Golden Deeps Limited has raised N$39 million (A$3.54 million) through an oversubscribed capital placement, providing a significant boost to its Otavi Mountain Land Critical Metals Projects in Namibia.
The funds will accelerate exploration and drilling at the company’s high-grade Graceland Prospect, part of its broader Central Otavi Project portfolio.
The placement, managed by GBA Capital Pty Ltd, involved the issue of 44.28 million fully paid ordinary shares at N$0.89 (A$0.08) per share, representing a premium to the five-day VWAP market price.
Each share includes a free attaching option, exercisable at N$1.11 (A$0.10) and expiring on 31 October 2029, subject to shareholder approval.
“This substantial new funding will allow the company to accelerate exploration of our Otavi projects and carry out an extensive drilling programme to test the already identified richly mineralised gossan targets and the anticipated IP targets at the high-grade Graceland critical metals prospect area,” said Golden Deeps Chief Executive Officer, Jon Dugdale.
He noted that the Graceland Prospect has already delivered exceptional sampling results, including grades of up to 42.7% copper, 1,353 g/t silver, and 201 g/t germanium, confirming the area’s strong potential for “Tsumeb-type” polymetallic deposits. A detailed IP-Resistivity survey is currently underway across the 2.5-kilometre mineralised corridor to identify near-surface and deeper sulphide targets for upcoming drill testing.
Beyond Graceland, Golden Deeps plans to advance exploration at its Nosib vanadium-copper-lead-silver deposit and Khusib Springs silver-copper deposit, both within the Otavi tenements.
These initiatives form part of the company’s broader strategy to position itself as a key supplier of critical metals such as copper, silver, and germanium, which are vital for the renewable energy and technology sectors.
“We are looking forward to the results of the IP survey, so that we can define and model identified targets and advance to the drill testing stage at this exciting prospect area,” Dugdale added.
