Drilling Delays and Agreement Execution Loom Over Noronex’s Copper Ambitions

Strategic Alliance Expansion

Noronex Limited (ASX – NRX) has announced a significant expansion of its Strategic Alliance Agreement (SAA) with South32 Limited, incorporating two newly acquired tenements in Botswana into the partnership. This move underscores growing confidence in the Kalahari Copper Belt’s copper potential, with South32 committing to an earn-in funding of A$5 million over five years to acquire a 60% interest in these tenements.

The inclusion of Botswana’s PL0074/2025 and PL0075/2025 tenements follows a thorough technical due diligence process, including site visits and geological data reviews. South32’s decision to exercise its earn-in right reflects the promising geological context and recent drilling results that have de-risked the exploration ground.

Drilling Breakthroughs in Namibia

At the heart of this expanded alliance is the Damara Copper Project in Namibia, where Noronex has completed seven initial reverse circulation (RC) scout drill holes. These represent the first drilling undertaken in this under-explored terrane of the northern Kalahari Copper Belt. The results have been encouraging, with anomalous copper values reaching up to 800 parts per million (ppm) in basement rocks, a significant anomaly against background levels.

These findings have provided fresh insights into the geological framework, revealing similarities with the well-known Central African Copper Belt deposits in Zambia and Congo. The presence of mafic intrusives and volcanic sequences interpreted as key to copper mineralisation offers a compelling case for further exploration.

Ongoing and Future Exploration Plans

Funded by South32’s earn-in agreement, Noronex is actively advancing its diamond drilling program at the Fiesta Project, located on the western edge of the Humpback tenements. Despite some operational delays due to weather and equipment issues, drilling continues to target structures analogous to major deposits like the Khoemacau Copper Project in Botswana.

Looking ahead to fiscal year 2026, the alliance anticipates committing at least A$1 million each quarter to drilling and exploration activities across the combined Namibian and Botswana tenements. Noronex will manage these programs, applying modern exploration technologies to unlock the region’s Tier-1 discovery potential.

Strategic Positioning and Market Implications

Noronex’s Managing Director and CEO, Victor Rajasooriar, highlighted the strategic advantage of the alliance with South32, noting the combination of a motivated technical team, a substantial tenement package, and systematic exploration approaches. The expanded partnership not only strengthens Noronex’s foothold in the Kalahari Copper Belt but also aligns with South32’s broader copper exploration ambitions.

With a current JORC resource of 10 million tonnes at 1.3% copper at its Witvlei Project, Noronex is well-positioned to grow its resource base. The inclusion of Botswana tenements and positive drilling results signal a potential step-change in the company’s exploration trajectory.