Aldoro Resources Ltd has secured A$3.27 million (about N$60 million) in underwriting support to fund the next phase of drilling and metallurgical work at its Kameelburg rare earth, strontium and niobium project in north-western Namibia, tightening its push toward development planning.
The company confirmed on 4 May 2026 that it had executed an underwriting agreement for 13.09 million unlisted options priced at A$0.25 each, expiring on 9 September 2026.
The arrangement guarantees full proceeds, regardless of whether existing option holders exercise, with the underwriter stepping in to cover any shortfall.
Once exercised, the options will convert into more than 13 million new fully paid shares, providing Aldoro with funding certainty at a critical stage of technical advancement at Kameelburg.
Chairperson Quinn Li said the structure allows the company to sustain momentum across its Namibian work programme while limiting immediate dilution pressure on shareholders.
“This funding provides certainty at an important juncture for the company. The proceeds will allow us to maintain momentum across our work programmes at Kameelburg, extending metallurgical drilling at depth and progressing test work that has already demonstrated favourable processing characteristics,” Li said.
The underwriting is backed by Pioneer Development Fund (Aust) Limited, a long-standing supporter of Aldoro, signalling continued investor confidence in the strategic value of the Kameelburg deposit and its multi-commodity potential.
Funds from the option exercise will be directed primarily toward deeper metallurgical drilling using the company’s Smart 8 rig, alongside expanded processing test work and pilot studies aimed at feeding into a definitive feasibility study (DFS).
A portion will also support general working capital requirements.
Kameelburg has increasingly drawn attention as one of Namibia’s emerging critical minerals projects, combining rare earth elements with strontium and niobium mineralisation within a large carbonatite system. Earlier drilling has returned long, continuous mineralised intercepts, reinforcing the project’s scale and geological continuity.
The latest funding move positions Aldoro to deepen its technical understanding of the orebody, particularly at depth, where the company is seeking to confirm consistency in grade and metallurgical performance—key factors for future mine design and processing flowsheets.
Advisory firm Xcel Capital Pty Ltd has been appointed as lead manager for underwriting, earning an A$25,000 management fee and a 6% underwriting fee on the total amount raised.
The agreement includes standard commercial terms, such as representations, warranties, and termination clauses, typical of transactions of this nature.
The funding comes as Namibia continues to position itself as a key supplier of critical minerals needed for global energy transition technologies, with projects like Kameelburg adding to the country’s growing pipeline beyond uranium and diamonds.
