Australian exploration company Noronex Limited has received the first A$1.25 million (about N$15.1 million) payment from the sale of its non-core Witvlei copper project in Namibia, marking the completion of a key due diligence milestone and the start of the asset’s transition to new ownership.
The payment follows the successful completion of financial, legal and technical due diligence by Joint Era Mining Co., Limited (JEM), satisfying a major condition under the binding heads of agreement signed in November 2025.
Under the terms of the transaction, the A$1.25 million tranche is distributed on an 80:20 basis between Noronex and its partner Larchmont Holdings Pty Ltd. This means Noronex receives A$1.0 million — roughly N$15.1 million — which the company says will strengthen its treasury and support ongoing exploration across its Namibian portfolio.
The deal centres on the Witvlei copper project held through Larchmont Investments Pty Ltd, the joint venture vehicle that owns Exclusive Prospecting Licences EPL 7028 and EPL 7029 in eastern Namibia.
Following the payment, JEM is now acquiring a 60% stake in Larchmont Investments, effectively taking operational control of the project while assuming responsibility for all expenditure obligations associated with the licences.
This includes statutory fees, taxes, rates and the costs of maintaining the project.
Noronex managing director and chief executive officer Victor Rajasooriar said the completion of due diligence and receipt of the first payment represented an important milestone in the company’s strategy to rationalise its asset portfolio.
“We are very pleased to have received the first A$1.25 million tranche following JEM’s successful completion of due diligence.
“This marks an important milestone in the divestment of the Witvlei Project with the net proceeds to Noronex further strengthening our balance sheet,” Rajasooriar said.
He added that the funds would be redirected toward exploration across the company’s copper and uranium targets.
“JEM has demonstrated a strong commitment to advancing the project, and their focus now shifts to securing the Mining Licence, which will trigger the second tranche payment,” he said.
“The funds received will support our exploration programs across our Namibian copper and uranium portfolio.
“This transaction aligns with our strategy of rationalising non-core assets while directing capital toward the most prospective opportunities within our extensive Kalahari Copper Belt tenure.”
The next stage of the transaction depends on regulatory progress at the Witvlei project. JEM has begun preparing a mining licence application. Once the licence is granted, a second milestone payment of A$1.25 million (about N$18.8 million) will become payable to Noronex and Larchmont Holdings under the same 80:20 split.
A final component of the deal is structured as deferred consideration tied to future production. Noronex is expected to receive a further A$2.0 million — approximately N$30.2 million — through a 2% net smelter return royalty once commercial mining begins.
Noronex could receive about A$4.5 million (roughly N$67.9 million) from the divestment upon completion of all transaction stages.
The sale forms part of Noronex’s broader strategy to streamline its asset portfolio and focus on higher-priority exploration targets across southern Africa, particularly along the Kalahari Copper Belt, which stretches across Namibia and Botswana and has become a major focus for new copper discoveries.
Noronex has expanded its exploration footprint in the region in recent years, targeting copper and uranium deposits through drilling programmes and joint venture partnerships.
The Witvlei project lies in eastern Namibia and has historically been regarded as a secondary asset within the company’s broader regional portfolio.
By transferring the majority ownership to JEM, Noronex is effectively freeing up capital and management attention to accelerate exploration across projects it considers more strategically significant.
JEM’s assumption of the project’s operating costs also removes future holding and development expenses from Noronex’s balance sheet, strengthening the company’s financial position as it advances drilling programmes across its remaining licences.
The transaction reflects a common strategy among junior exploration companies operating in frontier mining jurisdictions such as Namibia, where non-core assets are often sold or farmed out to fund exploration campaigns on higher-priority targets.
With the first tranche now received and the mining licence process underway, the Witvlei project will move into its next phase under JEM’s stewardship.
At the same time, Noronex continues to build its copper and uranium exploration pipeline across Namibia and Botswana.
