Aldoro Resources Ltd has agreed to give its surveying contractor, Cheng Du Ao Hua Exploration Engineering Pty Ltd ,3 million performance rights as part of arrangements linked to ongoing work at the Kameelburg Project in Namibia and the company’s efforts to conserve cash while advancing exploration and metallurgical programmes.
These Performance Rights are being issued to recognise CDAH’s significant contribution to the breakthrough achieved in the trial metallurgical test work at Kameelburg where its extensive testing and local knowledge helped identify a processing approach that may be utilised as Aldoro IP and has materially reduced expected
timeframes and costs; and the ongoing dedication to advancing the Aldoro’s gold exploration across
three priority anomalies within the Company’s other tenements.
The supplementary agreement builds on a 60-day surveying services contract valued at US$330,000 (about N$6.3 million), which Aldoro entered into with CDAH before 24 October 2025.
However, the company has not disclosed the exact signing date.
The existence of the contract was formally disclosed in an addendum to the notice of annual general meeting lodged with the ASX on 30 October 2025.
Under the original agreement, CDAH was engaged to provide surveying services at the Kameelburg Project, with the contract continuing until the work programme is completed or otherwise terminated.
Under the new supplementary agreement, Aldoro will issue CDAH with 3 million performance rights, vesting in three equal tranches of 1 million each, subject to share price milestones measured over a 20-day volume-weighted average price.
One million rights will vest if Aldoro achieves a 20-day VWAP of US$1.00 per share, a further one million at US$1.50, and the final one million at US$2.00.
The performance rights will be issued under the company’s available placement capacity, in accordance with ASX Listing Rule 7.1.
As part of the original surveying arrangement, Aldoro and CDAH agreed to convert US$99,000 (about N$1.9 million) of accrued fees into equity at a deemed issue price of US$0.35 per share.
This resulted in the issuance of 282,857 shares to CDAH on 24 October 2025, which was ratified by shareholders at the company’s annual general meeting held on 28 November 2025.
Aldoro said the performance rights recognise CDAH’s contribution to its Namibian programmes, including work that led to a breakthrough in trial metallurgical test work at Kameelburg.
According to the company, CDAH’s testing and local operational knowledge helped identify a processing approach that could be developed as Aldoro’s intellectual property, thereby materially reducing expected development timeframes and costs.
The contractor is also supporting gold exploration across three priority anomalies within the company’s broader tenement portfolio.
In addition, Aldoro has agreed that any costs incurred by CDAH after 1 January 2026 will be converted into equity at a higher deemed issue price of US$0.39 per share, compared with US$0.35 under the original surveying agreement.
The company said the arrangement allows it to continue operations in Namibia while preserving cash reserves as project work progresses.
