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2026-11-06
◂ Monitor WIA ASX

Wia Gold Limited

DFS Unfunded Developer · Gold · Namibia Rating locked: sign in to view v8.1 · wia-20261031t202844-full
Last 2026-11-06
A$0.385
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$768.7M
EV
A$539.5M
Cash
A$229.2M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$229.2M2025-09-30: 52,115,000 A$2025-12-31: 45,840,000 A$2026-03-31: 40,940,000 A$2026-06-30: 119,065,221 A$2026-09-30: 229,200,000 A$ Finite
Debt A$0 Net cash A$229.2M
Basic shares 2BFY2025 (actual): 1,365,288,356FY2026 (actual): 1,701,874,264 2026-09-29
Runway 32.4 quarters Cash of A$229.2m divided by the September 2026 quarter operating plus investing outflow of A$7.075m; excludes the Kokoseb construction capital, which relies on the unsigned Sprott facility.

Liquidity

Financial position

A$229.2m of cash (A$125m placement received 25 September 2026) and no debt cover about eight years of current exploration and corporate burn but only about 42% of Wia's 80% share of the A$676m (US$475m) DFS capital; the balance depends on the non-binding US$360m Sprott facility (financial close targeted Q4 2026, conditional on the Mining Licence and ECC) and on Epangelo funding its 20%.

Capital structure

Ownership and dilution

Ordinary shares
2B
Fully diluted
2B

1,701,874,264 shares at 30 June 2026 plus 294,117,648 placement shares issued 28 September 2026 (A$125m at A$0.425) = 1,996,692,123 (Appendix 2A). Unquoted securities of 43,356,490 (26,291,273 performance rights and 17,065,217 options) per Appendix 3G of 29 September 2026 give 2,040,048,613 fully diluted. 67,500,000 warrants to Sprott are to be issued only on financial close and a US$15m Sprott equity subscription is part of the non-binding term sheet; both are added in the valuation share basis, not here.

Security classes6
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares (ASX: WIA)Ordinary Share2B——
Performance rights expiring 2 Feb 2031 (MD and CEO)Performance Right7.5M—2031-02-02
Other performance rights (expiries 2029 to 2031, including 2,000,000 issued 25 Sep 2026 and 5,000,000 expiring Apr 2028)Performance Right18.8M——
Nil-exercise-price options expiring 19 July 2029Option12MA$02029-07-19
Options at A$0.065 expiring 23 March 2027Option5MA$0.0652027-03-23
Nil-exercise-price options expiring 21 March 2027Option65.2KA$02027-03-21

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025 (actual)AFY2026 (actual)A
Operations
Gold produced (Wia 80% share)oz0.000.00
Profit and loss
Revenue (gold sales, Wia share)AUDm0.00.0
Operating costs incl. royalties (Wia share)AUDm0.00.0
Corporate and administration costsAUDmFY2025 (actual): 1,481,531 AUDFY2026 (actual): 1,725,010 AUD1.51.7
EBITDAAUDmFY2025 (actual): -1,481,531 AUDFY2026 (actual): -1,725,010 AUD(1.5)(1.7)
Depreciation and amortisationAUDmFY2025 (actual): 66,650 AUDFY2026 (actual): 80,514 AUD0.10.1
Net interest income (expense)AUDmFY2025 (actual): 832,760 AUDFY2026 (actual): 1,968,029 AUD0.82.0
Income tax (cash tax on project profits)AUDm0.00.0
Net profit after tax (owners)AUDmFY2025 (actual): -5,094,671 AUDFY2026 (actual): -14,153,423 AUD(5.1)(14.2)
Cash flow
Operating cash flowAUDmFY2025 (actual): -450,105 AUDFY2026 (actual): -1,367,606 AUD(0.5)(1.4)
Sustaining capitalAUDm0.00.0
Growth capital incl. capitalised explorationAUDmFY2025 (actual): 15,288,722 AUDFY2026 (actual): 22,770,997 AUD15.322.8
Total capital expenditureAUDmFY2025 (actual): 15,288,722 AUDFY2026 (actual): 22,770,997 AUD15.322.8
Free cash flowAUDmFY2025 (actual): -15,738,827 AUDFY2026 (actual): -24,138,603 AUD(15.7)(24.1)
Sprott debt drawn (repaid)AUDm0.00.0
Equity raised and exercise proceedsAUDmFY2025 (actual): 30,899,999 AUDFY2026 (actual): 122,000,000 AUD30.9122.0
Balance sheet
CashAUDmFY2025 (actual): 29,014,968 AUDFY2026 (actual): 119,065,221 AUD29.0119.1
Borrowings (incl. capitalised interest)AUDm0.00.0
Net debt (negative = net cash)AUDmFY2025 (actual): -29,014,968 AUDFY2026 (actual): -119,065,221 AUD(29.0)(119.1)
Per share
Ordinary shares at period end (fully diluted from FY2027)m sharesFY2025 (actual): 1,365,288,356 sharesFY2026 (actual): 1,701,874,264 shares1,365.31,701.9
Earnings per shareAUD/shareFY2025 (actual): -0.00 AUD/shareFY2026 (actual): -0.01 AUD/share(0.00)(0.01)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025 (actual): -384 xFY2026 (actual): -330 x(384.4)(330.1)
P / E (x, current market cap)xFY2025 (actual): -157 xFY2026 (actual): -56.43 x(156.8)(56.4)
FCF yield (current market cap)%FY2025 (actual): -0.02 fractionFY2026 (actual): -0.03 fraction-2.0%-3.0%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025 (actual): 19.58 xFY2026 (actual): 69.02 x19.669.0

KPI history

Operating metrics

Source values by period
Operating metric source table9
MetricProjectPeriodPeriod typeValueStatus
Cash at 30 September 2025CompanySep 2025 quarterPoint In Time52,115,000 AUDReported
Cash at 31 December 2025 (excluding trade creditors)CompanyDec 2025 quarterPoint In Time45,840,000 AUDReported
Cash at 31 March 2026CompanyMar 2026 quarterPoint In Time40,940,000 AUDReported
Cash at 30 June 2026CompanyFY2026Point In Time119,065,221 AUDReported
Cash at 30 September 2026CompanySep 2026 quarterPoint In Time229,200,000 AUDReported
Borrowings at 30 September 2026CompanySep 2026 quarterPoint In Time0 AUDReported
Exploration and evaluation payments, September 2026 quarterKokosebSep 2026 quarterQuarter7,103,000 AUDReported
Exploration expenditure paid, FY2026KokosebFY2026Year22,719,190 AUDReported
Operating cash flow FY2026CompanyFY2026Year-1,367,606 AUDReported
Company guidance4
MetricProjectPeriodLowHighStatus
First Gold PourkokosebQ4 2028—— quarter 2028-Q4Current
Average Annual Gold Production Years 1 10 (DFS)kokosebYears 1-10 from first gold—150,000 ozCurrent
Pre Production Capital Cost (DFS, Aace Class 3 +/ 15%)kokosebFID to first ore—474,800,000 USDCurrent
Mining Licence And Environmental Clearance Certificate GrantkokosebH2 2026—— by 2026-12-31Current

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-28Ann. 2026-08-12RaisingOrdinary SharesA$125M294.1MA$0.425CompletedA$125m placement approved by shareholders on 18 September 2026, issued 28 September 2026 and received 25 September, completing the equity portion of the Kokoseb funding.Max 294.1M · Holder approval required
2026-08-10DebtUS$360M——AnnouncedIndicative, non-binding US$360m senior secured facility plus a US$15m equity subscription in any future raise; 67,500,000 warrants issued to Sprott on financial close targeted Q4 2026; subject to due diligence, documentation, final investment committee approval and grant of the Mining Licence and ECC.SOFR plus margin; interest capitalised for two years after close; about six-year tenor; US$50m available at close · Sprott Resource Lending Corp. · Holder approval required
2026-05-27Ann. 2026-05-20RaisingOrdinary SharesA$92M200MA$0.46CompletedA$92m placement at A$0.46 for execution readiness, early works, studies and permitting.Max 200M · Argonaut (global coordinator), Tamesis, Stifel
2026-02-02Ann. 2025-11-26Raising———Completed—
2025-08-27Ann. 2025-08-20RaisingOrdinary SharesA$30M100MA$0.3CompletedA$30m placement at A$0.30 to underpin the accelerated Kokoseb exploration programme.Max 100M

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Joint venture, statutory fiscal terms, financing, farm-in and Santa Fe consideration read from the DFS, annual report and quarterly. No offtake, stream, royalty to a private party, or hedge is disclosed; gold sales terms in the DFS are spot at 100% payment on shipment. The Sprott warrant strike and several farm-in terms are not disclosed.

Kokoseb is held 80:20 with the state-owned Epangelo. Future project funding is contributed pro rata and a partner that does not fund is diluted; the DFS NPV is on a 100% basis, so Wia is credited with 80% and funds 80% of capital.

Joint Venture · Active
Counterparties
Epangelo Mining Company (Pty) Ltd
Applies to
Kokoseb Gold Project · Gold
Economic direction
Mixed
Period
From 2019-02-04; no end date stated
Key terms
Wia interest in Mandarin Investments (EPL 4818): 80 %
Epangelo interest: 20 %
Funding after DFS: Pro rata; a non-contributing partner is diluted under the JV agreement
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory 3% royalty and 1% export levy on gold revenue, charged from first production, plus 37% corporate tax. There is no private royalty on the project.

Royalty · Conditional
Counterparties
Government of Namibia
Applies to
Kokoseb Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Government royalty: 3 % of revenue
Gross revenue export levy: 1 % of revenue
Corporate tax rate: 37 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Project-finance term sheet that funds the capital beyond the A$229m of cash; conditional on due diligence, documentation, final credit approval and grant of the Mining Licence and ECC; financial close targeted Q4 2026.

Other · Announced
Counterparties
Sprott Resource Lending Corp.
Applies to
Kokoseb Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Senior secured debt: 360 USD m
Equity subscription in any future raise: 15 USD m
Warrants issued on financial close: 67,500,000 warrants
Tenor: 6 years approx
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding term sheets give Wia exclusive early-stage access to eight Damara belt licences with an option to earn 80-90%; no interest has been earned and spend is minimal.

Farm In · Conditional
Counterparties
Licence holders on the Damara belt (not named)
Applies to
Damara belt regional licences · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Interest earnable: 80% to 90%
Interest earned to date: 0 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Consideration for the sale of the Cote d'Ivoire gold projects (Glomin Services) to Santa Fe Minerals: shares carried at A$5.0m and contingent rights carried at nil.

Other · Active
Counterparties
Santa Fe Minerals Limited
Applies to
Company-wide · Gold
Economic direction
Benefit
Period
From 2026-02-02; no end date stated
Key terms
SFM shares received: 20,000,000 shares
SFM performance rights received: 8,000,000 rights
Carrying value of shares at 30 June 2026: 5,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.