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Oscillate PLC on Monday said it has entered a sale and purchase agreement to buy Kalahari Copper Ltd, including licences held by Kalahari’s subsidiaries in Namibia and Botswana. The London-based firm building a mining asset portfolio said it believes the acquisition agreement with KCL Investment Ltd will establish it ‘with a significant exploration position in two emerging copper belts in Africa, the Kaoko basin and the Kalahari copper belt, that the directors believe have been underexplored historically in contrast to their prospectivity’. Oscillate said the consideration for Kalahari Copper includes £2 million cash and a sum equal to the cash balance of Kalahari Copper and its subsidiaries in excess of a threshold. Oscillate will issue the seller with 30% of issued share capital on admission to the AIM market, raising gross proceeds of at least £5.0 million. There are up to six further milestone payments, three for each of the projects, of £1.5 million in cash each. These will be due on a per country basis upon each of an initial maiden JORC report, first publication of a pre-feasibility study and a first final investment decision. Oscillate has also granted the seller a net smelter royalty of 1.9% of copper sold which was produced from any of the licences. The firm expects that the acquisition will occur simultaneously with its proposed move to the AIM market from London’s Aquis Exchange, subject to regulatory approval. Oscillate said the seller will nominate Andrew Benitz to be a non-executive director upon completion of the acquisition agreement. Benitz is chief executive officer of Jersey Oil & Gas PLC. The firm said it has appointed Richard James as chief financial officer with immediate effect. ‘He has spent many years in CFO and other senior finance roles in the junior mining industry at companies with operations around the world including Africa, Central Asia and North America,’ Oscillate said. ‘We are delighted to have finalised this agreement to acquire Kalahari Copper as we see exceptional value in their portfolio of exploration assets in the Kaoko belt in Namibia and the Kalahari copper belt in Botswana. The licence packages in each country are of substantial size and both regions host silver as an important by-product to copper mineralisation,’ said Chief Executive Officer Robin Birchall. ‘As we prepare for our proposed admission to the AIM market, our ambition is to become a pre-eminent investment vehicle for the UK market offering exposure to copper and associated future metals.’ Shares in Oscillate were up 4.6% at 0.58 pence on London’s Aquis Exchange on Monday afternoon. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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