Ann: Earn-In & Strategic Alliance with South 32 on Namibia Copper, page-30

To right. 16B MC S32.

Agree with the poster who mentioned about the dead wood here having a chance to leave the room.

Undervalued NRX at 7m MC

The key terms of the Earn-in Agreement are set out below:•

South32 shall provide A$15M in exploration funding to Noronex EMC over a period of 5 yearsin return for a right to subscribe for 60% of the shares in Noronex EMC which holds the licensesin respect of the Humpback-Damara Project.

• The minimum exploration spend before any withdrawal by South32 is A$3 million.•

Noronex will be the manager of the work programs and charge a 7.5% Operator Fee.•

The parties will form a Technical Committee to oversee and provide technical guidanceregarding the exploration programs.•

On subscription for 60% of the shares in Noronex EMC, the parties will enter into a newNoronex EMC shareholders’ agreement substantially in the form pre-agreed by the parties.

Hopefully the next Announcement follows up the uranium acquisition .
15 March 24
NEW ACQUISITION IN NAMIBIAN URANIUM BELT: Noronex has entered into an exclusivity agreement over a claim in the heart of the Namibian Uranium Belt allowing it to conduct due diligence and acquire up to an 80% interest via earn-out on a highly prospective 7,000 HA claim located approximately 3kms north of Bannerman Energy’s Etango project.

CAPITAL RAISING: The company has completed a capital raising of up to $0.91m to fund initial exclusivity payments and due diligence costs (including advancement of the environment clearance certificate) on the new claim, further works on its Kalahari Copper Belt licences, placement costs and general working capital.


IMO