Australian-listed NGX Limited has raised N$42.2 million (A$3.6 million) to fund exploration activities across its newly acquired gold and copper projects in Namibia as the company expands its mineral exploration portfolio.
According to its September 2026 quarterly report, NGX completed a capital-raising bookbuild involving the placement of 60 million shares at N$0.70 (A$0.06) per share.
The funds will support exploration at the Erongo Gold, Otjikoto South and Karas Copper projects, alongside existing operations in Namibia and Malawi and general working capital requirements.
NGX said it had secured rights to acquire up to an 85% interest in seven exploration licences covering more than 1,300 square kilometres within Namibia’s Damara Gold Belt.
The licences form part of the Erongo Gold Project, located approximately 250 kilometres northwest of Windhoek, near WIA Gold’s Kokoseb gold deposit.
“Subsequent to quarter end, the Company announced the strategic acquisition of the right to acquire up to an 85% interest in seven exploration licences (four active (granted), one active (pending renewal) and two applications), resulting in a district-scale land package of over 1,300km2 within Namibia’s emerging Damara Belt which hosts significant gold endowment,” the company said.
NGX said the project area contained geological structures associated with gold mineralisation, providing targets for further exploration.
The company plans to accelerate exploration through soil and calcrete sampling, geological assessments and portable gold analysis technology to identify potential drilling targets.
It also intends to expand its Namibian exploration team by recruiting a project geologist, field technicians and sampling personnel.
In southern Namibia, NGX has secured the right to acquire up to an 85% interest in the Karas Copper Project, covering 194 square kilometres.
The project is located approximately 10 kilometres east of Koryx Copper’s Haib copper deposit and contains several known copper occurrences, including the historically explored Sperlingputs prospect.
“The Company also secured the right to acquire up to an 85% interest in the Karas Copper Project, a 194km2 EPL adjacent to Koryx Copper’s Haib deposit, a major Palaeoproterozoic Cu-Mo-Au porphyry system. Its proximity to Haib provides an attractive exploration opportunity for porphyry-style copper mineralisation, including disseminated and structurally controlled mineralisation,” the company said.
NGX said the geological similarities between Karas and the Haib deposit supported further exploration for copper mineralisation.
The company’s Otjikoto South Project is located near B2Gold’s Otjikoto Gold Mine, in an area considered prospective for gold mineralisation.
NGX also reported that its directors intended to participate in the capital raising with a combined contribution of N$6.3 million (A$540,000), subject to shareholder approval.
The company ended September 2026 with approximately N$14.1 million (A$1.2 million) in cash and no debt.
NGX said the capital raising would support its exploration commitments and planned expansion across Namibia’s gold and copper exploration areas.
