Noronex Limited Secures Sleitat Tin Project in Alaska, CEO James Thompson Drives US Critical Minerals Expansion

Strategic US Tin Market Entry via Sleitat Acquisition

Noronex has agreed to acquire 100% of Alaskan Critical Minerals Pty Ltd (ACM), which holds rights to 100% of Strongbow Alaska Inc, owner of the Sleitat Tin-Tungsten-Silver Project. Located in Alaska's Kuskokwim Ranges, approximately 410 km southwest of Anchorage and 137 km northeast of the Dillingham port on the North Pacific, the project covers 33 State of Alaska mining claims spanning about 2,137 hectares (5,280 acres). This acquisition positions Noronex uniquely, as no tin mining has occurred in the US since 1993, and the US Geological Survey identified Sleitat as one of only two potentially economic tin deposits nationwide.

The agreement grants Noronex a 60-day exclusive due diligence option, extendable by 30 days for an additional A$25,000. An initial deposit of A$50,000 cash and A$50,000 in NRX shares was paid within five days of signing. Upon option exercise, Noronex will issue A$1,000,000 in NRX shares and pay A$375,000 cash two years later. Additional milestone shares up to A$1,000,000 are payable upon meeting JORC or NI 43-101 resource targets and a mining decision. Shareholder approval is required at a meeting scheduled for late August 2026.

Exceptional Historical Drilling Results and Expansion Potential

The Sleitat Project features extensive historical drilling from 1984 to 2006, with 14 diamond drill holes completed across greisen zones. Cominco America Inc drilled holes 1 to 9 between 1984 and 1988, while Brett Resources Inc completed five holes in 2006. Drilling returned bonanza-grade tin and silver intercepts near surface, remaining open at depth and along strike. Notably, one intercept yielded 29.1 metres at 1.56% tin and 28 g/t silver, including 3.1 metres grading 12.55% tin and 198 g/t silver from 20.4 metres depth. Other significant intercepts include 47.9 metres at 0.40% tin (with 9.45 metres at 2.99% tin), 19.8 metres at 0.71% tin, and 23.47 metres at 0.36% tin.

A 1989 US Bureau of Mines historical resource estimate (non-JORC) reported 25.9 million tonnes at up to 0.37% tin, 0.04% tungsten, and 17 g/t silver, equating to approximately 58,060 to 96,162 tonnes of contained tin. Noronex notes that a Competent Person has not classified this as a Mineral Resource or Ore Reserve under JORC Code (2012), and further evaluation is needed for JORC compliance. The southern greisen zone remains undrilled despite strong surface geochemistry, representing a key exploration target.

CEO James Thompson Leads Growth and Copper-Silver Portfolio Advancement

James Thompson, recently appointed CEO, brings extensive experience leading ASX-listed companies to advance the Sleitat acquisition and broader growth strategy. He described Sleitat as "a fantastic opportunity for Noronex shareholders" due to the scarcity of large-scale US tin projects and high-grade historical results with significant exploration upside. Mineralisation remains open east, west, and at depth, with plans to finalize due diligence, define a JORC Exploration Target, and design follow-up drilling.

Thompson also highlighted progress on Noronex's copper-silver assets in Namibia and Botswana's Kalahari Copper Belt. The 2026/27 budget includes a 3,000-metre drilling program in December 2026, conducted with South32 under earn-in agreements for the Humpback-Damara and Cgae Cgae projects, with ongoing support from South32.

Uranium and Copper-Silver Discoveries in Namibia and Botswana During June 2026 Quarter

During the June 2026 quarter, Noronex achieved key exploration milestones across its African portfolio. Maiden reconnaissance drilling at Namibia's Etango North Uranium Project confirmed a broad uranium system, including 4 metres at 270 ppm U3O8 from 78 metres depth, within a premier hard-rock uranium district. A 7,112-metre Powerline RC drilling program confirmed copper-silver mineralisation at the D'Kar-NPF contact, including 28 metres at 0.30% copper and 26 g/t silver.

Initial scout drilling at Botswana's Cgae Cgae Copper-Silver Project confirmed copper anomalism beneath Kalahari cover, indicating an evolving fertile hydrothermal system. These discoveries demonstrate active exploration progress and early-stage confirmation of mineralising systems, suggesting potential for resource definition with further drilling.

Technical Due Diligence and Core Validation at Alaska Geologic Materials Center

In June 2026, Noronex staff inspected preserved drill core at Anchorage's Alaska Geologic Materials Center, confirming abundant cassiterite-bearing greisen mineralisation consistent with historical drilling. This validation supports confidence in the project's tin mineralisation. Next steps include completing legal and technical due diligence, compiling and validating historical data, and reviewing preserved core.

Planned technical work involves handheld pXRF screening for tin, tungsten, and silver, plus LIBS analysis for lithium and light elements. The company will also plan a field program with geological mapping, surface rock-chip sampling, and geophysical surveys to support defining a JORC-compliant exploration target and identifying drill-ready prospects.

Exploration Targets and Follow-up Drilling Program Development at Sleitat

Noronex plans to evaluate a JORC Exploration Target for Sleitat during due diligence and early assessment. While not yet defined, this target will integrate historical drilling, surface geochemistry, core validation, and geophysical data. Mineralisation remains open at depth and along strike in both greisen zones, providing strong drilling target potential.

Designing a follow-up drilling program is a near-term priority, aiming to rapidly advance Sleitat after shareholder approval and due diligence completion. The southern greisen zone, undrilled to date, offers multiple new targets. Historical intercepts and geochemistry will guide drill prioritisation to define JORC Code (2012) mineral resources.

Share Capital and Acquisition Payment Details

Noronex Limited has 647,640,849 shares issued as of 24 July 2026. The Sleitat acquisition payment combines cash and shares to maintain capital flexibility while giving vendors equity exposure. An initial A$50,000 cash and A$50,000 in NRX shares deposit was paid promptly. Upon option exercise, A$1,000,000 in NRX shares will be issued, followed by a A$375,000 cash payment two years later.

Performance-based milestone shares up to A$1,000,000 are contingent on meeting JORC or NI 43-101 resource thresholds and a mining decision, aligning vendor interests with project success. The number of shares for milestone payments is undisclosed pending share price parameters.

US Tin Criticality and Geopolitical Supply Chain Context

The Sleitat acquisition occurs amid growing concerns over tin supply security and critical minerals in North America. With no US tin mining since 1993, operational tin production capacity has been absent for over 30 years. The US Geological Survey's identification of Sleitat as one of only two potentially economic tin deposits highlights its strategic importance. Tin is critical for solders, electronics, and advanced manufacturing.

This geopolitical backdrop may support project development as US policymakers and industries seek to diversify tin sources. Sleitat's proximity to the Dillingham port (137 km) and location in a stable regulatory environment offer competitive advantages over higher-risk jurisdictions. Noronex's timing aligns with heightened North American focus on critical mineral supply security, fostering positive sentiment for dormant projects with known resources.

Historical Resource Limitations and JORC Compliance Roadmap

Noronex has disclosed important caveats about the 1989 historical resource estimate at Sleitat, which is not JORC Code (2012) compliant. A Competent Person has not classified it as a Mineral Resource or Ore Reserve, and further exploration is needed to confirm JORC reporting eligibility. This cautious disclosure reflects the uncertainty of historical data reliability.

Achieving JORC compliance will require re-sampling and re-assaying historical drill core, modern geostatistical resource modeling, and infill and extension drilling. Until then, the historical estimate should not guide investment or valuation decisions. Planned activities including core validation, geophysics, geological mapping, and drilling represent essential steps toward defining a JORC Exploration Target and resource estimate.

Shareholder Approval Schedule and Final Due Diligence Steps

The Sleitat acquisition is subject to shareholder approval at a meeting planned for late August 2026. Noronex is in a 60-day exclusive due diligence period, extendable by 30 days for A$25,000, to complete legal and technical assessments before seeking shareholder ratification. This timeline suggests due diligence findings and recommendations will be presented within 4–6 weeks of the announcement.

Shareholders will review due diligence reports, legal title and permitting documents, technical evaluations, and management’s strategic rationale. This approval process is a key governance milestone providing additional scrutiny before capital commitment. Upon approval and option exercise, Noronex will proceed with field exploration planning and permitting for drilling.