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Noronex Ltd. ( (AU:NRX) ) has shared an update.
Noronex has completed the sale of its non-core Dordabis Copper Project in Namibia to Umino, receiving a total of N$11.5 million, including a final payment of N$5 million. The project represents only about 2% of Noronex’s Namibian tenure, and the exit is designed to streamline its asset base and sharpen focus on more prospective copper and uranium opportunities.
Under the new ownership structure, Umino will hold 86% of Borage, the entity that owns the Dordabis licence, while Noronex and joint venture partner Larchmont Holdings retain 11.2% and 2.8% respectively, with Umino assuming all future project costs. Larchmont’s decision to take half of its final consideration in Noronex shares signals confidence in the broader portfolio, while the funds raised bolster Noronex’s balance sheet and will be directed toward advancing drilling and exploration at its Namibian uranium and copper projects.
The most recent analyst rating on (AU:NRX) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Noronex Ltd. stock, see the AU:NRX Stock Forecast page.
More about Noronex Ltd.
Noronex Limited is an ASX-listed mineral exploration company focused on copper and uranium assets in Namibia’s Kalahari Copper Belt. Its portfolio spans about 832,000 hectares, including projects such as Humpback, Damara and Powerline, where it is advancing exploration through earn-in agreements with South32 and prioritising high-potential targets.
Average Trading Volume: 924,896
Technical Sentiment Signal: Sell
Current Market Cap: A$8.81M
See more data about NRX stock on TipRanks’ Stock Analysis page.