Australian explorer Aldoro Resources Ltd has secured fresh funding and operational capacity to accelerate exploration at its Kameelburg rare earth and niobium project in Namibia, announcing an expanded Phase II drilling campaign and the acquisition of a Diamec Smart 8 drilling rig to support metallurgical testwork.
The Phase II program—initially planned at 9,000 metres—has been expanded to 11,000 metres of appraisal and metallurgical diamond drilling across the high-grade Kameelburg carbonatite complex.
Drilling will focus on resource expansion, bulk sampling for beneficiation tests, pilot-scale optimisation, and preparation for a JORC resource upgrade in 2026.
To finance the campaign, Aldoro has entered a drill-for-equity agreement with Singapore-based AMW Mining Pte Ltd, allowing the company to preserve cash while aligning incentives with its drilling partner.
Under the deal, AMW will provide drilling services at 50 per cent below Namibian market rates, with no mobilisation or standby costs.
Aldoro will issue up to 1.5 million shares at A$0.40 per share in the initial phase (worth A$0.6 million), with subsequent tranches settled at a 15 per cent discount to the 20-day VWAP, pending shareholder approval.
As part of the transaction, Aldoro will also acquire a Diamec Smart 8 hydraulic drill rig and accessories—valued at A$1.5 million CIF Namibia—and settle the acquisition by issuing 3.75 million shares.
The rig can drill to depths exceeding 1,500 metres per hole, giving Aldoro its first in-country drilling capability and enabling rapid core recovery for metallurgical analysis without the delays of outsourced services or new environmental approvals.
“The expansion of the Phase II drilling program to more than 20 000 metres of diamond drilling demonstrates confidence in our outlook for the Kameelburg project,” said Aldoro Chairperson Quinn Li. “The agreement with AMW secures access to a high-performance rig and skilled partner while preserving cash. It also removes any perceived funding concerns about our value proposition in the market.”
The 11-hole metallurgical campaign will drill multiple angled holes targeting the deeper high-grade core of the Kameelburg carbonatite. Designs aim to extend known mineralisation laterally and at depth beneath prior surface samples and magnetic anomalies, with bulk core to be used for beneficiation, bench-scale, and pilot-plant testing.
Drilling is expected to begin in early 2026, subject to rig delivery and final approvals, with all activities feeding into Aldoro’s planned feasibility and development studies.
Kameelburg remains Aldoro’s flagship asset following the company’s divestment of Australian holdings. Located within Namibia’s central Damaraland Province, the project is considered a cornerstone of the country’s emerging critical-minerals corridor, prospective for both rare earth elements and niobium, two metals vital to renewable-energy and high-tech applications.
