Core Energy Minerals Launches $3M Raise to Drill Namibia Uranium Project
Key Takeaways
- Core Energy Minerals has secured firm commitments for a $3.025 million placement at $0.006 per share — a 25% discount to the last traded price of $0.008 — to fund uranium drilling in Namibia.
- Cornerstone investor Jose Luis Manzano, Founder and President of Integra Capital, is investing $1 million, lifting his total shareholding to 19.7% post-placement.
- Funds are directed specifically at drilling the Barking Gecko Prospect and delineating a maiden JORC Resource at the Nova Uranium Project in Namibia's Erongo uranium province.
- The placement is structured in two tranches of approximately 178 million and 326 million shares respectively, with Tranche 2 conditional on shareholder approval at an EGM expected mid-October 2026.
- Three directors — Chairman Chris Gale, MD Tony Greenaway, and NED David Vilensky — are co-investing on the same terms as unrelated investors, collectively committing $100,000 subject to shareholder approval.
$3M placement secured to accelerate Nova uranium drilling in Namibia
Core Energy Minerals (ASX:CR3) has received firm commitments for a placement of new shares at $0.006 per share to raise gross proceeds of $3.025 million (before costs), directed at advancing the Nova Uranium Project in Namibia’s Erongo uranium province. The issue price represents a 25% discount to the last traded price of $0.008 and an 18% discount to the 15-day VWAP of $0.0073 (up to close of trading 11 September 2026). Funds are earmarked to finance drilling at the Barking Gecko Prospect and delineate a maiden JORC Resource at the Nova Project.
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Placement structure and cornerstone support
Two-tranche structure
The capital raising is structured as a two-tranche placement of up to approximately 504 million shares in total, issued to institutional, professional, and sophisticated investors under section 708 of the Corporations Act 2001 (Cth).
- Tranche 1: Up to 178.08 million shares, issued unconditionally (106,850,000 shares under ASX Listing Rule 7.1 capacity and 71,235,000 shares under Rule 7.1A capacity), with the expected issue date on or around 11 September 2026.
- Tranche 2: Up to 326,081,667 shares, conditional on shareholder approval at an EGM expected to be held mid-October 2026; includes Director participation shares.
Subject to shareholder approval, each share issued in the placement will entitle participants to one free-attaching unlisted option for every three shares issued, with an exercise price of $0.011 and an expiry date three years from the date of issue.
Canaccord Genuity (Australia) Limited is acting as Lead Manager and will receive a capital raising fee of 4% and a management fee of 2% of gross proceeds, plus an allocation of 25 million options on the same terms as the placement options.
Cornerstone backing from Mr Jose Luis Manzano
CR3 substantial shareholder Mr Jose Luis Manzano is investing $1 million in the placement, lifting his total shareholding to 19.7%. Mr Manzano is Founder and President of Integra Capital, an international investment firm. He is also noted as a supporter of several Core Energy board members across prior successful ventures, lending a team-validation dimension to his continued commitment alongside the project itself.
Director participation
Subject to shareholder approval under ASX Listing Rule 10.11, the following directors have committed to participate in the placement on the same terms as unrelated investors, with their allocations included in Tranche 2:
- Chairman Chris Gale: $50,000
- Managing Director Tony Greenaway: $30,000
- Non-Executive Director David Vilensky: $20,000
Managing Director Tony Greenaway
“…”This placement ensures that Core Energy is funded to accelerate on-ground exploration across our strategic district-scale tenure in Namibia’s world-class Erongo uranium province.”…”
| Item | Detail |
|---|---|
| Gross proceeds | $3.025 million |
| Issue price | $0.006 per share |
| Discount to last price | 25% (to $0.008) |
| Discount to 15-day VWAP | 18% (to $0.0073) |
| Total shares (approx.) | ~504 million |
| Manzano investment | $1,000,000 (19.7% post-placement) |
| Lead Manager | Canaccord Genuity (Australia) Limited |
| EGM (Tranche 2 approval) | Mid-October 2026 (expected) |
What is the Erongo uranium province?
Namibia’s Erongo region is one of Africa’s most recognised uranium-producing areas, hosting world-class operating mines that have made the country a significant global uranium supplier. For an early-stage exploration company like Core Energy, securing tenure in this province provides access to a jurisdiction with established geological understanding and a track record of major uranium discoveries.
A JORC Resource (Joint Ore Reserves Committee) is a formally classified estimate of mineralisation that has reasonable prospects for eventual economic extraction. It is classified by confidence level: Inferred, Indicated, or Measured. For an exploration-stage company, delineating a maiden JORC Resource is a material milestone — it transitions a project from conceptual target to a quantified mineral inventory, which institutional investors and the market can begin to assess on more tangible terms.
Uranium itself is attracting renewed investor attention as the global energy sector weighs nuclear power’s role in decarbonisation and energy security. The combination of a tier-one Namibian address and a near-term resource delineation target makes the Nova Uranium Project’s progress a clear focus for the market.
Recent exploration results, including yttrium enrichment at Tunas within the Brazilian portfolio, illustrate the breadth of CR3’s commodity exposure as the company simultaneously directs fresh capital toward uranium delineation in Namibia.
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Immediate field work and the path to a maiden JORC Resource
Field work is commencing immediately following the placement. The use of funds is directed as follows:
- Drilling at the Barking Gecko Prospect within the Nova Uranium Project
- Delineation of a maiden JORC Resource at the Nova Project
- General working capital
- Costs of the capital raising
The next formal shareholder milestone is the EGM, expected mid-October 2026, where approval will be sought for Tranche 2 placement shares, placement options, director participation securities, and broker options. Cornerstone backing from Mr Manzano, board co-investment across three participating directors, and a fully directed drill program targeting a maiden resource together form the near-term catalyst framework for CR3 investors to watch.
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