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Wia Gold has moved its Kokoseb Gold Project in Namibia closer to construction after securing firm commitments for a $125 million placement that, together with proposed debt financing and existing cash, is expected to complete the project’s funding package through to first gold.
The placement will see about 294.1 million new shares issued at $0.425 each, representing no discount to Wia Gold’s last traded price and a 2% discount to its five day volume weighted average price of $0.434. Combined with a proposed US$360 million debt facility from Sprott and existing cash reserves, the equity raise gives Wia a significantly stronger financial platform to progress Kokoseb from feasibility into construction.
The financing follows completion of the Definitive Feasibility Study, which confirmed robust project economics and a maiden probable ore reserve of 1.95 million ounces. The company says the latest capital will be directed towards pre production expenditure and workstreams aimed at reducing execution risk as development advances. The company’s Chief Executive Officer Henk Diederichs noted that the level of investor support reflects growing confidence in Kokoseb and its potential to become a major Namibian gold operation.
“The proceeds will be applied to pre-production capital and key workstreams that de-risk project execution. We thank our shareholders for their ongoing support as we advance Kokoseb towards becoming Namibia’s next major gold mine,” said Diederichs. Located about 320km by road from Windhoek in northwestern Namibia, Kokoseb has an updated mineral resource of 3.78 million ounces at 1.00 grams per tonne gold. The resource comprises an open pit component of 3.23 million ounces and an underground inferred resource of 0.56 million ounces.
Wia holds an 80% interest in Kokoseb through a joint venture with state owned Epangelo Mining Company. The project is designed around an initial 14 year mine life, with average production of 150,000 ounces a year during the first 10 years. First gold remains targeted for the fourth quarter of 2028. The immediate significance of the financing is therefore its timing. With the feasibility study completed and a substantial funding package being assembled, Kokoseb is moving into a phase where delivery rather than definition will determine its progress.
The placement remains subject to shareholder approval, which Wia expects to seek at a general meeting scheduled for late September or early October 2026. Kokoseb adds further momentum to a pipeline of projects capable of broadening the country’s gold production base. Wia Gold’s latest capital commitment brings its flagship project closer to the point where the scale of its resource can be translated into construction, production and long term economic value. The next milestone is executing the project that the latest funding package is designed to build.
