Noronex Limited: Receives First Tranche Payment from Witvlei Project Divestment
Noronex Limited (ASX: NRX) has received the first tranche payment of AU$1.25 million following the successful completion of due diligence by Joint Era Mining Co., Limited (JEM) for the sale of its non-core Witvlei Copper Project in Namibia. Under the structure of the transaction, AU$1.0 million from the payment is attributable to Noronex, strengthening the company’s cash position and supporting exploration activities across its project portfolio.
The payment was triggered after JEM completed financial, legal and technical due diligence, fulfilling a key condition under the binding agreement. As part of the transaction, the transfer of a 60% interest in Larchmont Investments Pty Ltd to JEM is now underway, with JEM assuming responsibility for all expenditure obligations associated with the Witvlei licences, including statutory fees, taxes and holding costs. JEM is also advancing the Mining Licence Application for the project, which will trigger the second milestone payment of AU$1.25 million, while the remaining AU$2.0 million consideration will be paid through a 2% net smelter return royalty once commercial production begins.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Noronex Limited: Receives First Tranche Payment from Witvlei Project Divestment
Noronex Limited (ASX: NRX) has received the first tranche payment of AU$1.25 million following the successful completion of due diligence by Joint Era Mining Co., Limited (JEM) for the sale of its non-core Witvlei Copper Project in Namibia. Under the structure of the transaction, AU$1.0 million from the payment is attributable to Noronex, strengthening the company’s cash position and supporting exploration activities across its project portfolio.
The payment was triggered after JEM completed financial, legal and technical due diligence, fulfilling a key condition under the binding agreement. As part of the transaction, the transfer of a 60% interest in Larchmont Investments Pty Ltd to JEM is now underway, with JEM assuming responsibility for all expenditure obligations associated with the Witvlei licences, including statutory fees, taxes and holding costs. JEM is also advancing the Mining Licence Application for the project, which will trigger the second milestone payment of AU$1.25 million, while the remaining AU$2.0 million consideration will be paid through a 2% net smelter return royalty once commercial production begins.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au