Kaoko Metals (ASX: KAO) has commenced trading on the Australian Securities Exchange after completing a strongly supported $6.5 million initial public offering.
The listing gives the company about $6.8m in implied cash before costs, a forecast market capitalisation of about $12.1m, and an enterprise value of roughly $5.3m at the $0.20 issue price.
Kaoko is targeting high-grade copper, silver, and gold opportunities across emerging Namibian geological belts, supported by an experienced board, in-country management, and near-term drilling plans.
The company has two drill-ready copper projects in Namibia—the Chalkos copper-silver project in the Kaoko Copper Belt, and the Karibib copper-gold-tungsten project in the Damara Belt.
High-Grade Copper-Silver Focus at Chalkos
Located in the underexplored Kaoko Copper Belt, Chalkos has returned surface grades of up to 69.6% copper and 2,030 grams per tonne silver, with significant silver credits identified through sampling and assay work.
Kaoko has identified 20 kilometres of mineralised strike and 40km of prospective trend, with detailed mapping so far covering only about 700 metres of the 20km confirmed mineralised trend.
The project is fully permitted for drilling, with access and site establishment works, detailed mapping, sampling, drill target refinement, and a maiden diamond drilling program planned.
Early test work has delivered positive results, with X-ray transmission sorting upgrading a 308-kilogram Donkey Hill bulk sample from a 9.9% copper head grade to 13% copper.
The same process upgraded a 208kg Otniel bulk sample from a 3% copper head grade to 8.5% copper, creating potential for direct shipping ore or more efficient processing.
Acid leach test work achieved up to 89% recovery from Otniel and 71.7% recovery from Donkey Hill, while mineralogical work identified a number of key minerals.
Multi-Commodity Exposure through Karibib
Karibib is located within the Damara Belt in Namibia’s Erongo region, and contains a 20km by 2km north-east to south-west trending structural corridor with multiple zones of copper-gold and tungsten mineralisation identified.
Historical rock chip and channel sampling returned grades of up to 28.4% copper, 453g/t silver, and 26.3g/t gold.
Channel samples averaging 2.72% copper, 56.7g/t silver, 0.54g/t gold, and 0.22% tungsten trioxide were also recorded, while reconnaissance reverse circulation (RC) drilling intersected 4m at 1.98% copper, 0.92g/t gold, and 0.72% tungsten from 9m.
Kaoko plans to advance Karibib through drone magnetic surveying, mapping, sampling, trenching, drill target definition, and collar position selection, with a maiden RC drilling program also planned targeting extensions to known mineralisation and broader regional upside.
At Chalkos, immediate work will focus on Donkey Hill and Otniel while also testing regional areas outside the known mineralisation.
Namibia Provides Stable Mining Platform
Kaoko is advancing its projects in Namibia—a jurisdiction the company describes as a stable democracy with clear mining legislation, established infrastructure, and mining-friendly policies.
Namibia ranked fourth in Africa and 30th globally in the 2024/2025 Fraser Institute Annual Survey of Mining Companies.
The country offers access to maintained road networks, the deep-water port at Walvis Bay, reliable power, and a skilled mining workforce.
The company’s strategy is centred on disciplined exploration, geological expertise, and data-driven targeting as it seeks scalable discoveries across the Kaoko and Damara belts.
