Noronex Ltd. · ASX:NRX
Noronex — Investing in African Mining Indaba 2026
23 slides from Noronex's conference presentation, Feb 12, 2026
Slide 1: High-Impact Exploration in One of the World's Premier Emerging Copper & Uranium Provinces
HIGH-IMPACT EXPLORATION IN ONE OF THE WORLD’S PREMIER EMERGING COPPER & URANIUM PROVINCES Hunting for a new generation of large-scale copper deposits in Namibia and Botswana & Accelerating uranium exploration in Namibia Investor Presentation – Investing in African Mining Indaba, Cape Town 9-12 Febru
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements: ● This presentation may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no a
Slide 3: Key Value Drivers
Key Value Drivers ~10,000 km2 Strategic Alliance $20 million Our extensive strategic licence Strategic Alliance with South321 – a global A 5-year earn-in commitment by holding in the Kalahari Copper mining & metals company with a diversified South32 as part of the expanded Belt, plus uranium exposur
Slide 4: Corporate Overview
Corporate Overview Experienced Board & Management Capital structure Current Shares on Issue 628.9m Share Price $0.014 Market Capitalisation $8.8m Cash (31 Dec 2025) $1.1m David Prentice Victor Rajasooriar Piers Lewis Robert Klug Non-Exec Managing Director Non-Executive Non-Executive Enterprise Value
Slide 5: Copper Landscape: Driven by Strong Fundamentals
Copper Landscape: Driven by Strong Fundamentals Copper price trending up and currently at +US$13,000/t (~US$6/lbs) Goldman Sachs predict a fundamental shift in copper market dynamics: Forecast demand growth of 3.5% in 2026 Mining output growth capped at 1.2% p.a. due to declining ore grades
Slide 6: New Copper Discoveries Critical to Meet Growing Demand
New Copper Discoveries Critical to Meet Growing Demand Copper demand growing at over 3% per year as the world continues to decarbonise its energy production: World will need more copper this decade than in the previous 150 years Major shortage of new discoveries Source: BloombergNEF Transition
Slide 7: Silver Landscape: Energy Transition Driving Soaring Demand
Silver Landscape: Energy Transition Driving Soaring Demand 10-year Silver Price Silver prices have soared over the past two years, reflecting tight physical markets and renewed investor interest Price growth reflects silver’s dual role as both a precious metal and a critical industrial input E
Slide 8: Uranium Landscape: Policy-driven Structural Reset
Uranium Landscape: Policy-driven Structural Reset Uranium prices have moved decisively higher, reflecting a persistent Uranium Price supply deficit and renewed utility contracting $110 $100 $90 Long-term prices now exceed pre-Fukushima incentive levels, signalling US$ / lb U3O8 $80 $70 confidenc
Slide 9: Kalahari District – A Major New Source of Copper Supply
Kalahari District – A Major New Source of Copper Supply Kamoa-Kakula (Ivanhoe) No resources in the belt in 2008 – now ~8Mt Cu Commenced 2021, Production ramping up from 400ktpa to 650ktpa Currently producing ~90ktpa of copper (~35% contained Copper Cu concentrate grade with Ag credits) Makoko (I
Slide 10: NRX – Strategic Position in a World-Class Copper Belt
NRX – Strategic Position in a World-Class Copper Belt ~10,000km2 landholding in the Kalahari Copper Belt – one of the world’s last under-explored large-scale copper frontiers Recently expanded Strategic Alliance with South32 provides strong technical, financial and strategic support Outstandin
Slide 11: Noronex – Strategic Landholding in the Kalahari Copper Belt
Noronex – Strategic Landholding in the Kalahari Copper Belt ASX:NRX PAGE 11
Slide 12: Humpback-Damara (South32 earn-in) – Namibia
Humpback-Damara (South32 earn-in) – Namibia Covers the northern thrust fault margin of the Kalahari Copper Belt South32 can earn 60% by spending $15M over 5 years FY25 (1st year) – expenditure of $3M completed, gathering technical data, RC programs and a diamond drilling program to gather stru
Slide 13: Damara Project (South32 earn-in) – Pathway to Botswana
Damara Project (South32 earn-in) – Pathway to Botswana Scout drilling completed at Otjiupehuri, Namibia in FY25 Scout drilling has confirmed1 significant geological similarities with basement-hosted deposits in the Central African Copper Belt in Zambia and Congo Barrick’s Lumwana deposit in Za
Slide 14: Cgae Cgae Project – South32 earn-in
Cgae Cgae Project – South32 earn-in Two tenements applied for (Jan 2025) and granted in Feb 2025, covering over 1,500km2 of previously unexplored terrane in Botswana New tenements cover extensions of the basement complex to the north-east of Damara South32 agreed to include the Botswana teneme
Slide 15: Uranium Project – Namibia
Uranium Project – Namibia Low-cost Option Agreement to acquire the greenfields Etango North Uranium Project NRX has a 51% interest on the project and has the right to increase to 80%1 Located in the heart of Namibia’s hard rock uranium district Along strike from Bannerman Energy’s Etango Dep
Slide 16: Uranium Project – Etango North
Uranium Project – Etango North Anomalous Alaskites intersected in drilling on adjacent tenure, data acquired AI used to define a highly prospective target zone Anomalous uranium potential continues into Domal closure Spectrometry survey completed in July 2025 Uranium/Thorium (U/th) anomalies
Slide 17: Witvlei Copper Project – Divestment
Witvlei Copper Project – Divestment Sale of non-core asset JV vehicle (NRX 80%) agreed with Joint Era Mining Co Limited (JEM) in November 2025 Total consideration of A$4.5 million (A$3.6 million for NRX) in staged payments: A$200,000 non-refundable deposit (provides a 3-month exclusivity/optio
Slide 18: Other Projects – Ontario Copper Project, Canada
Other Projects – Ontario Copper Project, Canada Located on the Onaman-Tashota Greenstone Belt, ~3 hours’ drive to the NE of the key regional mining hub of Thunder Bay Noronex is one of the largest land-holders (~14,500ha) targeting VMS discoveries in this district Well-serviced by the Trans-Ca
Slide 19: Other Projects – Ontario Copper Project, Canada
Other Projects – Ontario Copper Project, Canada Most advanced project is the Lynx Deposit at Onaman, with a shallow JORC (2012) Inferred Mineral Resource: 1.63Mt at 1.61% Cu, 0.66g/t Au and 39.68g/t Ag Drilling to test potential extension to the Lynx South Lens returned intersections including
Slide 20: Key Investment Takeaways
Key Investment Takeaways Impressive belt-scale tenement holding in the Kalahari Copper Belt Strategic Alliance with South32 provides funding & technical support to test multiple copper targets Expanded Strategic Alliance targeting new base metal opportunities in Botswana & Namibia 7,000m RC program
Slide 21: Contact details
Suite 1, 295 Rokeby Road, Subiaco, WA, Australia, 6008 PH +61 8 6555 2950 • EMAIL info@Noronex.com.au NORONEXLIMITED.COM.AU ASX:NRX PAGE 21
Slide 22: Competent Person's Statement
Competent Person’s Statement Table 1: DorWit Consolidated Mineral Resources at a cut-off grade of 0.5% Cu as at 01 March 2021 Oxidation Classification Tonnes Cu Ag Cu content Deposit State Category (Millions) (%) (ppm) (kilo tonnes) Indicated 0.11 1.30 7 1.4 ● The Mineral Resource estimate has been
Slide 23: Competent Person's Statement
Competent Person’s Statement ● The information in this report that relates to Mineral In June 2020, a JORC (2012) compliant resource (reported by G. Kirkham) was completed at the Lynx deposit representing approximately 600 metres Resources in Canada is based on information compiled of a 12km trend o