Earnings release
Page 1
130 Hay Street, Subiaco WA 600 8 E: info@wiagold .com.au 21 January 2026 QUARTERLY ACTIVITIES REPORT for the period ended 31 December 2025 Highlights • Definitive Feasibility Study (DFS) progressing on schedule following the completion of the Scoping Study in September 2025 for the 2.93 Moz 1 Kokoseb Gold Project (Kokoseb) in Namibia. DFS completion targeted for H2 CY2026. • High-grade drilling intercepts at Kokoseb confirm continuity of mineralisation and potential for future underground development. • Six rigs active on site, focused on resource conversion and expansion. • Mining Licence Application submitted to the Ministry of Industry, Mines & Energy (MIME) on 10 October 2025. • Divestment of non-core Côte d’Ivoire assets in November 2025 to ASX listed Santa Fe Minerals Limited (ASX: SFM), with Namibia as Wia’s sole strategic focus. • Henk Diederichs appointed as Managing Director & Chief Executive Officer, effective 01 February 2026. Wia Gold Limited (ASX: WIA) (Wia or the Company), a Namibian focussed gold development and exploration company, is pleased to provide its Quarterly Activities Report for the period ended 31 December 2025. The Company’s primary focus during the quarter was advancing the Kokoseb DFS and exploration activities to define a potential future underground development. DEFINITIVE FEASIBILITY STUDY The Kokoseb DFS remains on track for completion in H2 CY2026. Key progress during the quarter included: Mine Geotechnical : The geotechnical drilling program is well advanced with drilling completion expected in February 2026. Samples to be selected and dispatched for laboratory testing in South Africa. Mining: Expressions of Interest for contract mining budget pricing issued and strong industry response received. Metallurgy: Metallurgical testwork program substantially complete , with results undergoing validation. Process Plant: Senet (DRA subsidiary) appointed for the process plant design and cost estimation. Site geotechnical investigations have been completed. Non-Process Infrastructure: Basis of design for buildings and earthworks finalised. Water Supply : Exploratory drilling and pump testing completed at the Okombahe Water Supply Scheme, hydrogeology modelling scheduled to commence imminently. Drilling at the Ozondati Water Supply Scheme expected to start towards end January 2026. Mobilisation of Natural Source Audio Magneto Telluric equipment underway for OmAP geophysics survey. 1 Refer ASX announcement dated 30 September 2025. For personal use only
Page 2
TORRENSMINING.COM PAGE 2 OF 6 Power Supply : NamPower internal power supply studies completed; Results of which will be provided to Wia in Q1 CY2026. KOKOSEB EXPLORATION The focus of Wia’s current exploration campaign is to confirm continuity of previously identified high- grade plunging shoots and demonstrate mineralisation remains open at depth, supporting potential future underground development. Significant high -grade intercepts announced during the quarter reinforce Kokoseb’s outstanding potential for an underground operation include:2 • 22.0m @ 14.87 g/t Au from 265.4m in KDD115 • 6.8m @ 5.12 g/t Au from 344.3m in KDD111 • 9.9m @ 5.51 g/t Au from 298.1m in KDD107 • 23.7m @ 1.91 g/t Au from 287.0m, incl. 5.0m @ 5.96 g/t Au in KDD105 • 19.3m @ 2.31 g/t Au from 246.7m, incl. 3.0m @ 7.92 g/t Au in KDD104 • 23.7m @ 6.59 g/t Au from 519.6m in KDD109 • 11.0m @ 4.46 g/t Au from 604.0m in KDD106 With six rigs currently on site, the Company is systematically advancing resource conversion and expansion while further de-risking the project ahead of the DFS completion. REGIONAL EXPLORATION The Company continued its regional reconnaissance program over various exploration licences. These programs include stream sediment sampling , reconnaissance mapping and rock chipping , aiming to fast track a decision on pursuing systematic exploration programs complementary to the work being done at Kokoseb. PERMITTING Preparation of permitting applications for the Project is well advanced with the Mining Licence Application lodged with the MIME on 10 October 2025. The Environmental & Social Impact Assessment is nearing completion; final stakeholder review scheduled for early 2026 and lodgement with the MIME and the Ministry of Environment, Forestry and Tourism anticipated in Q1 CY2026 for regulatory approval and issuance of the Environmental Clearance Certificate. DIVESTMENT OF NON-CORE CÔTE D’IVOIRE ASSETS In November 2025 t he Company entered into a binding Share Sale Agreement ( Agreement) with ASX listed Santa Fe Minerals Limited (ASX: SFM) (Santa Fe) to divest its interest in all of its non - core gold exploration permits in Côte d’Ivoire. In accordance with the Agreement, Wia will sell its 80% interest in the Dialakoro, Issia and Mankono Ouest permits and various permits under application with the consideration received being 20,000,000 ordinary fully paid shares in Santa Fe and 8,000,000 performance rights that convert to ordinary fully paid shares upon achievement of certain milestones. The material terms of the Agreement are detailed in the ASX Announcement dated 26 November 2025. It is expected that the conditions precedent will be satisfied during the March 2026 quarter and that completion of the transaction will occur thereafter. 2 Refer ASX Announcement dated 8 December 2025 For personal use only
Page 3
TORRENSMINING.COM PAGE 3 OF 6 The divestment of the Côte d’Ivoire is a strategic step that allows Wia to focus on the rapid exploration and development of the Kokoseb gold project in Namibia while retaining exposure to future upside in Côte d’Ivoire through an ongoing shareholding in Santa Fe. As a result of the divestment, a non -cash impairment of the carrying value of the Côte d’Ivoire exploration and evaluation assets will be recognised in the December 2025 half year accounts. SCOPING STUDY RECAP The Kokoseb Scoping Study (completed on 30 September 2025) confirmed Kokoseb as an outstanding gold project, with an initial 11.3 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. LOM p roduction averages approximately 146 koz annually at an AISC of US$1,448/oz. The Project is underpinned by a Mineral Resource of 2.93 Moz 3, including 1.81 Moz in the indicated category at a 0.5 g/t cut-off, which converts to a production target of 58.9 Mt at 0.97 g/t Au containing 1.83 Moz Au. The Project comprise an open cut mine, CIL processing facility with a capacity of 5.25 Mtpa, water supply from known water supply schemes in the area, low-cost power from the Namibian grid, tailings storage facility and related infrastructure. The project demonstrates strong financial metrics based on the consensus gold price at the time of US$2,600/oz, delivering a post ‑tax NPV 5% of US$646m, an IRR of 38%, and a payback period of 1.8 years. At the prevailing spot gold price of US$3,450/oz at the time, the economics show substantial upside, with a post ‑tax NPV 5% of US$1,269m, an IRR of 60%, and a shortened payback period of 1.2 years. The current spot gold price continues to significantly enhance the overall project economics. Further detail on the Scoping Study, including all the material assumptions on which the production targets and forecast financial information are based, is included in the Announcement released to the ASX on 30 September 2025. The Company confirms that the material assumptions underpinning the production targets and forecast financial information derived from the production targets in that Announcement continue to apply and have not materially changed. 3 Refer ASX announcement dated 16 July 2025. For personal use only
Page 4
TORRENSMINING.COM PAGE 4 OF 6 Table 1 – Key Project Outcomes Units Base Case US$2,600/oz Spot Price US$3,450/oz Production Mine Life years 11 years and 4 months Total Gold Production koz 1,653 Average Gold Production Years 1 to 5 koz/a 177 Life of Mine koz/a 146 Proportion Inferred (contained gold) % 18% Costs Pre-Production Capital Costs US$m 358.8 Mining Mobilisation & Pre-production US$m 23.2 Contingency US$m 32.3 Sustaining Capital Costs US$m 34.5 Mine Closure Costs (excluding salvage) US$m 27.5 C1 Cash Costs US$/oz 1,317 All-in Sustaining Costs (AISC) Years 1 to 5 US$/oz 1,265 1,299 Life of Mine US$/oz 1,447 1,481 Financial Pre-Tax NPV5% US$m 1,013 1,985 Pre-Tax IRR % 48 75 Post-Tax NPV5% US$m 646 1,269 Post-Tax IRR % 38 60 Post-Tax Payback Period Years 1.8 1.25 CORPORATE Board and Management The Company appointed highly experienced mining executive Henk Diederichs as Managing Director and Chief Executive Officer, effective 01 February 2026. Following the appointment of Mr Diederichs, Josef El-Raghy will transition from Executive to Non-Executive Chairman. Cash As at 31 December 2025, Wia held a cash balance of A$45.84 million (excluding trade creditors) and zero debt. Payments to related parties During the December Quarter, the Company made payments to related parties of A$30,000, which related to payments for Directors’ remuneration. Information Required Under Listing Rules 5.3.1 and 5.3.2 Evaluation and exploration expenditure during the December Quarter amounted to A$6.2 million. There were no mining production and development activities. For personal use only
Page 5
TORRENSMINING.COM PAGE 5 OF 6 Tenement interests as at 31 December 2025 Tenement Ownership Project Location EPL6226 100% Hagenhof Namibia EPL4833 80% Katerina Namibia EPL8039 80% Katerina Namibia EPL7246 80% Katerina Namibia EPL4818 80% Okombahe Namibia EPL7980 100% Okombahe Namibia EPL6534 90% Gazina Namibia EPL6535 90% Gazina Namibia EPL4953 90% Gazina Namibia EPL8249 80% Hagenhof NE Namibia EPL8021 – Intention to grant 100% Owambo Namibia EPL8709 100% Okombahe W Namibia 2112DMICM29/10/2024 Bocanda Nord – Application 80% Bocanda Côte d’Ivoire 1716DMICM26/06/2025 Bouaflé South – Application 80% Bouaflé Côte d’Ivoire 1718DMICM26/06/2025 Zenoula – Application 80% Bouaflé Côte d’Ivoire 1224DMICM16/09/2024 Kpesso – Application 80% Mankono Côte d’Ivoire PR0871 Mankono Ouest 80% Mankono Côte d’Ivoire 1720DMICM26/06/2025 Tieningboue – Application 80% Mankono Côte d’Ivoire 0533DMICM09/06/2021 Bouandougou – Application 80% Mankono Côte d’Ivoire PR0927 Dialakoro 80% Mankono Côte d’Ivoire 0534DMICM10/06/2021 Kouata – Application 80% Mankono Côte d’Ivoire PR0880 Issia 80% Issia Côte d’Ivoire Competent Persons Statement The Mineral Resource estimate referred to in this announcement was first disclosed in accordance with the requirements of ASX Listing Rule 5.8 in the Company’s ASX announcement dated 16 July 2025, titled “Kokoseb Mineral Resource Estimate increases to 2.93Moz gold”. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimate in the previous a nnouncement continue to apply and have not materially changed. The announcement is available to view on www.wiagold.com.au In relation to the exploration results included in this December Quarterly Activities Report, the dates of which are referenced and or detailed below, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements detailed below. 8 December 2025 “Outstanding High-Grade Intercepts at Kokoseb” 26 November 2025 “Wia divests non-core Cote d’Ivoire assets” 22 October 2025 “High grade gold targeted at Kokoseb” 30 September 2025 “Kokoseb Scoping Study Presentation” 30 September 2025 “Scoping Study Confirms Outstanding Potential at Kokoseb” 16 July 2025 “Kokoseb Mineral Resource Estimate Update Presentation” 16 July 2025 “Kokoseb Mineral Resource Estimate Increases to 2.93Moz gold” This announcement has been authorised for release by the Company’s board of directors. For personal use only
Page 6
TORRENSMINING.COM PAGE 6 OF 6 Contact details Josef El-Raghy Executive Chairman +61 8 6288 4252 Bobby Morse / George Pope Burson Buchanan +44 20 7466 5000 wia@buchanancomms.co.uk About Wia Gold Wia Gold has consolidated a significant landholding on Namibia’s Damara belt (the Damaran Project). The Damaran Project, which hosts the 2.93Moz Kokoseb Deposit, covers a total area of over 2,000km2 and is held under joint venture with the state-owned mining company, Epangelo. The Company is rapidly advancing Kokoseb towards development as Namibia’s next major gold mine. Location of Wia’s Kokoseb Gold Project Cut-off Au g/t Indicated Inferred TOTAL Tonnes (Mt) Au g/t Au Moz Tonnes (Mt) Au g/t Au Moz Tonnes (Mt) Au g/t Au Moz 0.18 110 0.67 2.37 78 0.62 1.6 188 0.65 3.92 0.30 82.6 0.82 2.18 58 0.75 1.4 141 0.79 3.58 0.50 54.2 1.04 1.81 35 0.99 1.1 89 1.0 2.93 0.80 29.1 1.39 1.30 17 1.4 0.77 46 1.4 2.07 Table 1 – Kokoseb Indicated and Inferred Mineral Resource estimates for selected cut-off grades. The estimates in this table are rounded to reflect the ir precision; rounding errors are apparent. They are based on drilling data available at 30th June 2025. The Competent Person responsible for the data informing the estimates is Pierrick Couderc, Wia Group Exploration Manager. The Competent Person responsible for resource modelling is Jonathon Abbott MAIG, Director of Matrix Resource Consultants Pty Ltd. The Resources are constrained by an optimised pit shell using a metal price of US$2,300/oz Au and process recovery of 92%. For personal use only
Page 7
Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Wia Gold Limited ABN Quarter ended (“current quarter”) 41 141 940 230 31 December 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (173) (326) (e) administration and corporate costs (304) (609) 1.3 Dividends received (see note 3) - - 1.4 Interest received 466 700 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) Net GST (paid) / refunded 21 (141) 1.9 Net cash from / (used in) operating activities 10 (376) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (15) (22) (d) exploration & evaluation (6,208) (10,779) (e) investments - - (f) other non-current assets - - For personal use only
Page 8
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (6,223) (10,801) 3. Cash flows from financing activities - 30,098 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - (1,951) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - 28,147 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 52,115 29,015 4.2 Net cash from / (used in) operating activities (item 1.9 above) 10 (376) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (6,223) (10,801) 4.4 Net cash from / (used in) financing activities (item 3.10 above) - 28,147 For personal use only
Page 9
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (6 months) $A’000 4.5 Effect of movement in exchange rates on cash held (62) (145) 4.6 Cash and cash equivalents at end of period 45,840 45,840 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 10,820 17,095 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - Term deposits 35,020 35,020 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 45,840 52,115 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 30 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Fees, salaries and superannuation paid to Directors $30k. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A For personal use only
Page 10
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 10 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (6,208) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (6,198) 8.4 Cash and cash equivalents at quarter end (item 4.6) 45,840 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 45,840 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 7.40 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 21 January 2026 Authorised by: The Board of Directors For personal use only
Page 11
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained , that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that the ir opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only