A cluster of financings announced within days of each other has pushed more than N$2.1 billion in fresh capital and committed funding toward Namibia-linked resource plays, strengthening the view among investors that the country remains one of the region’s more bankable jurisdictions for large projects and high-impact exploration.
The latest deals were led by Koryx Copper, Andrada Mining and Reconnaissance Energy Africa, each of which attached sizeable new money to Namibian assets and programmes.
Koryx Copper anchored the week’s financings with a C$46 million bought-deal financing, which the company equated to about N$630 million, alongside a concurrent Namibian “side-car” offering of up to C$5 million, about N$68 million.
The company said it issued 18,776,050 common shares at C$2.45 per share, with the underwriters’ option exercised, delivering gross proceeds of C$46.0 million and immediate funding certainty to advance technical studies and exploration at the Haib Copper Project in southern Namibia.
President and chief executive officer Heye Daun said, “We are delighted with the very strong demand which we received from a range of highly respected international investors, which rendered this financing so significantly oversubscribed,” Daun said.
Andrada Mining’s announcement was structured differently, but it carried a similarly large funding headline: a potential US$51 million partnership tied to its Brandberg West portfolio, positioning the company beyond its Uis tin base and into copper and tungsten exposure.
Under the conditional staged earn-in, ACAM LP (through its affiliate) can acquire up to 49% of the holding company controlling the Brandberg West licence.
The package includes an initial US$10 million investment (about N$190 million) for 30% equity, a further US$1 million subscription (about N$19 million) in Andrada Mining equity at the listed company level, and a follow-on investment of up to US$40 million (about N$760 million) linked to agreed technical and regulatory milestones.
Reconnaissance Energy Africa completed the third pillar of this week’s funding surge with a fully underwritten equity offering that raised C$36.8 million, or about N$500 million, to accelerate appraisal and testing across its portfolio in 2026, including the Kavango West 1X discovery workstream in northeastern Namibia.
The company said it issued 38.7 million units at C$0.95 per unit, each comprising one common share and one-half warrant, with each whole warrant exercisable at C$1.20 for 36 months.
The financing was led by Research Capital Corporation, with Canaccord Genuity and Haywood Securities also participating.
The same disclosure noted that BW Energy acquired 2.3 million units for C$2.2 million (roughly N$30 million) and increased its stake in the company.
This week’s transactions landed on a financial runway that had already been extending through the final quarter of 2025, with multiple Namibia-focused operators and explorers closing cash calls, placements, warrant exercises and bought deals that kept programmes alive and balance sheets liquid.
In gold, Wia Gold entered 2026 with A$45.84 million in cash, equivalent to about N$555 million, and no debt at the end of December 2025, providing a well-capitalised platform for its Namibia-only strategy.
That position followed an August 2025 placement in which Wia secured firm commitments to raise A$30 million (about N$370 million) through the issue of 100 million new shares at A$0.30 each, a transaction the company said would support its accelerated programme at Kokoseb.
In copper and diversified exploration, Noronex reinforced its funding position through a combination of capital raising and asset monetisation.
The company completed a strategic placement in October, raising A$750,000 from professional and sophisticated investors, with funds earmarked for early-stage drilling at its Namibia-linked Etango North Uranium Project programme.
Separately, Noronex received a non-refundable deposit of about N$2.4 million (A$200,000) as a step in the proposed N$50 million (A$4.5 million) staged sale of its non-core Witvlei Copper Project, a cash transaction designed to free capital and management attention for priority workstreams.
Smaller placements late last year also carried weight because they kept rigs and teams moving in-country.
ReeXploration raised US$1 million, equivalent to about N$18–19 million, through a private placement involving 9,090,910 shares at US$0.11 per share, funding the next phase of exploration at its Eureka Project in the Erongo Mining District. Uranium-sector financing similarly remained active into late 2025.
Forsys Metals closed a N$260 million bought-deal private placement for its Norasa Uranium Project, issuing 33.8 million units at C$0.56 per unit, with warrants exercisable at C$0.80 until October 2028, and the deal included a partial over-allotment exercise valued at C$1.9 million (about N$26 million).
Elevate Uranium also raised A$25 million (about N$312 million) through a placement to advance U-pgrade™-linked workstreams and drilling activity across its portfolio, including Namibia.
Balance sheets were strengthened through other forms of cash inflow as well. Namibia Critical Metals reported proceeds of C$1,154,762, equivalent to about N$15.6–16.0 million, from the whole exercise of two tranches of previously issued warrants, with the company indicating the funds would be used for general working capital.
Great Quest Gold, in a transaction tied to its reverse-takeover structure, confirmed subscriptions totalling N$90 million for a concurrent financing round required in the process.
Taken together, the late-2025 funding flow and the early-2026 surge point to a consistent pattern: Namibia-linked resource companies have continued to attract capital across the spectrum, from large underwritten financings and staged strategic partnerships to smaller placements and warrant conversions.
That blend matters because it spreads investment across different project stages and commodities while keeping Namibia’s exploration, technical studies and operational ecosystems funded as 2026 begins.
Additional capital inflows into Namibia-linked mining companies were recorded during the second half of 2025, reinforcing the funding momentum that carried into early 2026.
In October 2025, Golden Deeps Limited completed an oversubscribed capital placement that raised approximately A$3.54 million, equivalent to about N$39 million, to support exploration activities across its Southern African portfolio, including interests linked to Namibia.
During September 2025, Midas Minerals Limited raised A$6.5 million, roughly N$78 million, through a share placement to institutional and sophisticated investors.
The funding supported acquisition costs and exploration programmes, including drilling and fieldwork on the company’s Namibian copper licences.
Also in 2025, Trigon Metals secured approximately US$2.4 million, or about N$45 million, through private placements to fund exploration activities across its Namibian licence areas and sustain early-stage technical and drilling programmes.
In the uranium and critical minerals space, Forsys Metals Corporation closed a bought-deal private placement in late 2025 that raised about C$19 million, equivalent to roughly N$260 million, for work related to its Norasa Uranium Project in Namibia.
The financing included an exercised overallotment option, increasing the total proceeds.
Elevate Uranium Ltd also raised A$25 million, approximately N$312 million, through a placement in 2025 to advance drilling, metallurgical test work and technical studies across its project portfolio, including assets in Namibia.
Smaller but material inflows were recorded through warrant exercises.
Namibia Critical Metals Inc. received C$1.15 million, about N$16 million, following the whole exercise of two tranches of outstanding warrants during the latter part of 2025, strengthening its working capital position.
Together with the financings already detailed, these transactions further expand the pool of capital committed to Namibia’s mining sector during late 2025 and early 2026, spanning gold, copper, uranium and critical minerals.
