Core Energy Minerals to acquire stake in Namibia uranium joint venture

Deep Yellow Limited, through its subsidiary Reptile Mineral Resources and Exploration, has entered a strategic earn-in agreement with Core Energy Minerals Limited regarding the Nova Energy (Namibia) joint venture (NJV).

Under the two-phase agreement, Core Energy will commit a total of A$5 million to acquire up to a 51% equity interest in the NJV. In Phase 1, Core Energy will spend A$2 million over 18 months to acquire a 25% interest. In Phase 2, an additional A$3 million will be spent over 24 months to secure a further 26% interest.

The NJV holds Exploration Prospecting Licences 3669 and 3670, covering approximately 600 square kilometers west and southwest of the Langer Heinrich uranium mine in Namibia. Deep Yellow considers these licenses to be non-core assets. During the earn-in period, Core Energy will serve as the manager of the joint venture and fund all exploration expenditures and operations.