Acquisition of Uranium Exploration Projects in Namibia

NGX Limited (NGX or the Company) is pleased to announce that the Company has entered into earn-in joint venture agreements to acquire two uranium exploration project applications in Namibia. These projects enhance the Company’s focus on clean energy minerals in Africa and are complementary to NGX’s existing graphite assets in Malawi.

• NGX has entered into two binding earn-in joint venture agreements for two Exclusive Prospecting Licence applications (EPL) in Namibia
• Both EPLs are located in the Erongo Region of Namibia, one of the world’s best-known uranium districts with multiple operating mines in the area
• The acquisition of these uranium project applications enhances the Company’s focus on clean energy minerals in Africa and are complementary to NGX’s existing natural graphite assets in Malawi
• The Company’s downstream strategy and anode qualification program from its natural graphite project base in Malawi are continuing, with ongoing testwork programs and the recent appointments of two highly experienced commercial and technical experts

Figure 1: Regional Map of EPL9921 & EPL9629 applications including neighboring major uranium mines in the area

The Damara uranium belt of Namibia is one of the world’s best known uranium districts. With major uranium operations including Rio Tinto’s Rossing mine, China General Nuclear Power Group’s (CNG) Husab mine, Paladin’s Langer Heinrich mine and Bannerman Energy Limited’s (Bannerman) Etango deposit.

Rossingburg (EPL9921) is located in the main uranium production hub of the central Damara uranium belt, between the Rossing uranium mine and Etango uranium project. The Rossingburg licence application area shows evidence of widespread uranium mineralisation intercepted in drilling by previous explorers including Rio Tinto and Bannerman.

Tubusis (EPL9629), to the northeast of Swakopmund, is in an under-explored region of the Damara belt. The licence area was also the subject of limited historical exploration by previous permit holders.

NGX geologists recently inspected both licence application areas, which showed evidence of historical exploration and outcropping alaskite leucogranites units, prospective to host uranium mineralisation.

NGX’s Executive Director, Matt Syme, commented:

“While NGX has been progressing permitting and processing testwork on our flagship graphite projects in Malawi, we have also been looking for opportunities to expand our clean energy minerals portfolio in Africa, to meet the world’s growing need for carbon free energy. Our management group includes considerable and very successful experience in uranium exploration, so this is a natural addition to our portfolio. We are very optimistic about the outlook for the uranium market and Namibia remains the premier uranium exploration environment in Africa.”