WIA Gold (WIA) Q1 2026 TU earnings summary

Executive summary

• Scoping Study for the Kokoseb Gold Project in Namibia completed, confirming an 11+ year mine life and robust project economics at both base case and higher gold price scenarios.

• Updated Mineral Resource Estimate for Kokoseb increased by 38% to 2.93 Moz, with 1.81 Moz in the Indicated category at a 0.50 g/t cut-off.

• Mining License application submitted; Environmental and Social Impact Assessment (ESIA) nearing completion.

• $30 million placement completed to accelerate exploration and resource development.

Financial highlights

• Project post-tax NPV5% of US$646m and IRR of 38% at US$2,600/oz gold price; NPV5% of US$1,269m and IRR of 60% at US$3,450/oz.

• Payback period of 22 months (base case) and 15 months (spot price scenario).

• Average annual gold production of 177 koz for the first five years, 146 koz over the 11+ year mine life.

• All-in sustaining cost (AISC) of US$1,265/oz (years 1–5) and US$1,447/oz (LOM).

• Cash balance of A$52.1 million at quarter end, with zero debt.

Outlook and guidance

• Definitive Feasibility Study (DFS) underway, targeted for completion in H2-2026.

• ESIA completion and submission expected by early 2026, with public consultation and regulatory approval to follow.

• Accelerated exploration and drilling programs ongoing, supported by recent capital raise.