NGX unlocks a 1,300 square kilometre Namibian exploration position

NGX pairs Namibian expansion with fresh funding

NGX Limited (ASX:NGX) has used its return from suspension to unveil a sizeable expansion into Namibian gold and copper exploration, alongside a A$3.6 million placement to fund the next phase. The company has secured rights to acquire interests of up to 85% in a portfolio of exploration licences covering more than 1,300 square kilometres across the Damara Belt and southern Namibia.

“NGX’s Erongo Gold Project location showing major lineaments and faults on background 1:250k geology mapping.”

The announcement resolves the uncertainty behind the proposed acquisition and funding that prompted NGX’s trading suspension last week. ASX Supervision said trading would be reinstated immediately after the acquisition and capital-raising announcement was released.

Erongo package targets established gold structures

The centrepiece is the Erongo Gold Project, a consolidated landholding in the central Namibian Damara Belt near WIA Gold’s (ASX:WIA) 3.78 million-ounce Kokoseb deposit and Ongwe Minerals’ exploration ground. NGX says the licences sit along major lineaments, faults and thrust structures associated with regional gold mineralisation, including the Omaruru, Welwitschia and Tubusis lineaments.

“Map of the Erongo and Otjikoto South Projects amongst the major gold explorers active in the region.”

“NGX’s Otjikoto South Project licences showing the dominant lithology associated with the Otjikoto Deposit trending south along with major structural features into NGX’s licence…”

Caption and image © Ngx Limited. From “NGX Secures Position in Namibia's Damara Gold Belt”, 27 Oct 2026.

Its proposed first-pass work will focus on soil and calcrete sampling for arsenic, gold, bismuth and tungsten signatures, with the company also planning to deploy Portable PPB’s detectORE technology for field-based gold and multi-element analysis. NGX intends to appoint a project geologist, field technicians and local sampling personnel, while an independent geological review will rank targets across the expanded package.

A second gold position, Otjikoto South, is located near B2Gold’s (TSX:BTO) Otjikoto mine. The company says the area shares prospective Damara-age geology and structural trends with the broader Otjikoto system, although it also notes that only limited drilling has taken place on the ground.

Copper option adds a separate exploration thread

“NGX’s Karas Copper project, 10km East of the Haib Porphyry System.”

NGX has also secured rights to earn up to 85% of the 194-square-kilometre Karas Copper Project, about 10km east of Koryx Copper’s (TSXV:KRY) Haib porphyry copper deposit. Karas shares the geological setting of Haib and contains known copper occurrences at Sperlingputs, where historical workings targeted oxide copper and earlier exploration traced mineralisation along a north-striking shear zone.

The placement will issue 60 million shares at A$0.06 each, a 14% discount to NGX’s last traded price and a 17% discount to its 15-day VWAP. Tranche one comprises 22.65 million shares under existing placement capacity; the remaining 37.35 million shares, including proposed director participation totalling A$540,000, requires shareholder approval.

Licence conditions leave execution work ahead

The transaction is not yet a clean transfer of a fully secured exploration portfolio. The earn-ins depend on ministerial approval, licence transfers and, for two applications, the grant of the licence and a valid Environmental Clearance Certificate. The filing’s transaction table lists nine exploration licences, while its headline refers to seven and the body separately describes eight licences plus EPL-8506, creating an ambiguity investors will need clarified.

“NGX’s northern EPL (pending renewal) of the Erongo package within 10kms of WIA Gold’s Kokoseb.”

EPL-7615 is active but faces a notice of intention to refuse its renewal, with the vendor required to make representations by 19 November 2026. EPL-8506 is classified as inactive and expired, and its tenure is being disputed. NGX says it has an exclusive right to acquire an interest if that licence is renewed, but there is no assurance that renewal will occur.

NGX will fund joint venture costs until a final investment decision on mine construction, while its ability to withdraw from the earn-in agreements provides an exit mechanism if projects do not advance. The immediate test is therefore not a resource estimate, but whether the company can convert its new land position into valid tenure, coherent geochemical targets and follow-up exploration results without outrunning the A$3.6 million funding package.