Australian-listed Core Energy Minerals has completed its tender process for drilling contractors at the Barking Gecko uranium prospect in Namibia’s Erongo Region, bringing the company closer to launching a 2,500-metre exploration programme after approaching local drilling service providers in September.
Managing director Tony Greenaway told investors at the JMM Sydney Investor Lunch on 30 October 2026 that the company was now drafting drilling contracts, having completed preparations for the programme, including securing permits, identifying drill locations and assembling a geological team.
The development follows Core Energy’s announcement in September that it had approached several drilling contractors in Namibia as part of preparations for its maiden drilling campaign under the Nova uranium joint venture.
At the time, Greenaway said the initial discussions with local contractors had been positive, expressing confidence that the company would secure a suitable drilling rig.
Although the tender process has now been completed, Core Energy has not disclosed the identity of the preferred contractor, the contract value or whether the successful bidder is Namibian-owned.
The company expects drilling to begin shortly, with approximately 15 reverse circulation and diamond drillholes planned before Christmas.
“We are fully permitted. We are fully licenced. And we are fully funded ready to go to go and drill this,” Greenaway told investors.
Local contractors approached in September
Core Energy’s latest progress follows a tender process launched in September specifically involving drilling contractors operating in Namibia.
The company approached several local service providers to establish the availability of suitable drilling rigs for its first campaign at Barking Gecko.
Greenaway said at the time that the response had been encouraging.
“Our initial discussions with the multiple local drilling contractors in Namibia were very positive, and we are confident that we can secure a suitable drilling rig for this maiden drilling campaign,” he said.
The tender process is significant because the planned programme will require drilling equipment, technical personnel and geological support services as Core Energy begins exploration under its agreement with Deep Yellow and other partners in the Nova joint venture.
Greenaway’s latest presentation indicates that the company has moved beyond evaluating tenders and is preparing the contractual arrangements needed to mobilise drilling equipment.
He said drilling positions had already been marked on the ground, while a geological team based in Namibia and South Africa was ready to support the campaign.
Core Energy also intends to involve Namibian geological personnel familiar with the uranium-bearing rock formations found in the Erongo Region.
However, the company has not confirmed whether any of the Namibian contractors initially approached have secured the drilling work.
Historical uranium results to be tested
The drilling programme will concentrate on Barking Gecko, where previous exploration identified uranium mineralisation that Core Energy believes has not been fully investigated.
Historical drilling returned intersections including 45 metres grading 222 parts per million equivalent uranium oxide and 21 metres grading 886 parts per million.
Greenaway said the company believes earlier drilling may not have adequately tested the orientation of the uranium-bearing alaskite formations, creating an opportunity to improve the geological interpretation of the prospect.
Core Energy has identified approximately 10 kilometres of prospective geological structure within the joint venture area and intends to use the first drilling campaign to investigate the continuity and orientation of mineralisation.
A specialist uranium structural geologist will assist with examining historical drill core, mapping the wider geological structure and interpreting results from the new drilling.
The company will also undertake additional sampling and laboratory analysis to determine whether the mineralisation extends beyond previously investigated areas.
The initial programme will focus on understanding Barking Gecko before extending exploration to other targets within the Nova project.
A$5 million exploration commitment
Core Energy entered the Nova joint venture in September under an agreement allowing it to earn an initial 25% interest by spending A$2 million on exploration over 18 months.
A further A$3 million in exploration expenditure over the following 24 months would allow the company to increase its interest to 51%.
The agreement covers EPL 3669 at Tumas North and EPL 3670 at Chungochoab, both situated in Namibia’s Erongo Region.
Together with its wholly owned Gemsbok and Oryx licences, Core Energy has assembled a Namibian uranium exploration portfolio covering approximately 827 square kilometres.
The company secured commitments for a capital raising of approximately A$3 million in September to support its planned exploration activities, including the Barking Gecko drilling programme.
Its quarterly report released on 30 October showed cash holdings of A$679,000 at 30 September, with further placement proceeds expected to support its exploration commitments.
Drilling expected before Christmas
Core Energy intends to complete the initial drilling campaign before Christmas, with geological interpretation, additional mapping and follow-up exploration continuing into the first half of 2027.
The company has not announced that drilling has started, and the appointment of a contractor remains an important outstanding milestone.
The results will determine whether Core Energy’s revised geological interpretation supports further drilling across the wider uranium-bearing structure.
The immediate development for Namibia’s mining services industry is the completion of a tender process that began with local drilling contractors. Confirmation of the successful bidder will establish whether the programme translates into a direct contract for a Namibian-owned drilling business.
The company has yet to disclose the contractor’s identity, contract value or expected number of local jobs.
