Highlights

• Kaoko Metals said in its September 2026 quarterly report that it has expanded drilling at Chalkos well beyond.

• Kaoko Metals Limited, an ASX-listed explorer focused on copper, silver, gold and tungsten in Namibia, said it has.

• six holes have been completed at the Otniel target, with a seventh, DDOT007, in progress.

• At Donkey Hill East, the company reported rock-chip samples exceeding 50% copper, with mineralisation extending more than 700.

Kaoko Metals (ASX:KAO) — said in its September 2026 quarterly report that it has expanded drilling at Chalkos well beyond its original plan, backed by a recent A$20.0m placement.

Kaoko Metals Limited, an ASX-listed explorer focused on copper, silver, gold and tungsten in Namibia, said it has increased its planned drilling at the Chalkos Copper-Silver Project to a minimum of 15,000 metres. The company's initial plan, as described in its quarterly report for the period ended 30 September 2026, was for 2,000 to 3,000 metres. The report was released on 29 October 2026.

Drilling under way at two targets

six holes have been completed at the Otniel target, with a seventh, DDOT007, in progress. At Donkey Hill, two holes are complete and DDDH003 is being drilled. Kaoko said a second rig was mobilised to Donkey Hill in September and that a tender process for a third rig has begun.

Two Otniel results were reported after the end of the quarter. DDOT001 returned 31.0 metres at 1.43% copper and 17.8 grams per tonne silver from 55.0 metres, while DDOT002 returned 48.0 metres at 1.02% copper and 12.9 grams per tonne silver from 46.0 metres. Kaoko said assays for the remaining Otniel and Donkey Hill holes are expected in four to six weeks. These are exploration results only and do not represent a Mineral Resource.

At Donkey Hill East, the company reported rock-chip samples exceeding 50% copper, with mineralisation extending more than 700 metres beyond the previously defined trend.

Geophysics and the Karibib project

Kaoko said drone magnetic and induced polarisation surveys, to be carried out with contractor Terratec, are scheduled for November 2026. At its Karibib Copper-Gold-Tungsten Project, surface sampling returned up to 4.9% copper, 0.85 grams per tonne gold and 0.68% tungsten trioxide, with geochemical results due in November. The company noted that it does not yet hold an interest in Karibib; it has a right to earn up to 85% of exploration licence EPL 4663.

Funding and cash position

During the quarter Kaoko issued 9,090,910 shares at A$2.20 each on 15 September 2026, raising A$20.0m before costs and bringing shares on issue to 69,705,910. Cash at 30 September 2026 was A$22.0m. Quarterly operating outflows were A$457,000 and investing outflows were A$1.424m, offset by a financing inflow of A$18.68m.

The Appendix 5B estimates 12.5 quarters of funding, based on current quarterly outgoings of A$1.76m. The company itself indicated that figure is likely to understate future spending given the expanded drilling programme and the proposed third rig. Against the use-of-funds statement in its prospectus, Kaoko reported spending A$3.44m against a A$3.99m budget, leaving about A$548,000 of that allocation.

Corporate changes

Callum Standing, a co-founder, was appointed Consulting Geologist, and Colum O'Leary was appointed In-Country Exploration Lead after the quarter ended. The registered office moved to West Perth from 2 October 2026. On 14 October 2026 the company issued 2,522,729 escrowed shares after a performance rights milestone was met, and it has established a Chalkos Community Investment Programme.

Conditions and risks

Several items remain open. Chalkos licences EPL 7608 and EPL 7943 are subject to pending renewal applications, although the company said they remain in force until a decision is made. The report also cautions that discoveries on nearby ground do not guarantee similar results at Kaoko's own projects, and that the larger drilling plan is likely to lift cash burn.

Next milestones

The company's near-term calendar centres on November 2026: geophysical surveys at Chalkos, Karibib geochemical results, and the first batch of assays from Otniel and Donkey Hill holes expected within four to six weeks. Rig availability and the outcome of the third-rig tender will determine how quickly the 15,000-metre programme progresses.

Taken together, the report describes a company that has moved quickly from a small initial campaign to a multi-rig programme at two Chalkos targets in a single quarter, funded by the September placement rather than by operating revenue.