PERTH, Australia – April 31, 2024 – Oar Resources Limited (ASX: OAR), an exploration and development company focused on building and developing a portfolio of battery and critical minerals assets, is excited to announce significant strides in its global expansion efforts and financial growth during the first quarter ending March 31, 2024.
Strategic Acquisitions and Exploration Progress
Oar Resources has successfully entered a binding agreement to acquire 100% interest in two Exclusive Prospecting Licences (EPL) in the globally recognized uranium mining jurisdiction of the Erongo Region in Namibia. This acquisition places Oar in the world’s third largest uranium producing region, significantly bolstering its portfolio with high-value, in-demand uranium prospects.
Additionally, the company has expanded its footprint in Brazil with the completion of pegging applications for uranium and rare earth element (REE) prospects in Paraiba and Parana. These new projects underscore Oar's commitment to diversifying and strengthening its mineral assets portfolio across multiple continents.
OAR Resources CEO Paul Stephen said: “We are strategically diversifying our portfolio as part of the Company’s exploration strategy, with these tenements marking a great opportunity to develop uranium focused exploration in tier one destinations.
The acquisition in Namibia is significant, with both EPLs located close to a well-known uranium-enriched structural corridor and considered prospective for multiple styles of uranium mineralisation.
Encouragingly, both tenements share boundaries with the highly prospective Deep Yellow Limited’s Tumas Project and world-class Bannerman Energy Ltd’s Etango Project, located along strike from the Husab, Rossing, Valencia and Norasa deposits.
The Company has also leveraged its vast experience and resources to secure an extensive package of mining rights in Brazil, where we’re witnessing a significant change in policies around uranium mining and exploration.
Strategically expanding our portfolio is our priority, and the Company has worked diligently over the last quarter to find the right projects with strong resource and growth opportunities.”
Innovations and Collaborations
The quarter also saw remarkable advancements in Oar's Graphite Project in South Australia. After bespoke testing conducted by the Beijing General Research Institute of Mining and Metallurgy, the graphite samples showcased a high fixed carbon content of 95.6%, confirming the potential for high-quality marketable products suitable for battery anode manufacturing.
Financial Milestones Achieved
Reinforcing investor confidence, Oar Resources completed a successful capital raise of AUD $1 million through firm commitments from both new and existing investors. This financial injection will support ongoing exploration activities and further environmental studies, particularly for the new uranium projects in Namibia.
About us:
Oar Resources Limited (ASX: OAR) is an exploration and development company focused on building and developing a portfolio of battery and critical minerals assets to meet global demand for critical minerals used in the rising development of electric vehicles and the transition to green energy. OAR holds mineral assets in South Australia’s Eyre Peninsula, which includes ultra-fine flake graphite at its Oar Graphite Project. The Company has recently expanded its critical minerals portfolio with strategic tenement acquisitions, targeting REE and Uranium mineralisation in the mining friendly states of Minas Gerais and Paraiba in Brazil and now the Erongo Region in Namibia, which hosts a number of world class uranium resources and operating mines.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au