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Noronex Ltd. ( (AU:NRX) ) has provided an update.
Noronex Limited announced the receipt of an additional payment of N$1 million for the Dordabis asset in Namibia, which is part of a larger sale agreement expected to total N$13.68 million. This transaction is part of Noronex’s strategy to concentrate on discovering large-scale copper deposits in Namibia’s Kalahari Copper Belt, notably at the Humpback Copper Project. The additional funds from this transaction will enhance Noronex’s exploration activities across its Namibian and Canadian projects, including new uranium and copper ventures. The deal’s amendments are due to local transfer approval delays, with the remaining balance expected in the next quarter, allowing the buyer, Umino (Pty) Ltd, to expedite work on the Dordabis site.
More about Noronex Ltd.
Noronex Limited is an ASX-listed copper company with advanced projects located in the Kalahari Copper Belt in Namibia and Ontario, Canada. The company focuses on using modern technology and exploration techniques to expand its resources, and it holds a JORC 2012 Resource of 10Mt at 1.3% Cu at the Witvlei Project.
YTD Price Performance: 45.45%
Average Trading Volume: 771,508
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$7.99M
For a thorough assessment of NRX stock, go to TipRanks’ Stock Analysis page.
