Kaoko Metals is preparing to increase its drilling fleet in Namibia to three rigs as it expands exploration at its Chalkos copper-silver project, where drilling at Otniel and Donkey Hill has already identified mineralisation and further laboratory results are expected in the coming weeks.
The Australian-listed company said in its quarterly activities report released on 29 October 2026 that a third drilling rig could be mobilised within two to three weeks to concentrate on Donkey Hill East, adding another drilling front to its exploration programme.
The planned expansion follows the company’s decision to increase its Chalkos drilling programme to at least 15,000 metres after encouraging results from its initial exploration work.
Kaoko has already reported copper-silver mineralisation at Otniel, including an intersection of 37.1 metres grading 1.23% copper and 15.2 grams per tonne silver, and another of 48 metres grading 1.02% copper and 12.9 grams per tonne silver. The results were announced earlier in October, while the latest quarterly report points to further assays from Otniel and Donkey Hill in the coming weeks.
The additional drilling capacity will be accompanied by drone magnetic and induced polarisation surveys scheduled to begin in November, with the company seeking to refine existing exploration targets and identify further areas for drilling.
Kaoko has also expanded its technical and management team in Namibia to support the larger field programme.
Donkey Hill East has emerged as another area of interest within the Chalkos project after surface exploration identified copper mineralisation extending the known trend. A September announcement reported a rock-chip sample grading more than 50% copper and said the mapped surface mineralisation at Donkey Hill had extended beyond 1,500 metres. These are selected surface results rather than grades established across a mineral deposit.
The company’s latest report indicates that work at Otniel and Donkey Hill will continue alongside the planned investigation of Donkey Hill East, with the additional laboratory results expected to help determine the direction of subsequent drilling.
Away from Chalkos, Kaoko is also investigating copper, gold and tungsten mineralisation at its Karibib project in the Erongo Region.
Surface sampling at Karibib has confirmed high-grade mineralisation, with previously reported individual samples returning up to 4.9% copper, 0.85 grams per tonne gold and 0.68% tungsten trioxide. The findings were initially disclosed in July and are included in the company’s exploration record rather than representing a new October discovery.
The company is seeking to establish additional exploration targets at Karibib, where it has an agreement to earn up to an 85% interest in the project.
The expansion of its Namibian exploration activities follows a A$20 million share placement completed during the September quarter, which increased Kaoko’s cash holdings from A$5.23 million at the end of June to A$22.01 million by 30 September.
According to its accompanying cash flow report, Kaoko spent A$1.30 million on exploration and evaluation during the quarter, while net operating cash outflows amounted to A$457,000.
The company estimates that its available cash could sustain approximately 12.5 quarters of activity at the September quarter’s expenditure rate, although the figure would change if spending increases as the drilling programme expands.
