Kaoko Metals has raised N$229.8 million (A$20 million) through an institutional-led placement to accelerate diamond drilling and exploration at its Chalkos Copper-Silver Project in Namibia.
The ASX-listed explorer received firm commitments from new and existing global institutional, professional and sophisticated investors for the placement of approximately 9.1 million new shares at N$25.28 (A$2.20) per share.
Together with its existing cash reserves, the capital raise will increase Kaoko Metals’ cash position to more than N$275.8 million (A$24 million) before offer costs.
Managing Director Gerard O’Donovan said the funding will primarily support an expanded and accelerated diamond drilling programme at the Otniel and Donkey Hill prospects within the company’s wholly owned Chalkos project.
The company plans to mobilise a second diamond drill rig to increase drilling activity at the two priority prospects.
“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,” O’Donovan said.
“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 programme.”
Part of the funding will be directed towards regional exploration across the approximately 400km² Chalkos licence area, including detailed mapping, geochemical sampling and geophysical surveys aimed at identifying additional drilling targets.
Kaoko Metals will also advance exploration at its Karibib Gold-Copper-Tungsten Project, where it is earning up to an 85% interest. Planned work includes geophysical surveys over priority targets ahead of further drilling, subject to exploration results.
O’Donovan said the strong demand for the placement followed early observations from the company’s first diamond drill holes at Otniel.
“We are delighted with the high level of inbound demand for the placement, which has introduced several high-quality, long-only institutional investors to the Kaoko register,” he said.
“The response reflects the significance of the early observations from our first diamond drill holes at Otniel, announced last week.”
The placement price of A$2.20 represents a 12% discount to Kaoko Metals’ closing share price of A$2.50 on 3 September 2026, but a 20.2% premium to its 15-trading-day volume-weighted average price of A$1.83.
Settlement of the placement is expected on 14 September, with the new shares scheduled to be allotted and begin trading on 15 September.
Following completion of the placement, Kaoko Metals will have approximately 69.7 million fully paid ordinary shares on issue.
Euroz Hartleys Limited and Cumulus Wealth Pty Limited acted as joint lead managers and bookrunners for the placement.
