Noronex has signed an N$8 million agreement to earn up to 80% interest in a 7.000-ha uranium EPL 6776 by August 2027.
The EPL is about 3 kilometres north of Bannerman Energy’s Etango project in the Erongo region of Namibia.
Until now, Noronex has been advancing copper projects in the Kalahari Copper Belt and Ontario, Canada.
Noronex has completed a capital raising of up to N$1 billion (A$0.91 million) to fund initial exclusivity payments and due diligence costs on the new claim, as well as further works on its Kalahari Copper Belt licences, placement costs, and general working capital.
The ASX-listed company signed the agreement with a local Namibian unrelated party, Moses Sasemba.
Noronex will pay a N$1 million (A$81,000) cash exclusivity fee for 120 days.
At the end of the exclusivity period, Noronex will pay N$1.5 million (A$122.000) in cash and shares at a 20-day volume-weighted average price to continue earning in.
By February 2026, Noronex should have paid another N$1.5 million (A$122.000)—50% cash and 50% shares to earn 51%.
Noronex will have to pay N$4 million (A$162.000 in cash and A$162.000) in shares by August 2027 to earn an additional 29%.
Noronex executive director James Thompson said that acquiring a uranium EPL does not distract the company’s focus from its copper assets and realising value for shareholders.
“The addition of a claim with significant uranium prospectivity just 3 kilometres north of Bannerman Resource’s Etango project adds to our large existing copper portfolio and provides the company with exposure to two of the key commodities as the world rapidly progresses towards a green energy future,” Thompson said.
He also said Noronex’s in-country expertise in Namibia and its strong relationships with regulators, service providers, and key vendors have positioned it well to execute this uranium opportunity to complement the exciting copper projects on the Kalahari Copper Belt.
