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This was a catch-up with Ongwe Minerals’ (TSXV: OGW) CEO Dave Underwood and president/co-founder Carl Joone. They’re mainly chasing gold in Namibia across the Khorixas, Omatjete, and Outjo project areas, and they also have an Egypt land package in the Eastern Desert. The talk was mostly about what they’re trying to build, what the new drilling/sampling program is meant to prove, how much cash they have post-RTO, what the next financing likely looks like, and what could move the stock in the next few months.

TL;DR

They say they’ve got about C$5M cash, but expect to spend roughly C$2.5M over the next 3 to 4 months, including ~C$750k of RTO-related costs and about C$1.5M to finish a 7,000m bedrock sampling drill campaign plus regional work through mid-to-late April (with results released as they come). They also flag that a bigger 5,000 to 7,000m diamond drill program is the next step, but they expect to finance before that. ~27.5% management ownership, and ~14.0M shares tied up in various lockups/escrow, with management saying they don’t expect a big dump when the 4-month hold lifts.

What have they done for shareholders lately?

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They’ve just completed the RTO/listing and closed the concurrent financing they referenced at C$0.50. Operationally, they’ve started turning the rig on the first-pass program that’s meant to sample below cover and tighten up targets (rather than jumping straight into expensive diamond drilling), and they emphasized that Namibia now has quicker assay turnaround options than in prior years (including lab capacity in-country), so they plan to news flow results during the program rather than only at the end.
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How much money do they have and what are they spending it on?

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They say they’ve got ~C$5M in cash, with ~C$750k expected to go to RTO-related costs, and about C$1.5M budgeted to complete the initial Namibia work (the 6,000 to 7,000 m bedrock drill/sampling program at Belmont and Manga, plus aggressive regional sampling) through end of April, then additional spending including Egypt holding/low-level work. They expect G&A around 25 to 30%, including marketing, and cited ~C$200k/year for marketing. For ground holding in Namibia, they ballparked ~C$50k/year to hold roughly 300,000 hectares, plus self-set exploration commitments (they mentioned starting around C$60 to 70k over a 3-year period per licence early on). They were honest that they’ll likely need to raise again before a 5,000 to 7,000 m diamond program.
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Upcoming catalysts

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Technically, assay results releases over the next ~2 months from the ongoing bedrock sampling program, with the full program targeted to finish mid-to-late April, plus regional sampling they said they’ll run in parallel (including work east of Manga along the structure they discussed). Operationally, they said they’re commissioning an updated NI 43-101-style technical report update over the next couple of months to be ready for the next raise. Corporately, they expect to announce a larger diamond drill program around end of Q2 / beginning of Q3 (they verbally pointed to Q3 2026 as the right window), and they also described possible corporate work around consolidating full ownership of the Namibia projects (removing the private-side 30% over time) and eventually splitting out / partnering the Egypt subsidiary rather than funding it heavily from the parent.
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Risks

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They called the main risk technical/geological. Early-stage targets under cover can still fail the “is it economic?” test, which is basically the universal law of exploration (rocks do not care about your share price). Shorter-term practical risks they touched on include water in an arid part of Namibia, surface access agreements with farmers/communal authorities, and dilution/financing risk because they expect to raise ahead of the bigger diamond program. They also acknowledged share-supply/overhang dynamics from lockups/escrow (even though they claim the 4-month hold stock is mostly management) and described Egypt as historically costly/rigid on commitments and process, even if they think it’s improving.

Ongwe Minerals CEO Interview

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