Wia Gold (ASX: WIA) Lands A$92M to Push Kokoseb Gold Project Closer to Production

Key Highlights

• Wia Gold raises A$92 million from global institutional investors
• Funds to accelerate Definitive Feasibility Study and early works at Kokoseb
• Kokoseb hosts a 2.93Moz gold resource in Namibia
• Placement completed at a 5.9% discount to 10-day VWAP
• Offshore funds continue targeting advanced gold development projects

Global institutional money is continuing to flow toward advanced gold developers, with Wia Gold (ASX: WIA) securing a heavily backed A$92 million placement to fast-track its Kokoseb Gold Project in Namibia.

The company emerged from a trading halt on Wednesday after confirming the raise, which was completed at 46 cents per share through the issue of 200 million new shares.

Wia shares were trading at 43.5 cents by midday, giving the company a market value of roughly A$643 million.

Source: MarketIndex 

The placement price represented an 8% discount to the last traded price of 50 cents and a tighter 5.9% discount to the company’s 10-day VWAP, a pricing outcome that stood out in a market where junior miners often face steeper discounts when raising capital.

Kokoseb moves deeper into development

The fresh funding will primarily support the Definitive Feasibility Study for the Kokoseb project, targeted for completion in the second half of 2026.

Additional funds will be directed toward permitting, environmental programs, early development works and regional exploration across Wia’s broader Damaran tenure.

Kokoseb currently hosts a mineral resource estimate of 2.93 million ounces of gold grading 1.0g/t, including a higher-grade core containing 2.07 million ounces at 1.4g/t gold.

A 2025 Scoping Study outlined an initial mine life of more than 11 years, with forecast production averaging around 177,000 ounces annually during the first five years.

Using a gold price assumption of US$2,600 an ounce, the study estimated a post-tax net present value of US$646 million and an internal rate of return of 38%.

The projected payback period was estimated at 1.8 years.

Offshore investors circle advanced African gold assets

The capital raising reflects a broader shift taking place across the gold sector.

With bullion prices holding near record levels, institutional investors have increasingly focused on advanced development assets capable of reaching production within a visible timeframe rather than backing early-stage exploration plays.

Namibia has also emerged as a preferred jurisdiction for offshore mining capital, supported by its long-established uranium and diamond industries and comparatively stable regulatory environment.

Wia holds an 80% interest in Kokoseb through a joint venture with Namibia’s state-owned mining company Epangelo.

Managing Director and CEO Henk Diederichs said the strong demand for the raising reflected growing recognition of Kokoseb’s scale.

“We are very pleased with the strong demand for this Placement, particularly from high-quality offshore institutional investors who recognise Kokoseb’s potential to emerge as one of Africa’s next major gold mines,” Diederichs said.

“This Placement materially strengthens our balance sheet at a pivotal stage in the Project’s development.”

He said the company would also continue regional exploration alongside development activities.

“The funding also enables us to continue with regional exploration activities across our broader tenure, where we see meaningful potential to build on the Kokoseb discovery.”

Focus shifts toward the DFS milestone

The next major catalyst for the market will likely be the Definitive Feasibility Study later this year, as investors look for updated capital expenditure estimates and development timelines amid ongoing inflation pressures across the global mining sector.

Still, the latest raise signals that Wia Gold is increasingly being viewed less as a speculative explorer and more as a future gold producer with institutional backing behind its development path.