Wia Gold’s A$30M Raise Fuels Ambitious Push Amid Resource Expansion Challenges

Capital Raise Fuels Ambitious Growth

Wia Gold Limited (ASX: WIA) has taken a decisive step forward in its quest to unlock value from its Namibian and West African gold assets, completing a A$30 million placement at A$0.15 per share. The capital injection, secured with a modest discount to recent trading prices, is earmarked to accelerate drilling activities and advance the Kokoseb Gold Project towards a Definitive Feasibility Study (DFS).

This funding boost comes at a pivotal time as Wia gears up to expand its drilling fleet from three rigs to six, combining Reverse Circulation (RC) and Diamond Drilling (DD) to both convert inferred resources and explore high-grade shoots at depth.

Robust Drilling Results at Kokoseb

The December quarter saw Wia deliver a series of compelling drill intercepts at Kokoseb, reinforcing the project's 2.1 million ounce inferred resource base. Notably, diamond drill hole KDD040 intersected 21.9 meters at 4.32 grams per tonne (g/t) gold, including a high-grade segment of 9.7 meters at 7.27 g/t Au. Similarly, KDD039 returned 19.8 meters at 2.28 g/t Au, underscoring the continuity of mineralisation in the Central Zone.

At the NW Zone, the mineralised shoot appears to thicken with depth, highlighted by an 89.6-meter intercept at 0.90 g/t Au in KDD042, including multiple higher-grade intervals. These results suggest significant potential to expand and upgrade the resource, a key focus for the intensified drilling campaign planned for 2025.

Advancing Towards Development

Beyond exploration, Wia is actively progressing Kokoseb’s development pathway. The company has engaged consultants to undertake mine scheduling, metallurgical testing, environmental and hydrological studies, and infrastructure planning. Early geotechnical drilling and pit optimisation work have commenced, laying the groundwork for a comprehensive scoping study expected this year.

These efforts signal Wia’s commitment to de-risking the project and enhancing its technical foundation ahead of a DFS, positioning Kokoseb as a potentially significant new gold producer in Namibia.

Exploration Momentum in Côte d'Ivoire

Wia’s West African portfolio also showed encouraging progress. At the Bouaflé Gold Project, second-phase RC drilling intersected multiple gold zones, including 6 meters at 4.31 g/t Au and 4 meters at 3.33 g/t Au, indicative of a sizeable mineralised system. Meanwhile, an infill auger drilling program commenced at the Issia permit, with over 2,200 meters completed, aimed at refining targets for follow-up drilling.

These activities complement the company’s Namibian focus and reflect a balanced strategy to build value across multiple jurisdictions.

Financial Position and Outlook

As of 31 December 2024, Wia held a robust cash balance of A$37.1 million, with zero debt, providing a strong financial platform to execute its exploration and development plans. Quarterly expenditure on exploration and evaluation was A$2.361 million, reflecting the ramp-up in field activities.

Looking ahead, Wia’s expanded drilling program and advancing technical studies are expected to yield further resource upgrades and project de-risking milestones, critical for attracting future investment and progressing towards production.