Vatic Ventures Corp. has entered into a share purchase agreement to acquire 100% of ZOYA, which gives it the right to acquire up to 80% interest in EPL 8289 for US$600,000 and 90% of 8735 for US$200,000.
EPL 8289 covers 44.62 km2, and EPL 8735 measures 87.65 km2. The properties are located less than 50km by road from Swakopmund.
An arm’s length private company, Velvet Clean Energy Corp., signed a definitive agreement on April 23, 2025, regarding EPL 8289 adjoining the Husab uranium mine. EPL 8289 will be transferred to a newly incorporated Namibian company, and Velvet will have the right to acquire up to an 80% shareholding interest in the Holding Company.
Velvet has signed a binding letter of intent EPL 8735 to the north of the Rössing uranium mine and is currently in the final stages of a definitive agreement.
Vatic Ventures Corp will pay an aggregate of US$200,000 and issue shares to the value of US$150,000 for EPL 8735 and 70% interest vests on making cash payments in aggregate of US$600,000 and issuing shares to the value of US$400,000 for EPL 8289.
Minimum expenditure obligations of US$3 million are to be expended over 4 years or, at the option of Velvet, US$1.5 million over 3 years because such expenditures are required before Velvet has the right to exercise the Second Option.
Vatic Ventures Corp CEO Loren Currie said these uranium exploration assets are contiguous and on strike with some of the largest uranium mines in the world, Husab the 3rd and Rossing the 7th largest uranium deposit worldwide, and it also helps to be situated in one of the top mining jurisdictions in Africa, with a tremendous record of uranium production.
Currie also said the gap between uranium supply and demand has been persisting on the market and is predicted to widen even more because of the degradation of the uranium supply industry over a decade of prolonged low prices and with many more governments turning to nuclear power for secure, clean baseload power.
“We foresee huge challenges to meet new demand in the medium to long term, which will drive uranium prices up and render uranium resources such as those we hope to discover on EPL 8289 and EPL 8735 significantly valuable,” Currie said.
Vatic also announces its intention to change its name to Ballistic Energy Metals Corp.
*Exchange rate N$18,61
