Aldoro Resources has secured an underwriting agreement worth approximately N$55.08 million (US$3.27 million), providing funding certainty to accelerate development at its flagship Kameelburg rare earth elements (REE), strontium and niobium project in Namibia.
The agreement covers 13,092,857 unlisted options, exercisable at N$4.25 (US$0.25) each before 9 September 2026. The underwriting, backed by Pioneer Development Fund, ensures that any options not taken up by existing holders will be fully subscribed, guaranteeing the company receives the full proceeds.
On full exercise, Aldoro will issue an equivalent number of new ordinary shares.
Chairperson Quinn Li said the funding comes at a critical stage for the company.
“Securing this US$3.27 million underwriting provides Aldoro with funding certainty at an important juncture. The proceeds will allow us to maintain momentum across our work programmes at Kameelburg, including extending metallurgical drilling at depth with our Smart 8 rig and progressing test work that has already demonstrated the project’s favourable processing characteristics. We are pleased to have the Pioneer Development Fund continue its long-standing support, which reflects confidence in the strategic significance of the Kameelburg REE-strontium-niobium project. The arrangement positions Aldoro to deliver on near-term technical milestones while minimising dilution for existing shareholders,” he said.
The funding comes as recent Phase II drilling results continue to demonstrate both scale and grade across the Kameelburg carbonatite system.
Two additional diamond drill holes, located on the northern flank and southern margin, have returned wide, high-grade intercepts of REE, strontium and niobium, confirming the continuity of mineralisation in all directions from the central core.
The northern flank delivered standout niobium results, including 11 metres at 0.76% Nb₂O₅ from 102 metres, alongside multiple high-grade intervals.
The same hole also returned a near-surface intercept of 5 metres at 2.94% total rare earth oxides (TREO) and 7.64% strontium carbonate, among the highest combined grades recorded at Kameelburg to date.
On the southern flank, drilling intersected 74 metres of cumulative mineralisation across two stacked layers, confirming the extension of the system.
These include an upper zone of 23 metres at 0.98% TREO and 4.19% strontium carbonate, and a lower zone of 51 metres at 0.70% TREO and 0.32% niobium oxide.
Both drill holes remain open at depth and are located within a broader 1.4 km² magnetic anomaly, indicating strong potential to expand the mineralised footprint. Increasing grades at depth on the northern flank have already prompted plans for a deeper follow-up hole.
Seven holes from the Phase II programme have now returned assay results, confirming widespread mineralisation across the deposit, with results from a further eight holes expected in the coming weeks.
