NGX Limited Adds Namibian Gold and Copper Ground as Shares Jump 85.7%

Highlights:

• NGX Limited has obtained the option to build up to an 85% interest in seven exploration licences covering over 1,300 square kilometres of Namibia’s Damara Belt.
• It has also gained rights to as much as 85% of the 194-square-kilometre Karas Copper Project, close to Koryx Copper’s Haib deposit.
• A proposed placement of 60 million shares at AU$0.06 each will fund exploration and working capital, and sits alongside a separate book build that raised AU$3.6 million before costs.

A Broader Footprint in Namibia

NGX Limited (ASX: NGX) said on 27 October 2026 that it had agreed terms to acquire stakes in several gold and copper exploration assets in Namibia. The deals give the company a district-scale position in the Damara Belt, a developing gold province, and a further copper play in the south of the country. The Erongo Gold Project brings together seven exploration prospecting licences across more than 1,300 square kilometres. Four are granted and active, one is active but awaiting renewal, and two are applications still pending environmental clearance certificates.

NGX may earn up to an 85% interest in the group. The tenements sit close to WIA Gold’s Kokoseb deposit and include regional lineaments, faults and thrust structures linked with gold mineralisation. Early work will centre on soil and calcrete sampling, with the aim of picking out geochemical signatures that point to gold-bearing zones.

Karas Copper Project Gives a Second Target

The company also holds the right to earn up to 85% of the Karas Copper Project, which spans 194 square kilometres. Its newly granted exploration licence lies roughly 10 kilometres east of Koryx Copper’s Haib copper deposit, in a geological setting seen as prospective for porphyry-style copper.

Known copper occurrences are already present, among them the Sperlingputs prospect, where oxide copper was mined in the early 1960s. NGX plans to follow these up as part of its exploration program.

Funding the Next Phase

NGX has completed a book build aimed at raising AU$3.6 million in gross proceeds. A related ASX filing describes a proposed placement of 60 million ordinary shares at AU$0.06, with an expected issue date of 2 November 2026. Part of the placement needs shareholder approval.

Proceeds are earmarked for exploration and commitments on the new Namibian projects, the company’s existing Namibian and Malawian assets, and general working capital. NGX also proposed unlisted options for its executive director, employees and consultants, subject to shareholder approval, as part of remuneration and performance incentives. The additions give NGX exposure to two prospective regions, with further exploration to test the new ground. Investors will likely watch for exploration results, progress in completing the acquisitions and the outcome of the shareholder votes.

Note: All data presented is based on information available at the time of writing.

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