Zamare Minerals Capital Raise
Tuesday 1st September, 2026
Zamare Minerals Limited (“Zamare’ or “the Company”) is pleased to provide an update on forward plans following its announcement that it has completed an equity financing for US$6.6 million.
The financing was primarily for the following;
• Fund the work needed to achieve a public listing (including a Technical Report; audited financial statements required by the TSXV; securing a shell for an RTO and legal work);
• Funding of the exploration programs for 2026/27
• Final tranche of payment for the acquisition of the Kikana and Mulenga licences;
• General corporate purposes.
• Fund the work needed to achieve a public listing (including a Technical Report; audited financial statements required by the TSXV; securing a shell for an RTO and legal work);
• Funding of the exploration programs for 2026/27
• Final tranche of payment for the acquisition of the Kikana and Mulenga licences;
• General corporate purposes.
Canadian Listing
Preparations for a listing in Canada planned through a Reverse-Take Over (“RTO”) are well underway.
One of the key workstreams for a listing is the preparation of an NI 43-101 Technical Report, which must include a summary of the property's location, accessibility, history, geological setting, deposit type, exploration work, drilling results, sampling methods, data verification, and mineral resource/reserve estimates (if applicable). The report must be prepared by or under the supervision of one or more independent Qualified Persons (professional geoscientists or engineers registered with a Canadian professional association).
Zamare has engaged The MSA Group (“MSA”) to prepare this report. The Zamare technical team has just finished a trip with MSA visiting all the relevant properties in Zambia and expects the report to be completed by the end of September 2026.
A second mandatory workstream is the audit of Zamare Minerals Limited’s consolidated financial statements for the years ended 30 September 2025 and 2026, which will be prepared under International Financial Reporting Standards (“IFRS”).
Zamare has already selected a preferred auditor registered with the Canadian Public Accountability Board (“CPAB”) and expects to sign an engagement letter this week. The Company has already begun preparing the statements for this process.
Thirdly, preliminary discussions have taken place with numerous listed shell companies, and it is expected that one will be selected in the near future. Once this has been done it is intended to carry put an RTO with this shell whereby Zamare’s shareholders will become the majority shareholder group of the combined entity and will have board and managerial control.
One of the key workstreams for a listing is the preparation of an NI 43-101 Technical Report, which must include a summary of the property's location, accessibility, history, geological setting, deposit type, exploration work, drilling results, sampling methods, data verification, and mineral resource/reserve estimates (if applicable). The report must be prepared by or under the supervision of one or more independent Qualified Persons (professional geoscientists or engineers registered with a Canadian professional association).
Zamare has engaged The MSA Group (“MSA”) to prepare this report. The Zamare technical team has just finished a trip with MSA visiting all the relevant properties in Zambia and expects the report to be completed by the end of September 2026.
A second mandatory workstream is the audit of Zamare Minerals Limited’s consolidated financial statements for the years ended 30 September 2025 and 2026, which will be prepared under International Financial Reporting Standards (“IFRS”).
Zamare has already selected a preferred auditor registered with the Canadian Public Accountability Board (“CPAB”) and expects to sign an engagement letter this week. The Company has already begun preparing the statements for this process.
Thirdly, preliminary discussions have taken place with numerous listed shell companies, and it is expected that one will be selected in the near future. Once this has been done it is intended to carry put an RTO with this shell whereby Zamare’s shareholders will become the majority shareholder group of the combined entity and will have board and managerial control.
2026-27 Zambia Work Program
Dongwe
Recent results build directly on Dongwe's historic work, and Zamare's technical team now rates this licence group amongst the most exciting in the portfolio.
A reminder of the foundation: the 2024 two-hole drill program at Msanza returned up to 0.3% Cu and 49m @ 1.06% TREO in MSZDD002, with the strongest rare earth interval (11m @ 1.2% TREO) at the end of the hole. Rare earth abundance is a well-established vector to copper — and this open-ended intercept points to copper mineralisation still to be found at depth.
Since then, the picture has sharpened. In July 2026 Zamare completed a 100m-spaced helicopter-borne aeromagnetic survey across four licences, tightened to 50m over identified prospects. Processing is underway, with final delivery due mid-September. Alongside it, a regional soil geochemistry program has covered the newly acquired Lalafuta licence (38335-HQ-LEL) immediately adjacent to Msanza, backed by 50m infill soil sampling across Msanza itself.
A reminder of the foundation: the 2024 two-hole drill program at Msanza returned up to 0.3% Cu and 49m @ 1.06% TREO in MSZDD002, with the strongest rare earth interval (11m @ 1.2% TREO) at the end of the hole. Rare earth abundance is a well-established vector to copper — and this open-ended intercept points to copper mineralisation still to be found at depth.
Since then, the picture has sharpened. In July 2026 Zamare completed a 100m-spaced helicopter-borne aeromagnetic survey across four licences, tightened to 50m over identified prospects. Processing is underway, with final delivery due mid-September. Alongside it, a regional soil geochemistry program has covered the newly acquired Lalafuta licence (38335-HQ-LEL) immediately adjacent to Msanza, backed by 50m infill soil sampling across Msanza itself.
Regional soils have confirmed that the Msanza trend runs directly south into Lalafuta where our work has located two new anomalous Cu + IOCG pathfinder zones. Infill sampling at Msanza has defined a sharp, high-grade copper anomaly roughly 500m x 500m — and recent ground-truthing has already identified copper oxide (malachite) exposed in a hematite-dominant ironstone gossan. Preliminary magnetics show this copper anomaly sitting within a magnetic low, hinting at a hematite-dominant copper core within a broader IOCG system (Figure 1).
These three targets will be drilled once the geophysics and geochemistry are fully integrated. Initial plans are for 2,000m of diamond drilling, kicking off in October. Infill soil sampling will also occur in parallel and may be drill tested if time permits. Encouraging results have also been obtained from the other previously identified prospects (Kambimba and Dongwe Central) which will be evaluated using the newly available aeromagnetic data, then drill tested in the 2027 field season. 2027 is likely to see a larger drill program.
These three targets will be drilled once the geophysics and geochemistry are fully integrated. Initial plans are for 2,000m of diamond drilling, kicking off in October. Infill soil sampling will also occur in parallel and may be drill tested if time permits. Encouraging results have also been obtained from the other previously identified prospects (Kambimba and Dongwe Central) which will be evaluated using the newly available aeromagnetic data, then drill tested in the 2027 field season. 2027 is likely to see a larger drill program.
Figure 1: Preliminary geophysical data with copper in soils displayed. The green X denotes the location of malachite discovered in outcrop. MSZDD002 intersected IOCG Alteration + Cu, MSZDD001 intersected metasedimentary rocks with magmatic breccia at the bottom of hole. Kalahari sand cover and complicated regolith limits exposure and subdues geochemistry at the Lalafuta prospect.
Ntambu
Ntambu is contiguous with First Quantum’s Trident Complex which includes the Sentinel copper mine (231,000 t in 2024), the Enterprise nickel mine (32,000 tpa at full capacity) and an associated very large mill which processes all the mined ore. There is massive infrastructure associated with this mine (water, power, roads, mine vehicles and manpower).
Zamare’s recent AMT geophysical integration exercise has identified a structural corridor with similarities to the nearby Sentinel mine, which to date remains untested with drilling. Note that Ntambu is covered by 50m of younger Kalahari sand so there is no soil geochemistry or surface mapping available to provide any second source of evidence.
Zamare will commence drilling of this geophysical target imminently, with a preliminary program of 4 boreholes to 350m – 400m depth. This is a “proof of concept” drilling exercise required due to limited time remaining on Zamare’s Ntambu Exploration Licence. Success would constitute evidence in the form of alteration or mineralisation associated with a copper/nickel mineral system and merit a subsequent round of definition drilling. First Quantum, which owns the mines next door, is expected to be very interested in progress.
To reiterate, this is a proof-of-concept program that could provide a potentially high-return prospect but currently ranks below Dongwe and Mulenga in the Company’s portfolio. Proximity to near mine infrastructure allows for lower development costs, with a discovery able to provide a very attractive target for neighbouring producers. For this reason, management believe it is a viable drill target, whilst Zamare prepares other higher-ranking licences for future drilling.
Zamare’s recent AMT geophysical integration exercise has identified a structural corridor with similarities to the nearby Sentinel mine, which to date remains untested with drilling. Note that Ntambu is covered by 50m of younger Kalahari sand so there is no soil geochemistry or surface mapping available to provide any second source of evidence.
Zamare will commence drilling of this geophysical target imminently, with a preliminary program of 4 boreholes to 350m – 400m depth. This is a “proof of concept” drilling exercise required due to limited time remaining on Zamare’s Ntambu Exploration Licence. Success would constitute evidence in the form of alteration or mineralisation associated with a copper/nickel mineral system and merit a subsequent round of definition drilling. First Quantum, which owns the mines next door, is expected to be very interested in progress.
To reiterate, this is a proof-of-concept program that could provide a potentially high-return prospect but currently ranks below Dongwe and Mulenga in the Company’s portfolio. Proximity to near mine infrastructure allows for lower development costs, with a discovery able to provide a very attractive target for neighbouring producers. For this reason, management believe it is a viable drill target, whilst Zamare prepares other higher-ranking licences for future drilling.
Mulenga
The Mulenga licence is a newly acquired licence, with the transfer of ownership to Zamare in the final stages. The recent Presidential election has meant the transfer process has been partially delayed, but the Company sees this picking up now the election is over.
As a reminder, Mulenga is 15-20km NW of Kansanshi, Zambia’s biggest copper mine. It is on the same geological trend and has high grade copper soil anomalies at surface. Most significantly, it has a small historical resource of 18 Mt @ 0.52% TCu, which was reported in accordance with the JORC Code applicable at the time but is not considered a current JORC-compliant Mineral Resource.
Zamare has commissioned a local Zambian geophysics contractor to conduct an AMT geophysical program across the licence from the open pit and historical JORC resource in the south up to the less explored northern portion. Note that Kansanshi is structurally complex with overturned lithologies. In some areas, copper mineralisation is hidden by this inversion of strata. It is therefore important to understand and model the subsurface geology. The AMT survey will allow for a 3D sub-surface geological model to be constructed. Integrating this model with regional geology and historical data, will allow for the design of a drill program for the next dry season commencing March/April 2027, focussing on both the definition of Mulenga, as well as testing possible Kansanshi analogues in the northern trend.
As a reminder, Mulenga is 15-20km NW of Kansanshi, Zambia’s biggest copper mine. It is on the same geological trend and has high grade copper soil anomalies at surface. Most significantly, it has a small historical resource of 18 Mt @ 0.52% TCu, which was reported in accordance with the JORC Code applicable at the time but is not considered a current JORC-compliant Mineral Resource.
Zamare has commissioned a local Zambian geophysics contractor to conduct an AMT geophysical program across the licence from the open pit and historical JORC resource in the south up to the less explored northern portion. Note that Kansanshi is structurally complex with overturned lithologies. In some areas, copper mineralisation is hidden by this inversion of strata. It is therefore important to understand and model the subsurface geology. The AMT survey will allow for a 3D sub-surface geological model to be constructed. Integrating this model with regional geology and historical data, will allow for the design of a drill program for the next dry season commencing March/April 2027, focussing on both the definition of Mulenga, as well as testing possible Kansanshi analogues in the northern trend.
Roger Murphy, Zamare’s Managing Director, commented,
“As a significant Zamare shareholder this is the most excited I, and the whole Zamare team, have been since the company’s inception. As the company moves rapidly towards going public in Canada, we have high-impact drilling ongoing in Zambia now on two licences, with a third licence to be drilled into 2027. The global backdrop with the copper price making new highs and a strong focus on finding the next generation of copper mines will see increased interest in Zambia and in Zamare’s activities. Finally, we are grateful to our existing shareholders and all our new shareholders for their investment into the company.”
