Noronex completes transaction to increase interest in Witvlei JV to 95%

Noronex Limited (ASX: $NRX) has successfully completed the transaction to increase its interest in the Witvlei Joint Venture (JV) Property within the Kalahari Copper Belt in Namibia to 95%. This move consolidates Noronex's position on the belt and provides improved optionality for the further development of its Kalahari Copper Belt Projects.

Executive Director, James Thompson, on the completed acquisition

We are pleased to have completed the acquisition of an additional 25% interest in the JV vehicle that controls the Witvlei Copper Project, part of our extensive licence holding in the world-class Kalahari Copper Belt. The increase in our JV interest to 95% significantly consolidates Noronex's position on the belt and provides improved optionality for the further development of our Kalahari Copper Belt Projects. The streamlined ownership structure for potential incoming investors or joint venture partners makes our significant Kalahari Copper Belt Holding in Namibia more attractive and should result in a simplified shareholding, reporting and operational structure for the exploration and development of the assets moving forward.

Consolidation of Noronex's position in Kalahari Copper Belt and outlook

Noronex's completion of the transaction to increase its interest in the Witvlei Joint Venture Property to 95% consolidates its position in the Kalahari Copper Belt. The company's extensive licence holding in the world-class Kalahari Copper Belt, covering a total area of 800,000 hectares, provides significant exploration upside and potential for the discovery of large sedimentary copper deposits. The completion of this transaction improves the company's optionality for development and partnering, making its Kalahari Copper Belt Holding in Namibia more attractive for potential incoming investors or joint venture partners. With a streamlined ownership structure, Noronex aims to simplify shareholding, reporting, and operational structure for the exploration and development of the assets moving forward. The company expects to provide an update on the transaction shortly and plans to use modern technology and exploration techniques to generate new targets at the projects and grow the current resource base.