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Noronex receives initial payment after sale of Namibia copper project
Noronex receives initial payment after sale of Namibia copper
About this update from Noronex Ltd.
Noronex Limited (ASX: NRX) has received about $877,068 from a company that recently agreed to buy its copper project in Namibia . It announced in a release on March 4 that Joint Era Mining (JEM) paid the money for the Witvlei Copper Project after it concluded due diligence to its satisfaction. JEM made the first tranche payment in terms of a binding agreement, which they signed in November 2025 . The payment, made on an 80:20 basis to Noronex and Larchmont Holdings Pty Ltd , results in the former receiving $701,440 , which it said materially strengthens the company’s cash position while supporting ongoing exploration activities in the southwestern African nation. JEM’s payment triggers the transfer of 60% of the project holding vehicle to JEM. This enables JEM to assume full responsibility for all expenditure obligations associated with the Witvlei licences, including statutory fees, taxes and holding costs. The buyer is now preparing to file an application for a mining licence for the project. If it secures the permit, it will pay the second tranche of $877,068 to Noronex and Larchmont Holdings . The remaining $1.4mn deferred consideration remains payable through a 2% net smelter return royalty following commencement of commercial production. Noronex Managing Director and CEO, Victor Rajasooriar , said the payment is an important milestone which boosts its balance sheet. “JEM has demonstrated a strong commitment to advancing the project, and their focus now shifts to securing the mining licence, which will trigger the second tranche payment,” he said. “The funds received will support our exploration programs across our Namibian copper and uranium portfolio. This transaction aligns with our strategy of rationalising non-core assets while directing capital toward the most prospective opportunities within our extensive Kalahari Copper Belt tenure.” © 2026 bne IntelliNews, source Magazine