Sultan Resources Launches Damara Gold Project in Namibia with A$1.1 Million Budget

Sultan Resources Limited has officially announced the launch of its Damara Gold Project in Namibia, marking a significant step in its expansion strategy into Africa’s mineral-rich territories. The company has allocated A$1.1 million (approximately N$13.3 million) to fund the first phase of exploration activities at the site, which will include detailed geological mapping, geophysical surveys, and early exploration work. This investment reinforces Sultan’s intent to establish a strong foothold in Namibia’s fast-growing gold and critical minerals corridor, while enhancing the company’s global exploration portfolio.

The Damara Gold Project, located within the North Central Zone of the Damara Belt, spans an extensive 151.98 square kilometres. This geological setting is highly prospective, as it shares the same domain as major discoveries such as WIA Gold’s Kokoseb Deposit, which hosts an estimated 2.93 million ounces of gold, and Osino Resources’ Ondundu Deposit, containing approximately 0.9 million ounces. Despite its proximity to these established deposits, the area remains relatively underexplored, presenting Sultan with substantial potential for new discoveries. The project’s underlying rocks form part of the Neoproterozoic Damara Supergroup, which has a long-standing association with gold mineralization across Namibia and has historically yielded several economically viable deposits.

In addition to gold, the Damara Project offers promising exposure to critical minerals, particularly rare earth elements (REEs) and niobium. Its strategic location near the Etaneno syenite intrusive complex and the Ondurakorume Complex enhances its potential for REE-phosphate and niobium mineralization, both of which are crucial in high-tech and green energy applications. Sultan Resources is acquiring the Damara Project from Aldoro Resources Limited as part of a broader transaction that includes assets in Western Australia. Upon completion of the deal, Sultan will hold an 85 percent interest in the project, while Namibian BEE (Black Economic Empowerment) partner Okonde Mining and Exploration CC will retain a 15 percent stake. The acquisition is pending shareholder approval, which will be determined during Sultan’s Annual General Meeting scheduled for November 26, 2025.

Sultan’s venture into Namibia highlights a deliberate strategic shift toward diversifying its asset base across high-growth, mineral-endowed jurisdictions. By investing in Africa’s emerging mining frontiers, particularly within a geologically rich belt like Damara, the company is positioning itself to benefit from both gold and critical mineral demand in global markets. If successful, the Damara Project could not only strengthen Sultan’s portfolio but also contribute to Namibia’s goal of becoming a leading destination for responsible mineral exploration and development.

Mini-Glossary

• Orogenic Gold Systems: Gold deposits formed during mountain-building events through hydrothermal processes.
• Neoproterozoic: A geological era (1,000–541 million years ago) associated with significant mineral-forming events.
• Syenite Intrusive Complex: A type of igneous rock formation often linked to rare earth and niobium mineralization.
• Rare Earth Elements (REE): A group of 17 elements vital for electronics, renewable energy, and defense technologies.
• Niobium: A metal used in steel alloys and superconducting materials.
• BEE (Black Economic Empowerment): A policy in Namibia and South Africa aimed at promoting local ownership and participation in the economy.