Kaoko Metals Ltd (ASX:KAO) has begun trading on the ASX after completing a strongly supported $6.5 million initial public offering (IPO), with the newly listed explorer gearing up for imminent drilling across its copper-focused projects in Namibia.
The company, trading under the ASX ticker KAO, has assembled a portfolio spanning two emerging mineral belts in Namibia — the Chalkos Copper-Silver Project in the Kaoko Copper Belt and the Karibib Copper-Gold-Tungsten Project in the Damara Belt.
Kaoko said the IPO was oversubscribed, raising $6.5 million at 20 cents a share to accelerate exploration programs across both projects. Shares doubled to 40 cents following the debut, giving the explorer an early market capitalisation boost as investors backed its Namibia copper strategy.
Copper spotlight turns to Namibia
The listing follows growing investor interest in Namibia’s copper sector, with recent exploration success from companies including Midas Minerals helping draw attention to the under-explored Kaoko Copper Belt.
“Our ASX listing marks a significant milestone for Kaoko Metals following our highly successful IPO,” managing director Gerard O’Donovan said.
“The strong response from investors represents a clear endorsement of the quality of our projects and the strength of our team,” he added.
“With two highly prospective, drill-ready copper projects in one of the world’s most exciting frontier copper provinces and drilling imminent, we are well positioned to rapidly advance exploration and unlock value for our shareholders.”
Kaoko Metals Project locations.
Chalkos project targets district-scale copper system
Kaoko’s flagship Chalkos Copper-Silver Project sits within the emerging Kaoko Copper Belt, a region the company says shares similarities with globally significant sediment-hosted copper systems in the Otavi Fold Belt and Central African Copperbelt.
The company is targeting both sediment-hosted and structurally controlled copper mineralisation styles, with the project covering a large under-explored landholding that has seen limited modern exploration despite favourable geology.
Surface sampling at Chalkos has already returned copper grades of up to 69.6% copper and 2,030 g/t silver, while multiple drill-ready targets have been identified ahead of planned maiden drilling campaigns.
Kaoko also pointed to regional validation from nearby exploration and mining activity.
Recent drilling and resource updates from Midas Minerals, located east of Chalkos, included a maiden resource estimate of 10.5 million tonnes at 1.6% copper and 21 g/t silver, along with intercepts such as 50 metres at 5.55% copper and more than 125 g/t silver.
The region is also home to the historic Tsumeb Mine, which historically produced 1.7 million tonnes grading 4.3% copper.
Karibib project adds gold and tungsten exposure
Alongside Chalkos, Kaoko is advancing the Karibib Copper-Gold-Tungsten Project in Namibia’s prolific Damara Belt, near established operations including the Navachab Gold Mine and the Twin Hills Gold Project.
Historical drilling at Karibib has intersected copper, gold and tungsten mineralisation, including 4 metres at 1.98% copper, 0.92 g/t gold and 0.72% tungsten from 9 metres.
The company said exploration is focused on extending known mineralisation and testing near-surface targets, with systematic work already advancing several targets towards drilling.
Kaoko expects drilling programs across both projects to begin in the near term, providing what it described as a pipeline of high-impact targets and potential news flow.
The company’s board includes non-executive chairman Mark Thompson, founder and managing director of Talga Group, alongside O’Donovan, previously executive director of Sun Silver and former Pilbara Minerals management executive.