Aldoro Secures Funding and Expands Phase II Drilling Program

Aldoro Resources Ltd (ASX: ARN) has announced a major advancement in its Kameelburg Rare Earth Element–Niobium (REE-Nb) Project in Namibia through a new drill-for-equity agreement with AMW Mining Pte Ltd. The arrangement provides funding for an expanded Phase II diamond drilling program totalling 11,000 meters, aimed at resource expansion, metallurgical sampling, beneficiation testing, and preparation for a JORC resource upgrade. 

As part of the deal, Aldoro will acquire a Diamec Smart 8 drilling rig and accessories valued at AU$1.5 million, capable of drilling depths up to 1,500 meters per hole. The transaction will be settled through the issue of 3.75 million Aldoro shares, subject to shareholder approval. AMW will deliver drilling services at half the prevailing Namibian market rate, with no mobilisation or standby costs. This strategic partnership strengthens Aldoro’s in-country drilling capacity, ensures cost efficiency, and lays the groundwork for feasibility studies and future project development.

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