Core Energy Minerals Ltd has secured firm commitments for a capital raising of $3.025 million via a two-tranche placement to fund exploration across its newly acquired uranium assets in Namibia.

Under the placement, the company is issuing new shares at $0.006 per share to institutional, professional, and sophisticated investors. Substantial shareholder Mr Jose Luis Manzano is contributing $1 million, increasing his total shareholding to 19.7%.

“We are delighted with the strong support received for the $3 million placement, reflecting confidence from both new and existing investors. I am pleased to acknowledge the continued backing of our substantial shareholder, Mr Jose Luis Manzano, with his significant contribution and moving his overall holding to 19.7%.”

— Tony Greenaway, Managing Director

The financing directly supports activities at the Nova Uranium Project, which Core Energy recently secured through an earn-in agreement executed on September 2, 2026, with Deep Yellow Ltd and Toro Energy Ltd to acquire up to an initial 51% interest. The project spans two granted exploration licences in Namibia's Erongo Region, specifically EPL3669 covering Tumas North and EPL3670 covering Chungochoab.

Proceeds will be deployed to commence immediate field work and drilling at the Barking Gecko Prospect, as well as working toward the delineation of a maiden JORC-compliant mineral resource. Activity across the wider Erongo region continues to expand, highlighted by Elevate Uranium Ltd. reporting a 31% increase in the Mineral Resource at its Marenica project to 52.8 Mlb U₃O₈ within the surrounding district in June 2026.

The capital raising is structured across two parts. The unconditional Tranche 1 involves up to 178.08 million shares issued under the company's existing placement capacity, with settlement expected on or around September 11, 2026. The conditional Tranche 2 comprises up to 326.08 million shares and requires approval from shareholders at an extraordinary general meeting expected in mid-October 2026.

Subject to that same approval, participants will receive one free-attaching unlisted option for every three shares subscribed, carrying an exercise price of $0.011 and a three-year expiry. Directors have also committed to participate in Tranche 2, subscribing for a combined total of $100,000 on the same terms. Canaccord Genuity (Australia) Limited acted as lead manager.

Read the full announcement: $3M Placement to fund Nova Uranium JV in Namibia