Noronex Unveils New Copper Discoveries and Botswana Expansion with South32

Fiesta Project Drilling Yields Encouraging Results

Noronex Limited has unveiled two notable new mineralised intercepts from deep diamond drilling at its Fiesta Copper Project in Namibia. The standout hole, 25FIEDD026, intersected 11 metres grading 0.5% copper and 18 grams per tonne silver from 371 metres, and a further 6 metres at 0.7% copper and 15 grams per tonne silver from 455 metres. These results build on previous promising intercepts, reinforcing the potential of the Western Lens area within the project.

Additionally, a water bore drilled to support the diamond drilling program, hole 25FIEWB025, returned mineralisation despite some sampling contamination, with 9 metres at 0.63% copper and 21 grams per tonne silver from 120 metres. The diamond drilling program at Fiesta concluded in July, with assay results pending from two further holes, while the rig has moved to test the nearby high-potential Oosterwald Prospect.

Strategic Alliance with South32 Expands into Botswana

Noronex’s partnership with global miner South32 has deepened, with South32 agreeing to include two newly acquired Botswana tenements into their Strategic Alliance Agreement. South32 has exercised its earn-in rights to acquire up to 60% of these Botswana tenements by funding exploration activities to the tune of A$5 million over five years. This expansion complements Noronex’s extensive landholding across the Kalahari Copper Belt, which now spans nearly 9,800 square kilometres across Namibia and Botswana.

The Botswana tenements lie adjacent to key regional projects, including the Kitlanya West Project operated by Cobre Ltd in joint venture with BHP. Noronex plans to commence geochemical sampling shortly in Botswana, targeting under-explored areas with complex geological signatures, potentially unlocking new copper discoveries.

New Leadership and Uranium Exploration Progress

In May 2025, Noronex appointed Victor Rajasooriar as Managing Director and CEO, bringing extensive mining executive experience to lead the company’s growth strategy. Rajasooriar expressed optimism about the company’s prospects in the Kalahari Copper Belt, highlighting the strategic alliance with South32 as a strong foundation for future success.

Meanwhile, Noronex has initiated a spectrometry survey at the Etango North Uranium Project in Namibia, located in a prolific uranium district. This survey aims to identify new uranium targets on the tenement, which lies near Bannerman Energy’s Etango Deposit currently under construction.

Financial Position and Corporate Developments

Noronex closed the quarter with a cash balance of A$1.008 million, maintaining stability despite spending A$582,000 on exploration and evaluation, primarily at the Fiesta Project. The company reported no mining production costs during the period. Additionally, Noronex is advancing the proposed sale of its Dordabis asset, with final discussions ongoing and proceeds expected in the near term.

To enhance investor engagement, Noronex launched a new dedicated investor website, providing streamlined access to company updates, reports, and direct communication channels with management.