The Wia Gold Ltd (ASX: WIA) share price is in focus today as the company announced the completion of a $125 million placement to fund the Kokoseb Gold Project following a robust Definitive Feasibility Study and a 29% increase in Mineral Resource.
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What did Wia Gold report?
- $125 million raised via a placement at $0.425 per share
- Placement supports construction of the Kokoseb Gold Project to first gold, targeted for Q4 2028
- Offer price at nil discount to last traded price; 2% below 5-day VWAP
- Definitive Feasibility Study (DFS) confirms 1.95Moz Probable Ore Reserve, initial 14-year mine life
- Funding package, including a proposed US$360 million Sprott debt facility, covers pre-production capital
- Placement subject to shareholder approval expected late September/early October 2026
What else do investors need to know?
The Kokoseb Gold Project is progressing towards production, with updated resources of 3.78 million ounces at 1.0g/t and an average annual output of 150,000 ounces planned over the first decade. The project sits within a joint venture, with Wia holding 80% and the remaining interest with Namibia's state-owned Epangelo.
Wia's funding package comprises the new placement, a Sprott debt facility, and existing cash, intended to fully fund the project to first gold. Funds will be used for construction, pre-production capital, ongoing studies, permitting, and regional exploration. The placement received strong backing from new and existing institutions and sophisticated investors.
What did Wia Gold management say?
Managing Director & CEO Henk Diederichs said:
Following completion of the DFS and a 29% increase in our Mineral Resource, this Placement, together with the proposed US$360 million Sprott debt facility and existing cash reserves, completes the funding package required to advance Kokoseb through construction and into production. The proceeds will be applied to pre-production capital and key workstreams that de-risk project execution. The strong support from new and existing institutional and sophisticated investors reflects confidence in the quality of the project. We thank our shareholders for their ongoing support as we advance Kokoseb towards becoming Namibia's next major gold mine.
What's next for Wia Gold?
The upcoming General Meeting later in 2026 will seek shareholder approval for the placement, with allotment and quotation of new shares to follow. Wia aims for construction completion and first gold production at Kokoseb by the fourth quarter of 2028.
Longer term, the company looks to build value through exploration, advancing feasibility, and responsibly progressing permitting and social initiatives across its broader Namibian portfolio.
Wia Gold share price snapshot
Over the past 12 months, Wia Gold shares have risen 32%, outperforming the All Ordinaries Index (ASX: XAO), which has risen 3% over the same period.
