A new partnership has been forged in Namibia’s copper-gold corridor, with Arcadia Minerals Limited announcing a binding farm-in agreement with Kaoko Metals Pty Ltd to fast-track the Karibib Copper-Gold Project.
The deal, which combines cash payments, milestone-linked equity, and royalty exposure, marks Kaoko Metals’ first Namibian foothold—a new Australian exploration company with ambitions to build a diversified African portfolio.
Kaoko Metals Pty Ltd was officially registered in Australia on 1 July 2025 and is headquartered in Perth.
The company’s name pays homage to Namibia’s Kaoko Belt.
This ancient Proterozoic orogenic zone stretches across the country’s north-west and is famed for its rich endowment of copper, cobalt and base metals.
The choice of name reflects Kaoko’s long-term intention to establish its identity and operations in Namibia, one of Africa’s most geologically stable and mining-friendly jurisdictions.
Its first footprint in the country comes through the Karibib Copper-Gold Project, situated in central Namibia’s mineral-rich Damara Belt.
This area also hosts B2Gold’s Otjikoto Mine and Osino Resources’ Twin Hills discovery.
Under the newly signed farm-in agreement, Kaoko Metals can earn up to 100 per cent of Arcadia’s 80 per cent interest in Karibib Pegmatite Exploration (Pty) Ltd (KPE), which holds an 85 per cent stake in the Karibib Project via Goas Pegmatite Exploration (Pty) Ltd.
The four-stage earn-in structure gives Kaoko control over exploration and development while providing Arcadia with immediate cash inflow and long-term exposure to production upside.
The deal includes a non-refundable A$35,000 deposit, an A$150,000 payment upon settlement, and a further A$250,000 one year later, together with up to 2.25 million Kaoko milestone shares linked to project milestones and a Net Smelter Royalty (NSR) on future production.
The agreement is contingent upon Kaoko Metals’ successful listing on the ASX, where it plans to raise a minimum of A$5 million through an Initial Public Offering (IPO).
The listing will provide the company with the financial capacity to fund an aggressive exploration programme at Karibib, focusing on delineating copper-gold mineralisation along the known structural trends within the licence area.
Arcadia’s Executive Chairman, Jurie Wessels, said the deal introduces a committed partner capable of advancing Karibib without drawing on Arcadia’s balance sheet.
“This agreement with Kaoko Metals introduces a committed partner to fund exploration and development while allowing Arcadia to retain significant exposure to the project’s upside through cash payments, milestone shares and a royalty interest,” Wessels said. “It reflects our strategy of advancing our portfolio in a manner that minimises dilution to Arcadia shareholders while ensuring our projects continue to move forward.”
The Karibib Project, acquired by Arcadia in early 2021, covers ground along Namibia’s central mining corridor and is prospective for both copper and gold mineralisation hosted within metamorphosed schists and structural zones of the Damara Orogenic Belt.
Historical exploration identified surface anomalies and mineralised trends typical of the belt’s polymetallic systems. Arcadia initially undertook reconnaissance sampling and mapping before shifting focus to its lithium and tantalum assets, leaving Karibib well-positioned for a dedicated exploration partner.
Kaoko Metals’ Managing Director, Gerard O’Donovan, said the Karibib deal marks a significant step in establishing the company’s African presence.
“We are delighted to have signed this agreement with Arcadia, which will allow us to earn into a highly prospective project in a prolific Namibian jurisdiction,” he said. “Alongside our copper project in the Kaoko Belt, this forms part of a suite of assets with immense potential we plan to unlock.”
O’Donovan, who previously guided Sun Silver Ltd (ASX: SS1) through its successful IPO and development of the Maverick Springs Silver-Gold Project in Nevada, brings capital markets and technical expertise to Kaoko’s Namibian ambitions.
For Arcadia, the farm-in structure converts a non-core holding into an income-generating asset while maintaining exposure to potential discoveries. It also validates the company’s broader model of partnering with aligned investors to advance exploration assets without shareholder dilution.
Once Kaoko completes its listing and secures exploration capital, on-ground activity at Karibib is expected to ramp up quickly.
Field programmes will begin with geophysical surveys and drilling across the mapped copper-gold targets, setting the stage for resource definition drilling in 2026.
The deal positions Kaoko Metals as a new entrant in Namibia’s mining scene, using Karibib as its launchpad into one of Africa’s most stable and resource-rich jurisdictions.
The deal extends Arcadia’s Namibian reach through a partnership that transforms latent potential into tangible progress, linking Australian exploration capital with Namibia’s fast-growing copper and gold frontier.
