Australian mining company Aldoro Resources is pursuing a listing on the Hong Kong Stock Exchange as it looks to broaden its access to international investment capital for the development of the Kameelburg rare earths, strontium and niobium project in Namibia.
The proposed listing forms part of Aldoro’s strategy to move Kameelburg from mineral resource exploration towards mine development, following an expansion of the project’s estimated mineral resources to 804.5 million tonnes.
According to its annual report for the financial year ended 30 June 2026, Aldoro believes a Hong Kong listing could provide access to a larger pool of Asian institutional investors interested in critical minerals, particularly those used in advanced manufacturing, industrial applications and permanent magnets.
The company said Hong Kong was the world’s largest initial public offering market in 2025, raising approximately US$36 billion through 106 listings. It also pointed to a 92% year-on-year increase in funds raised through Hong Kong listings during the first half of 2026.
However, Aldoro has not disclosed how much money it intends to raise through the proposed listing or when it expects the transaction to take place.
The company cautioned that the listing remains subject to regulatory and exchange approvals, due diligence, market conditions and a final board decision.
The proposed listing comes as Aldoro increasingly concentrates its financial and technical resources on Kameelburg, in which it holds an 85% interest.
During the reporting year, the company completed a second phase of diamond drilling comprising 15 holes totalling 7,190 metres, bringing its overall drilling programme to 39 holes covering 16,904 metres.
The results contributed to an updated mineral resource estimate announced in August 2026, comprising 162.1 million tonnes in the Indicated category and 642.4 million tonnes in the Inferred category.
Together, these resources amount to 804.5 million tonnes grading 2.90% total rare earth oxide equivalent, using a 0.5% total rare earth oxide cut-off.
The distinction between the two resource categories is important because Indicated Resources carry a higher level of geological confidence and can provide a stronger basis for mine planning, engineering studies and eventual financing.
Aldoro estimates that the 162.1 million tonnes classified as Indicated contain approximately 290,000 tonnes of neodymium-praseodymium oxide, commonly known as NdPr, which is used in the manufacture of high-performance permanent magnets.
These magnets are important components in electric vehicles, wind turbines and other advanced technologies.
The company also reported a strontium mineral resource of 802.1 million tonnes grading 2.11% strontium, which overlaps with the rare earth resource rather than representing an additional volume of mineralised material.
Aldoro believes the combination of rare earths, strontium and niobium could eventually allow Kameelburg to produce several mineral products from the same deposit, although the commercial viability of these products has yet to be established.
Metallurgical testing has provided some encouragement, with the company reporting strontium extraction of approximately 99% and rare earth extraction of 72% during preliminary testing.
Further metallurgical work is underway at CM Solutions in Johannesburg, South Africa, to improve recoveries, investigate the removal of impurities and determine a processing method that could reduce the capital required to develop the project.
Aldoro has also commenced a scoping study examining potential mining and processing arrangements, infrastructure requirements and possible markets for its mineral products.
The study will consider staged development options that could make use of existing road, rail, electricity and port infrastructure.
The company intends to progress from the scoping study to a pre-feasibility study, although it has not provided completion dates for either exercise.
Another drilling programme is planned to upgrade additional resources from the Inferred to the Indicated category and investigate extensions of the deposit, which remains open in several directions.
Despite the scale of the mineral resources identified, Kameelburg remains a development-stage project without a declared Ore Reserve or demonstrated commercial viability.
The annual report also reveals the financial pressures associated with advancing the project.
Aldoro recorded a net loss of A$15.66 million for the year ended 30 June 2026, compared with A$21.61 million in the previous financial year.
Its cash holdings fell sharply from A$932,164 at 30 June 2025 to just A$78,561 at 30 June 2026.
Following the financial year-end, Aldoro raised A$4.3 million through unsecured convertible notes placed with institutional and sophisticated wholesale investors on 20 July 2026.
The company also repaid a A$1.3 million loan from non-executive director Dr Minlu Fu using proceeds from the financing.
Aldoro has been reducing its exposure to non-core Australian exploration assets to concentrate more resources on Namibia. It completed the disposal of its Wyemandoo project during the financial year, while other Australian assets remain under review.
Besides Kameelburg, Aldoro continues to investigate several Namibian exploration targets, including Omuronga, Okaue and Nordenberg.
At Omuronga, magnetic surveys identified a circular anomaly approximately 1.4 kilometres in diameter that the company considers prospective for carbonatite mineralisation.
At Okaue, geological interpretations have raised the possibility of gold mineralisation associated with a skarn system, while preliminary geochemical investigations at Nordenberg have identified features that may indicate a copper-gold porphyry system.
These prospects remain at an early exploration stage and require additional testing.
