Vatic Ventures (TSX-V:VCV) has amended a 2025 agreement regarding the acquisition of two uranium projects in Namibia, with Velvet Clean Energy.
As part of the deal, the company has the right to acquire up to 90% of two EPLS named Zoya and Galore, covering 4.62km2 and 87.65km2, respectively.
Subject to approval by the TSX Venture Exchange, Vatic Ventures will issue 7.5 million shares at C$0.025 per share to the vendors.
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.
Meanwhile for the Galore Project, Vatic will pay an initial US$25,000 cash deposit, as well as make several payments comprising US$175,000 cash and US$300,000 worth of shares.
CEO Loren Currie says that 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 EPL 8289 and EPL 8735 significantly valuable.”
Vatic Ventures is a mineral explorer and developer focused on developing high-value properties.
Write to Aaliyah Rogan at Mining.com.au
Images: iStock
