Noronex is proceeding with the acquisition of a uranium EPL in the Namib Desert after undertaking due diligence.
The company announced on March 15, 2024, that it had agreed with Moses Sasemba to earn up to 80% interest in EPL 6776 for N$8 million.
The project is 3 km north of the proposed Etango development, and similar host rocks and geology have been identified on EPL 6776.
Bannerman Resources has provided previous exploration data, which is being incorporated into regional reviews.
Only limited work was completed on the license area, with just 12 shallow air-core holes drilled on one airborne anomaly.
Limited mapping, ground geochemistry, and radon gas surveys have covered parts of the current license block, while over 100 holes were drilled on the borders of the current tenement.
Noronex Limited says it will exercise the uranium license on its project portfolio, while the Environmental Clearance Certificate (ECC), which allows ground-based exploration, including drilling, to be undertaken, is at an advanced stage.
The timing of the ECC process depends on feedback from the National Park, where the claims are based, and approval from regulatory authorities.
The claims are currently undergoing their first renewal process and have added nuclear fuels to the commodity mix for exploration, which will be included in the license renewal.
The two-stage agreement incorporates a 120-day exclusivity period followed by an earn-in deal of up to 80% interest in EPL 6776.
The key terms of the agreement include a $81,000 (N$1 million) cash payment for a 120-day exclusivity period.
At the end of the exclusivity period, $61,000 in cash and $61,000 in NRX shares were paid at a 20-day VWAP (equating to N$1.5 million) to continue earning.
By February 2026, Noronex was to earn 51% after paying $61,000 in cash and $61,000 in NRX shares at a 20-day VWAP) (equating to N$1.5m).
In stage two, August 2027, Noronex will earn an additional 29% after paying $162,000 in cash and $162,000 in NRX shares at a 20-day VWAP (equating to N$4 million).
