Nova Joint Venture

The Nova Joint Venture (NJV) includes EPLs 3669 and 3670 totalling 599km2. The NJV is exploring the tenements for alaskite and palaeochannel/calcrete-type uranium deposits. The incorporated joint venture is held by Nova Energy (Namibia) (Pty) Ltd. JOGMEC (Japan Oil, Gas & Metals National Corporation, the minerals exploration arm of the Japanese Government) is earning in. On expenditure of AUD$4.5M within four years of commencement, JOGMEC will have the right via an option to convert its interest into a 39.5% shareholding in the NJV. The resulting NJV equity distribution after JOGMEC earn-in will be: RMR (39.5% and Manager), JOGMEC (39.5%), Nova Energy (Africa) Pty Ltd (15%) and Sixzone Investments Pty Ltd (6%). RMR currently holds a 65% interest.

Initial geological mapping in 2017 confirmed the presence of two prominent zones prospective for alaskite-type uranium mineralisation, which are currently being further explored with IP surveys and radiometric, gravity, ground magnetic and EM ground-surveys. In addition, the work identified several previously unknown palaeochannel systems prospective for calcrete-type uranium mineralisation. Drilling has returned encouraging indications of uranium at the Namaqua prospect.