Vatic Ventures (TSX-V:VCV) has conditionally completed a previously reported acquisition of certain assets in Namibia from Velvet Clean Energy.
As such, the company will resume trading on 16 June 2026.
In April 2026, the company amended a 2025 agreement regarding the acquisition of two uranium projects dubbed Zoya and Galore, covering 4.62km2 and 87.65km2, respectively.
For the Zoya Project, the company will also pay US$1.1 million ($1.5 million) cash over a two-year period, as well as complete exploration expenditures totalling US$2 million by 1 February 2030, or US$1.5 million by 1 February 2029.
For the Galore Project, Vatic will pay an initial US$25,000 cash deposit, as well as make several payments comprising US$175,000 in cash and US$300,000 worth of shares.
CEO Loren Currie says these assets are contiguous and on strike with some of the largest uranium mines in the world.
“The gap between uranium supply and demand has been persisting on the market and is predicted to widen even more because of the degradation of the uranium supply industry over a decade of prolonged low prices and with many more governments turning to nuclear power for secure clean baseload power,” Currie says.
“We foresee huge challenges to meet new demand in the medium- to long-term, which will drive uranium prices up and render uranium resources such as those that we hope to discover on EPL8289 and EPL8735 significantly valuable.”
Zoya and Galore are located less than 5km by road from the town of Swakopmund on the Atlantic coast.
Namibia is the fourth-largest uranium producer in the world, responsible for 6% of the global uranium output.
Vatic Ventures is an explorer and developer focused on high-value properties.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
