Highlights

  • Core Energy Minerals advanced the Nova Uranium Joint Venture across prospective leucogranite sequences in Namibia in 2026.
  • Geochemical sampling and auger drilling at the Tunas project in Brazil confirmed clay-hosted rare earths enriched in neodymium, praseodymium, dysprosium, and terbium.
  • Preliminary metallurgical leach testwork at Tunas confirmed excellent desorption kinetics validating low-cost acid-wash extraction potential.
  • Namibia hosts world-class uranium deposits including Rössing and Husab, making it a premier global uranium jurisdiction.

Nuclear fuel and permanent magnets are among the defining commodities of the energy transition — and Core Energy Minerals (ASX:CR3) is positioning on both fronts simultaneously, with a uranium joint venture in Namibia and clay-hosted rare earth discoveries across Brazil that are beginning to yield promising metallurgical data.

Corporate Repositioning Toward Clean Energy Metals

Core Energy Minerals traded at A$0.006 per share on 2 October 2026, representing a market capitalisation of A$5.40 million. The 50% share price decline over the trailing 12 months reflects general micro-cap exploration headwinds.

Formerly focused on Australian precious and base metal tenements, the company executed a strategic rebranding and portfolio reconstruction toward uranium and clay-hosted rare earth elements, recognising compelling supply-demand fundamentals across global nuclear generation and permanent magnet manufacturing.

Nova Uranium Joint Venture, Namibia

Namibia is globally recognised as one of the world's leading uranium-producing jurisdictions, hosting world-class alaskite and calcrete-hosted deposits such as Rössing and Husab. The Nova project tenure covers extensive prospective leucogranite basement sequences with documented radiometric anomalies.

With uranium term contract pricing sustained above US$80 per pound, the Nova project positions Core Energy Minerals to test basement-hosted uranium mineralisation in a tier-one African jurisdiction with established regulatory and technical frameworks.

Brazilian Rare Earth Discoveries

Core Energy Minerals progressed field exploration across its Brazilian critical minerals portfolio, centred on the Tunas and Campo Largo projects. Geochemical sampling and initial auger drilling confirmed thick horizons of clay-hosted ionic absorption rare earth mineralisation enriched in valuable magnet rare earth oxides — neodymium, praseodymium, dysprosium, and terbium.

Preliminary metallurgical leach testwork confirmed excellent desorption kinetics, validating the potential for low-cost, environmentally benign acid-wash extraction methods comparable to ionic clay REE operations in China and South America.

Legacy Australian Assets

The company maintains exposure to gold and base metal targets through legacy tenements in South Australia, including the Cummins project, which lies within terranes with iron oxide copper-gold affinities. These holdings provide supplementary exploration optionality alongside the primary clean energy focus.

Key Risks

The company is in the early exploration phase and generates no commercial revenue, requiring ongoing equity placements and convertible instruments to maintain field operations. Operating across Namibia and Brazil exposes the business to sovereign permitting timelines, foreign exchange variances, assay delays, and volatile swings in global uranium and rare earth pricing.