Australian uranium project developer Deep Yellow Limited (ASX: DYL) has announced that its wholly owned subsidiary Reptile Mineral Resources and Exploration (Proprietary) Ltd (RMR) has entered into an earn-in agreement with Core Energy Minerals Limited (ASX: CR3) in which Core Energy can acquire an equity interest in the incorporated joint venture company, Nova Energy, in Namibia.
The Nova JV holds Exploration Prospecting Licences 3669 and 3670, together covering approximately 600km² west and south-west of the Langer Heinrich uranium mine. These EPLs are considered non-core assets of Deep Yellow.
The current shareholders in the Nova JV are RMR (65% and manager), Nova Energy (Africa) (Pty) Ltd (25%) and Sixzone Investments (Pty) Ltd (10%).
Core Energy, under the terms of the earn-in agreement, can earn up to a 51% equity interest in the Nova JV on expenditure of $5 million in aggregate.
