Noronex to pull $4.5m from Witvlei copper sale

The West Australian2025-11-24

Noronex Limited has struck a binding agreement to sell its Witvlei copper project in Namibia for $4.5 million in staged payments, a move the company says will sharpen its focus on the Kalahari Copper ...

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The staged deal will streamline its portfolio and strengthen its balance sheet for upcoming exploration.","collect":0,"end_time":0,"defaultTopTitle":"thewest.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4159":"经销商","JEM":"707 Cayman Holding Limited"},"translate_title":"Noronex将从Witvlei铜销售中撤资450万美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JEM":1},"content_text":"Noronex Limited has struck a binding agreement to sell its Witvlei copper project in Namibia for $4.5 million in staged payments, a move the company says will sharpen its focus on the Kalahari Copper Belt while strengthening its cash position for 2026 exploration.The asset is held through joint-venture vehicle Larchmont Investments Pty Ltd (LIP), in which Noronex holds an 80% interest. On completion of the staged sale, Noronex will receive $3.6 million, with the remaining 20% flowing to minority partner Larchmont Holdings. The deal encompasses the Witvlei licences EPL 7028 and 7029, representing just 3.5 per cent of Noronex’s Namibian landholdings and includes a JORC 2012 resource of 8.78 million tonnes at 1.28 per cent copper, containing 112,500 tonnes of metal.Under the agreement, private group Joint Era Mining Co. (JEM), will pay a non-refundable $200,000 option fee within seven days, granting a three-month exclusivity period for due diligence. At the end of that period an initial $1.25 million cash tranche is due, alongside a transfer of 60 per cent of LIP. A second $1.25 million milestone tranche becomes payable on grant of a mining licence. A final $2 million deferred payment will be delivered via a 2 per cent net smelter return royalty from future production until the full amount is met.As part of the transaction, Noronex will issue 20 million options to JEM at a strike price of 2.4c, expiring two years from the agreement date. The options vest on receipt of the first major tranche.Management says the sale streamlines its Namibian footprint, given Witvlei sits about 120 kilometres from the company’s Humpback-Damara copper project where South32 is currently funding a 7,000m RC drilling campaign. It also frees cash for Noronex’s maiden drill program at its Etango North uranium prospect early next year.Noronex Managing Director Victor Rajasooriar said the sale delivered both capital and clarity at a pivotal time. He noted that the incoming owner “has the funding capacity to take the Witvlei Project to the next step of commercial development”, while the proceeds strengthen Noronex’s hand as it advances its copper and uranium work programs. He added that the incoming options package reflects JEM’s confidence in the broader Kalahari Copper Belt strategy.Namibia has become one of Africa’s most sought-after mining jurisdictions in recent years, with Bannerman Energy progressing construction of its Etango uranium mine and Rossing and Husab continuing to anchor the country’s hard-rock uranium corridor. These long-life operations have helped frame Namibia as a stable, mining-friendly environment for global capital.The Kalahari Copper Belt itself has attracted major interest, with Sandfire Resources’ acquisition of MOD Resources in 2019 and MMG’s purchase of the Khoemacau copper mine in 2024 signalling a new wave of large-scale investment into sediment-hosted copper systems along the belt.Witvlei’s sale allows Noronex to channel its efforts into those same structural corridors — particularly the Powerline, Humpback and Damara prospects where drilling is already underway under its earn-in agreements with South32. The company expects its next round of copper results from these programs through 2026.And that’s where the story circles back. With Witvlei monetised and its focus squarely on emerging copper and uranium targets in Namibia and Botswana, Noronex may have cleared its deck at exactly the right time. The company now has capital coming in, rods turning across the belt and a cleaner path to test the structures that matter. If the exploration gods oblige, things could get interesting quickly as 2026 kicks off for Noronex.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2586139514","isCrawlerRequest":true}