Pioneer Lithium has entered a binding sale agreement for the acquisition of the Gaobis uranium project in southern Namibia from Ropa Investments (Gibraltar).
The company will acquire 100% of the issued share capital of Tamarillo Investment, which holds the Gaobis uranium project.
The terms of the acquisition involve a total payment of A$50,000 ($32,641), structured as a sign-on fee and payment upon asset transfer.
The acquisition, subject to regulatory approvals, is expected to be completed in the second quarter of 2025.
The move represents a significant expansion of Pioneer's portfolio in a region known for prolific uranium mineralisation.
The Gaobis project spans around 350km² and is situated near the South African border, within a favourable jurisdiction for mining.
Located adjacent to Pioneer’s Warmbad project within the Namaqua-Natal metamorphic province, the project is characterised by a complex assemblage of Proterozoic-aged rocks.
The primary uranium mineralisation at Gaobis is hosted within alaskite intrusions, enriched in uranium-bearing minerals such as uraninite and betafite.
Historical exploration at Gaobis includes airborne radiometric surveys, geological mapping and drilling campaigns confirming significant uranium mineralisation.
Pioneer Lithium CEO Michael Beven stated: “The Gaobis Uranium Project is an extension of the Warmbad project with excellent historic drill intercepts in alaskite granite from surface. The mineralisation associated with the historic drilling is open in all directions with the strongest radiometric anomalies along the fold hinge still untested.
“The addition of Gaobis provides Pioneer to rapidly expand its uranium inventory by building on the previous work completed by Xemplar Energy once all required exploration permitting is complete.”
Pioneer Lithium plans to initiate a systematic exploration programme at Gaobis, engaging with Namibian authorities and refining priority drill targets.
The exploration will include step-out drilling at Gaobis Target and drilling of Gaobis Paleochannel and radiometric anomalies along the fold hinge.
