A scoping study has set Kokoseb Gold Project’s initial mine life at more than 11 years, with forecast average annual gold production of 177,000 ounces during the first five years and an all-in sustaining cost (AISC) of US$1,265 per ounce.
The study, released in Wia Gold Limited’s (ASX: WIA) Quarterly Activities Report for the period ending 30 September 2025, confirms Kokoseb as an outstanding open-pit gold project capable of delivering long-term returns at both base and spot gold prices. It marks a key milestone for Wia, which has advanced Kokoseb into the Definitive Feasibility Study (DFS) phase scheduled for completion in the second half of 2026.
Located in the Erongo Region, about 320 kilometres by road from Windhoek, the project benefits from proximity to existing infrastructure, including grid power, accessible water supply schemes, and local road networks. Wia Gold holds an 80 per cent interest in Kokoseb through its Namibian subsidiary, while Epangelo Mining Company, Namibia’s state-owned mining enterprise, owns the remaining 20 per cent.
The project is underpinned by a Mineral Resource Estimate (MRE) of 2.93 million ounces of gold—an increase of 38 per cent from the previous estimate—including 1.81 million ounces in the Indicated category at a 0.5 g/t cut-off grade. The resource equates to a production target of 58.9 million tonnes at 0.97 g/t gold, containing 1.83 million ounces, with only 6% sourced from Inferred resources during the first seven years of mining.
The Kokoseb operation will comprise an open-cut mine and a 5.25 million tonnes per annum carbon-in-leach (CIL) processing facility, with supporting tailings storage, water pipelines, and power connections from Namibia’s national grid. Over the mine’s life, gold production will average 146,000 ounces per annum, while averaging 177,000 ounces per annum in the first five years of operation.
Based on a conservative base-case gold price of US$2,600 per ounce, the study demonstrates a post-tax NPV (5%) of US$646 million, an IRR of 38 per cent, and a 22-month payback period. At the August 2025 spot gold price of US$3,450 per ounce, Kokoseb’s post-tax NPV rises to US$1.27 billion, with an IRR of 60 per cent and a 15-month payback. Total pre-production capital is estimated at US$358.8 million, inclusive of US$23.2 million for mining mobilisation, US$34.5 million in sustaining capital, and US$27.5 million in closure costs.
Wia’s Executive Chairman, Josef El-Raghy, said the study highlights Kokoseb’s potential to become Namibia’s next cornerstone gold producer, combining large-scale resources, straightforward open-pit mining conditions, and strong economics supported by robust metallurgical results and logistics advantages.
Work on the Environmental and Social Impact Assessment (ESIA) is well advanced, with most specialist studies and baseline surveys completed. The preliminary Environmental and Social Management Plan (ESMP) has been refined to support the final ESIA submission, targeted for late 2025, followed by public consultation and final submission to the Ministry of Environment, Forestry and Tourism (MEFT) and the Ministry of Industries, Mines and Energy (MIME) in early 2026. A formal Mining Licence Application was submitted to MIME on 10 October 2025.
In parallel, the company has continued an intensive drilling programme aimed at expanding the resource and targeting deeper, high-grade shoots. During the quarter, a total of 19,587 metres were drilled—comprising 8,700 metres of reverse circulation (RC) and 10,887 metres of diamond drilling (DD)—compared to 18,664 metres in the previous quarter. Drilling focused on the Central Zone and its high-grade plunging shoots, returning impressive results such as 27 metres at 3.31 g/t gold (including 11 metres at 5.21 g/t), 10.9 metres at 12.26 g/t, and 8.2 metres at 5.09 g/t.
These intersections extend mineralisation beyond the current MRE boundary, supporting the potential for an underground extension beneath the planned open pit. A total of six rigs remain active on site as Wia accelerates definition drilling, resource expansion, and geotechnical work in preparation for the DFS.
Beyond Kokoseb, Wia has maintained regional reconnaissance programmes across its Namibian exploration licences—including Katerina, Okombahe, Gazina, Hagenhof, and Owambo—which together form part of the company’s 2,000-square-kilometre Damaran Project. Activities include stream sediment sampling, mapping, and rock-chip sampling to identify new drill targets along the same structural corridor as Kokoseb.
Financially, Wia entered the final quarter of 2025 in a strong position. The company completed a A$30 million placement in August 2025 through the issue of 100 million new shares at A$0.30 each, raising funds to accelerate exploration and feasibility work. As of 30 September 2025, Wia held A$52.1 million in cash and no debt, positioning it to advance Kokoseb toward full feasibility, permitting, and construction readiness.
With the Definitive Feasibility Study now underway and environmental approvals on track, 2026 is set to be a pivotal year for Wia Gold as Kokoseb advances toward becoming Namibia’s next large-scale, low-cost gold mine within the historic Damara Belt, joining the ranks of Navachab, Otjikoto, and Twin Hills in defining the country’s modern gold story.
