Wia Gold (ASX:WIA) has received firm commitments for a $125 million placement to advance the Kokoseb Gold Project in Namibia.
The placement comprises approximately 294.1 million new shares at $0.425 per share, representing no discount to the last traded price and a 2% discount to the five-day volume weighted average price of $0.434.
Combined with a proposed US$360 million ($519.19 million) Sprott (TSX:SII) debt facility and existing cash reserves, the placement completes the funding package required to advance Kokoseb through construction and into first gold production.
The placement follows the completion of Definitive Feasibility Study (DFS), which outlined ‘robust’ economics for Kokoseb and confirmed a maiden probable ore reserve of 1.95 million ounces (Moz)
CEO Henk Diederichs says the ‘strong’ support from institutional and sophisticated investors reflects confidence in the project.
“The proceeds will be applied to pre-production capital and key workstreams that de-risk project execution,” Diederichs says.
“We thank our shareholders for their ongoing support as we advance Kokoseb towards becoming Namibia’s next major gold mine.”
Located 320km by road from Windhoek in northwest Namibia, the Kokoseb Project features an updated mineral resource estimate of 3.78Moz at 1.00 grams per tonne gold, comprising an open pit resource of 3.23Moz and an underground inferred resource of 0.56Moz.
Wia holds an 80% interest in Kokoseb through a joint venture with state-owned Epangelo.
The company notes the placement is conditional upon shareholder approval, which will be sought at a general meeting scheduled for late September-early October 2026.
Kokoseb has an initial 14-year mine life producing an average of 150,000 ounces per annum over the first 10 years, with first gold production targeted for Q4 2028.
Wia Gold is a gold explorer with projects in Namibia and Côte d’Ivoire.
Write to Paula Fabe at Mining.com.au
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