Australian-listed explorer Noronex Limited has completed the sale of its non-core Dordabis Copper Project in Namibia after receiving the final N$5 million payment from local buyer Umino (Pty) Ltd, bringing the total transaction value to N$11.5 million.
The Dordabis project, held under Exclusive Prospecting Licence 7030 in the Khomas Region, formed part of the Witvlei-Dordabis asset package acquired by Noronex in 2020. The project represents about 2% of the company’s total exploration ground in Namibia and is located on the western edge of its broader copper portfolio in the Kalahari Copper Belt.
The asset was held through a joint venture vehicle, Aloe 237 (Pty) Ltd, which owns EPL 7030 through its subsidiary Borage (Pty) Ltd. Noronex indirectly controlled the project through its 80% interest in Larchmont Investments Pty Ltd. At the same time, partner Larchmont Holdings retained a minority interest.
Completion of the transaction follows the receipt of the final N$5 million payment, which satisfied the conditions for closing the sale. Under the terms of the deal, 86% of the shares in Borage, the entity holding the licence, will be transferred to Umino, while Noronex will retain 11.2% and Larchmont Holdings will hold the remaining 2.8%.
Umino will assume responsibility for all future costs related to the Dordabis licence, including exploration work, statutory obligations and licence maintenance. The buyer also retains the option to acquire the remaining 14% interest in the project within three months for an additional N$2.2 million.
Noronex Managing Director Victor Rajasooriar said the divestment aligns with the company’s strategy of focusing on its most prospective assets in Namibia.
“We are pleased to have completed the divestment of this non-core asset, with the successful sale of Dordabis aligning with our strategy to streamline our asset base and focus on our most prospective opportunities,” Rajasooriar said.
“The decision by our JV partner, Larchmont Holdings, to receive its allocation as 50% cash and 50% shares in Noronex is also a testament to its belief in the value of the Company’s broader tenement package, while further bolstering our cash balance.”
Larchmont Holdings, which is entitled to 20% of the sale proceeds through its stake in the joint venture structure, elected to receive half of its allocation in cash and the other half in Noronex shares. The shares will be issued at A$0.014 each, resulting in the issuance of just over seven million shares.
Noronex said the funds raised through the sale will be redirected toward exploration at its Namibian uranium and copper projects. The company is currently advancing several targets,, including the Humpback, Damara, and Powerline projects, where drilling programmes are underway under earn-in agreements with South32.
The Dordabis licence covers approximately 18,500 hectares within Noronex’s broader 832,000-hectare exploration package across Namibia, which includes multiple copper targets spread over roughly 300 kilometres of the Kalahari Copper Belt.
With the transaction now complete, Noronex says it will concentrate its efforts and financial resources on advancing higher-priority uranium and copper prospects across its Namibian portfolio.
