Canadian exploration company General Strategic Metals has entered into an agreement to acquire up to 80% of a proposed exploration licence covering 93,801 hectares in Namibia’s Otjozondjupa Region, as it expands its interests in the country’s uranium and strategic minerals sector.
The Vancouver-based company announced on 19 October 2026 that it had signed an option agreement with Frantier Mining Namibia (Proprietary) Limited, a privately owned Namibian company, giving it the exclusive right to acquire a majority interest in the licence application.
Under the agreement, General Strategic Metals will pay C$85,000 to Frantier Mining Namibia upon completion of due diligence and receipt of the necessary approvals, before committing US$250,000 to exploration over two years to earn the full 80% interest.
The company must spend at least US$100,000 on exploration during the first year after closing to acquire an initial 40% interest, followed by a further US$150,000 during the second year to secure an additional 40%.
The arrangement means General Strategic Metals will acquire its interest progressively through exploration expenditure rather than purchasing the entire project outright.
However, the transaction remains conditional on regulatory and third-party approvals, including those required from the Canadian Securities Exchange and relevant securities authorities.
The agreement concerns an application for an exclusive prospecting licence, meaning the company has not indicated that the exploration licence has already been granted.
The proposed exploration area is situated between Otjiwarongo and Otavi, within the eastern portion of the Northern Zone of the Damara Mobile Belt, a geological formation associated with several of Namibia’s important mineral deposits.
The company identified the area’s geological setting as one of the main attractions, pointing to the presence of uranium, gold, tin and base-metal deposits within the wider Damara Belt.
The property is also located near the Okorusu fluorspar mine and the Otjikoto gold mine, providing an established mining environment with access to infrastructure.
According to General Strategic Metals, the exploration area benefits from its proximity to the main highway linking Namibia to the wider southern African region, as well as the national railway network and electricity infrastructure serving nearby towns and mining operations.
These facilities could provide advantages during exploration and any eventual development, although the company has not disclosed a mineral resource, drilling results or a development timetable for the proposed licence area.
The acquisition forms part of General Strategic Metals’ broader strategy to establish a position in Namibia’s uranium exploration sector.
Company president and chief executive Wayne Tisdale said the latest transaction was consistent with efforts to expand its Namibian portfolio.
“The decision to expand our interest in EPL 11777 and enter into an additional option agreement reflects our strategy of building a position in prospective uranium exploration ground within the broader Engo Valley district of northwestern Namibia,” Tisdale said.
The statement refers to EPL 11777 and the Engo Valley district, although the newly announced 93,801-hectare property is described as being in the Otjozondjupa Region between Otjiwarongo and Otavi.
The company did not clarify in the announcement how the new licence application relates to EPL 11777 or its existing interests in northwestern Namibia.
General Strategic Metals is also pursuing exploration activities in Canada, where it holds the 2,313-hectare Topley Richfield copper-gold property in British Columbia.
At that project, the company is compiling geological information, preparing for further diamond drilling and awaiting final permits after earlier exploration identified several prospective targets.
Its expansion into Namibia would give the company an additional exploration interest in a country with established uranium and gold mining operations.
For the Otjozondjupa project, the immediate steps will be completing due diligence, obtaining regulatory approvals and fulfilling the initial financial obligations under the option agreement.
The company has not announced when exploration will begin, which minerals will receive priority during the first programme or whether drilling is planned within the first two years.
The proposed acquisition remains dependent on the relevant licence and transaction approvals, while any eventual mineral discovery would require further exploration and technical evaluation.
