Overview of Noronex Limited's latest development

Noronex Limited (ASX: $NRX) has announced a proposed increase in its shareholding in the flagship Witvlei property on the Kalahari Copper Belt in Namibia. The company's subsidiary is set to acquire the remaining 25% interest in the key Witvlei project, resulting in an increase in shareholding from 70% to 95%. The acquisition will be made through the issuance of 4,400,000 shares as consideration, with no cash payable.

Executive commentary on the proposed acquisition

The proposed increase in shareholding in the Witvlei project marks a significant milestone for Noronex. This transaction allows us to consolidate our interest in the advanced Witvlei project and the Dordabis project on the highly prospective Kalahari Copper Belt. It also streamlines our ownership structure, paving the way for potential incoming investors or joint venture partners. We are excited about the exploration upside, particularly the discovery of a new area of mineralization at the Daheim prospect, which further enhances the value of our portfolio.

Summary of Noronex's proposed acquisition and outlook

Noronex's proposed acquisition of the remaining 25% interest in the Witvlei project demonstrates the company's commitment to strengthening its position in the Kalahari Copper Belt. The transaction not only increases Noronex's holding in key projects but also simplifies the ownership structure, reporting, and operational framework. With a significant exploration upside and a current JORC compliant resource of 10mt @1.3% Cu, Noronex is well-positioned to capitalize on the potential of the Kalahari Copper Belt. The company's ambitions to use modern technology and exploration techniques to generate new targets and grow the current resource base reflect its strategic focus on long-term value creation.