Namibian Copper Project Advances
Summary by AI BETAClose X
9 November 2026
Okopa plc
('Okopa' or the 'Company')
Namibian Copper Project Advances
Exploration underway and framework agreements signed to support future production
Okopa plc (AIM: OKP), the Namibian-focused copper development company, is pleased to announce the commencement of activities across the licences held by its 51%-owned subsidiary, Cornerstone Mining (Pty) Ltd (“Cornerstone”) together with the signing of agreements to facilitate copper oxide production in the short term. The licences cover 6,214 hectares of highly prospective copper exploration and development ground within the Kaoko Copper Belt (“Kaoko”) in the Kunene Region of north-western Namibia.
Highlights
- Initial regional structural mapping completed across EPLs 4305, 10499 and 10767.
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Dual-track exploration and development strategy underway, targeting near-term revenue from oxide copper production alongside the evaluation of primary sulphide copper potential to support longer-term production:
- Oxide copper: Initial shallow diamond drilling programme and independent mineral sorting testwork planned to assess the potential for small-scale oxide copper production in collaboration with local Mining Claim (“MC”) partners. Completion targeted by the end of Q1 2027.
- Sulphide copper: Phased programme of mapping, further geochemical and geophysical surveys and targeted drilling to identify and delineate the potentially substantial sulphide copper deposit.
- Three framework agreements signed covering technical services, mineral beneficiation and supply arrangements to support potential future production from the Cornerstone assets.
Russell Lamming, CEO of Okopa, commented: "We have made a strong start following the recent Cornerstone acquisition, with a clear strategy to pursue near-term oxide copper production through our relationships with local Mining Claim partners, while systematically evaluating the wider potential of our licences for both shallow oxide and deeper sulphide deposits.
"Our initial exploration work has already identified priority targets, while the framework agreements announced today provide a basis for progressing mining, beneficiation and sales activities.
"Importantly, unlike many junior resource companies, we currently generate income from our legacy interests that cover our corporate overheads. Together with our recent £1.8 million fundraise, this provides a strong financial foundation from which to advance our copper strategy, with the potential for additional revenue from oxide copper production.
"We have an active programme of drilling and testwork planned over the coming months and look forward to updating shareholders on our progress."
DETAILS
Exploration and Development Programme
Following completion of the acquisition of a 51% interest in Cornerstone Mining (Pty) Ltd (“Cornerstone”), the Company's in-house geological team has completed initial regional structural mapping across much of the 6,214-hectare licence area, comprising EPLs 4305, 10499 and 10767, located within the Kaoko Copper Belt in the Kunene Region of north-western Namibia.
The Company is progressing a dual-track exploration and development strategy, targeting near-term oxide copper production alongside the evaluation of the project's longer-term primary sulphide copper potential. The oxide programme builds on historical exploration at Cornerstone, which included bulk sampling of approximately 15,000 tonnes of material prior to the acquisition of Cornerstone in September 2026; a further update on the bulk sampling programme is expected in the coming months.
Near-Term Oxide Copper Programme
The Company is progressing a programme to quantify the potential and expand the smaller-scale oxide copper production in collaboration with its local Mining Claim (“MC”) partners. The initial programme will comprise:
- A near-surface diamond drilling programme of approximately 14 holes, aimed at delineating the extent of oxide copper mineralisation to support future mining decisions; and
- Independent mineral sorting testwork to assess the performance of upgrading run-of-mine material to a marketable copper concentrate product.
The programme is expected to be completed by the end of Q1 2027, with the results informing the Company's plans for potential small-scale production and near-term revenue generation.
Long-Term Sulphide Copper Exploration
In parallel, the Company is advancing the regional exploration programme targeting the primary sulphide copper mineralisation across the Cornerstone licences. The programme will comprise of further structural mapping and further geochemical and geophysical surveys, followed by targeted drilling to identify and delineate primary sulphide copper mineralisation, with the longer-term objective of establishing a substantial mineral resource capable of supporting commercial production.
The work will be undertaken by the Company's in-house geological team, with independent consultants appointed to oversee the programme and support progression towards an internationally compliant mineral resource estimate.
Framework Agreements
To support the development of the Cornerstone assets and potential future production, the Company has entered into three framework agreements covering technical and operational services, mineral beneficiation and copper supply arrangements.
Services Agreements
The Company has entered into separate, non-exclusive services framework agreements with:
- Lamal Partners Limited (“Lamal”): An affiliated entity controlled by Andrew Malashewsky and Russell Lamming, which may provide management, corporate, technical, geological, engineering, procurement and other support services to the Company and its subsidiaries.
- Swatech Mineral Processors (Pty) Ltd (“Swatech”): The Company's joint venture partner, which may provide operational, exploration, permitting, logistics, procurement, engineering, geological, metallurgical and other support services to the Company and its subsidiaries.
Under both agreements, services will be charged strictly at cost, with no profit margin, management fee or mark-up. Recoverable costs are limited to directly attributable employment, procurement and approved out-of-pocket expenses, supported by appropriate records.
Neither agreement imposes a minimum commitment on the parties, and both contain customary invoicing, record-keeping and confidentiality provisions.
Beneficiation and Supply Agreement
The Company has also entered into a framework agreement with Cornerstone, Veld Metals (Pty) Ltd (“Veld”) and Swatech governing potential future supplies of copper-bearing material from Cornerstone to the beneficiation business operated by Veld and Swatech in Namibia. The agreement provides a formal framework for arrangements that pre-date the Company's involvement in Cornerstone, without creating any obligation on the parties to transact.
Any future supplies will be separately negotiated on arm's-length, market-related terms comparable to those available from independent third-party suppliers, with no fixed margins, related-party discounts, premiums or transfer-pricing arrangements. The agreement also provides for technical and specialist services to be supplied on market-related terms where agreed. The arrangement is non-exclusive, allowing both Cornerstone and the beneficiation business to transact independently with third parties.
Related Party Transactions
Lamal and its subsidiaries (the “Lamal Group”) is an upstream commodity trading and marketing business focused on the sourcing, beneficiation and sale of physical commodities. It is not a mineral property owner or exploration company. Lamal is owned by Andrew Malashewsky, and Russell and Mrs Joanne Lamming. Both Mr Lamming and Mr Malashewsky are directors of both Okopa and Lamal and therefore Lamal is a related party of the Company. The framework agreement with Lamal (the “Lamal Agreement”) therefore constitutes a related party transaction under AIM Rule 13. The independent directors, being for these purposes Nick Taylor and Claire Parry, having consulted with the Company’s nominated adviser, SP Angel Corporate Finance LLP (“SP Angel”), consider the terms of the Lamal Agreement to be fair and reasonable insofar as the Company’s shareholders are concerned.
Swatech is the joint venture partner for Cornerstone and continues to hold 49% of Cornerstone and is therefore a related party of the Company. Accordingly, the services framework agreement with Swatech (the “Swatech Services Agreement”) constitutes a related party transaction under AIM Rule 13. The independent directors, being for these purposes Russell Lamming, Andrew Malashewsky, Nick Taylor and Claire Parry, having consulted with SP Angel, consider the terms of the Swatech Services Agreement to be fair and reasonable insofar as the Company’s shareholders are concerned.
The beneficiation framework agreement between Swatech, Veld, Cornerstone and the Company (the “Beneficiation Agreement”) is also a related party transaction under AIM Rule 13, as Swatech is a related party of the Company and Andrew Malashewsky and Russell Lamming are directors of Veld, a subsidiary of Lamal, and hence Veld is also a related party. The independent directors, being for these purposes Nick Taylor and Claire Parry, having consulted with SP Angel, consider the terms of the Beneficiation Agreement to be fair and reasonable insofar as the Company’s shareholders are concerned.
The above transactions have been entered into on arm’s-length commercial terms and will be subject to review and approval by the independent Directors of Okopa on a regular basis to ensure that all business with the related party entities is conducted in accordance with the agreements.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
**ENDS**
For further information please visit www.okopaplc.com, follow us on X @okopaplc, or contact the following:
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Russell Lamming
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Okopa plc |
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Nominated Adviser & Broker Jen Clarke / Ewan Leggat
Investor Relations Hugo de Salis
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SP Angel Corporate Finance LLP
Okopa plc
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+44 (0) 20 3470 0470
+44 (0) 7967 496 863
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Notes
Okopa plc (AIM: OKP) is a Namibian-focused copper exploration and development company with a 51% interest in Cornerstone Mining (Pty) Ltd, which holds interests in 6,214 hectares of prospective copper ground in the Kaoko Copper Belt in north-western Namibia. The Company is pursuing a dual-track strategy focused on developing near-term oxide copper production opportunities while exploring the potential for larger, longer-term sulphide copper deposits. Okopa also benefits from recurring royalty and advisory income from its existing interests.
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