Australian minerals explorer Noronex Limited has announced a major strategic move, striking a binding $4.5 million deal to divest its Witvlei copper project in Namibia. The staged sale will see the company streamline its portfolio and bolster its cash reserves ahead of an aggressive 2026 exploration program focused on the prolific Kalahari Copper Belt.
Transaction Details and Payment Structure
The asset sale involves Noronex's 80% interest in the Witvlei project, held through joint-venture vehicle Larchmont Investments Pty Ltd. Under the agreement, private group Joint Era Mining Co. (JEM) will pay $4.5 million through structured payments, with Noronex receiving $3.6 million and minority partner Larchmont Holdings collecting the remaining 20%.
The transaction follows a clear timeline: JEM will pay a non-refundable $200,000 option fee within seven days, securing a three-month exclusivity period for due diligence. Following this period, an initial $1.25 million cash payment is due alongside transfer of 60% of LIP. A second $1.25 million milestone payment becomes payable upon grant of a mining licence, while a final $2 million deferred payment will be delivered via a 2% net smelter return royalty from future production.
As part of the arrangement, Noronex will issue 20 million options to JEM at a strike price of 2.4 cents, with the options vesting upon receipt of the first major payment tranche and expiring two years from the agreement date.
Strategic Rationale and Exploration Focus
Noronex management emphasised that the sale represents a strategic refinement of their Namibian footprint. The Witvlei project, encompassing licences EPL 7028 and 7029, represents just 3.5% of Noronex's total Namibian landholdings and contains a JORC 2012 resource of 8.78 million tonnes at 1.28% copper, equivalent to 112,500 tonnes of metal.
Noronex Managing Director Victor Rajasooriar stated the transaction delivers both capital and operational clarity at a pivotal moment for the company. "The incoming owner has the funding capacity to take the Witvlei Project to the next step of commercial development," Rajasooriar noted, adding that the proceeds strengthen Noronex's position as it advances its copper and uranium work programs.
The sale enables Noronex to concentrate resources on its core assets, particularly given Witvlei's location approximately 120 kilometres from the company's Humpback-Damara copper project, where South32 is currently funding a 7,000-metre RC drilling campaign.
Broader Context and Market Opportunities
Namibia has emerged as one of Africa's most sought-after mining jurisdictions in recent years, with Bannerman Energy progressing construction of its Etango uranium mine and established operations at Rossing and Husab reinforcing the country's reputation as a stable, mining-friendly environment for global investment.
The Kalahari Copper Belt has attracted significant attention from major miners, highlighted by Sandfire Resources' acquisition of MOD Resources in 2019 and MMG's purchase of the Khoemacau copper mine in 2024. These transactions signal growing confidence in sediment-hosted copper systems along the belt.
With Witvlei monetised, Noronex can now channel efforts into its priority structural corridors – particularly the Powerline, Humpback and Damara prospects where drilling is already underway under earn-in agreements with South32. The company also plans to deploy capital toward its maiden drill program at the Etango North uranium prospect early next year.
The company expects to report fresh copper results from these exploration programs throughout 2026, positioning Noronex to potentially capitalise on the growing investor interest in both copper and uranium assets within the region.
