Aldoro Resources has sold approximately A$3.3 million (about N$41.4 million) worth of non-core assets in Australia and Namibia to concentrate on developing its flagship Kameelburg Niobium-REE Carbonatite Project.
The assets sold include the Niobe and Narndee projects in Western Australia, the Wyemandoo Project also in Western Australia, and EPL 7895 in Namibia, which lies outside Aldoro’s priority exploration footprint.
Under the sale agreement with Sultan Resources Ltd, Aldoro will transfer its interests in Niobe, Narndee and EPL 7895.
In return, Aldoro will receive a $50,000 cash deposit (N$627,000), 286.4 million Sultan shares, and deferred payments of A$1.5 million (N$18.8 million), payable upon milestones including a mineral resource estimate and a mine decision.
Aldoro shareholders will receive a one-for-one in-specie distribution of Sultan shares, with Aldoro retaining the balance.
Separately, the Wyemandoo Project was sold to Coppermoly Ltd for A$100,000 (N$1.25 million).
Aldoro Chairperson Quinn Li stated that the disposals resulted from a thorough review of the company’s exploration portfolio.
“It is very pleasing to see the completion of this clean and well-structured disposal of our non-core assets. With these assets now divested, Aldoro can sharpen its focus on our upcoming Phase 2 campaigns at the Kameelburg Project, including drilling at Omuronga EPL 7373 targeting heavy rare earths and further drilling at Kameelburg EPL 7372, where high-grade niobium zones have recently been identified.”
Two new diamond drilling rigs, the Nock 600 and Nock 800, are expected to arrive in Namibia in late September 2025.
After customs clearance, the rigs will mobilise to Kameelburg. Recent assays from scout hole DD006C confirmed anomalous mineralisation along an inferred fault zone.
Completion of the asset sales and the distribution of Sultan shares is scheduled for late October 2025, subject to shareholder and regulatory approvals.
