Noronex has moved to streamline its Namibian portfolio by selling its Witvlei copper project for A$4.5 million, or roughly N$55.3 million, marking a strategic shift toward its higher-priority exploration hubs in the Kalahari Copper Belt.
The deal, signed with private mining firm Joint Era Mining Co., Limited (JEM), will see Noronex receive A$3.6 million (about N$44.3 million) in staged payments through its 80 per cent shareholding in the joint-venture entity Larchmont Investments Pty Ltd.
Witvlei, located on EPL 7028 and 7029 east of Windhoek, accounts for only 3.5 per cent of the company’s 858,000-hectare Namibian landholding. Yet, it contains a JORC-compliant resource of 8.8 million tonnes at 1.28 per cent copper, or 112,500 tonnes of contained metal. Noronex acquired the project as part of the Witvlei–Dordabis package in 2020, later consolidating control through Larchmont and the Aloe 237 joint-venture structure.
Under the terms filed with the ASX, JEM will pay a non-refundable A$200,000 (N$2.46 million) option fee within seven days of signing, triggering a three-month exclusivity window for due diligence.
If JEM elects to proceed, an initial A$1.25 million (N$15.4 million) payment will transfer 60 per cent of Larchmont to the buyer and shift all licence-holding costs to JEM.
A second A$1.25 million tranche will fall due once a mining licence for Witvlei is officially granted, at which point the remaining 40 per cent of Larchmont will be transferred.
The final A$2 million (N$24.6 million) deferred component will be paid as a 2% net smelter return royalty on future production until the amount is fully settled.
JEM will also receive 20 million Noronex options, exercisable at 2.4 cents, once the first tranche is completed.
Noronex managing director Victor Rajasooriar said JEM’s readiness to fund downstream development reflected confidence in Witvlei’s potential and in Namibia’s copper sector more broadly.
He said sale proceeds would be channelled into drilling at the Etango North uranium project and would strengthen the balance sheet as Noronex advances exploration across the Kalahari Copper Belt.
The Witvlei licences cover 29,000 hectares at the western end of the company’s Namibian footprint and were among the earliest assets Noronex secured in the country.
Although the project holds solid grades at Malachite Pan, Okasewa and Christiadore, it has always been overshadowed by the scale of Noronex’s Kalahari Belt holdings, which extend for more than 300 kilometres across Namibia and into Botswana.
The timing of the divestment coincides with accelerated drilling under South32-funded earn-in agreements.
A 7,000-metre reverse-circulation programme is underway at the Powerline prospect in Namibia, while a 3,000-metre programme continues at Cgae Cgae across the Botswana border.
Rajasooriar said a more focused portfolio and improved liquidity would allow Noronex to prioritise targets with potential for scale.
Noronex’s current position in the complex Aloe 237 structure stems from a 2020 prospectus that set out the earn-in and call-option terms for EPLs 7028 and 7029, and the Dordabis licence EPL 7030.
Dordabis is not part of the proposed sale. Through Larchmont, Noronex holds an indirect 76 per cent interest in Aloe 237 and remains the controlling shareholder.
Completion of the sale remains subject to due diligence, regulatory approvals, shareholder clearance where required and internal restructuring of holding entities.
If these conditions progress on schedule, the transaction is expected to close in early 2026.
Noronex said the funds will cover transaction costs and working capital and will allow it to accelerate exploration across its higher-priority projects in Namibia and Botswana.
The company believes a streamlined asset base and stronger balance sheet will position it for growth as new targets emerge.
