Kaoko Metals (ASX:KAO) Initial Karibib sampling confirms copper, gold and tungsten mineralisation

Kaoko Metals has reported assay results from its initial reconnaissance rock chip sampling program at the Karibib Project in central Namibia.

The program confirmed copper, gold and tungsten mineralisation across multiple prospects within the Company's approximately 250km² project area.

The Company also announced that a project scale geochemical sampling program has commenced at Karibib and that maiden diamond drilling at the Chalkos Copper Project remains on track to commence in approximately 3 weeks.

Highlights

The reconnaissance program comprised 54 rock chip samples collected across the Gamikaubmund, Gamikaubmund North and Pot Mine prospects.

According to the Company, the program was designed to verify historical mineral occurrences, assess the lateral and structural continuity of known mineralisation, and prioritise areas for follow up exploration.

Sampling included historic dump material, historic trench exposures and in situ calc silicate outcrop, providing a representative cross section of the mineralised and host rock package rather than a grade biased selection.

Of the 54 samples collected, 10 returned assays above 1% Cu and 3 returned assays above 2% Cu, with the highest copper result of 4.9% Cu recorded from sample Z2814.

The highest reported gold result was 0.852g/t Au from sample Z2809, while the highest tungsten result was 0.68% WO₃ from sample Z2802.

Sample Z2809 returned 3.19% Cu, 0.852g/t Au, 46g/t Ag and 0.484% WO₃, which the Company described as the strongest overall polymetallic result from the program.

The Company reported that copper occurs predominantly as secondary oxide minerals, including malachite, azurite, chrysocolla and supergene chalcocite.

Primary copper sulphide minerals, including chalcopyrite and bornite, were also identified in several samples. The Company reported that copper mineralisation is hosted across a range of lithologies, including calc silicate, quartz veining, biotite schist and granite, and that 11 samples returned assays above 0.1% WO₃.

Kaoko Managing Director Gerard O'Donovan said,

"Our initial Karibib sampling confirms high grade copper, gold and tungsten are present across multiple areas of the project. Importantly, this is only the first pass over an extensive land package that has seen little systematic exploration, so the start of our project scale geochemical program is the next key step in unlocking the Project's potential."

The Company commenced a systematic project scale geochemical sampling program at Karibib on 14 July 2026.

The first phase targets the high priority 3km north south trend around Gamikaubmund and Gamikaubmund North.

Subsequent phases will cover more than 10km of strike to the Pot Mine to the east and more than 15km of prospective strike north east to the historical Gamikaub area.

The Company stated that results from the current program will be progressively interpreted and incorporated into its evolving geological model to identify and rank high priority drill targets.

Separately, the Company stated that site preparation, contractor mobilisation planning and final permitting activities are nearing completion, with the inaugural diamond drilling program remaining on schedule to commence in approximately 3 weeks and initially testing high priority copper targets at Donkey Hill and Otniel.

Kaoko also announced the appointment of Callum Standing as Consulting Geologist, effective 3 August 2026, to work alongside the exploration team on geological interpretation, targeting and exploration strategy as the Company advances its Namibian projects.