Oscillate Targets Major Expansion with Kalahari Copper Acquisition in Namibia and Botswana
Mid-cap copper and future metals developer Oscillate has signed updated, non-binding heads of terms to acquire the full share capital of Kalahari Copper, replacing an earlier agreement announced in July.
If completed, the deal will give Oscillate full ownership of Kalahari Copper’s projects in Namibia and Botswana, significantly expanding its copper exploration portfolio.
In Namibia, the acquisition includes four exploration licences in the Kaoko Basin, two of which are pending renewal. In Botswana, the deal covers 17 licences across the Kalahari Copper Belt (KCB) and the Bushman Lineament, subject to transfer approvals.
“This revised agreement represents a potential game-changer for Oscillate and marks a major step forward in our strategy to build a leading mid-cap copper and future metals exploration and development company,” said Oscillate CEO Robin Birchall on September 25.
He added: “Through this acquisition, we will become one of the largest landholders in two of the most promising regions for sedimentary-hosted copper exploration — the Kaoko Basin in Namibia and the KCB in Botswana. Both licence areas already feature encouraging discoveries.”
Birchall emphasized that the Namibian assets are especially attractive, being significantly more advanced than those in Botswana. “Development-grade copper has been identified across multiple prospects following our 2024 drilling programs,” he said.
Oscillate intends to move swiftly toward finalising binding agreements, subject to necessary conditions. As part of its growth strategy, the company also plans to graduate to the London Stock Exchange’s AIM market, enhancing capital access and liquidity for shareholders.
If concluded, the Namibian acquisition will secure four exploration licences covering 1,106 km² in the Kaoko Basin — regarded as a southern extension of the Central African Copper Belt, one of the world’s richest copper provinces.
Kalahari Copper has already drilled over 8,000 metres across these licences, with multiple intersections showing copper mineralisation at surface.
The Botswana acquisition would add one of the largest exploration portfolios in the KCB to Oscillate’s assets. The region has gained global attention following MMG’s $1.9-billion acquisition of the Khoemacau copper mine in 2023, alongside production at Sandfire Resources’ Motheo mine.
Oscillate’s licences in Botswana cover key strategic areas near existing and developing copper mines, including basin margins and extensions of known deposits. Licence PL85 lies in the Bushman Lineament near the former Kopano copper mine, while licence PL232 will be subject to fresh exploration rather than relying on historical drilling.
Having completed the first phase of due diligence, Oscillate has paid a non-refundable £500,000 to Kalahari Copper, part of which will be allocated to licence renewals and work programmes.
Kalahari Copper is undergoing restructuring, with a new entity in the British Virgin Islands to hold the shares and act as the seller. Oscillate has exclusivity until October 31 to sign a binding Share Purchase Agreement (SPA).
Under the proposed agreement:
Oscillate will issue new ordinary shares equal to 30% of its total share capital as consideration.
The seller retains the right to hold 30% of shares until Oscillate lists on a senior exchange, with board representation rights.
On relisting, Oscillate will pay the seller £2 million in cash (up from £1.5 million previously agreed), reflecting the inclusion of Namibian licences.
Milestone payments of £1.5 million each will be due upon completion of a maiden resource estimate, a prefeasibility study, and a final investment decision for both Namibian and Botswanan licences.
A 1.9% net smelter royalty applies to copper production, with buyback rights after a definitive feasibility study.
Additional payments and options are included, based on future licence sales and project milestones.
Next Steps
Completion of the acquisition remains subject to:
Kalahari Copper’s restructuring
Final due diligence
Execution of binding agreements
Regulatory and tax approvals
Shareholder approval for new shares
Confirmation of no material adverse changes
If completed, this acquisition will position Oscillate as a major player in copper exploration across two of the world’s most prospective copper regions.
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