Australian mineral exploration company Noronex Limited has achieved a significant milestone by securing majority ownership and operational control of a promising uranium project in Namibia, located within one of the world's most productive uranium belts.
Strategic Acquisition in a Premier Uranium District
Noronex has successfully acquired 51 percent ownership of the Etango North Project, situated just six kilometres from the world-class Etango uranium deposit. This strategic move positions the company in Namibia's renowned uranium corridor, often referred to as "Alaskite Alley" for its concentration of alaskite-hosted uranium deposits.
The acquisition was finalized through a payment to a private vendor consisting of A$67,500 in cash plus A$67,500 in Noronex shares issued at $0.0148 per share. This transaction grants Noronex the right to earn majority control of the project, marking a substantial advancement in the company's African resource portfolio.
Pathway to Increased Ownership
Noronex has established a clear pathway to further expand its stake in the Etango North Project. The company holds the option to earn an additional 29 percent ownership by August 2027, contingent upon continued exploration activities and a further payment of A$180,000 in cash plus A$180,000 in shares to the vendor.
Upon meeting these Stage Two earn-in requirements, a formal Joint Venture agreement will be executed, resulting in Noronex holding 80 percent ownership while the vendor retains the remaining 20 percent interest.
Advanced Exploration and Promising Targets
Noronex has conducted comprehensive due diligence and technical work over the past year, generating multiple high-priority drill targets within the project area. The company has employed sophisticated exploration techniques including remote sensing surveys, radiometric analysis, and artificial intelligence-assisted geological modeling.
These advanced methods have confirmed several promising hard rock uranium targets, including uranium-thorium anomalies identified through spectrometry surveys conducted in 2025. The exploration has outlined new targets with extensions of alaskite-hosted mineralization striking into Noronex's tenure from the adjacent Bannerman Energy Etango uranium deposit.
Favorable Geological Conditions
Geological mapping has revealed particularly favorable structural and stratigraphic settings within the project area, including domal closures and flat-lying alaskite sheets. These geological features are significant because alaskite bodies typically form along the flanks of major dome structures, often associated with structural lineaments that can host substantial uranium mineralization.
Alaskite-hosted uranium deposits represent a distinctive class of mineralization characterized by large tonnage and relatively low-grade uranium content. These deposits are associated with leucogranite intrusions known as alaskites, which have made Namibia a globally significant uranium producer.
Namibia's Established Uranium Industry
Namibia has established itself as a top-five global uranium producer with more than forty years of safe export history. The country's uranium industry centers around its renowned alaskite deposits, which collectively contain enormous uranium resources.
The region hosts several world-class operations including the producing Rössing and Husab mines, along with the Etango and Valencia deposits. Collectively, these projects contain over 800 million pounds of uranium oxide, underscoring the district's exceptional mineral endowment.
The Rössing uranium project stands as one of the world's largest open-pit uranium mines, having produced more than 140,000 tonnes of yellowcake since commencing operations in 1976. Meanwhile, the Husab mine hosts an impressive resource exceeding 300,000 tonnes of uranium oxide and is projected to continue operations until 2044. In 2019 alone, Husab accounted for six percent of global uranium production, ranking as the world's second-largest uranium mine by output.
Infrastructure Advantages
Western Namibia offers exceptional infrastructure for mining operations, with the Etango North Project benefiting from proximity to established facilities. The large export facility at Walvis Bay lies just 35 kilometres from the project, while the coastal city of Swakopmund, with a population of 25,000 people, is located approximately 40 kilometres southwest of Etango North.
This established infrastructure significantly reduces development costs and logistical challenges compared to more remote exploration projects, providing Noronex with a distinct advantage in advancing the Etango North Project toward potential production.
Immediate Exploration Activities
Noronex has moved swiftly to capitalize on its newly acquired position, with the company confirming last week that a maiden reverse circulation drilling program is already underway at the Etango North uranium project. This immediate action demonstrates the company's commitment to rapidly advancing exploration activities and testing the high-priority targets identified through its technical work.
According to Noronex Limited managing director and chief executive officer Victor Rajasooriar, exercising the option to secure 51 percent ownership of Etango North represents a major step forward for the company. The technical work completed over the past year has consistently reinforced the project's quality and its potential to host significant alaskite-hosted uranium mineralization.
Strategic Implications
In a district that has already produced multiple world-class uranium deposits, even modest exploration success at Etango North could rapidly transform Noronex from a hopeful explorer into a serious new player within one of the globe's most tightly held and infrastructure-rich uranium regions. The project's location adjacent to established deposits provides compelling geological analogies and reduces exploration risk compared to completely new districts.
Alaskite uranium deposits represent a crucial component of global uranium supplies, with their extraction being vital for the nuclear energy industry. Ongoing exploration in Namibia, particularly in established districts like the one containing Etango North, continues to attract significant investment and technical attention from resource companies worldwide.
