Okopa plc is pursuing small-scale copper production at its Cornerstone Copper Project in Namibia’s Kunene Region while preparing to complete a 14-hole drilling and mineral sorting programme by March 2027, as the company seeks to generate revenue from shallow copper deposits and investigate the potential for a larger mining operation.
The AIM-listed company has outlined a development strategy covering three Exclusive Prospecting Licences (EPLs) — 4305, 10499 and 10767 — extending across 6,214 hectares of the Kaoko Copper Belt.
The strategy combines potential early production from copper oxide deposits with longer-term exploration for deeper copper sulphide mineralisation, which could eventually support a larger commercial operation.
Okopa acquired a 51% interest in Cornerstone Mining in September 2026, while its joint venture partner, Swatech Mineral Processors, retained 49%.
The company said its geological team had completed initial structural mapping across much of the licence area and identified priority exploration targets.
The planned drilling programme will involve approximately 14 shallow diamond holes to determine the extent of near-surface copper oxide mineralisation and provide information for future mining decisions.
Independent mineral sorting tests will assess whether material recovered from the project can be upgraded into a marketable copper concentrate.
Both activities are scheduled for completion by the end of March 2027, although Okopa has not announced a date for commercial production.
Early production could provide revenue
Unlike an exploration programme focused exclusively on defining a large mineral resource, Okopa intends to investigate whether smaller copper oxide deposits can support production while exploration continues across the wider licence area.
The company plans to work with local mining claim holders who are shareholders in Cornerstone to develop existing claims for small-scale copper mining and processing.
Under this arrangement, production from the claims could provide an initial source of revenue and cash flow while generating geological, mining and processing information for the broader project.
The company intends to use the experience gained from these operations to assess the potential for developing its own copper oxide production.
However, commercial production remains dependent on the results of drilling, mineral sorting tests and subsequent development decisions.
Okopa said its approach would allow capital to be deployed progressively against approved work programmes rather than committing the full cost of developing a larger mining operation at the outset.
The company has also identified historical exploration and mining activity that could support its early development plans.
Previous work across the Cornerstone licences included approximately 1,974 metres of diamond drilling, geological mapping, geophysical surveys and soil sampling.
A bulk sample of approximately 15,000 tonnes was also taken from EPL 4305 before Okopa acquired its interest in Cornerstone.
The company expects to provide a further update on the bulk sampling programme in the coming months.
These historical activities provide geological information for identifying near-surface copper targets, although Okopa has not announced a mineral resource estimate or confirmed commercially recoverable copper quantities.
Larger copper deposits remain a longer-term objective
Beyond the proposed small-scale operations, Okopa intends to investigate the potential for a substantially larger copper deposit beneath and across the Cornerstone licence areas.
The company said the project contains geological formations associated with sediment-hosted copper mineralisation, including the basal Nosib Group and the overlying Otavi Group.
The contact between these formations is regarded as an important exploration target.
Extensive folding and faulting have exposed prospective geological structures across the licences, while surface mineralisation has been identified at several locations.
Copper-bearing vein systems have been observed over strike lengths of several hundred metres, with widths reaching approximately three to four metres.
Visible copper minerals include malachite, chrysocolla and azurite, while historical small-scale workings have exposed mineralisation in parts of the project area.
Okopa said these features support further exploration for both near-surface oxide copper and potentially deeper sulphide deposits.
The next phase of the sulphide exploration programme will involve additional structural mapping, geochemical and geophysical surveys, followed by targeted drilling.
The objective is to establish whether mineralisation continues at depth and across a sufficiently large area to support a commercial mining operation.
Independent consultants will oversee the exploration programme and assist the company in progressing towards an internationally compliant mineral resource estimate.
The company has not provided a timetable for completing a resource estimate or developing a larger mine.
Three agreements to support potential production
Alongside exploration, Okopa has signed three framework agreements covering technical services, mineral processing and potential copper supply arrangements.
The first agreement is with Lamal Partners Limited, an affiliated company controlled by Andrew Malashewsky and Russell Lamming, which may provide management, technical, geological, engineering, procurement and corporate support.
The second agreement involves Swatech Mineral Processors, Okopa’s joint venture partner, which retains a 49% interest in Cornerstone.
Swatech may provide operational, exploration, permitting, logistics, engineering and metallurgical services.
Okopa said services under both agreements would be charged at cost, without profit margins, management fees or mark-ups.
Neither agreement creates a minimum financial commitment.
The third agreement involves Cornerstone, Veld Metals and Swatech and establishes a framework for the potential supply of copper-bearing material to a beneficiation business operated by Veld and Swatech in Namibia.
Any future supply arrangements would be negotiated separately on market-related terms, without fixed margins or preferential pricing.
The agreement does not oblige the parties to supply or purchase material.
The arrangements could provide a commercial route for copper-bearing material if the proposed oxide operations proceed, but they do not constitute confirmed production or sales contracts.
£1.8m fundraising supports development
Okopa chief executive Russell Lamming said the company’s approach was designed to pursue early copper production while evaluating the wider geological potential of the Cornerstone licences.
“We have made a strong start following the recent Cornerstone acquisition, with a clear strategy to pursue near-term oxide copper production through our relationships with local Mining Claim partners, while systematically evaluating the wider potential of our licences for both shallow oxide and deeper sulphide deposits.”
He said the company had already identified priority exploration targets and established agreements to support potential mining, processing and sales activities.
Lamming also pointed to a recent £1.8 million fundraising and income generated from Okopa’s existing interests as financial support for the exploration programme.
He said the existing income covered corporate overheads, reducing the company’s dependence on exploration funding for its day-to-day corporate expenses.
The immediate test for Okopa will be whether the drilling and mineral sorting programme, scheduled for completion by March 2027, establishes a viable basis for small-scale copper production.
The longer-term question is whether the wider Cornerstone licences contain sufficient copper mineralisation to justify a substantially larger mining development.
Until those results are available, the company’s production ambitions remain preliminary, with no confirmed commercial production date, mineral resource estimate or projected annual copper output.
