Australian multinational mining firm Oar Resources secured commitments from its shareholders to raise A$1 million to fund two greenfield uranium projects in Namibia.
The capital will be raised through a share placement issued by the firm in April, facilitating the acquisition of the EPL 9652 and 9725 uranium licenses in Namibia. The funds will advance the environmental clearance certificate required to start activities at the two projects and expedite exploration planning, including establishing an exploration team in Namibia.
Paul Stephen, CEO of Oar Resources, said the funding “…will take us another step closer to commencing initial exploration activity across these recently acquired Namibian tenements and early-stage reconnaissance work at the company’s REE and Uranium Projects in Brazil.”
Oar Resources’ projects in Namibia are located in a highly prospective region, hosting large-scale deposits and projects such as Deep Yellow Limited’s Tumas Project1 and Bannerman Energy Ltd’s Etango Project2.
Marit Y Kitaw of the African Minerals Development Center, speaks about the importance of collaboration between African governments and the private sector to advance the growth of Africa’s mining industry during Critical Minerals Africa Summit 2023.
