Wia Gold ended the June 30, 2024, quarter with a cash balance of N$183 million (A$15.178 million), excluding trade creditors and zero debt.
The company owns 80% of the Kokoseb gold deposit, which is part of the Damara project in the Erongo region.
It covers over 2,700 km2 and is held under a joint venture with the state-owned mining company Epangelo.
Wia Gold has 12 EPLs on the Damara belt.
Evaluation and exploration expenditures during the June quarter amounted to N$41 million (A$3.397 million).
There were no mining production and development activities.
During the quarter, the company advised that it had raised N$204 million (A$16.9 million) through the receipt of binding commitments for the placement of 211,250,000 new fully paid ordinary shares at A$0.08 per share to existing shareholders and sophisticated, professional, and institutional investors.
The raised funds will focus on further aggressive MRE growth and classification upgrade drilling at the Kokoseb gold discovery (building both quantity and quality of ounces in parallel), plus broader portfolio exploration activities.
Three drill rigs are in operation at the Kokoseb gold deposit, focusing on mineral resource estimate (MRE) growth and classification upgrade.
Two rigs are reverse circulation, and one is diamond circulation.
The rigs are carrying out extensional drilling and new zone exploration.
