Kaoko Metals (Unlisted (AU):KAOK) has launched an initial public offering (IPO) to raise between $5.5 million and $6.5 million ahead of a proposed listing on the ASX, as the company seeks to advance copper exploration projects in Namibia.
The Perth-based explorer has lodged its prospectus with the Australian Securities and Investments Commission (ASIC) for an offer priced at $0.20 per share, with plans to list under the ticker code KAO. If the maximum amount is raised, the company is expected to debut with an implied market capitalisation of about $12 million on an undiluted basis.
Kaoko’s flagship Chalkos Project sits in northwestern Namibia within the emerging Kaoko Copper Belt, a region considered prospective for sediment-hosted copper-silver mineralisation and viewed as geologically comparable to the Kalahari and Central African copper belts.
Kaoko is targeting emerging copper belts in Namibia: Namibia is recognised as one of Africa’s most stable mining jurisdictions, with a long history of successful mineral development and supportive regulatory frameworks.
Early exploration work has returned high-grade copper and silver results from surface sampling, including assays of up to 69.6% copper and 2,030 grams per tonne silver. Several targets across the project area are fully permitted and considered drill-ready.
Metallurgical test work from the Otniel Prospect has also indicated copper recoveries of up to 89%, supporting the potential viability of future processing.
Managing director Gerard O’Donovan said the company was targeting discovery within what it sees as an emerging copper province.
“Kaoko stands at the forefront of a compelling exploration opportunity,” O’Donovan said.
“Our flagship Chalkos Project sits within the Kaoko Copper Belt in northwestern Namibia — a geological setting with similarities to the Kalahari and Central African copper belts, which host some of the world’s most significant sediment-hosted copper deposits.”
The IPO comprises between 27.5 million and 32.5 million shares, with the offer scheduled to close on March 24, 2026, subject to early closure.
Funds raised will primarily support exploration at the Chalkos Project and the Karibib Project in Namibia’s Damara Belt, alongside working capital and IPO costs.
Kaoko is targeting April admission to the ASX, subject to listing approvals and completion of the capital raising.
A highly compelling frontier for copper exploration: The company's flagship Chalkos Copper–Silver Project (100% owned) is a sediment-hosted copper-silver in the underexplored Kaoko Copper Belt. Fully permitted and positioned for immediate exploration and drilling. The Karibib Copper–Gold–Tungsten Project (85% earn in) sits within the Karibib Gold Belt with historic drilling intercepts and strong infrastructure access.