Wia Gold is preparing to publish the first underground Mineral Resource for its Kokoseb Gold Project during the third quarter of 2026, marking a significant milestone for one of Namibia’s largest undeveloped gold deposits as the company simultaneously advances the project’s Definitive Feasibility Study, permitting and financing towards a development decision.
The updated Mineral Resource Estimate (MRE) will incorporate Kokoseb’s inaugural underground resource, reflecting the success of recent drilling that has confirmed high-grade gold mineralisation extends well below the limits of the planned open-pit operation. The new estimate is expected to provide the first formal assessment of Kokoseb’s underground potential and could significantly extend the project’s future mine life beyond the initial open-pit development.
Kokoseb already hosts a 2.93-million-ounce gold resource, making it one of the largest undeveloped gold projects in Namibia. While the Definitive Feasibility Study currently under preparation is focused on the proposed open-pit mine, the addition of an underground resource is expected to demonstrate that the deposit offers considerably greater long-term development potential than previously recognised.
The underground resource follows an extensive drilling programme completed during the June quarter, during which Wia drilled 19,819 metres across the project.
The programme identified a new high-grade mineralised horizon beneath the Central Zone, extended known mineralisation below the proposed open pit and confirmed that the high-grade plunging shoots remain open at depth.
Importantly, drilling has now traced gold mineralisation to approximately 580 metres below the scoping study pit shell, demonstrating that the mineralised system continues well beneath the limits of the current mine design. Those results are expected to underpin the maiden underground resource and provide the geological basis for evaluating a future underground mining operation once open-pit mining is completed.
The resource update comes as Wia moves steadily towards completing the Definitive Feasibility Study, which remains on schedule for release during the third quarter of 2026.
During the June quarter, the company completed or substantially advanced major engineering work covering pit optimisation, mine scheduling, process plant engineering, tailings storage facility design, power supply, water infrastructure and supporting site infrastructure required for the proposed mine.
One of the quarter’s most significant technical achievements was confirmation that Kokoseb has access to sufficient long-term water supplies.
Hydrogeological investigations identified groundwater resources exceeding 80 million cubic metres, comfortably above the mine’s estimated annual requirement of approximately 1.5 million cubic metres, allowing completion of the project’s borefield design and removing one of the key development risks associated with large mining projects in Namibia.
Power planning also advanced during the quarter after NamPower submitted a formal offer for a 132-kilovolt electricity connection, while Wia continued evaluating a customer-build option to deliver electricity to the mine. At the same time, the company assessed tenders from predominantly Namibian contractors for bulk earthworks, signalling that preparations are moving beyond technical studies towards execution planning.
The project’s regulatory approvals also continue to progress. We have confirmed that the Environmental and Social Impact Assessment, Environmental and Social Management Plan, and Mining Licence Application remain under review by the relevant Namibian authorities, while applications for access roads and associated infrastructure are also advancing through the approval process.
Recognising that Kokoseb is moving from exploration to development, Wia strengthened its leadership team at the end of the quarter by appointing John Mussett as Project Director. Mussett previously managed a US$2.6 billion portfolio of mining projects at Aris Mining and led the redevelopment of AngloGold Ashanti’s Obuasi Gold Mine, bringing extensive experience in mine construction and project delivery to the Namibian project.
Financing activities are also gathering momentum. During the quarter, Wia completed a A$92 million institutional placement, strengthening its balance sheet ahead of the project’s next phase. The company also confirmed that it has received indicative, non-binding funding proposals from commercial banks, credit funds, royalty companies and streaming providers as it works towards assembling the financing package required to construct the mine. Wia ended the quarter with A$119.1 million in cash and no debt.
Although the Definitive Feasibility Study remains focused on establishing the viability of the proposed open-pit operation, the forthcoming underground resource is expected to provide investors with a broader picture of Kokoseb’s long-term potential.
By confirming that high-grade mineralisation extends well beyond the current pit design, Wia is beginning to demonstrate that the project could ultimately evolve into a multi-stage mining operation combining open-pit and underground extraction.
With an updated Mineral Resource Estimate, a Definitive Feasibility Study, project financing and regulatory approvals all progressing simultaneously, the coming months are shaping up to be the most significant in Kokoseb’s history.
The inclusion of the project’s first underground resource will not only redefine the deposit’s scale. Still, it could also strengthen the economic case for developing what is already one of Namibia’s most important emerging gold projects.
