Kaoko Metals Limited has secured firm commitments for a $20 million institutional placement to fund an expanded exploration push at its Namibian asset portfolio.

The placement comprises the issuance of approximately 9.1 million fully paid ordinary shares at $2.20 per share. The funding round will lift Kaoko Metals' cash reserves to over $24 million before offer costs, providing the financial runway to accelerate exploration across its primary operational areas.

The capital injection directly supports ongoing work at the flagship Chalkos Copper-Silver Project within Namibia's Kaoko Copper Belt. Kaoko Metals commenced its maiden diamond drilling program at the asset in August 2026, intersecting broad zones of visible copper mineralisation across the first two holes at the Otniel prospect.

Proceeds from the financing will allow the operating team to mobilise a second diamond drill rig to site, accelerating drilling activity across both the Otniel and Donkey Hill prospects. Funds will also finance a broader regional exploration and geophysics campaign across the approximately 400 square kilometre licence area, alongside preliminary geophysics and target generation at the Karibib Project ahead of a planned maiden drilling program.

“These funds allow us to move decisively to bring a second diamond rig to Chalkos and, expand drilling at the priority Otniel and Donkey Hill prospects. We will also be able to pursue more immediate systematic testing of the broader mineralised systems across our 400km2 licence area. In parallel we will advance Karibib with geophysics ahead of a maiden drilling program.”

— Gerard O'Donovan, Managing Director

New shares will be issued without shareholder approval using the company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Settlement of the placement is scheduled for 14 September 2026, with allotment and the commencement of trading for the new shares set for 15 September 2026. Laboratory assay results from the initial diamond holes at Otniel are expected within four to six weeks.

Read the full announcement: $20m Institutional-led Placement to Accelerate Drilling