Discovery

Preliminary soil sampling and trenching programs identified a large, coherent +100ppb gold anomaly at Kokoseb in late 2021.

Initial testing of this anomaly was undertaken via a small-scale reconnaissance diamond drilling program during Q2 2022, consisting of 12 holes for 1,747 metres drilled. The return of multiple thick, shallow, high-grade intercepts from this program demonstrated the potential for a major gold deposit to exist at Kokoseb.

Successive reverse circulation and diamond drilling programs have progressively expanded the known extents of the Kokoseb deposit over the last several years.

Future growth potential is identified across the following target areas: 

• Maiden underground resource and high-grade core. The August 2026 MRE delivered a maiden underground Inferred resource of 0.56 Moz Au at 2.2 g/t Au beneath the DFS reserve pit shell, adding a higher-grade component to the deposit. Within the underground block model, a higher-grade core contains 4.3 Mt at 3.2 g/t Au for 0.44 Moz Au (above a 1.5 g/t cut-off), highlighting strong grade retention at higher cut-offs.
• Underground Exploration Target. Sparse deep drilling beyond the current underground resource has defined a substantial underground Exploration Target of 10 Mt to 15 Mt at gold grades of 2.0 g/t to 2.5 g/t Au. This target spans the South, Central, Northwest, Central-north, and North zones, demonstrating significant potential to add higher-grade underground ounces along the +5km strike length.
• Near-surface infill and lateral extensions. Open pit resources include a higher-grade open pit component of 50 Mt at 1.3 g/t Au for 2.13 Moz Au (at a 0.80 g/t cut-off). Shallow infill drilling across areas such as the Gap Zone and eastern domain continues to drive conversion of Inferred resources into the Indicated category, while untested sub-parallel zones and footwall splays offer further near-surface upside.
• Ongoing six-rig deep diamond drilling. Six dedicated diamond drill rigs are actively operating at Kokoseb, testing the continuity, depth extensions, and higher-grade shoots of the mineralised system down to depths of 720 m in the Central Zone and 560 m in the Southern Zone. This drilling directly targets converting the Exploration Target into defined Mineral Resources.

Definitive Feasibility Study

Definitive Feasibility Study (August 2026)

In August 2026, Wia released the Definitive Feasibility Study (DFS) for Kokoseb, confirming a robust 14-year open pit operation. The study is underpinned by a maiden JORC Probable Ore Reserve of 69.8 Mt at 0.87 g/t Au for 1.95 Moz (evaluated at US$2,600/oz Au). The total LOM mining inventory is 72.9 Mt at 0.87 g/t Au containing 2.03 Moz, yielding 1.84 Moz of recovered gold. Production averages 161 koz/a over the first five years, 150 koz/a over the first ten years, and 131 koz/a over LOM. Geological confidence is high, with Probable Reserves supplying 96.2% of contained gold and zero Inferred material processed in the first five years.

Contract open pit mining across eight stages in two pits maintains a LOM strip ratio of 5.5:1. The 5.25 Mtpa plant uses a SABC grinding circuit with gravity separation (recovering 45% of gold), a 4-hour oxygen pre-oxidation to reduce cyanide use, and 48-hour leaching with carbon-in-pulp (CIP) recovery. CIP was selected over carbon-in-leach to avoid in-process gold lock-up, unlocking US$21 million in early cash flow. Tailings will undergo cyanide destruction, pressure filtration to 15% moisture, and dry-stacking in a lined facility with LOM gold recovery averaging 90.4%.

At the US$3,600/oz base case gold price, the project delivers a strong pre-tax NPV_5% of US$1,923m (51% IRR) and post-tax NPV_5% of US$1,214m (41% IRR), with a 21-month payback and ten-year average annual EBITDA of US$281m. At spot US$4,075/oz, post-tax NPV_5% increases to US$1,577m (49% IRR), payback accelerates to 17 months, and ten-year annual EBITDA reaches US$349m. Pre-production capital totals US$475m, including US$302.6m direct, US$59.1m indirect, US$46.1m owner costs, US$40.2m contingency, and US$26.8m pre-production mining and mobilisation. Capex includes US$34m for the Omaruru Alluvial Plains borefield and US$16m for a 132 kV grid connection to Omburu. The LOM C1 cash costs are US$1,519/oz (US$3.10/t mined, US$14.16/t milled) and AISC is US$1,696/oz (US$1,715/oz at spot).

Project funding is anchored by an agreed term sheet with Sprott Resource Lending Corp. for a US$360m senior debt facility and a US$15m equity subscription. The Mining Licence and ESIA statutory approvals are on track for H2 2026 with local Traditional Authority support. Following completion of the DFS, a six-month execution readiness phase is underway to complete FEED, long-lead procurement, and debt documentation. Ongoing studies are evaluating significant upside opportunities, including expanding throughput to 7 Mtpa (~175 koz/a Au), integrating the underground resource (0.56 Moz at 2.2 g/t Au), and processing mineralised waste stockpiles to extend mine life to 18 years and add US$89m in cash flow. The construction phase will span 22 months following late 2026 FID, with the Company targeting first gold pour in Q4 2028.

Sensitivity Analysis

Project economics strongly leveraged to prevailing gold price