Key Highlights

  • Willetech proposes to subscribe for a 51% interest in about 6 square kilometres of Kameelburg through KEMPL.
  • An initial ¥100 million has been deposited into a supervised Chinese bank account, pending outbound Investment approval.
  • Kameelburg hosts 804.5 million tonnes at 2.90% total rare earth oxide equivalent, including 162.1 million tonnes indicated.
  • Definitive agreements, Chinese and Namibian regulatory approvals and an Aldoro Shareholder vote are still required.

Aldoro Resources (ASX:ARN) announced on 5 November 2026 that it had signed a Memorandum of Understanding (MOU) with Singapore-based Willetech International Investment over part of the Kameelburg Critical Minerals Project in Namibia. The announcement coincided with Aldoro's reinstatement to Quotation after a short suspension.

Under the MoU, Willetech proposes to subscribe for new shares in the project company, Kameelburg Exploration Mining (KEMPL), to secure a 51% interest across an area of about 6 square kilometres. The remaining project tenure would be spun out into a separate entity. Aldoro's holding in KEMPL would fall from 85% to 42%, with local shareholders retaining 7%.

Aldoro expected definitive agreements to be executed within 15 Business days of the announcement.

The money

Under binding terms, Willetech has deposited an initial ¥100 million (about $21.4 million) into a supervised Chinese bank account. The funds will transfer to KEMPL once Chinese outbound direct investment (ODI) approval is granted.

KEMPL can also request up to ¥200 million for pre-development expenditure. Aldoro would be reimbursed about $10 million for historical spending, and existing owners would retain board-level approval rights over reserved matters.

Willetech also proposes to procure at least ¥2 billion in development funding, staged through to commercial production.

Management view

Executive Chair Quinn Li said the MoU was one of the most important milestones in Aldoro's transition from an explorer towards a global critical minerals developer. He said Willetech combined German materials technology and research capability, Singapore's trade and Capital platform and China's Manufacturing and Downstream connections.

Li said the arrangement was not simply a funding Partnership and could allow Kameelburg to extend into product development, customer qualification, offtake and higher-value downstream applications. The parties also plan to pursue a listing on the Stock Exchange of Hong Kong.

The resource

Kameelburg hosts indicated and inferred resources of 804.5 million tonnes at 2.90% total rare earth oxide equivalent, comprising 162.1 million tonnes indicated and 642.4 million tonnes inferred. The deposit contains about 1.37 million tonnes of neodymium-praseodymium oxides and 3.54% strontium carbonate.

On 9 November Aldoro also released an announcement on validation of a direct rock-to-MREC flowsheet for Kameelburg, which is relevant to how the deposit might be processed.

Conditions and risks

The transaction is subject to due diligence, definitive documentation, Namibian and Chinese regulatory approvals and Aldoro shareholder approval under ASX Listing Rule 11.4.1(b), which applies when a company disposes of a major asset to an entity that will list elsewhere.

If Willetech defaults after shares are issued, existing shareholders must buy back the stake, with Aldoro jointly and severally liable. That obligation could expose Aldoro to significant costs in a default scenario.

Chinese ODI approval is required before the deposited funds transfer. Western governments have also scrutinised Chinese investment in critical minerals projects, and Namibia has introduced policies on local beneficiation, both of which add regulatory uncertainty.

Selling 51% of the core area reduces Aldoro's exposure to future value, in exchange for funding and partnership.

Kameelburg is a carbonatite-hosted deposit, a type of geology that hosts several of the world's major rare earth mines. Its size is substantial, but grade, mineralogy and processing route determine whether such deposits are economic. The proposed partnership would give Aldoro access to capital that a small explorer would struggle to raise alone, which is why the company describes the MoU as a turning point. The trade-off is control: with a 42% interest, Aldoro would no longer hold a majority in the core area.

What comes next

Execution of definitive agreements, Chinese ODI approval and the shareholder vote are the next steps. Investors will also watch whether the planned Hong Kong listing proceeds and how the spun-out tenure is structured.