Oar Resources acquisition announcement

Oar Resources Limited (ASX: $OAR) has signed a binding agreement to acquire two Exclusive Prospecting Licences (EPL) in the Erongo Region of Namibia, Africa, and has also pegged prospective ground for Rare Earth Elements (REE) and uranium in Paraiba and Parana, Brazil. The acquisition in Namibia is expected to diversify OAR's global portfolio, with both EPLs considered highly prospective for uranium. The Company is strategically expanding its portfolio as part of its exploration strategy, aiming to develop uranium-focused exploration in tier one destinations.

Executive commentary on strategic acquisitions

OAR Resources CEO Paul Stephen stated, 'We are strategically diversifying our portfolio as part of the Company's exploration strategy, with these tenements marking a great opportunity to develop uranium focused exploration in tier one destinations. The acquisition in Namibia is significant, with both EPLs located close to a well-known uranium-enriched structural corridor and considered prospective for multiple styles of uranium mineralisation. Strategically expanding our portfolio is our priority, and the Company has worked diligently over the last quarter to find the right projects with strong resource and growth opportunities.'

Summary of Oar Resources' acquisitions and outlook

Oar Resources Limited (ASX: $OAR) has made significant strides in expanding its global portfolio by acquiring two Exclusive Prospecting Licences (EPL) in Namibia and pegging prospective ground for Rare Earth Elements (REE) and uranium in Brazil. The Company's strategic focus on diversification and exploration in tier one destinations reflects its commitment to identifying strong resource and growth opportunities. With the expected grant of the EPLs in Q2, 2024, OAR aims to expedite exploration activities in Namibia and Brazil, leveraging its vast experience and resources to secure extensive mining rights. The Company's outlook involves building in-country exploration teams, conducting environmental studies, and commencing fieldwork to identify priority areas for future drilling programs. OAR's ambitions to develop uranium-focused exploration and acquire high-quality projects demonstrate its commitment to becoming a diversified global resources company.