• WIA Gold secures binding commitments to raise A$30M
• Funds support Kokoseb drilling, scoping, and permitting
• Kokoseb holds 2.93M oz gold; DFS expected mid-2026

WIA Gold announced on Wednesday, August 20, that it has secured binding commitments from investors for a share placement to raise A$30 million(about $19 million). The Australian mining company plans to use the funds to accelerate the development of its main gold asset, the Kokoseb deposit.

The transaction involves issuing 100 million new shares for A$0.30 each. The funding is intended to support an infill drilling program aimed at expanding the Kokoseb deposit, which currently has an estimated resource of 2.93 million ounces of gold.

Beyond exploration, the proceeds will also be used to advance the project's scoping study. This document, which provides a preliminary assessment of the future mine's feasibility, will incorporate the first economic indicators for Kokoseb. The financing will also support permitting, as well as social and environmental activities related to the project.

These initiatives align with WIA Gold's plan to develop Kokoseb into its first gold mine. This new investment comes at a favorable time for the yellow metal, with prices having increased by about 30% since the start of the year. This bullish momentum strengthens the appeal of advanced projects like Kokoseb.

While resource increases and the completion of the scoping study are notable milestones, they do not guarantee the project's economic viability. Additional studies will be necessary to convert the current resources into reserves and confirm the deposit's commercial potential. WIA Gold plans to complete a definitive feasibility study (DFS) by mid-2026.

Aurel Sèdjro Houenou