Aldoro Resources Ltd has secured funding and acquired a Diamec Smart 8 hydraulic drill rig valued at N$16.98 million (A$1.5 million) to advance its expanded Phase II drilling programme at the Kameelburg Rare Earth Elements (REE) and Niobium Project in Namibia.
The company said the acquisition, to be settled through the issue of 3.75 million Aldoro shares at A$0.40 (N$4.53) per share subject to shareholder approval, will establish its in-country drilling capability.
The high-performance rig can drill to depths of 1,500 metres per hole, allowing efficient metallurgical core recovery without the need for additional environmental approvals and paving the way for feasibility studies.
Aldoro Chairperson Quinn Li said the expanded drilling programme reflects growing confidence in the project’s potential.
“The expansion of the Phase II drilling programme to more than 20,000 metres of diamond drilling demonstrates confidence in our outlook for the Kameelburg Nb-REE project. The expanded programme will importantly incorporate metallurgical core retrieval to allow us to undertake beneficiation and bench testing in the new year to complement our metallurgical testing programme, which is currently underway,” Li said.
The drilling campaign is set to begin in early 2026 and conclude in the first half of the year. It will support resource expansion, beneficiation testing, bench trials, and preparation for a JORC resource upgrade.
Aldoro has also entered into a drill-for-equity agreement with AMW Mining Pte Ltd, under which drilling services will be provided at 50% below Namibian market rates and without mobilisation or standby costs.
The initial equity component, valued at N$6.79 million (A$600,000), will be settled through share issuance, with options for future payments at a 15% discount to the 20-day VWAP.
Li said the agreement gives Aldoro a major strategic edge in Namibia.
“The drill-for-equity agreement with AMW gives Aldoro a major strategic advantage in Namibia and removes any perceived funding argument regarding our value proposition in the market. It secures access to a high-performance rig and a skilled drilling partner while preserving cash and aligning incentives,” he said.
Following the divestment of its Australian assets, Kameelburg now stands as Aldoro’s sole project, positioning the company at the forefront of Namibia’s growing critical minerals sector.
