Noronex Launches Maiden Drilling at Namibia Uranium Project

Noronex Limited Launches Maiden Drilling Program at Namibia's Strategic Uranium Project

Noronex Limited (ASX: NRX) has appointed a drilling contractor for its inaugural drilling programme at the Etango North Uranium Project in Namibia, marking a significant milestone for the company's uranium exploration ambitions. The Noronex Ltd uranium project Namibia sits in the heart of Namibia's world-class uranium district, directly along strike from major uranium operations including the Rössing and Husab mines.

The maiden Reverse-Circulation (RC) drilling programme will test multiple high-priority uranium targets identified through extensive ground surveys completed in September 2025. These targets represent compelling opportunities for uranium discovery in one of the world's premier uranium regions, with the project positioned immediately adjacent to Bannerman Energy's Etango development containing 207 million pounds of uranium oxide.

What Makes This Drilling Programme Strategically Important?

The upcoming drilling programme represents the first sub-surface testing of uranium targets at Etango North, building on comprehensive surface exploration work that has identified multiple Uranium/Thorium (U/Th) anomalies and interpreted granite extensions. Furthermore, the programme specifically targets several key geological features.

According to the announcement, the programme focuses on:

• U/Th anomalies defined in the September 2025 ground survey
• Granite bodies mapped and confirmed during field surveys
• Structural settings where flat-lying granite sheets are interpreted to thicken
• Historical anomalous drilling located immediately adjacent to the licence boundary (>100 ppm U)
• Areas of surface cover where anomalies may be more extensive than currently mapped

The drilling will validate the geological model developed from recent geophysical work and AI-assisted interpretation, providing crucial third-dimension testing of the identified targets.

Understanding Uranium-Bearing Granite: The Key to Namibian Success

Uranium-bearing granite serves as the primary host rock for uranium deposits in Namibia's uranium district. These intrusive rocks are typically light-coloured, coarse-grained granites that formed during specific geological events and are known to concentrate uranium-bearing minerals.

In the Namibian context, granite-hosted uranium deposits have proven to be world-class resources. The Rössing mine, one of the world's largest open-pit uranium operations, extracts uranium from granite formations. Similarly, the massive Husab project, which reached commercial production in recent years, targets uranium within these geological formations.

For investors, the presence of mapped granite extensions at Etango North is highly significant because it indicates the project area shares the same geological characteristics as proven uranium deposits in the region. In addition, the ability to trace these formations along strike from established mines provides strong geological confidence in the exploration potential.

Technical Context

Uranium-bearing granite formations in Namibia typically contain uranium concentrations ranging from 100-500 parts per million, significantly above background levels. The structural settings where these granites thicken often represent optimal zones for uranium concentration and economic mineralisation.

Prime Location in World-Class Uranium District

Etango North's strategic positioning cannot be overstated. The Noronex Ltd uranium project Namibia sits in the Central Zone of Namibia's Erongo Region, surrounded by major uranium operations:

This clustering of uranium resources in a relatively small geographic area demonstrates the exceptional uranium endowment of the region. However, the geological continuity between these projects suggests that uranium mineralisation extends across the broader district, with the project positioned to potentially benefit from this geological continuity.

Managing Director Victor Rajasooriar emphasised the significance: "The targets defined from the ground survey and AI-assisted modelling represent a compelling opportunity for a greenfields uranium discovery in one of the world's premier uranium districts."

Advanced Exploration Foundation

The upcoming drilling programme builds on substantial groundwork completed over recent months. For instance, the September 2025 ground survey delivered multiple breakthrough results.

September 2025 Ground Survey Results:

• Multiple high-priority U/Th anomalies identified
• Confirmed extensions of granite-hosted mineralisation
• Refined target geometry through advanced data processing

Recent Remote Sensing Work:

• Completed geological interpretation over past two months
• Highlighted structural and stratigraphic controls
• Confirmed favourable settings for uranium-bearing granite emplacement
• Strengthened confidence in priority drill targets

The integration of traditional geophysical techniques with modern AI-assisted interpretation represents a sophisticated approach to target generation, potentially improving the success rate of initial drilling efforts.

Joint Venture Structure and Earning Opportunity

Etango North operates under a joint venture structure where Noronex can earn up to an 80% interest in EPL 6776. This arrangement provides Noronex with several strategic advantages.

The joint venture structure offers:

• Management and operational control of exploration activities
• Majority ownership pathway through exploration investment
• Local partnership with Namibian interests for regulatory and community support
• Strategic positioning in a proven uranium district

Furthermore, this structure allows Noronex to advance a significant uranium project whilst maintaining operational control and the potential for substantial ownership upon meeting earning requirements.

Planned Drilling Targets and Methodology

According to the announcement, the initial RC programme will focus on multiple target types that have emerged from comprehensive geological assessment.

Primary Target Categories

Geophysical Anomalies:
The September 2025 survey identified several U/Th anomalies that warrant drill testing. These anomalies represent areas where uranium and thorium concentrations exceed background levels, potentially indicating uranium mineralisation at depth.

Structural Targets:
Remote sensing interpretation has mapped key geological contacts and highlighted dome-shaped structures favourable for granite emplacement. Moreover, these domal structural settings often represent zones where uranium-bearing granites thicken and concentrate mineralisation.

Historical Drill Areas:
The programme will test areas immediately adjacent to the licence boundary where historical drilling returned uranium values exceeding 100 parts per million, suggesting mineralisation continuity into Noronex's tenure.

Drilling Strategy

The programme is designed to provide first-pass testing of the third dimension and validate the geological model developed from recent geophysical and AI-assisted interpretation. This systematic approach aims to confirm geological continuity and establish the foundation for expanded exploration programmes.

Investment Thesis: Uranium Exposure in Premier District

The Noronex Ltd uranium project Namibia offers investors several compelling advantages across multiple strategic dimensions.

Strategic Location Benefits:

• Positioned in the heart of Namibia's established uranium district
• Along strike from major uranium resources and operations
• Proven geological setting with demonstrated uranium endowment
• Established infrastructure and mining expertise in the region

Exploration Upside:

• Maiden drilling programme testing multiple high-priority targets
• Advanced target generation using modern techniques
• Strong geological rationale based on successful nearby projects
• Potential for greenfields uranium discovery

Broader Company Context:

Whilst Noronex is primarily known for its copper exploration projects in the Kalahari Copper Belt, the uranium exposure provides valuable diversification within the critical minerals sector. Additionally, the company maintains a Strategic Alliance Agreement with South32 for its copper projects, whilst independently advancing the uranium opportunity at Etango North.

Market Context and Timing

The commencement of drilling occurs during a period of renewed interest in uranium assets, driven by global nuclear energy expansion and supply chain considerations. Namibia has established itself as a reliable uranium supplier, with established mining infrastructure and regulatory frameworks supporting the industry.

The country currently ranks among the world's top uranium producers, with existing operations demonstrating the viability of uranium mining in the region. Consequently, this established industry presence provides confidence in the operational feasibility of new discoveries.

Why Should Investors Follow Noronex's Uranium Journey?

The commencement of maiden drilling at Etango North represents a significant catalyst for Noronex, offering several reasons for investor attention across multiple timeframes.

Near-term Catalysts:

• Drilling results expected in coming months
• First sub-surface testing of identified uranium targets
• Potential for uranium discovery in world-class district
• Validation of geological model and exploration approach

Strategic Positioning:

• Uranium exposure during period of strong market fundamentals
• Location in proven uranium district with established operations
• Joint venture structure providing pathway to majority ownership
• Experienced geological team with local expertise

Diversification Value:

• Uranium exposure complements primary copper focus
• Critical minerals portfolio aligned with energy transition themes
• Multiple project pipeline reducing single-asset risk
• Partnership with major mining company (South32) on copper projects

Key Takeaway

The Noronex Ltd uranium project Namibia maiden drilling programme positions the company for potential uranium discovery in one of the world's premier uranium districts. With drilling expected to commence shortly, the coming months will be pivotal in determining whether the company can unlock the uranium potential identified through extensive surface exploration work.

The appointment of the drilling contractor marks the transition from exploration preparation to active target testing, representing a crucial inflection point for Noronex's uranium ambitions in Namibia's world-class uranium district. However, investors should monitor the drilling results closely as they will provide the first sub-surface validation of the exploration model developed through comprehensive surface work.

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