Sultan Resources Limited has completed a $1 million strategic placement to accelerate its growth across gold and critical minerals, including the soon-to-be-acquired Damara Gold Project in Namibia.
The project sits in the same geological domain as WIA Gold’s Kokoseb deposit — which hosts an indicated and inferred resource of 89 million tonnes at 1.0 grams per tonne gold for 2.93 million ounces — and shares similar host rocks to Osino Resources’ Ondundu and Eureka projects, acquired by Shanjin International Gold in 2024 for about A$400 million.
Sultan acquired the Damara Gold Project, the Narndee Nickel-PGE Project, and the Niobe Rubidium Deposit in Western Australia from Aldoro Resources Limited through the purchase of its wholly owned subsidiary, Gunex Pty Ltd.
The transaction gives Sultan an instant foothold in Tier-1 jurisdictions, with exposure to both established and emerging mineral provinces.
The placement, which was strongly supported by new and existing investors, was priced at a 13.2 per cent premium to the 15-day volume-weighted average price — a sign of investor confidence in Sultan’s expansion strategy.
The funds will be used to finance the company’s strategic exploration programmes, including the commencement of fieldwork at Damara, and to advance Sultan’s broader growth initiatives across its global portfolio.
The company is also eyeing further acquisitions in both the gold and critical metals sectors as part of its next phase of transformation.
The Damara Gold Project, which Sultan announced in September 2025, gives the company access to a 152 square-kilometre licence area within Namibia’s prolific Damara Gold Belt.
By positioning itself alongside these proven deposits, Sultan gains exposure to a district that is fast emerging as Namibia’s premier gold corridor. Early exploration will focus on defining priority targets across the metasedimentary units that mirror Kokoseb and Ondundu’s mineralised systems.
Under the placement, approximately 111 million new shares will be issued at $0.009 each. Investors will also receive one free-attaching option (SLZO) for every two shares subscribed.
The first tranche of 73 million shares is scheduled for allotment on 17 October 2025 under existing ASX placement capacities, while the second tranche and associated options will be subject to shareholder approval at the company’s annual general meeting in mid-November.
The placement was arranged by Xcel Capital Pty Ltd, which will receive 25 million listed options as lead manager, pending shareholder approval. Sultan’s board, led by Chairman Lincoln Liu, thanked shareholders for their ongoing support and said the capital raise positions the company strongly as it executes its exploration and acquisition strategy.
The company’s multi-jurisdictional portfolio now gives it exposure to gold, nickel, PGEs, rubidium and lithium — all critical to global energy transition and technology supply chains. Sultan said the latest raise reflects growing market confidence in its leadership and project pipeline.
“This capital raising marks a significant step forward as Sultan advances its strategic exploration programs across its gold and critical mineral assets in Namibia and Western Australia,” the company said.
