Noronex Advances to Majority Stake in Namibia Uranium Project as Drilling Begins
Noronex Limited has exercised its option to acquire a 51% stake in the Etango North Uranium Project in Namibia, initiating a maiden drilling program backed by AI-driven exploration techniques.
- Noronex moves to 51% ownership of Etango North Uranium Project
- Payment of N$750,000 in cash and shares to local vendor completed
- AI-assisted remote sensing identifies multiple high-priority uranium targets
- Maiden drilling program underway following regulatory approval
- Option to increase ownership to 80% by August 2027 with further earn-in
Strategic Ownership Increase in a Premier Uranium District
Noronex Limited (ASX, NRX) has taken a decisive step in expanding its uranium footprint by exercising its option to move to a 51% ownership interest in the Etango North Uranium Project (EPL 6776) located in Namibia. This move follows a period of exclusivity and thorough technical due diligence, underscoring the company’s growing confidence in the project’s potential.
Situated just north of Bannerman Energy’s Etango development and along strike from the established Rossing and Husab uranium mines, Etango North lies in one of the world’s most prolific hard-rock uranium districts. The project’s geological setting, characterised by alaskite-hosted uranium mineralisation, aligns with Namibia’s major uranium deposits, offering a compelling exploration opportunity.
Cutting-Edge Exploration Techniques Drive Target Identification
Noronex’s technical team has leveraged advanced AI-assisted remote sensing technologies, including neural networks and fuzzy logic, to analyse geological and radiometric data. These efforts have identified multiple uranium over thorium anomalies and mapped extensions of alaskite bodies, refining the geological model and highlighting high-priority targets for drilling.
The maiden reverse circulation (RC) drilling program has commenced following environmental clearance, aiming to test these targets and validate the prospectivity of the licence. This program represents a critical phase in translating the promising geophysical and geochemical signals into tangible mineralisation results.
Structured Earn-In Terms and Future Growth Potential
To secure the 51% stake, Noronex has paid N$750,000 (approximately A$67,500) in cash and an equivalent value in shares to the local Namibian vendor, issuing over 4.5 million shares at a 20-day volume-weighted average price. The tenement will be transferred into a Noronex subsidiary, where the company will hold majority ownership and operational control.
Looking ahead, Noronex retains the option to increase its interest to 80% by August 2027 through further payments and exploration commitments. Upon meeting these Stage Two earn-in terms, a formal joint venture will be established, with Noronex as manager and operator, positioning the company to drive the project’s advancement.
Complementing a Diversified Resource Portfolio
This uranium project complements Noronex’s existing copper assets in Namibia, Botswana, and Canada, broadening its exposure to commodities critical to the global energy transition. The company’s strategic alliance with South32 and its focus on modern exploration techniques underscore its commitment to unlocking value across its portfolio.
Noronex’s Managing Director, Victor Rajasooriar, emphasised the significance of this milestone, highlighting the project’s technical promise and its strategic fit within the company’s growth ambitions.
Bottom Line?
As Noronex drills into Etango North’s promising targets, the next results could redefine its uranium ambitions and market positioning.
Questions in the middle?
- What initial assay results will the maiden drilling program yield, and how might they impact project valuation?
- How will Noronex balance exploration expenditure with its broader copper portfolio commitments?
- What are the timelines and conditions for advancing to the Stage Two earn-in and increasing ownership to 80%?
