Core Energy Raises A$3 Million to Accelerate Namibia Uranium Exploration
Core Energy Raises A$3 Million to Fund Uranium Drilling at Namibia’s Nova Project
Australian-listed Core Energy Minerals has raised approximately A$3.025 million to accelerate uranium exploration at its Nova Uranium Project in Namibia’s Erongo Region, with drilling at the Barking Gecko prospect among the immediate priorities.
The capital raising is expected to provide Core Energy with the funding needed to advance exploration and work towards establishing the project’s maiden JORC-compliant mineral resource.
Funding targets drilling and resource definition
Core Energy secured firm commitments from institutional, professional and sophisticated investors through a two-tranche placement of approximately 504 million new shares at A$0.006 per share.
A significant portion of the funds will be directed towards drilling at Barking Gecko, alongside exploration work designed to generate the geological information required for Nova’s first formal mineral resource estimate.
The company said field activities will begin immediately, strengthening its exploration programme across its Namibian uranium portfolio.
Nova expands Core Energy’s uranium footprint
The fundraising comes shortly after Core Energy agreed to spend up to A$5 million to earn a controlling 51% interest in the Nova Uranium Joint Venture, which covers approximately 600 square kilometres across Exploration Prospecting Licences 3669 and 3670.
The licences are located west and southwest of the Langer Heinrich uranium mine, one of Namibia’s established uranium operations.
Under the staged earn-in, Core Energy can acquire an initial 25% interest by spending A$2 million over 18 months.
A further A$3 million investment over the following 24 months would allow it to increase its stake to 51%.
Core Energy will manage the joint venture during the earn-in period and fund exploration expenditure, while existing partners are free-carried until the agreed spending commitments are met.
Namibia’s uranium sector attracts renewed exploration
The investment adds momentum to Namibia’s expanding uranium exploration sector, with the country already home to major operations including Langer Heinrich and Rössing and several advanced exploration and development projects.
For Core Energy, the immediate objective is to convert exploration potential at Nova into a defined mineral resource, with Barking Gecko drilling expected to provide critical data for that process.
The latest capital raising, combined with the A$5 million Nova earn-in, gives the company a stronger financial platform to advance its Namibian uranium strategy and potentially establish a significant new uranium resource in the Erongo region.
