Kaoko Metals (ASX:KAO) is set to commence maiden diamond drilling at its Chalkos Copper Silver Project following an active first quarter as a newly ASX-listed company, during which the explorer rapidly transitioned from its initial public offering to full-scale field operations across two Namibian projects. Namibia is an established mining jurisdiction ranked among Africa's top mining investment destinations, with a regulatory framework that has attracted significant exploration and production investment across uranium, gold, copper, and critical minerals.

The company listed on the ASX on May 7 after raising $6.5 million before costs at $0.20 per share. Concurrent with listing, Kaoko completed the acquisition of a 100% interest in the Chalkos Copper Silver Project and settled the earn-in for the Karibib Gold Copper Tungsten Project, both located in Namibia.

Field programs began immediately following listing across both projects. At Chalkos, structural geological work was completed at the priority Donkey Hill and Otniel prospects to refine drill targeting. Following quarter end, Kaoko announced the discovery of new outcropping copper mineralisation at the newly named Bootless prospect, with further extensions also identified at both Otniel and Donkey Hill.

Kaoko has awarded its maiden drilling contract at Chalkos to Optimine Exploration & Drilling Namibia. The initial program will comprise approximately 2,000 to 3,000 metres of diamond drilling targeting the Donkey Hill and Otniel prospects, with mobilisation expected within one to two weeks of the contract award. For early-stage copper explorers, maiden drilling programs represent a critical de-risking milestone, as they provide the first subsurface verification of surface geochemistry and geological modelling.

Managing Director Gerard O'Donovan described the June quarter as a defining period for the company as it transitioned from listing to becoming an active explorer. He stated that the company had strengthened its understanding of the copper system at Chalkos while confirming the polymetallic potential of Karibib, and that drilling now represented the next major catalyst for the company.

Looking ahead, Kaoko's immediate priorities include commencing maiden drilling at Chalkos, geological logging and laboratory analysis of drill core, and continuing regional geochemical sampling at Karibib to generate additional drill-ready targets. Assay results from the initial diamond drilling program will be closely watched as the company seeks to demonstrate the grade and continuity of mineralisation beneath the outcropping copper systems identified at surface.

At 30 June 2026, the company held cash and cash equivalents of $5.23 million, having spent approximately $245,000 on exploration and evaluation activities during the quarter. KAO is currently trading at $0.52 per share, up from its IPO issue price of $0.20.