E-Tech Resources Inc. is sharpening its Namibia focus with financing aimed at both expanding its rare earths footprint and incorporating uranium into its portfolio.
The company has announced plans to raise N$17.5 million (C$950,000) through a private placement of up to 19 million shares priced at N$0.92 (C$0.05) each.
Net proceeds are earmarked for accelerating work at the Eureka Project in the Erongo Region, alongside general working capital and corporate purposes.
To structure the deal, E-Tech has engaged Numus Capital Corp., a registered Exempt Market Dealer, as agent. Numus will receive a 7% cash commission and compensation warrants equal to 7% of shares sold to its introduced investors, with each warrant exercisable at N$0.92 (C$0.05) for 24 months.
Subscriptions from E-Tech’s directors, officers, employees, and their affiliates are excluded from these terms.
The financing is subject to approval by the TSX Venture Exchange, and the securities issued will be subject to a four-month and one-day hold period.
Because insiders are participating, the placement falls under Canada’s MI 61-101 related-party rules.
However, E-Tech has confirmed it qualifies for exemptions since the related-party component does not exceed 25% of its market capitalisation.
Funds raised will be allocated directly to the Eureka Rare Earths Project, situated approximately 250 km northwest of Windhoek and 140 km from the port of Walvis Bay. The deposit sits alongside the national B1 highway in the Damara Belt, a Neoproterozoic geological formation rich in mineral potential.
The project is held under EPL 6762 and is supported by E-Tech’s agreement to acquire an 85% interest in EPL 8748, which surrounds the current licence.
Together, these concessions give the company a solid footprint for scaling exploration.
Eureka already hosts a maiden Inferred resource of 310,000 tonnes at 4.8% TREO, including 0.7% neodymium and praseodymium oxides.
Independent assessments have also outlined an exploration target of between 500,000 and 1.5 million tonnes grading 2–5% TREO, highlighting substantial growth potential.
Drilling and trenching campaigns have returned high-grade results, with intercepts such as 6.5% TREO over 3.8 metres, including 11.2% over 2.2 metres, and recent rock chip samples grading up to 6.84% TREO.
In addition to defined zones, systematic soil surveys have revealed significant lanthanum anomalies, suggesting further discovery potential across the dome.
The mineralogy at Eureka, dominated by coarse-grained monazite, is considered favourable for simple beneficiation techniques using conventional physical methods, potentially avoiding the complexities associated with other REE deposits. Its location, close to infrastructure including roads, rail, power, and the Walvis Bay Port, offers a further strategic advantage for eventual development.
In 2025, E-Tech formally broadened its exploration scope. EPL 8748 was amended to include uranium and thorium, aligning the project with Namibia’s emerging nuclear fuel ambitions.
Interim CEO Christopher Drysdale said the amendment “positions the Eureka Project to advance under a framework that supports both our established rare earth resources and the evaluation of additional critical minerals.”
Alongside fieldwork, E-Tech has also taken early steps toward downstream development.
In 2023, the company signed an MoU to study the feasibility of building a rare earth separation facility in Namibia, signalling its intent to capture greater value inside the country.
The company’s strategy now rests on a dual-commodity focus—rare earths for magnets, renewable energy technologies, and electric vehicles, as well as uranium for the nuclear sector—placing it directly within the global energy transition.
