Wia Gold Limited (ASX: WIA) (Wia or the Company) is pleased to announce the completion of a Scoping Study (or Study) for the 2.93 Moz Kokoseb Gold Project (Kokoseb or Project) in Namibia. The Study provides an evaluation of the technical and economic viability of developing Kokoseb into Namibia’s fourth modern gold mine.
The Study confirms Kokoseb as an outstanding gold project, with an initial 11+ year Life of Mine (LOM), forecast production from an open pit mine of ~180 koz of gold (Au) per annum for the first five years, with all-in sustaining cost (AISC) of US$1,265/oz.
Highlights
Production – long life open pit operation
- Production Target of 58.9 Mt at 0.97 g/t Au containing 1.83 Moz Au.
- 11+ years of production, including:
o Years 1-5 at 177 koz Au per annum and AISC of US$1,265/oz.
o LOM average production of 146 koz Au per annum and AISC of US$1,447/oz. - 1.83 Moz Au mined over 11 years from a current Mineral Resource of 2.93 Moz, with 82% of mined ounces from Indicated category.
- Open pit drill, blast, load and haul operation with average LOM waste to ore strip ratio of 6:1.
- Conventional carbon-in-leach (CIL) processing plant with an average throughput of 5.25 Mtpa, and gold recovery of over 90%.
Financial highlights – attractive metrics and rapid payback
- Post-tax NPV(5%) of US$646m and IRR of 38% at a conservative Study gold price assumption of US$2,600/oz.
- Significant upside – post-tax NPV(5%) increases to US$1,269m and IRR of 60% at a gold price of US$3,450/oz (below current spot price of ~US$3,750/oz).
- Pre-production capital costs of US$358.8m (inclusive of direct and owner costs)
- Rapid post-tax payback of 1.8 years at US$2,600/oz, and 1.25 years at US$3,450/oz gold price.
- Environmental & Social highlights:
- Filtered stacked tailings storage facility (TSF).
- Identification of multiple water sources to provide adequate supply for operating the mine.
- Environmental and Social Impact Assessment (ESIA) nearing completion and will be submitted in Q1 2026.
- Advanced permitting applications:
Application for the Mining Licence to be submitted to the Ministry of Mines and
Energy (MIME) in October 2025. - Potential upside through further resource growth:o Deposit remains open at depth and along strike of 5.4 km – accelerated DD/RC
drilling ongoing with 7 rigs to drive resource growth.o Anticipate release of an underground Mineral Resource Estimate (MRE) in mid-2026.
