UK's Okopa Launches Exploration at 6,214-Hectare Copper Project in Namibia and Signs Three Cooperation Agreements

en.Wedoany.com Reported - On November 9, UK mining company Okopa announced that it has commenced exploration and development work at its controlled subsidiary Cornerstone Mining's project in Namibia's Kaoko Copper Belt, and has signed three framework agreements covering technical services, mineral processing, and copper ore material supply. The project covers 6,214 hectares of mineral rights in the Kunene Region of northwestern Namibia. Okopa holds a 51% equity interest in Cornerstone Mining. Preliminary regional structural geological mapping has been completed across the EPL 4305, EPL 10499, and EPL 10767 license areas.

The current development approach combines shallow oxide copper development with deep sulfide copper exploration in parallel. On the shallow development side, the company plans to collaborate with local mining rights holders to further delineate the oxide copper mineralization through approximately 14 near-surface diamond drill holes, while conducting independent ore sorting tests to assess the feasibility of upgrading run-of-mine ore into saleable copper concentrate after sorting. The drilling and test programs are scheduled for completion by the end of Q1 2027, with results to be used in determining subsequent small-scale mining and processing arrangements.

On the deep exploration side, Cornerstone will continue regional structural geological mapping and arrange geochemical sampling, geophysical surveys, and targeted drilling to investigate primary sulfide copper mineralization within the mineral rights area. The company plans to integrate existing geological data with new exploration data to progressively delineate deep mineralized bodies, and will engage independent technical consultants to review exploration results and advance mineral resource estimates in accordance with international standards. The long-term objective of this direction is to identify a large-scale sulfide copper resource with commercial development potential.

The shallow oxide copper work builds on existing exploration. Prior to Okopa's completion of the equity acquisition in September 2026, Cornerstone had conducted bulk sampling of approximately 15,000 tonnes of ore material. The new drilling will further determine the distribution and thickness of near-surface mineralization, while the ore sorting tests will assess run-of-mine grade improvement and subsequent concentrate processing conditions. The company plans to use potential revenue generated from the shallow oxide copper project to fund broader sulfide copper exploration.

To support mine development and subsequent processing, Okopa has signed three framework agreements. The first is a non-exclusive services agreement with Lamal Partners Limited covering management, corporate operations, technical, geological, engineering, and procurement support. The second is a services agreement with joint venture partner Swatech Mineral Processors covering mine operations, exploration, permitting, logistics, engineering, geology, and metallurgical technical services.

The third is a mineral processing and supply framework agreement involving Cornerstone, Veld Metals, and Swatech, which primarily governs the cooperation framework for future supply of Cornerstone copper ore materials to the beneficiation operations operated by Veld and Swatech in Namibia. Specific future supply quantities, prices, and transaction terms remain subject to separate negotiation and will be determined on a market-based, arm's-length basis.

Lamal shares common control or directorship relationships with certain Okopa directors, and Swatech is a joint venture partner in which Cornerstone holds a 49% interest. Accordingly, the related services and mineral processing supply arrangements are subject to connected transaction review procedures in accordance with listing rules. Okopa stated that the services agreements are settled on the basis of actual direct costs incurred, without profit mark-up, management fees, or additional premiums; mineral supply and professional technical services will be separately negotiated on market terms and subject to periodic review by the company's independent directors.

Okopa completed the acquisition of a 51% equity interest in Cornerstone in September 2026, obtaining controlling interests in three exploration licenses in Namibia's Kaoko Copper Belt and local mining rights cooperation projects. The company had previously completed a £1.8 million financing and retains royalty and consulting income generated from its existing assets to support the advancement of its copper business. Following the launch of exploration and the signing of the cooperation framework agreements, the project will first conduct shallow oxide copper drilling and sorting tests, then arrange subsequent small-scale development based on exploration results, while simultaneously advancing deep sulfide copper resource investigation.