Kaoko Metals Advances Namibian Copper-Gold Projects with Drilling Imminent

Rapid Transition from IPO to Exploration

Kaoko Metals (ASX:KAO) has made a swift leap from its May 2026 IPO to an active exploration company focused on Namibia’s emerging copper and gold belts. The company raised $6.5 million at 20 cents per share, a strong endorsement from investors, and immediately consolidated its project portfolio by acquiring 100% of the Chalkos Copper-Silver Project and securing an earn-in agreement for the Karibib Gold-Copper-Tungsten Project.

With cash reserves of $5.23 million at quarter-end, Kaoko has deployed approximately $245,000 on initial field programs, reflecting disciplined capital management as it moves towards drilling milestones.

Chalkos Project: New Discoveries and Drilling Ready

The Chalkos Project, situated in the under-explored Kaoko Copper Belt, has quickly become the company’s flagship focus. Immediately after listing, Kaoko’s local teams improved site access and completed structural geological work at the priority Donkey Hill and Otniel prospects.

Significantly, Kaoko discovered new outcropping copper mineralisation at the Bootless prospect, located within a previously untested 2.2-kilometre corridor between Donkey Hill and Otniel. This discovery expands the mineralised footprint at Otniel by 200 metres and at Donkey Hill East by 60 metres, with visible copper minerals such as chalcocite and malachite observed. Assay results from these extensions are expected in the September quarter.

To capitalise on these findings, Kaoko fast-tracked its maiden diamond drilling program, awarding a contract to Optimine Exploration & Drilling Namibia for an initial 2,000 to 3,000-metre campaign targeting the shallow copper mineralisation and its structural controls. Mobilisation is expected imminently, with drilling set to commence shortly thereafter.

Karibib Project Shows Multi-Commodity Potential

At Karibib, located in Namibia’s prolific Damara Belt, Kaoko’s in-country team led by Country Manager Lisias Pius launched a comprehensive maiden field program including drone surveys, mapping, rock sampling, and tungsten target assessments.

Rock chip assays confirmed a polymetallic system with high-grade copper, gold, and tungsten mineralisation, including standout results up to 4.9% copper, 0.85 grams per tonne gold, and 0.68% tungsten trioxide. These results underscore Karibib’s potential to host a significant multi-commodity resource.

Kaoko has since commenced a systematic regional geochemical sampling program to expand its drill-ready target pipeline, integrating these data with existing geological and geophysical datasets.

Strengthening Technical Team and Corporate Governance

In parallel with exploration activities, Kaoko appointed consulting geologist Callum Standing, a co-founder of the company, to bolster its technical expertise as it transitions into active drilling. This move complements the existing exploration team and aims to accelerate interpretation of drilling results.

Corporate governance milestones include the appointment of William Buck Audit as external auditor and successful passage of all resolutions at the Annual General Meeting held in May.

Financial Position and Use of Funds

Kaoko’s expenditure aligns with its Prospectus commitments, having spent $1.52 million of the $3.99 million budgeted for the first year. Exploration and evaluation costs for Chalkos and Karibib totalled $270,000, with the Karibib earn-in fee fully paid. The company maintains a healthy cash position to fund exploration over the next six to seven quarters at current burn rates.