Noronex (ASX:NRX) has moved to a 51% ownership stake in the Etango North Uranium Project (EPL 6776), signaling a major expansion within Namibia’s premier hard-rock uranium district.
Following an exclusivity period and technical due diligence, the company exercised its Stage 1 earn-in option with a combined cash and share payment totaling $135,000 to its local Namibian partner.
The project is strategically positioned along strike from the world-class Rossing and Husab mines and sits just 3km north of Bannerman Energy’s Etango development.
Supported by AI-assisted geological modeling and radiometric surveys that identified high-priority alaskite-hosted targets, Noronex has already commenced its maiden RC drilling program.
CEO Victor Rajasooriar noted that the move firmly positions the company "in the heart of one of the world’s most productive uranium districts," complementing its existing copper portfolio.
Looking ahead, Noronex retains the right to increase its interest to 80% by August 2027, pending further exploration milestones and payments, as it continues to integrate advanced remote sensing data to refine its drilling operations.