Noronex Limited (ASX: NRX) is expanding its exploration footprint across the Kalahari Copper Belt, strengthening its partnership with South32 through a new earn-in agreement at the Cgae Cgae Copper Project in Botswana.
The agreement builds directly on the companies’ active collaboration in Namibia, where a 7,000-metre reverse circulation (RC) drilling campaign is currently under way at the Humpback-Damara Project.
Under the new deal, a wholly owned subsidiary of South32 can earn up to a 60% interest in the Cgae Cgae Project by investing A$5 million (approximately N$62 million) over five years, with a minimum annual commitment of A$1 million.
he transaction marks another major step in Noronex’s regional copper strategy, linking two exploration hubs under one cross-border alliance.
A 3,000-metre RC drilling programme will commence at Cgae Cgae in late October, marking the first-ever drilling on the project’s two tenements, PL0074/2025 and PL0075/2025.
The area forms part of the broader Kalahari Copper Belt, a sediment-hosted copper province that spans from central Namibia into north-western Botswana — an emerging frontier for global copper discoveries.
Noronex Managing Director and CEO Victor Rajasooriar said the agreement demonstrates the strategic value of Noronex’s exploration portfolio on both sides of the border.
“The execution of the Cgae Cgae Earn-In Agreement with South32 is an exciting development for Noronex, which represents further validation of the exciting portfolio of copper projects we have been progressively building across the Kalahari Copper Belt.
“We are delighted to further expand our relationship with South32 in the search for major sedimentary copper deposits in Namibia, and now in Botswana.
“The technical, financial and strategic support from South32 will allow us to systematically drill key targets across the impressive portfolio we have established,” Rajasooriar said.
He added that the combined 7,000m Namibian and 3,000m Botswana drilling programmes would test multiple new targets through FY26 as Noronex works to define large-scale copper systems.
Under the Cgae Cgae Earn-In Agreement, South32 will provide A$5 million in exploration funding over five years for the right to subscribe for a 60% shareholding in Tilodi Metals Botswana (Pty) Ltd, which holds the Cgae Cgae licences. Noronex will remain the project operator, earning a 7.5% management fee.
A joint Technical Committee will oversee exploration planning, and a new shareholders’ agreement will be executed once South32 completes its earn-in.
The deal falls under the companies’ broader Strategic Alliance Agreement, which now spans both Namibia and Botswana. The alliance provides a framework for early-stage copper exploration and resource development in the region.
South32 will provide A$200,000 in annual generative funding for Noronex to identify and secure new copper prospects.
Noronex will exclusively offer all new opportunities to South32 before seeking third-party investment. If South32 accepts two or more opportunities in a year, a A$200,000 bonus is payable to Noronex. The alliance runs through to December 2026.
With the Cgae Cgae and Humpback-Damara agreements combined, South32 will commit approximately A$1 million each quarter to Noronex’s exploration programmes across the Kalahari Copper Belt in FY26.
Stretching from Namibia’s Gobabis and Grootfontein districts into Botswana’s Ghanzi region, the Kalahari Copper Belt has become one of Africa’s most active copper exploration corridors. The region hosts several major deposits, including Khoemacau and Zone 5, and is viewed by many as a geological parallel to Zambia’s Copperbelt.
The Cgae Cgae Project, located in Botswana’s western Kalahari, complements Noronex’s Witvlei, Humpback, Powerline and Damara projects in Namibia. Together, these assets give Noronex a continuous exploration position across a high-potential basin, underpinned by over 180,000 metres of historical drilling data and a modern exploration model aimed at discovering new-generation copper systems.
Noronex currently holds a JORC 2012 resource of 10 million tonnes at 1.3% copper at its Witvlei Project in Namibia, forming the foundation of its regional resource growth strategy.
Its work across Namibia and Botswana reflects rapid expansion since partnering with South32. The company’s 7,000m RC programme in Namibia is targeting key prospects at Humpback and Powerline, while the new 3,000m programme in Botswana will test multiple un-drilled anomalies at Cgae Cgae.
Rajasooriar said this two-country strategy positions Noronex to make discoveries capable of supporting future copper production.
“The support from South32 provides both the financial strength and technical depth to advance multiple high-impact targets in parallel. We’re entering a period of intense exploration activity, and every metre drilled brings us closer to discovering the next major copper system in this world-class belt,” he said.
In addition to its copper portfolio, Noronex also has exposure to Namibia’s uranium sector through the Etango North (EPL 6776) joint venture, where it can earn up to 80% ownership. The tenement sits within the central hard-rock uranium district near several established operations.
The company’s multi-commodity presence, coupled with its strong partnerships, underscores its long-term commitment to the region’s resource development. As rigs prepare to mobilise in Botswana later this month, Noronex is positioning itself as one of the most active copper explorers in southern Africa — linking its Namibian roots to a bold new chapter across the border.
