Noronex Advances Uranium and Copper Drilling Amid Asset Sales and Leadership Change

Exploration Milestones Mark Active Quarter

Noronex Limited (ASX:NRX) wrapped up the March quarter with a flurry of exploration activity, completing maiden drilling programs at two pivotal projects in southern Africa. The 2,655-metre scout reverse circulation program at the Cgae Cgae copper-silver project in Botswana and the 2,000-metre maiden drilling at the Etango North uranium project in Namibia both await assay results, which will be critical in defining the next phase of exploration.

These drilling efforts complement ongoing gravity surveys in both countries, conducted under Noronex’s strategic alliance and earn-in agreements with global miner South32. The gravity surveys aim to peel back the Kalahari sand cover and refine the geological framework, a crucial step given the region’s under-explored status despite its known mineral potential.

Asset Sales Bolster Financial Position

Noronex’s cash position received a timely boost from the first tranche payment of A$1.25 million from Joint Era Mining’s acquisition of the Witvlei Copper Project, following completion of due diligence and satisfying key contractual conditions. This payment, with A$1 million attributable to Noronex, strengthens the company’s liquidity as it advances its exploration agenda.

Additionally, the company finalised the divestment of its non-core Dordabis Copper Project to Umino (Pty) Ltd for approximately A$440,000, completing a long-awaited exit from this asset. This move aligns with Noronex’s strategy to streamline its portfolio and focus on higher-priority uranium and copper projects within the prolific Kalahari Copper Belt.

These developments follow the recent A$1.25M milestone payment and the earlier Dordabis sale completion, which collectively underpin the company’s improved cash reserves of about A$2 million at quarter-end.

Strategic Stakes and Uranium Focus

In a notable strategic move, Noronex exercised its option to acquire a 51% interest in the Etango North uranium project, located just 3km north of Bannerman Energy’s Etango project, currently under construction. This decision reflects growing confidence in the uranium potential of EPL 6776, supported by extensive remote sensing, radiometric data, and AI-assisted geological modelling that have identified multiple high-priority targets.

The company’s uranium ambitions are bolstered by the project’s position within Namibia’s hard rock uranium district, a globally recognised uranium province. Noronex has the option to increase its stake to 80% by August 2027, contingent on further exploration commitments and payments, with plans to manage and operate the joint venture.

Leadership Transition Amid Strategic Execution

Noronex’s momentum unfolds amid a significant leadership change. Managing Director and CEO Victor Rajasooriar resigned during the quarter, with the board and executive team assuming operational responsibilities during the transition. Rajasooriar is expected to depart by the end of April, leaving the company to navigate this period without a permanent CEO.

This leadership shift coincides with ongoing exploration programs and the execution of earn-in agreements with South32, which provide funding of up to A$4 million annually for exploration on key projects. Noronex remains the manager of these activities, leveraging modern exploration techniques to advance its portfolio.

Meanwhile, in Canada, the Onaman copper-gold-silver project continues to attract interest, supported by a JORC-compliant resource and historical drill results. The company is managing incoming inquiries from potential joint venture partners, indicating ongoing strategic evaluation of its international assets.