A Scoping Study has confirmed the potential to establish Kokoseb as Namibia’s fourth modern gold mine, marking a significant milestone for Wia Gold Limited (ASX: WIA) and its joint venture partner, Epangelo Mining Company.
The study, completed in July 2025, evaluates the technical and economic case for developing the 2.93-million-ounce Kokoseb Gold Project in the Erongo Region.
Wia will now have to move through a structured timeline, beginning with the submission of its Mining Licence application in October 2025 and the Environmental and Social Impact Assessment in the first quarter of 2026.
A Definitive Feasibility Study is already underway and scheduled for completion in the second half of 2026, with the company targeting the award of an exploitation licence in the same period.
These steps set out the path for Kokoseb to transition into construction once approvals and funding are secured.
The study outlines an initial life of mine of more than 11 years, with forecast production averaging 177,000 ounces of gold per year over the first five years and 146,000 ounces per year across the operation.
Total production is estimated at 1.83 million ounces from a mining inventory of 58.9 million tonnes, with an average gold grade of 0.97 grams per tonne.
A conventional open-pit mining method with a strip ratio of 6:1 will be employed, with ore processed through a carbon-in-leach plant rated at 5.25 million tonnes per annum. Gold recoveries are expected to exceed 90 per cent.
Financial modelling at a base gold price of US$2,600/oz (about N$46,800/oz) delivered a post-tax net present value (NPV5) of US$646 million (N$11.6 billion) and an internal rate of return (IRR) of 38 per cent.
At a gold price of US$3,450/oz (about N$62,100/oz), the post-tax NPV (5) rises to US$1.27 billion (N$22.9 billion) with an IRR of 60 per cent.
Pre-production capital expenditure is estimated at US$358.8 million (N$6.5 billion), inclusive of owner and direct costs.
Payback is projected at 1.8 years under the base case and 1.25 years at the higher gold price scenario. Sustaining capital costs are put at US$34.5 million (N$623 million), with closure costs estimated at US$27.5 million (N$497 million).
Environmental and social planning has advanced alongside technical studies.
A filtered, dry-stack tailings facility has been selected for the operation, and water supply studies have confirmed multiple sources capable of supporting production.
The Environmental and Social Impact Assessment is nearing completion and is scheduled for submission in the first quarter of 2026.
Wia plans to file its mining licence application with Namibia’s Ministry of Mines and Energy in October 2025.
The Kokoseb resource stands at 2.93 million ounces, including 1.81 million ounces in the Indicated category. The Scoping Study assumes that 82 per cent of production will be sourced from Indicated Resources, with Inferred Resources making up the remaining 18 per cent.
The deposit remains open at depth and along strike for 5.4 kilometres.
Seven drill rigs are currently operating to expand the resource, with an underground mineral resource estimate expected by mid-2026.
Wia has already commenced a Definitive Feasibility Study, with completion targeted for the second half of 2026.
The company has cautioned that further funding of around US$414 million (N$7.5 billion) will likely be required to progress Kokoseb to development.
Commenting on the study, Wia’s Executive Chairman, Josef El Raghy, said that completing this first assessment demonstrated the project’s technical robustness and commercial potential.
He highlighted Kokoseb’s location in Namibia, a recognised mining jurisdiction with established infrastructure, as a key advantage as the company advances the project toward development.
