ReeXploration Inc. has confirmed that its planned 2026 uranium drill programme at the Eureka Project in Namibia is fully funded and entering the execution phase, following completion of financing and technical work carried out in 2025.
The company said it has secured $1.95 million through two private placements completed in the second half of 2025, providing full funding for near-term exploration activities.
This included a $1.0 million financing completed in December 2025, which is being applied to drill planning, mobilisation and the initial uranium drilling programme at Eureka.
The company said capital is in place to undertake an initial drill programme targeting high-priority uranium anomalies identified across the Eureka licence area.
Drill planning is underway, with the programme intended to test targets defined through radiometric surveys, geochemical sampling and geological interpretation completed during the second half of 2025.
Interim Chief Executive Officer Christopher Drysdale said 2025 was a pivotal year for ReeXploration.
“With drill financing now complete, our focus has shifted decisively to execution.
“The uranium targets we have defined at Eureka are technically compelling, located in one of the world’s premier uranium districts, and ready to be tested. 2026 is about drilling and results,” Drysdale said.
Eureka is located in Namibia’s Erongo region, within the country’s established uranium corridor that hosts significant deposits such as Rössing, Husab and Etango.
ReeXploration said the uranium targets are supported by coherent radiometric and geochemical anomalies consistent with large, intrusion-related uranium systems and are considered drill-ready.
During 2025, the company expanded the scope of the Eureka Project beyond rare earth elements after identifying multiple uranium targets.
This work included field mapping, geophysics and geochemical analysis, which confirmed a large-scale uranium target and expanded the project’s overall uranium footprint.
ReeXploration also completed a corporate rebrand in 2025, reflecting a strategic focus on critical minerals.
The company said the Eureka Project is now positioned as a dual-commodity asset, with both rare earth elements and uranium forming part of its exploration strategy.
Further updates are expected as drilling preparations progress and the 2026 exploration programme advances.
