Noronex to Issue Up to A$1 Million in Milestone Shares for Sleitat Acquisition

Noronex Secures Full Control of Sleitat Tin Project

Noronex Limited (ASX:NRX) has taken a significant step in expanding its critical minerals footprint by exercising its option to acquire Alaskan Critical Minerals Pty Ltd (ACM). This move effectively transfers control of the Sleitat Tin Project in Alaska, a highly prospective tin asset within the Kuskokwim tin belt, through ACM’s option to purchase Strongbow Alaska, Inc. from Cornish Metals plc.

The Sleitat project is notable for its historical tin potential, and Noronex’s acquisition consolidates its position in the US tin sector, complementing its existing copper and uranium interests across Namibia, Botswana, and Canada. The company is now progressing to settlement under the relevant agreements following shareholder approval obtained on 4 September 2026.

Milestone-Linked Share Issuance Conditions Capital Payments

As part of the acquisition consideration, Noronex has committed to issuing milestone shares to the vendors, contingent on the achievement of specific resource and development milestones at Sleitat. These include the publication of JORC Code compliant mineral resource estimates at thresholds of 20 million, 30 million, and 50 million tonnes at a grade of 0.30% tin, as well as a formal decision to mine approved by the Noronex board.

Each tranche of milestone shares is valued at A$250,000 and will be issued at the 10-day volume weighted average price (VWAP) prior to issue, subject to a floor price of A$0.005 per share. The resource milestone shares must be issued within three years of the option exercise, while the decision to mine milestone shares have a five-year issuance window.

The company will seek shareholder approval for the resource milestone shares at its upcoming Annual General Meeting, with the option to satisfy payments in cash should shareholder approval not be obtained.

ASX Grants Waiver Allowing Extended Timing for Share Issuance

Noronex successfully obtained a waiver from ASX Listing Rule 7.3.4, which typically requires securities issued under shareholder approval to be issued within three months of the meeting. The waiver permits the company to issue the resource milestone shares beyond this period, up to five years from the meeting date, reflecting the nature of the milestones being dependent on exploration outcomes outside Noronex’s immediate control.

This regulatory flexibility avoids the need for multiple costly and time-consuming shareholder meetings to approve each tranche of shares as milestones are met, streamlining the company’s capital management approach. However, the waiver does not extend to the decision to mine milestone shares, for which separate shareholder approval or cash settlement will be required.

ASX conditions on the waiver include ongoing disclosure obligations regarding milestone achievements, share issuance numbers, and potential dilution effects, ensuring transparency for shareholders over the extended issuance period.

Strategic Implications and Next Steps

Noronex’s acquisition and milestone-based payment structure align the company’s interests with the development progress of the Sleitat Tin Project, linking vendor compensation to tangible resource growth and project advancement. This approach may appeal to investors seeking exposure to a US-based critical minerals asset with clear performance-linked incentives.

The company’s exploration activities at Sleitat are ramping up, with recent initiatives including detailed geophysical surveys and preparatory work for a maiden drilling campaign planned for 2027. These efforts aim to convert historical data into JORC-compliant resources, which will trigger the milestone share issuances and potentially unlock further value for Noronex shareholders.

Meanwhile, Noronex continues to progress its copper and uranium projects across Africa and Canada, supported by partnerships with South32, reflecting a diversified portfolio approach to critical minerals exploration and development.