NGX Faces Regulatory Hurdles as It Pushes Uranium and Battery-Grade Graphite Development

Mining By Maxwell Dee 3 min read 7:03pm on Monday 2nd of June, 2025 AEST

NGX Limited reports significant progress in its uranium exploration in Namibia and graphite development in Malawi, alongside strategic leadership changes and a strong financial position.

Progress on Environmental Clearance Certificate for Tubusis uranium project
Advancements in Active Anode Material production from Malingunde graphite
Successful flowsheet optimisation increasing graphite purity to over 98% TGC
Appointment of Peter Fox as Executive Director to drive growth
Strong cash position of approximately $4.8 million with no debt

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Uranium Exploration Momentum in Namibia

NGX Limited (ASX: NGX) has made notable strides in its uranium exploration projects in Namibia during the December 2024 quarter. The company advanced permitting activities for the Tubusis project (EPL9629), moving closer to securing the Environmental Clearance Certificate (ECC) following the Ministry of Mines and Energy's Intention to Grant. This progress is critical as Tubusis lies within the prolific Erongo uranium district, home to several major operating mines.

While the Rossingburg project (EPL9921) remains in the application phase without significant permitting progress this quarter, NGX and its project vendor remain vigilant, ready to initiate ECC procedures upon receiving the Intention to Grant. The proximity of Rossingburg to established uranium operations like the Rossing mine and Bannerman Energy’s Etango project underscores its strategic potential.

Graphite Project Advances Targeting Lithium-Ion Battery Market

On the graphite front, NGX continued to push forward with its Malingunde project in Malawi, focusing on both upstream and downstream developments. The company has been collaborating with global technology partners to enhance the production of Active Anode Material (AAM) from its high-quality natural graphite, aiming to meet the growing demand in the lithium-ion battery sector.

Significant technical progress was achieved through flowsheet optimisation, boosting graphite concentrate purity from 94% to over 98% Total Graphitic Carbon (TGC) without compromising recovery rates. This higher purity concentrate is expected to reduce reagent consumption and environmental impact during downstream processing, positioning NGX favorably in the competitive battery materials market.

Electrochemical testing of Malingunde’s coated purified spheronised graphite (CPSG) revealed performance metrics approaching those of established Chinese reference materials, a promising indicator for future commercial qualification. NGX is now advancing bulk-scale production of AAM samples to facilitate pre-qualification with Tier-1 customers and original equipment manufacturers (OEMs), a crucial step toward securing offtake agreements and strategic partnerships.

Corporate Developments and Financial Health

In a strategic leadership move, NGX appointed Peter Fox as Executive Director effective 2 December 2024. Mr. Fox brings extensive expertise in corporate finance, equity capital markets, and downstream graphite strategies, which is expected to accelerate NGX’s project development and business growth initiatives.

Financially, NGX remains robust with approximately $4.8 million in cash and no debt as of the quarter’s end. The company’s disciplined expenditure on exploration, business development, and administration reflects a balanced approach to advancing its portfolio while maintaining operational flexibility.

Looking Ahead

NGX’s ongoing efforts to secure regulatory approvals for its uranium projects and to refine its graphite processing technology are pivotal for its next growth phase. The company’s commitment to environmental and social governance, demonstrated through stakeholder engagement and innovative tailings management, further strengthens its project credentials.

As NGX prepares to release updated electrochemical testing results and downstream program updates this quarter, market participants will be watching closely for signs of commercial readiness and strategic partnerships that could unlock significant value.

Bottom Line?

NGX’s dual focus on uranium and graphite, supported by strong leadership and financial footing, sets the stage for critical milestones in 2025.

Questions in the middle?

When will the Environmental Clearance Certificate for Tubusis be granted, enabling on-ground exploration?
How will the upcoming bulk-scale AAM production results influence NGX’s offtake negotiations?
What new opportunities in the clean energy minerals sector might NGX pursue across southern Africa?

Mining Uranium Graphite Clean Energy Battery Materials Corporate Governance

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