Noronex Limited has received a non-refundable option fee of A$200,000 (approximately N$2.4 million) for the proposed sale of its Witvlei Project in Namibia.
The payment was made by Joint Era Mining Co. Limited (JEM) under the Binding Heads of Agreement signed on 24 November 2025, and was split on an 80:20 basis between Noronex and its joint venture partner, Larchmont Holdings Pty Ltd.
The planned divestment forms part of Noronex’s strategy to offload non-core assets and streamline its operations across the Kalahari Copper Belt.
Witvlei represents a small portion of the company’s 858,000-hectare exploration footprint, and Noronex announced in November that it intended to sell the project to free up capital and focus on higher-priority prospects.
Payment of the option fee triggers a three-month exclusivity period during which JEM will conduct due diligence.
The total value of the transaction is A$4.5 million (about N$54 million), payable in stages outlined in the 24 November ASX announcement.
The Witvlei Project covers EPLs 7028 and 7029 and spans 29,000 hectares at the western end of Noronex’s Namibian portfolio.
Proceeds from the planned sale will enable the company to focus on its Humpback, Damara and Powerline projects, which are currently being drilled under earn-in agreements with South32.
Noronex has a JORC 2012 resource of 10 million tonnes at 1.3% copper across Witvlei and Dordabis, and also holds a uranium joint-venture interest in Etango North (EPL 6776).
