Sultan Resources Locks in 171km² Copper-Gold Ground in Active Namibia District

Sultan to secure 171km² copper-gold foothold in Namibia’s Damara Belt

Sultan Resources (ASX: SLZ) has lodged an exploration licence application (EPL11820) covering 171.2km² of copper-gold ground within Namibia’s Central Damara Orogen. The Kaalkop Project, located approximately 5km south of Kalkfeld and 270km from Windhoek, was applied for without the issue of consideration shares or other equity securities, preserving the company’s existing capital structure. Licence grant is expected within the next quarter.

What is the Central Damara Belt — and why does it matter?

The Central Damara Orogen is a Neoproterozoic geological province in central Namibia, formed through polyphase deformation and high-temperature metamorphism during the Damara Orogeny. In plain terms, it is a belt of intensely folded and intruded rocks that are well known to host orogenic gold and base metal mineralisation.

The region has evolved into one of Africa’s more active gold and copper exploration addresses, with multi-million-ounce deposits already defined and multiple well-capitalised companies advancing projects across the belt.

A district already attracting major capital

EPL11820 sits within a district that has attracted significant capital from listed explorers and major international gold companies. WIA Gold (ASX: WIA, market cap approximately A$760m at the time of the announcement) holds the Kokoseb Gold Project directly west of Sultan’s application, with an updated Mineral Resource of 113Mt at 1.0g/t Au for 3.78Moz Au (WIA ASX Announcement, 10 August 2026). Kokoseb grew from a maiden 1.3Moz resource in 2023, demonstrating the district’s capacity for resource growth.

Kaoko Metals (ASX: KAO, market cap approximately A$170m at the time of the announcement) has reported rock-chip results of up to 4.9% Cu at its Karibib Copper-Gold-Tungsten Project (KAO ASX Announcement, 16 July 2026). It is important to note that Karibib represents a separate mineral system and its results are not necessarily indicative of mineralisation at Kaalkop. Shanjin International Gold (SHE: 000975, market cap approximately A$15b) owns the Eureka Gold discovery, formerly held by Osino Gold, as well as the Twin Hills deposit.

The table below reproduces the known regional deposits as disclosed in the announcement:

Note: Market cap figures for WIA and KAO sourced from the announcement text and should be verified for currency prior to investment decisions.

Dual-commodity targets: What Sultan is looking for at Kaalkop

The Kaalkop Project presents two distinct exploration opportunities — copper and gold — each supported by different geological settings within the licence.

Copper — historical workings, modern upside

Historical exploration within EPL11820 targeted Cu-Pb-Zn mineralisation associated with carbonate rocks, with work carried out by Aquitaine in 1975 and B&O Mineral Exploration in 1982. Despite this early attention, the licence hosts granite-carbonate contacts, major structures, and late-stage intrusive systems that have received no modern systematic copper exploration. The broader Damara Belt’s recent copper results — including those at Karibib — provide contextual support for the prospectivity of these contact and structural settings, though again, those results are not indicative of what may be found at Kaalkop.

Gold — an untouched blank space in a multi-million-ounce province

The more striking aspect of the Kaalkop opportunity is the complete absence of reported historical exploration specifically targeting gold across the 171.2km² licence area. This is despite the project sitting east of the Kokoseb Gold Project and within a broader Central Damara province that hosts multiple multi-million-ounce deposits.

The major regional NNE structural feature known as the Abbabis Lineament cuts through the licence, creating prospective structural targets for hydrothermal gold mineralisation. Key geological targets identified within EPL11820 include:

• Granite-carbonate contact zones (priority targets)
• Deformed schist and carbonate units
• Major structural corridor along the Abbabis Lineament
• Late-stage granitic intrusions

Next steps: What happens after the licence is granted

Following the expected grant of EPL11820 within the next quarter, Sultan intends to execute a staged work programme:

1. Compile and review historical data
2. Undertake reconnaissance mapping
3. Conduct rock-chip sampling of priority granite-carbonate contact zones
4. Plan a follow-up soil geochemistry programme

The company has stated it will update the market as the application progresses. Sultan also continues to actively pursue potential acquisitions in the precious metals and critical minerals sectors.

Sultan’s gold and critical minerals projects span both Namibia and Australia, reflecting a deliberate portfolio strategy that pairs exposure to established African gold provinces with domestic critical minerals ground.

Why the no-dilution structure matters for SLZ shareholders

Sultan has applied for a 171.2km² position in an active, well-capitalised gold and copper district without issuing a single consideration share or other equity security. For existing shareholders, that means full exposure to a new copper-gold exploration opportunity without acquisition-related dilution to the current capital structure. In a sector where project acquisitions frequently come with equity costs, the structure here is notably disciplined — existing shareholders retain their proportional leverage to whatever the Kaalkop exploration programme may ultimately reveal.

Ready to Learn More About Sultan Resources’ Kaalkop Copper-Gold Project?

Sultan Resources (ASX: SLZ) has secured a 171.2km² exploration foothold in Namibia’s Central Damara Belt — a district already hosting multi-million-ounce gold deposits — without issuing a single consideration share, preserving full upside for existing shareholders. With dual copper-gold targets, an untouched gold exploration blank space, and the Abbabis Lineament cutting through the licence, the Kaalkop Project represents a disciplined, low-dilution entry into one of Africa’s most active gold and copper exploration addresses.

To understand Sultan’s broader portfolio strategy across Namibia and Australia, and how the Kaalkop application fits within it, explore Sultan’s gold and critical minerals projects in full detail. With a licence grant expected within the next quarter and a staged field programme already planned, the development timeline is moving quickly.