Noronex Limited’s September 2025 quarter marked one of its most active exploration periods to date, as the company deepened its footprint across the Kalahari Copper Belt and expanded its strategic alliance with South32 into Botswana.
Strong copper intercepts drove the momentum at its Fiesta Copper Project in Namibia, the start of a 7,000-metre drilling programme at the Powerline Project, and the discovery of new uranium anomalies at the Etango North Uranium Project.
Managing Director and CEO Victor Rajasooriar said the quarter was pivotal in advancing Noronex’s understanding of both copper and uranium systems within its regional portfolio.
“Drilling at Fiesta has shown that copper mineralisation extends beyond previously defined depths, which reshapes our geological model for the area.
“At Etango North, spectrometry work has mapped multiple uranium targets aligned with major structures known to host deposits such as Bannerman Energy’s Etango Project, now under construction,” he said.
Copper strength in Namibia
At the Fiesta Copper Project, three diamond drill holes targeted the western closure of a domal structure along the NPF–D’Kar contact.
The key intersections included 11 metres at 0.5 per cent copper and 18 grams per tonne silver from 371 metres, and 6 metres at 0.7 per cent copper and 15 grams per tonne silver from 455 metres. Nearby, a water borehole returned 9 metres at 0.63 per cent copper and 21 grams per tonne silver from 120 metres, as well as 3 metres at 1.0 per cent copper and 4 grams per tonne silver from 137 metres.
These results confirmed mineralisation continuity over 4.5 kilometres of strike, hosted within chlorite-altered green shales and siltstones containing chalcocite, bornite, and chalcopyrite, with visible malachite near the surface.
The launch of a 7,000-metre reverse-circulation drilling programme at the Powerline Project followed the success at Fiesta.
Funded under the South32 earn-in, the campaign targets the limbs and closures of large antiform domes identified by aeromagnetic surveys.
The objective is to intersect the favourable NPF–D’Kar contact—the same geological horizon that hosts some of Botswana’s largest copper mines.
Several historical holes in this region returned copper and silver values comparable to those of deposits such as the Banana Zone and Zone 5 across the border.
Expansion into Botswana
During the quarter, Noronex and South32 broadened their alliance to include two new Botswana licences—PL0074/2025 and PL0075/2025—collectively known as the Cgae Cgae Copper Project.
The definitive earn-in agreement, executed after the end of the quarter, allows South32 to earn a 60 per cent interest by spending A$5 million over five years. Noronex remains the operator, and drilling is already underway on targets that have never been tested.
Combined with the existing Humpback-Damara earn-in, the partnership secures A$1 million in committed funding each quarter to advance exploration throughout FY26.
Noronex’s landholding now extends across approximately 9,789 square kilometres in the Kalahari Copper Belt—of which more than 7,996 square kilometres are in Namibia—covering a 300-kilometre strike along the critical NPF–D’Kar contact zone.
The belt, stretching from central Namibia into northern Botswana, remains one of the least explored but most prospective copper districts in southern Africa.
Tenements and applications in Namibia and Botswana as at 30 September 2025, now cover an area of 9,789 square kilometres.
There have been no changes to the company’s Canadian tenements since the 2024 annual report. In Namibia, the portfolio includes the Witvlei West and East licences (EPLs 7028 and 7029), held under Aloe 237 and renewed until June 2027, and the Dordabis licence (EPL 7030) under Borage, also continued until June 2027.
Additional Namibian holdings include Snowball East (EPL 7415), the Humpback group of EPLs 8655, 8656, and 8664, and the Damara Duplex East and West licences (EPLs 8671 and 8672), all of which are renewed to November 2025.
The Epukiro River East and West licences (EPLs 8964 and 8965) remain active until March 2027, while Powerline 1 and 2 (EPLs 9551 and 9552) have been extended until July 2027.
The Helena 1 licence (EPL 9932) is valid through March 2028. Collectively, these Namibian tenements cover 7,521 square kilometres and form the backbone of Noronex’s exploration pipeline.
Uranium opportunity at Etango North
Parallel to its copper activities, Noronex completed a detailed spectrometry survey over its Etango North Uranium Project in Namibia’s Erongo Region.
The work outlined multiple uranium anomalies with geological similarities to the nearby Etango, Husab, and Rössing deposits.
Etango North lies just three kilometres north of Bannerman Energy’s Etango mine site, which hosts 207 million pounds of contained U₃O₈. The survey, comprising 244 line kilometres of radiometric mapping by Terratec Geophysical Services, defined several uranium-rich zones associated with alaskite intrusions—granite-like bodies that host most of Namibia’s uranium deposits.
The anomalies occur along strike from historical drillholes that recorded uranium mineralisation in the area, highlighting the project’s untapped potential.
Fieldwork is now underway to verify these anomalies and refine future drilling targets.
Further work is planned and will be refined after the field review. The anomalies require shallow drill testing to understand the third dimension and the occurrence of flat-lying alaskite sheets in the domal closure.
A programme of pXRF soil grids and profiles will be completed to assist in the final location of the drilling programme planned for later this year.
The region is highly prospective for further mineralisation and will be assessed and prioritised as the programme develops throughout FY26.
According to Rajasooriar, “the Etango North survey confirms that our ground lies in a fertile geological corridor. With our new funding in place, this will be a key focus going forward.”
Proposed sale of Dordabis
Noronex’s joint venture vehicle, Aloe 237, agreed to sell the Dordabis asset for A$1.2 million (approximately US$0.8 million).
The transaction is now in its final stages, with further updates expected soon. Dordabis, the most westerly licence within Noronex’s Namibian portfolio, lies about 60 kilometres from the flagship Witvlei claims (EPL 7028 and 7029). The two Witvlei licences are not part of the proposed sale.
Aloe 237 holds EPLs 7028, 7029, and 7030, with Noronex currently holding an indirect 76 per cent interest through its 80 per cent ownership of Larchmont Investments, which in turn owns 70 per cent of Aloe and a call option over an additional 25 per cent.
To date, the company has received payments totalling N$6.5 million (about A$0.5 million) out of the expected N$13.68 million (about A$1.1 million).
The balance of N$7.18 million (A$0.6 million) is expected to be received over the next quarter following delays linked to the buyer’s financing arrangements.
Strengthened balance and leadership
To support these activities, Noronex raised A$750,000 in a placement completed shortly after quarter-end.
The funds will underpin uranium exploration while copper programmes continue under South32’s earn-in.
The company also appointed veteran geologist Tony Chisnall as Chief Geologist, with Bruce Hooper assuming a strategic advisory role focused on business development.
The quarter closed with Noronex launching an InvestorHub platform to strengthen transparency and shareholder engagement—a fitting move for a company now operating across two countries and two commodities.
