Projects · Namibia

Norasa Project

One of the world’s largest permitted undeveloped uranium projects.

At a Glance

Key Facts
Location & access	Erongo Region, Namibia; sealed road and grid power nearby
Jurisdiction	Namibia – established uranium-mining country
Tenure	Mining Licence and Exclusive Prospecting Licence held, 100% owned
Deposit style	Granite-hosted (alaskite) uranium
Stage	Preparation for feasibility revision
Next milestones	Initiation of revised feasibility study

Location & access

Property Description and Location

Fully permitted, well located

The Company’s flagship project is the Norasa Project (Norasa), which is held by the Company’s indirect wholly-owned subsidiary, Valencia Uranium (Proprietary) Limited (Valencia Uranium). Norasa comprises Mining Licence 149 (the Valencia Main and satellite deposits) and Exclusive Prospecting Licence 3638 (the Namibplaas deposit, located 5 km northeast of Valencia). Both deposits have NI 43-101 compliant mineral resources. The deposits are in the Erongo Region of the Republic of Namibia, approximately 75 km south-west of the town of Usakos and about 75 km north-east of the town of Swakopmund in central-west Namibia. Access to Norasa is via the B2 main tar road linking the coastal towns of Walvis Bay and Swakopmund with the capital city of Windhoek.

ML 149 is a 25-year mining licence, valid until 2033 and is renewable. EPL 3638 is under renewal consideration anticipated to be extended to 1 February 2028. Valencia Uranium has entered into a compensation agreement with the owner of the Farm Valencia 122 and has entered into a lease agreement with an option to purchase Portion-1 of Farm Namibplaas No. 93, which covers approximately 6,700 ha, including 1,179 ha covered by EPL 3638.

Geology and 2024 Mineral REsource Estimate (MRE)

Two deposits, one integrated development

The uranium mineralization at Valencia is hosted by granitic alaskite intrusions and a narrow halo within the immediate country rock contacts. Uranium mineralization at Valencia has been identified over an area of 1,100 m north-south by 500 m east-west. Uranium mineralization is present as uraninite, typically (U,Th)O₂, and secondary uranium minerals.

A National Instrument 43-101 (NI 43-101) Technical Report was issued on 13 May 2024 and describes the MRE for the Norasa Project:

Valencia Main Measured and Indicated Resource at 40 ppm U₃O₈ cut-off is estimated to be 152 Mt at 136 ppm eU₃O₈. Measured and Indicated contained metal is estimated at 45 Mlb U₃O₈.
Valencia Main and East Inferred Resources are estimated at 5.7 Mt at 120 ppm eU₃O₈ with 1.3 Mlb U₃O₈ contained metal oxide.
Namibplaas Inferred Resources are estimated to be 218.7 Mt at 85 ppm eU₃O₈ with 41.1 Mlb U₃O₈ contained metal oxide.

Under the new management, the 2024 MRE will be reviewed as part of the targeted evaluation of the Norasa Project.

For the overall Norasa Project, based on the 2024 MRE, a conceptual pit-constrained MRE for total deposits assessed from previous (2005-2011) and 2023 drilling results is estimated to be:

Valencia Main Measured and Indicated Resource at 40 ppm U₃O₈ cut-off is estimated to be 152 Mt at 136 ppm eU₃O₈ (equivalent U₃O₈). Measured and Indicated contained metal is estimated at 45 Mlb U₃O₈, at 40 ppm U₃O₈ cut-off.
Valencia Main and East Inferred Resources are estimated at 5.7 Mt at 120 ppm eU₃O₈ with 1.3 Mlb U₃O₈ contained metal oxide, at 40 ppm U₃O₈ cut-off.
Namibplaas Inferred Resources are estimated to be 218.7 Mt at 85 ppm eU₃O₈ with 41.1 Mlb U₃O₈ contained metal oxide, at 40 ppm U₃O₈ cut-off.

View 2024 Mineral Resource Estimate

Work Programs

Drilling, optimisation and bulk sampling

Drilling under the previous management workplan has been ongoing on ML 149 since April 2023. The drilling programs aimed to expand and upgrade the Valencia resources adjacent to the main pit, and to explore areas of satellite mineralization. The drilling program focused on satellite alaskite intrusions, infill drilling, sampling for metallurgical test work, geotechnical drilling, geochemical analysis and geo-metallurgic test work, and groundwater resources.

Optimisation Work (2023 to early 2026)

Pit Design Modelling: The updated resource block model was used to perform open pit economic models. The Project assumes a conventional open pit, drill, blast load and haul operations executed by a mining contractor. The primary alternative scenarios considered were mill throughput at 7.5 Mtpa and 15 Mtpa respectively and tank leach vs. heap leach processing options.

Column Leaching Process Optimization Work: Column leach tests have been conducted on samples in the range from 80 ppm to 200 ppm U₃O₈. Variables tested included crushing methods, curing time, acid dosage strength, acid irrigation rates, effect of binder, and mineralogical studies.

Process Design: DRA Global were appointed as the study contractor to deliver high level engineering design and to provide preliminary cost estimates for the process.

Process Engineering Optimisation: Focus areas included increasing confidence in equipment costing, value engineering of the flowsheet, optimizing heap leach cycle times, evaluating upfront ore sorting, and reviewing acid supply.

Bulk Sampling

Various bulk samples were required for sorting test work, HPGR crushing test work, large scale column testwork, and pilot heap leach facility. The initial blast for the box cut to gain access to sample material was conducted in August 2024.

Infrastructure

Water, power and roads

Infrastructure
Water Supply	Valencia has sought NamWater’s assurance for supply of water during a potential construction phase. Options include water from the NamWater pipeline, groundwater from a palaeochannel aquifer, and the Khan River alluvium aquifer.
Power Supply	Preliminary investigations have been undertaken to assess power availability. The nearest power offtake point is the Khan substation, located at Ebony, 26 km north of the project site.
Roads	An industrial grade road was established in 2011, linking the mine to the B2 highway. Total length is approximately 26 km.