Ongwe Minerals Secures Additional Licenses, Significantly Increases Its Omatjete Project Area and Identifies Prospective Parallel Fault Zone

Executive Summary

• Ongwe Minerals acquired a 90 % stake in the adjacent EPL7400 licence (36,600 ha) and applied for the EPL11268 licence (8,200 ha), expanding the Omatjete project area by up to 42 %.
• The company now controls ~50 km of strike on the Okondeka Fault Zone, encompassing the Kokoseb deposit (WIA Gold, ~2.9 Moz) and the newly discovered Manga Gold Prospect.
• A revised structural interpretation identifies a 25‑km‑long parallel Okakongo Fault Zone and additional relay structures that could host further gold mineralisation.

Key Details

• Acquisition Structure: Ongwe’s Namibian subsidiary, Belmont Mineral Exploration (Pty) Ltd, purchased a 90 % equity interest in Fallout Investments (Pty) Ltd, which holds 100 % of EPL7400 (36,600 ha).
• Additional Licence Application: EPL11268 (8,200 ha) has been submitted to the Namibian Ministry of Industries Mines and Energy; approval is pending.
• Project Size Increase: Omatjete’s total footprint grows from 151,800 ha to approximately 215,000 ha (up to a 42 % increase).
• Strike Coverage: Combined licence now covers ~50 km of the Okondeka Fault Zone, linking the Kokoseb gold deposit and Manga Gold Prospect.
• New Structural Targets:
• Identification of a prospective relay system and the parallel Okakongo Fault Zone (≈25 km long).
• Both fault systems intersect granitic intrusions within the Swakop Sedimentary Group—geology that hosts existing Namibian gold deposits.
• Exploration Implications: The newly defined structures provide additional conduits for hydrothermal fluids, increasing the potential for undiscovered gold shoots along fault‑relay intersections.
• Management Comment (CEO David Underwood): Emphasised completion of licence expansion to fully capture the Okondeka Fault Zone and highlighted the strategic importance of the new structural interpretation for future exploration.

Notable Quotes

“Since the initial discovery of the Manga Gold Prospect, we have been working hard behind the scenes to expand the licence package… We are happy to report that this has now been achieved, and we look forward to continued exploration of this fundamental, long‑lived structure further to the east.” – David Underwood, CEO

“A recent in‑house re‑analysis … identified a prospective relay system and the parallel Okakongo Fault Zone… This now gives us a second, 25 km long, significant fault system to explore.” – David Underwood, CEO