Kaoko Metals raises $20m for Namibia copper drilling via premium share sale

Kaoko Metals announced it has raised $20 million to expand drilling operations at its Chalkos copper-silver project in Namibia. The company issued 9.1 million new shares at $2.20 each to support this capital raise. This price represented a 20.2% premium over the 15 trading-day volume-weighted average price of $1.83 per share. Institutional and sophisticated investors supported the placement, which is expected to increase the group's cash reserves to over $24 million before expenses. The funds will be used to accelerate diamond drilling at the Otniel prospect, where broad zones of copper mineralisation were recently intersected in the first two holes. A second rig has been mobilised to begin work at Otniel and the nearby Donkey Hill prospect. Kaoko also plans to expand broader exploration activities across Chalkos, including mapping, geochemical sampling, and geophysical surveys.