LONDON: Oscillate PLC announced Wednesday it has signed a non-binding Heads of Terms agreement with Kalahari Copper Ltd. to acquire a suite of copper and silver exploration licences in Botswana’s Kalahari Copper Belt, marking a significant step in the company’s strategic metals expansion.
The proposed acquisition, to be finalized through a share purchase agreement, would give Oscillate 100% ownership of 17 highly prospective licences, collectively known as the Dalsu Prospects. These licences are held by a British Virgin Islands-based company owned by Kalahari Copper and operated through its Botswanan subsidiary.
Strategic Positioning in a Premier Copper District
The Dalsu Prospects span three project areas adjacent to producing operations, including MMG’s Zeta Zone and Sandfire’s Motheo Production Hub. The licences target sediment-hosted copper-silver deposits along the Kalahari Copper Belt (KCB) and structurally controlled mineralization in the Bushman Lineament.
Oscillate said the licences represent one of the largest tenement packages in the KCB and offer a pathway to full ownership, pending transfer approvals. The company plans to focus initial exploration on the PL232 and PL2474 licences, which lie along strike from MMG’s operating mines and align with known mineralized horizons.
Deal Terms and Timeline
Oscillate has made a non-refundable payment of £500,000 to Kalahari Copper and secured an exclusivity period through Sept. 30, 2025, to complete due diligence and finalize the transaction.
Upon completion, Oscillate will issue shares equivalent to 30% of its outstanding stock to Kalahari Copper, with provisions to maintain that stake until Oscillate uplists to a senior exchange. The agreement also includes:
- A £1.5 million cash payment within 10 business days of relisting, contingent on capital raised
- Three milestone payments of £1.5 million each tied to a maiden JORC resource, pre-feasibility study, and final investment decision
- A 1.9% net smelter royalty on copper produced from the KCB licences
- 80% of a potential $2.5 million contingent fee from Sandfire
- An anti-embarrassment clause if the licences are sold within three years
Exploration Highlights and Geological Context
Initial exploration at the Dalsu Prospects has included soil sampling, geophysics, and over 2,000 meters of drilling, with two holes intersecting copper grades above 1%. Additional targets near Cobre’s Ngami prospect and the underexplored Bushman Lineament are also under review.
The KCB, a 1,000-kilometer-long belt stretching from Namibia into northern Botswana, is considered one of the world’s most prospective regions for sediment-hosted copper. The area has seen increased investment following the 2023 launch of Khoemacau Copper Mine and MMG’s $1.9 billion acquisition of exploration assets.
Executive Commentary
“We are extremely excited to be in a period of exclusivity to document acquiring the Dalsu licences in Botswana,” said Oscillate CEO Robin Birchall. “The data indicate elevated copper and silver mineralisation. The licences have been shown to be along strike from some globally significant producing copper mines in a first-rate mining jurisdiction.”
Birchall added that the acquisition aligns with Oscillate’s broader copper and base metals strategy and positions the company to capitalize on underexplored opportunities in a top-tier mining region.
Botswana ranked among the top 10 global mining investment destinations in 2023, according to the Fraser Institute, and continues to benefit from infrastructure upgrades such as the North-West Transmission Grid Connection.