Core Energy secures 51% Nova Uranium JV
Core Energy secures 51% Nova Uranium JV
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Key Points
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Nova JV's current ownership structure before Core Energy's earn-in is 65% held by Reptile Mineral Resources and Exploration (a Deep Yellow subsidiary), 25% by Nova Energy Africa (a Toro Energy subsidiary), and 10% by Sixzone Investments. Core Energy can earn up to 51% through staged expenditure totaling AUD 5 million (AUD 2 million for 25% within 18 months, then AUD 3 million for the remaining 26% within 24 months).
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The Nova JV comprises two granted exploration licences, EPL3669 (Tumas North) and EPL3670 (Chungochoab), located within the Damara Orogen's Central Zone, underscoring its placement in a structurally prospective uranium belt.
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Iguana is among the advanced targets in the Nova area, with historical drill results including 10m at 136 ppm U3O8 from 38m and 14m at 184 ppm U3O8 from 72m.
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The earn-in plan includes on-ground work in the September quarter focusing on target ranking, structural analysis, and a maiden drilling program, to be managed by Core Energy during the JV arrangement.
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Erongo's uranium province context is complemented by practical infrastructure advantages (power, roads, export capacity), supporting accelerated development of the Nova assets alongside Core Energy's Gemsbok and Oryx licences.
Core Energy Minerals has struck a deal to own up to 51% of the Nova Uranium Joint Venture in Namibia, marking a major expansion of its uranium portfolio. The Australian company will spend AUD 5 million over two years to reach that stake, starting with AUD 2 million to hit 25% ownership within 18 months, according to Kalkine. The Nova JV sits on two exploration licences covering 826.9 square kilometres in a prime uranium belt, with drilling already showing strong results like 45 metres at 222 ppm eU3O8.
Core Energy is partnering with Deep Yellow and Toro Energy on the project, which neighbours world-class uranium deposits in Namibia's Erongo Region. The company will manage the joint venture during the earn-in period and plans to start exploration work in September. Managing director Tony Greenaway called it "a transformational expansion" of the company's Namibian footprint and "a vote of confidence in its uranium technical expertise."
How Core Energy Climbs to 51% Ownership
Core Energy will reach 25% equity by spending AUD 2 million over the next 18 months. Then it spends another AUD 3 million over the following 24 months to push its stake to 51%, according to StockHead. Before this deal, Deep Yellow's subsidiary Reptile Mineral Resources held 65%, Toro Energy's Nova Energy Africa held 25%, and Sixzone Investments held 10%. Core Energy will run the joint venture as manager during the earn-in phase.
Strong Uranium Results at Barking Gecko Target
Prior drilling at the Nova JV's Barking Gecko prospect uncovered impressive grades. One hole hit 45 metres at 222 ppm eU3O8 starting at 120 metres depth, while another struck 21 metres at 886 ppm eU3O8 from 199 metres down, TipRanks reported. The Iguana target also showed promise with historical results of 10 metres at 136 ppm U3O8 and 14 metres at 184 ppm U3O8. These grades underscore the project's potential in a structurally strong part of Namibia's uranium belt.
Exploration to Begin This September
Core Energy plans to kick off on-ground work in the September quarter, focusing on target ranking and structural analysis before a maiden drilling program, Kalkine reported. The company will add the Nova licences—EPL3669 and EPL3670—to its existing Gemsbok and Oryx properties in Namibia. The region offers practical advantages like power, roads, and export capacity that support faster development of uranium assets.
Capital Raise Fuels the Namibia Uranium Push
Core Energy raised AUD 3.025 million in a two-tranche placement at AUD 0.006 per share to back its Namibian exploration, according to TipRanks. The placement drew support from institutional and professional investors, including substantial shareholder Jose Luis Manzan, StockHead noted. The capital infusion will help fund the Nova JV earn-in costs and accelerate the broader Namibian uranium exploration strategy.
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