Noronex’s $750K Placement Signals Uranium Focus Amid Copper Exploration
Noronex Limited has raised $750,000 through a strategic placement to fund uranium exploration at its Etango North Project in Namibia, complementing its ongoing copper programs backed by South32.
- Raised $750,000 via placement of 53.57 million shares at $0.014 each
- Funds earmarked for uranium drilling at Etango North and business development
- Placement shares issued at no discount to 15-day VWAP but 18% below last close
- Copper exploration fully funded by South32 under earn-in agreements
- Plans for dual exploration streams in Namibia and Botswana over next 12 months
Strategic Capital Injection
Noronex Limited (ASX, NRX) has announced a strategic placement raising $750,000 through the issuance of over 53 million shares at $0.014 each. This capital raise targets a select group of professional and sophisticated investors, marking their first entry onto the Noronex share register. The placement price aligns with the 15-day volume weighted average price but represents an 18% discount to the last closing price, reflecting a balance between attracting new investors and maintaining shareholder value.
Advancing Uranium Exploration
The proceeds will primarily support the initial drilling phase at the Etango North Uranium Project in Namibia. This project sits within Namibia’s hard rock uranium district, where Noronex holds a joint venture allowing it to earn up to an 80% interest. The company aims to test multiple evolving uranium targets, expanding its footprint beyond copper exploration and tapping into the growing uranium market.
Complementing Copper Programs Backed by South32
While the placement funds uranium initiatives and business development, Noronex’s copper exploration activities remain robustly supported by its Strategic Alliance Agreement with South32. South32 is funding approximately $4 million in exploration across Namibia and Botswana over FY2026, including a major 7,000-meter drilling program in Namibia and a planned 3,000-meter reverse circulation program in Botswana. Noronex manages these exploration activities, leveraging modern technology to enhance resource growth.
Dual Exploration Streams and Future Outlook
With this fresh capital, Noronex is positioned to deliver two parallel streams of exploration news flow, uranium drilling at Etango North and ongoing copper exploration under the South32 earn-in agreements. Managing Director Victor Rajasooriar highlighted the company’s confidence in its deep value proposition, driven by the quality of its land position in the Kalahari Copper Belt and the strategic partnership with South32. The next 12 months will be critical as Noronex seeks to convert exploration potential into tangible resource growth.
Bottom Line?
Noronex’s latest placement strengthens its uranium ambitions while maintaining momentum in copper exploration, setting the stage for a pivotal year ahead.
Questions in the middle?
- What early results can investors expect from the Etango North uranium drilling program?
- How will the 18% discount on placement shares impact short-term share price dynamics?
- What are the longer-term plans for leveraging the South32 alliance beyond FY2026?
