NGX Limited has entered into earn-in joint venture agreements with Hahndorf Investments CC to acquire two uranium exploration project applications in Namibia.
NGX Limited is a leading African graphite explorer and developer focused on projects in Malawi.
Rossingburg (EPL9921) is less than 20 km from the Rossing uranium mine and Bannerman Energy Limited’s Etango uranium project.
Bannerman has historically explored the Rossingburg Project as part of their Etango project.
Before Bannerman, Rio Tinto held the ground, exploring various commodities in the 1970s, including uranium.
Tubusis (EPL9629), a 113 km2 licence application to the northeast of Swakopmund, is in an under-explored region of the Damara belt.
NGX says it is diligently acquiring and reviewing historical exploration information for the area, ensuring a comprehensive understanding of the projects and their potential.
NGX will pay US$490.000 for Rossingburg to earn up to 85% in the joint venture company and US$415,000 for Tubusis.
This will include exclusivity, funding activities to obtain an environmental clearance certificate and providing further financial capacity support for the license application.
NGX’s executive director, Matt Syme, said while NGX has been progressing with permitting and processing testwork in Malawi, they have also been looking for opportunities to expand their clean energy minerals portfolio in Africa to meet the world’s growing need for carbon-free energy.
Syme said the NGX management group includes considerable and very successful experience in uranium exploration, so this is a natural addition to our portfolio.
“We are very optimistic about the outlook for Africa’s premier uranium exploration environment,” Syme said.
NGX owns the Nanzeka, Duwi, Mabuwa and Malingunde projects in Malawi.
