Gilbert said he didn't think the massive volume of shares traded...

Gilbert said he didn't think the massive volume of shares traded on the market this morning necessarily represented growing scepticism about the company's operations in Namibia. More than 137 million shares have been traded in the opening two hours, representing a turnover of almost $13 million.

"There a probably a lot of day traders that are responsible for a lot of the volume, but as I have mentioned the projects are in good standing, and it is just now an issue of whether or not the renewals are going to be accepted. The investors, you would expect to be watching closely, and could potentially view this as a buying opportunity considering the state of the projects."

Gilbert added that Reefton believed there was be no chance the licences would not be renewed and ruled out any connection between today's announcement and the resignation of managing director Nikolaenko.

Last month the stock jumped 81% to around 12c before hitting a 52-week high of 18c (March 22) on the back of a new focus on uranium.