Noronex (ASX: NRX) Confirms High Grade Uranium Discovery at Etango North as Namibia Exploration Gains Momentum

Key Highlights

• Maiden drilling at Etango North confirms high grade uranium mineralisation, with assays returning up to 4m at 270ppm U₃O₈.
• Noronex exercises its option to earn a 51% interest in the Etango North Uranium Project.
• Project sits alongside Bannerman Energy’s Etango deposit in one of the world’s leading uranium districts.
• Shares traded at A$0.092, up 9.52%, valuing the company at approximately A$38 million.

Noronex Limited (ASX: NRX) has delivered encouraging results from its maiden drilling campaign at the Etango North Uranium Project in Namibia, confirming high grade uranium mineralisation and strengthening confidence in its exploration model.

The company released final laboratory assays from its first reverse circulation drilling program at the Oasis Dome and Springbok prospects, with results validating the presence of uranium-bearing alaskite intrusions. These are the same style of rocks that host Namibia’s globally significant Rössing and Husab uranium mines.

Alongside the drilling results, Noronex announced it has exercised its option to earn a 51% interest in the Etango North Project following the successful completion of due diligence, marking another important step in advancing the project.

At the time of writing this article, NRX shares were trading at $ 0.009. Source: MarketIndex 

The strongest assay came from Oasis Dome, where hole ODC008 returned 4 metres grading 270ppm U₃O₈ from 78 metres, alongside additional intersections of 7 metres at 130ppm U₃O₈ from 61 metres and 3 metres at 140ppm U₃O₈ from 41 metres.

Elsewhere, hole ODC009 intersected 5 metres at 183ppm U₃O₈ from 205 metres, including 2 metres at 189ppm U₃O₈ from 215 metres.

At the Springbok Prospect, drilling returned 3 metres at 261ppm U₃O₈ from 181 metres in hole ODC004 and 3 metres at 151ppm U₃O₈ from 84 metres in hole ODC002.

While these are early exploration results and true widths remain unknown, the assays confirm that uranium mineralisation extends beneath previously identified surface radiometric anomalies.

The project’s location also adds to its significance. Etango North lies immediately north of Bannerman Energy’s Etango Project, one of the world’s largest undeveloped uranium deposits, which hosts a mineral resource of 416 million tonnes grading 225ppm U₃O₈. The geological similarities suggest Noronex is exploring within one of the most prospective uranium corridors globally.

Namibia has become an increasingly attractive destination for uranium exploration as governments and utilities seek to diversify nuclear fuel supplies. Growing demand from nuclear energy, combined with rising electricity needs driven by artificial intelligence data centres and the global energy transition, has renewed interest in long term uranium supply outside traditional markets.

Noronex believes its latest drilling validates the geological model developed from mapping and surface radiometric surveys completed over the past year.

Chief Geologist Tony Chisnall said the laboratory results represented an important milestone for the company.

“The receipt of laboratory assay results from our maiden RC drilling program is an important milestone because it confirms that Etango North hosts a broad uranium-bearing system within the same style of alaskite intrusions that host several of Namibia’s major uranium deposits.”

He said the initial program was designed to test priority geological and radiometric targets rather than define an economic resource.

“The assay results validate our exploration model and provide a strong foundation for further geological evaluation and follow-up.”

Mr Chisnall added that only a small portion of the prospective corridor has been drilled so far.

“While this was deliberately designed as a first-pass scout drilling program to test priority geological and radiometric targets rather than delineate economic mineralisation, the results are very encouraging and show that our geological model is working. Importantly, only a small portion of the prospective corridor has been tested, leaving numerous priority alaskite bodies and structural targets to evaluate.”

Today’s update also builds on recent corporate progress. Earlier this year, Noronex completed the sale of its Witvlei project through the Dordabis transaction, receiving the first A$1.25 million payment. That funding has helped support exploration at Etango North while reducing the company’s reliance on fresh equity raisings.

The next stage of exploration is expected to focus on extending the known mineralised zones and testing additional alaskite targets across the largely untested project area.

Source: Noronex ASX Announcement (3 July 2026), Bannerman Energy Mineral Resource Statement.