Noronex Limited has moved to acquire a 51% stake in the Etango North Uranium Project in Namibia after exercising its option under an earn-in agreement, committing N$1.5 million to secure the majority stake.
The Etango North Project, held under EPL 6776, is located in Namibia’s main hard-rock uranium district, immediately north of Bannerman Energy’s Etango development and along strike from the Rössing Uranium and Husab Uranium Mine.
Under the Stage One earn-in terms, Noronex will pay N$750,000 in cash and N$750,000 in Noronex shares, issued at a 20-day volume-weighted average price, to a local Namibian partner.
The transaction allows Noronex to acquire a 51% ownership stake in the project by February 2026.
The licence will be transferred to Sunset Orange Investments (Pty) Ltd, a Noronex subsidiary, with Noronex holding 51% and the local partner retaining 49%. Noronex will remain the project manager and operator.
Noronex said its decision followed technical work that identified multiple uranium targets, including radiometric anomalies and extensions of alaskite bodies similar to those hosting uranium at nearby mines.
A maiden drilling programme is already underway following environmental clearance, with first-pass drilling focused on high-priority targets.
The company has the option to increase its interest in Etango North to 80% by August 2027 by making further payments of N$4 million, split evenly between cash and shares, and continuing exploration.
If exercised, a formal joint venture would be established with Noronex holding 80% and the local partner 20%.
Noronex said Etango North complements its existing copper portfolio and strengthens its uranium exposure at a time of renewed global interest in nuclear energy.
