A heavyweight Canadian brokerage syndicate has lined up behind Ongwe Minerals Inc. after the company expanded a planned C$10 million financing into a package that could now raise to C$23 million for Namibian gold exploration.
The enlarged financing marks one of the larger recent junior mining capital raises linked to Namibia’s gold sector and signals growing investor appetite for exploration exposure in the country’s emerging Northwest Damara Belt.
Ongwe announced on 12 June 2026 that it had increased the size of its previously announced financing package in response to strong market interest.
Under the revised structure, the company plans to raise to C$15.4 million through a listed issuer financing exemption offering priced at C$1.38 per share.
The package also includes a concurrent C$4.6 million private placement together with a C$3 million agents’ option.
If fully exercised, the combined financing could reach approximately C$23 million.
The scale of the syndicate backing the transaction has drawn attention within junior mining markets.
Beacon Securities is acting as sole bookrunner together with Research Capital Corporation, while Haywood Securities, Raymond James, Canaccord Genuity, Red Cloud Securities and Stifel Nicolaus are also participating.
The expanded financing comes only four months after Ongwe completed its reverse takeover of Great Quest Gold Corporation and raised approximately C$4.85 million during its TSX Venture Exchange listing process earlier this year.
The latest raise, therefore, represents a sharp increase in both the scale of funding and exploration ambition within a relatively short period.
The company says the proceeds will primarily fund exploration work across its Namibian gold portfolio, particularly the Omatjete, Khorixas and Outjo projects, as well as general working capital requirements.
Unlike many junior explorers still operating off conceptual regional targets, Ongwe is already assembling a district-scale exploration position across Namibia’s Northwest Damara Belt.
Its largest land positions include the 151,800-hectare Omatjete Gold Project, the 154,000-hectare Khorixas Gold Project and the 46,000-hectare Outjo Gold Project.
Within those licences, the company is advancing several named prospects, including Manga and Nguni at Omatjete, Belmont and K17 at Khorixas, as well as multiple regional targets near Osino Resources’ Eureka discovery at Outjo.
The increase in financing followed a new exploration update released on 9 June 2026, confirming the discovery of a 5-kilometre-long gold anomaly at the Nguni Prospect within the Omatjete Project.
Nguni lies roughly 17 kilometres east of the Manga discovery and about 55 kilometres east of Wia Gold’s Kokoseb deposit along the Okondeka Fault Zone.
The company reported soil values reaching 730 parts per billion gold, with 28 samples exceeding 300 parts per billion and 8 exceeding 500 parts per billion.
Management described Nguni as one of the largest gold-in-soil anomalies identified in Namibia in recent years.
The discovery added further momentum to a company that has rapidly emerged as one of the more closely watched junior gold explorers operating in Namibia.
At Manga, ongoing drilling has already confirmed a 2-kilometre-long bedrock gold anomaly that remains open to the east beneath thick calcrete cover.
The company reported assay values of up to 470 parts per billion gold, with 20 drill samples returning grades above 100 parts per billion.
Drilling at Manga has also revealed mineralisation widths exceeding 80 metres in some eastern sections of the system.
The Manga Prospect was initially identified through arsenic and gold anomalies beneath calcrete cover, and follow-up drilling confirmed gold mineralisation in bedrock.
The system currently carries a surface footprint measuring roughly 4.5 kilometres by 1 kilometre.
A maiden 1,800-metre reverse-circulation drilling programme completed in late 2024 intersected sulphide-hosted mineralisation in all 11 holes drilled, including intersections of 138 metres grading 0.22 grammes per tonne gold and 18 metres grading 0.5 grammes per tonne gold.
Subsequent mapping and rock-chip sampling later returned assays of up to 19.75 grammes per tonne gold from quartz-sulphide-veined schists.
The company now believes that the earlier scout drilling was completed more than 1 km west of the higher-grade section of the mineralised system.
At Belmont within the Khorixas Project, Ongwe has identified another large-scale gold system associated with the Khorixas-Gaseneirob Thrust and Belmont Thrust structures.
Belmont hosts a surface gold footprint measuring approximately 12 kilometres by 6 kilometres.
The company has already identified at least 18 target zones through systematic calcrete and soil sampling programmes.
Rock-chip sampling at Belmont returned grades of up to 145.7 grammes per tonne gold, while earlier scout drilling intersected 6 metres grading 6.85 grammes per tonne gold from 20 metres depth.
Ongwe has already mobilised reverse-circulation drilling at Belmont as part of a broader 6,000-metre bedrock sampling campaign split between Belmont and Manga during the first half of 2026.
The programme includes approximately 4,000 metres at Belmont and 2,000 metres at Manga, aimed at defining bedrock anomalies beneath thick calcrete and sand cover ahead of larger drilling campaigns later this year.
The Outjo Gold Project remains an earlier-stage but strategically important project because it lies along strike from Osino Resources’ Eureka discovery and occupies a similar geological setting.
Beyond drilling, the company has also been aggressively expanding its Namibian land position.
In February 2026, Ongwe enlarged the Omatjete project area by about 42% through additional licence acquisitions.
More recently, the company’s 51%-owned subsidiary Belmont Minerals Exploration agreed to acquire a 90% interest in an additional 36,000-hectare licence area adjacent to Omatjete.
Despite the growing scale of exploration activity, Ongwe does not yet have a formal mineral resource estimate for any of its Namibian projects.
The company remains in the discovery and target-definition stage rather than resource delineation.
What has changed significantly over the past year, however, is scale.
Ongwe is now assembling multiple large gold systems across a district-scale position in the Northwest Damara Belt while steadily advancing from surface anomalies into bedrock confirmation and systematic drilling.
