Between 2024 and 2025, a new wave of Australian junior mining companies channelled more than A$147 million (about N$1.83 billion) into Namibia’s resource sector, marking one of the most sustained inflows of Australian exploration and development capital in the country’s history.
The investment surge, driven by equity raisings, asset sales, and joint ventures, underscores Namibia’s growing stature as a global hub for uranium, copper, lithium, niobium, and rare earths, drawing sustained interest from the Australian Securities Exchange.
Bannerman Energy Ltd (ASX: BMN) has led the investment charge. On 28 June 2024, the company completed an A$85 million (≈ N$1.06 billion) two-tranche placement to advance its flagship Etango-8 Uranium Project near Swakopmund.
The capital funded detailed engineering, early-works construction, long-lead procurement, and pre-development earthworks at the 100%-owned project.
Throughout 2025, Bannerman pushed forward with bulk earthworks for the processing plant, haul-road upgrades, and final heap-leach circuit design while mobilising its first construction crews.
According to company guidance, full-scale construction is expected to begin in 2026, once financing and permitting milestones are finalised.
Etango-8 is designed to produce 3.5 million pounds of U₃O₈ per year over a 15-year mine life, making it one of the largest uranium builds underway globally.
Elevate Uranium Ltd (ASX: EL8) deepened its Namibian focus by raising A$25 million (≈ N$312 million) on 22 October 2024 to fast-track exploration at Koppies and complete construction of its U-grade™ demonstration plant, derived from ore at its Marenica Project.
The company subsequently exited Australia, selling its Oobagooma Uranium Project in Western Australia on 14 October 2025 to Orpheus Uranium Ltd for A$225,000 (≈ N$2.8 million) and 60 million shares.
In Namibia, Elevate’s 2025 field campaign delivered strong momentum: civil works and mechanical assembly were completed at the U-grade™ pilot plant near Swakopmund, drilling was expanded at Koppies, and new airborne surveys covered Namib IV and Hirabeb. The plant will test Elevate’s proprietary beneficiation process that concentrates uranium by a factor of 50, potentially halving operating costs.
Askari Metals Ltd (ASX: AS2) raised A$1.377 million (≈ N$17 million) through a placement on 20 November 2024 and a further A$1.075 million (≈ N$13 million) via an entitlement offer closing 24 December 2024. The funds financed trenching, geological mapping, and sampling at the Uis Lithium Project, located adjacent to the historic tin mine in central Erongo.
In September 2025, Askari sold its Burracoppin Gold Project in Western Australia for A$700,000 (≈ N$8.8 million), diverting proceeds to Namibia.
Drilling at Uis confirmed spodumene mineralisation, and environmental baseline studies commenced to prepare for larger-scale exploration.
Across the two years, Askari’s total Namibian investment reached A$3.1 million (≈ N$39 million).
Aldoro Resources Ltd (ASX: ARN) began its Namibian journey in October 2024 by allocating A$1.5 million (≈ N$19 million) to Phase I drilling at the Kameelburg Niobium-Rare Earth Project in the Kunene Region.
In August–September 2025, Aldoro sold its Niobe, Narndee, and Wyemandoo projects in Western Australia, generating A$3.3 million (≈ N$42 million) to finance Phase II drilling and resource-definition work at Kameelburg.
Twelve diamond holes completed during 2025 intersected thick carbonatite zones grading up to 0.8 % Nb₂O₅, confirming the project’s niobium potential alongside heavy rare-earth enrichment. Bench-scale metallurgical tests and community consultations followed, bringing Aldoro’s Namibian expenditure to A$4.8 million (≈ N$60 million) across the two years.
Midas Minerals Ltd (ASX: MM1) finalised due diligence in 2024 and, in July 2025, completed an A$11.5 million (≈ N$144 million) placement to fund exploration at the Otavi Copper Project.
The funds were directed toward trenching, geochemical sampling, and a 5,000-metre drilling campaign targeting prospects in the South Otavi and Otavi Copper licences, part of Namibia’s historic copper corridor.
Initial assays confirmed disseminated sulphides within dolomite-hosted breccias, and metallurgical work evaluated heap-leach potential for shallow oxide mineralisation.
Midas’ Namibian outlay during 2025 was its most significant foreign investment to date.
Noronex Ltd (ASX: NRX) secured a transformative earn-in joint venture with South32 Ltd on 18 July 2024, valued at up to A$15 million (≈ N$187 million) through FY2026.
The agreement funds exploration at the Humpback and Powerline Copper Projects in the Damara Belt.
In 2024, the program began with airborne electromagnetics and ground IP surveys. By 2025, Noronex had commenced a 7,000-metre RC drilling campaign, intersecting visible sulphides across multiple domal targets. The company continues data integration to plan deeper follow-up drilling slated for 2026.
Golden Deeps Ltd (ASX: GED) raised A$1.78 million (≈ N$22 million) on 6 September 2024 to accelerate exploration at the Graceland Prospect, part of its Central Otavi Critical Metals Project. Sampling results of 42.7 % Cu, 1 353 g/t Ag and 201 g/t Ge confirmed the presence of high-grade Tsumeb-style mineralisation.
In April 2025, Golden Deeps expanded its licence area and launched induced-polarisation surveys across a 2.5 km corridor.
By year-end, drill pads were cleared for maiden drilling scheduled in 2026.
Bannerman Energy invested A$85 million (≈ N$1.06 billion) in 2024 for Etango-8. Elevate Uranium directed A$25.2 million (≈ N$315 million) across 2024–2025. Askari Metals contributed A$3.1 million (≈ N$39 million), while Aldoro Resources invested A$4.8 million (≈ N$60 million).
Midas Minerals spent A$11.5 million (≈ N$144 million), Noronex, with its South32 joint venture, invested A$8 million (≈ N$100 million) to date, and Golden Deeps committed A$1.78 million (≈ N$22 million) in 2024.
In total, nearly A$140 million (≈ N$1.74 billion) was channelled into Namibia’s mining and exploration sector during these two years.
The combined A$147 million investment across 2024 and 2025 highlights Namibia’s ascent as the top African destination for Australian junior miners. From Bannerman’s Etango-8 Uranium Project, expected to start construction in 2026, to Elevate’s U-grade™ pilot plant, Aldoro’s rare-earth drilling in Kunene, and Noronex’s copper partnership with South32, Australian explorers have transformed Namibia into a cornerstone of their international portfolios.
With uranium prices rising, copper exploration expanding in the Otavi Belt, and new rare-earth and lithium corridors emerging, Namibia has firmly established itself as Australia’s most significant mining frontier in Africa — one built on long-term exploration, technology transfer, and sustained capital commitment.
