chairman as the company moves toward the critical development phase at Kokoseb.
