Noronex Confirms Extensive Uranium Mineralisation in Maiden Drilling at Namibia’s Etango North Project

Final Assay Results Represent a Major Step in Noronex’s First Etango North Drilling Program

Noronex Limited has revealed the final laboratory uranium assay results from its maiden Reverse Circulation drilling program at the Etango North Uranium Project in Namibia. The drilling targeted uranium and thorium radiometric anomalies and interpreted extensions of alaskite intrusions beneath shallow cover within exploration licence EPL-6776. Eight holes—ODC001 to ODC006 and ODC008 to ODC009—were assayed across the Springbok and Oasis Dome prospects.

The company confirmed that the results demonstrate a widespread uranium-bearing system associated with alaskite intrusions and surrounding Damara Supergroup lithologies. Uranium mineralisation was intersected over several kilometres within the project area, supporting the interpretation of a district-scale mineralising system. Chief Geologist Tony Chisnall described these assay results as "an important milestone" confirming that Etango North hosts an extensive uranium system within alaskite intrusions similar to those hosting major uranium deposits in Namibia.

Oasis Dome Prospect Yields Multiple High-Grade Uranium Intervals in Alaskite Host

At Oasis Dome, drill hole ODC008 returned five significant intervals, including 4 metres at 270 ppm U₃O₈ from 78 metres, 3 metres at 126 ppm U₃O₈ from 70 metres, 7 metres at 130 ppm U₃O₈ from 61 metres, 3 metres at 140 ppm U₃O₈ from 41 metres, and 2 metres at 130 ppm U₃O₈ from 13 metres, all hosted in alaskite. Drill hole ODC009 at the same prospect also returned multiple intervals, notably 5 metres at 183 ppm U₃O₈ from 205 metres, 2 metres at 189 ppm U₃O₈ from 215 metres, and 2 metres at 139 ppm U₃O₈ from 192 metres.

All intervals reported are down-hole lengths; true widths remain unknown due to the early stage of drilling and uncertain mineralisation geometry. Significant intervals were reported using a 100 ppm U₃O₈ cut-off. Reported U₃O₈ values are calculated from elemental uranium assays using the conversion factor U₃O₈ = U × 1.17924, indicating these are calculated figures rather than direct uranium oxide assays—a key consideration for investors assessing the data.

Springbok Prospect Confirms Alaskite-Hosted Uranium Across Several Drill Holes

At Springbok, drill hole ODC002 intersected 3 metres at 151 ppm U₃O₈ from 84 metres, hosted in alaskite. Hole ODC004 returned 3 metres at 261 ppm U₃O₈ from 181 metres, one of the highest-grade intervals in the program. ODC005 recorded 2 metres at 132 ppm U₃O₈ from 155 metres, and ODC006 intersected 2 metres at 138 ppm U₃O₈ from 213 metres, hosted in alaskite and calc-silicate lithologies.

Not all holes yielded significant results: ODC001 at Oasis Dome showed no intercepts above 50 ppm U₃O₈, ODC003 at Springbok had no intervals above 100 ppm U₃O₈, and ODC007 at Oasis Dome was not assayed due to absence of mineralised intercepts. These mixed outcomes align with the program’s scout evaluation nature, designed to test the geological model rather than delineate mineralisation. Overall, the company described the results as "very encouraging."

Ground Spectrometry Survey Provided Foundation for Targeting at EPL-6776

The maiden drilling was based on detailed ground spectrometry, remote sensing lithostratigraphic interpretation, and field mapping. A 2025 ground spectrometry survey identified uranium and thorium radiometric anomalies across EPL-6776, guiding drill target prioritisation. The drilling confirmed widespread uranium mineralisation beneath multiple uranium/thorium anomalies from the survey, validating the targeting methodology’s effectiveness in identifying uranium-bearing alaskite intrusions.

Noronex stated these results validate the geological model and provide a solid base for further evaluation and follow-up work. Integration of ground spectrometry with remote sensing and mapping was previously announced on 3 September 2025 and 28 January 2026. Chief Geologist Tony Chisnall emphasized that the radiometric anomalies and alaskite bodies represent "meaningful bedrock uranium targets," a key de-risking factor for investors.

Noronex Exercises Option to Acquire 51% Stake in Etango North Uranium Project

In a significant corporate update, Noronex exercised its option to proceed to 51% ownership of the Etango North Uranium Project after completing the exclusivity period and transitional due diligence. This step reflects confidence in the project’s prospectivity following maiden drilling results.

Financial terms and broader ownership details of EPL-6776 were not disclosed. Investors seeking information on consideration paid, earn-in obligations, or other stakeholders should consult prior communications or contact Noronex directly. The company’s commitment signals advancement beyond initial scout evaluation.

Strategic Positioning Within Rössing-Husab Uranium Corridor Adjacent to Bannerman Energy’s Etango Project

Etango North’s strategic location underpins Noronex’s investment thesis. EPL-6776 lies immediately north of Bannerman Energy’s Etango Project, which holds a Mineral Resource of 416 million tonnes at 225 ppm U₃O₈, as reported by Bannerman Energy (ASX:BMN) on 29 May 2025. The licence is situated within the Rössing-Husab uranium corridor, a globally significant hard-rock uranium region hosting some of the world’s largest uranium mines.

The geological continuity between EPL-6776 and surrounding major uranium operations supports Noronex’s exploration rationale. The alaskite-hosted uranium style that underpins Rössing, Husab, and Etango has now been confirmed within Noronex’s licence area through this maiden drilling. Although early-stage and not constituting a Mineral Resource, the geological context highlights the potential scale of the exploration target.

District-Scale Uranium System Indicated by Multi-Kilometre Mineralised Corridor

The maiden program’s key geological takeaway is that uranium mineralisation at Etango North extends beyond isolated occurrences. Mineralisation was intersected at both Springbok and Oasis Dome prospects across several kilometres, supporting a district-scale intrusive-related uranium system within EPL-6776.

Uranium-bearing alaskite intrusions were intersected over down-hole widths of roughly 10 to 30 metres, with multiple higher-grade zones exceeding 100 ppm U₃O₈. This broad mineralised footprint across multiple prospects is the type of result exploration geologists seek when considering significant follow-up investment. The company stressed the program’s scout evaluation nature and cautioned interpreting results accordingly.

Numerous Untested Alaskite Bodies and Structural Targets Define Noronex’s Next Exploration Focus

Despite promising results, Noronex emphasized that the drilling to date covers only a small portion of a larger mineralised corridor. Numerous untested alaskite bodies and structural targets remain, representing priority follow-up targets. This suggests the company believes the mineralised system’s full extent is yet to be defined.

Chief Geologist Tony Chisnall stated, "only a small portion of the prospective corridor has been tested, leaving numerous priority alaskite bodies and structural targets to evaluate." The next key milestone will be planning and executing follow-up drilling targeting these anomalies. Timing, scope, and funding for this follow-up were not disclosed. Investors will monitor announcements regarding the next exploration phase at Etango North closely.

Implications of Maiden Drilling Results for Noronex’s Uranium Strategy in Namibia

Noronex, with 628,993,643 shares on issue and a board including Chairman David Prentice, Non-Executive Directors Robert Klug and Piers Lewis, and Chief Geologist Tony Chisnall, views the confirmation of a broad uranium system at Etango North as a significant advancement in establishing a credible uranium asset in one of the world’s premier uranium jurisdictions. Namibia offers political stability, mining-friendly policies, established uranium infrastructure, regulatory frameworks, and an experienced workforce—factors supporting long-term uranium project development.

The company’s immediate focus is on geological evaluation and follow-up drilling rather than resource definition. The results validate the exploration model and provide a firm foundation for further work. However, investors should recognize the substantial gap between confirming anomalous uranium mineralisation in a scout program and demonstrating economic viability. Noronex has not provided timelines for resource estimation, project economics, or development pathways; such assessments will require extensive additional drilling and study. The announcement did not clearly impact the share price based on available public information.

Reporting Standards, Assay Methods, and Technical Considerations for Investors

Investors and analysts should consider key technical caveats disclosed by Noronex. All reported intervals are down-hole lengths; true widths remain unknown due to early-stage drilling and uncertain mineralisation geometry, meaning reported widths may not reflect actual mineralised thickness once orientation is determined.

Reported U₃O₈ values are calculated from elemental uranium assays using the factor U₃O₈ = U × 1.17924, not from direct uranium oxide assays. Significant intervals use a 100 ppm U₃O₈ cut-off. Hole ODC007 at Oasis Dome was not assayed as no mineralised intercepts were identified. These disclosures align with standard early-stage uranium exploration reporting and highlight the preliminary nature of the data. Noronex has indicated further geological evaluation is needed to fully interpret mineralisation orientation and continuity.