Noronex Taps Victor Rajasooriar to Accelerate Kalahari Copper Belt Ambitions

Leadership Change at a Pivotal Moment

Noronex Limited (ASX: NRX) has announced the appointment of Victor Rajasooriar as Managing Director and CEO, effective 19 May 2025. This move signals a clear intent by the copper explorer to accelerate its development in the Kalahari Copper Belt, a region gaining increasing attention for its copper potential. Rajasooriar’s extensive 25-year career in mining, spanning operational and executive roles across Australia, Africa, and North America, positions him as a strategic fit to lead Noronex’s next growth phase.

His background includes senior leadership at global giants such as Newmont and Barminco, as well as transformative roles at junior ASX-listed companies where he has driven significant value creation. Notably, his tenure at Echo Resources saw the company’s market cap surge from $43 million to a $243 million takeover within a year, underscoring his capability to unlock shareholder value.

Strategic Focus on the Kalahari Copper Belt

Noronex’s portfolio in Namibia’s Kalahari Copper Belt is substantial, with a JORC 2012 Resource of 10 million tonnes at 1.3% copper at its Witvlei Project. The company’s strategy involves leveraging modern exploration technologies to expand this resource base. The appointment of Rajasooriar aligns with this ambition, as his experience includes operational oversight of copper mining in Botswana and strategic roles in joint ventures and mergers and acquisitions.

Chairman David Prentice highlighted Rajasooriar’s familiarity with Noronex’s board and his proven track record in managing complex stakeholder environments, which will be critical as the company navigates exploration, development, and potential partnerships. The existing Strategic Alliance with South 32 Limited further underscores the importance of experienced leadership to capitalize on these relationships.

Incentives and Shareholding Signal Confidence

Rajasooriar’s remuneration package includes a fixed salary of $380,000 plus performance-linked short and long-term incentives. These incentives are tied to operational, safety, environmental, and market performance metrics, including share price milestones that could see the vesting of options and performance rights over the next three to five years. His agreement to subscribe for $100,000 worth of shares at 1.4 cents per share, pending shareholder approval, further aligns his interests with those of existing investors.

Departure of Founding Director Marks Transition

Alongside this leadership change, founding director James Thompson has retired due to other commitments. Thompson was instrumental in establishing Noronex privately in 2018 and assembling its initial copper asset base. His departure marks the end of an era but also reflects the company’s transition from its foundational phase to a more growth-oriented stage under new leadership.

Thompson remains a shareholder and will continue to support the company as needed, ensuring continuity during this leadership handover.