Noronex Limited's Acquisition of Uranium Belt Project

Noronex Limited (ASX: $NRX) has announced the acquisition of an exclusive prospecting licence (EPL) in the Namibian Uranium Belt, signifying a significant addition to its portfolio of Copper Projects in Namibia. The company has entered into an exclusivity agreement over a highly prospective 7,000 HA claim located approximately 3kms north of Bannerman Energy's Etango project, allowing it to conduct due diligence and acquire up to an 80% interest via earn-out.

Executive Director's Commentary on Acquisition

We are pleased to enter into an exclusivity and earn-in agreement on EPL 6776. This EPL is in the heart of the Namibian Uranium belt which contains some of the world's leading Uranium producers and development projects. The addition of a claim with significant uranium prospectivity just 3kms north of Bannerman Resource's Etango project adds to our large existing copper portfolio and provides the company with exposure to two of the key commodities (uranium and copper) as the world rapidly progresses towards a green energy future. Noronex's in-country expertise in Namibia as well as its strong relationships with regulators, service providers and key vendors has positioned it well to execute on this Uranium opportunity which we see as highly complementary to our exciting copper projects on the Kalahari Copper Belt. This is no way distracts the company's focus from our copper assets & realizing value for shareholders.

Summary of Acquisition and Outlook

Noronex's acquisition of the exclusive prospecting licence in the Namibian Uranium Belt marks a strategic move to diversify its portfolio and capitalize on the growing demand for uranium and copper in the global shift towards green energy. The company's commitment to conducting due diligence, completion of environmental clearance certificate, and planning for potential drill program demonstrates its proactive approach to harnessing the potential of the acquired claim. With Namibia being one of the leading jurisdictions for Uranium mining and the company's strong expertise in the region, Noronex is well-positioned to leverage this opportunity. The capital raising of up to $0.91m to fund initial exclusivity payments and due diligence costs reflects the company's prudent financial planning. The outlook for Noronex involves leveraging its in-country expertise, strong relationships, and strategic acquisitions to drive value for shareholders and capitalize on the opportunities presented by the uranium and copper markets.