Sultan Resources Limited has signed a sale agreement with Aldoro Resources Ltd to acquire 100% of the shares in Aldoro subsidiary Gunex Pty Ltd, which holds three exploration assets in Namibia and Western Australia.
Under the terms, Sultan will pay a non-refundable cash deposit of N$867,000 (US$50,000), issue 286.4 million Sultan shares to Aldoro shareholders, and make deferred cash payments of N$26.01 million (US$1.5 million) tied to resource and development milestones.
The acquisition covers the Namibia Gold Project in the Damara Gold Belt, the Niobe Rubidium-Lithium Project, and the polymetallic Narndee Project in Western Australia’s Yilgarn Craton.
“Sultan Resources Limited (ASX: SLZ) is pleased to advise that it has entered into an agreement to acquire a package of three high quality projects in Namibia and Western Australia from Aldoro Resources Limited (ASX: ARN),” the company said.
In addition, Sultan has placed the remaining shortfall securities from its recent rights issue, raising N$17.51 million (US$1.01 million) through the issuance of 201.86 million shares at 0.5c per share. Settlement is expected on 25 September 2025.
Completion of the acquisition remains subject to regulatory approvals, shareholder consent and standard due diligence. Sultan said the deal positions it to capitalise on the gold potential of Namibia’s Damara Belt while expanding its critical metals footprint in Australia.
The Namibia Gold Project covers 152 km² and lies close to deposits including WIA Gold’s Kokoseb and Osino Resources’ Ondundu and Eureka projects.
Sultan plans to commence a ground magnetics programme to refine targets and prepare for drill-ready prospects.
The deal complements Sultan’s existing gold and copper projects in New South Wales and Western Australia.
The company already holds assets in the Lachlan Fold Belt, noted for copper and gold mineralisation, and at Lake Grace, located within a mobile zone associated with the Julimar nickel-copper-PGE discovery.
