Oar Resources Limited (ASX: OAR), an exploration and development company focused on battery and critical minerals, has reported significant progress in its global expansion and financial performance for the first quarter ending 31 March 2024.
The company has signed a binding agreement to acquire 100 per cent interest in two Exclusive Prospecting Licences (EPL) located in Namibia’s Erongo Region, a well-known uranium mining jurisdiction.
This move positions Oar in a major uranium-producing region, enhancing its portfolio with valuable uranium prospects.
In Brazil, Oar has expanded its presence by securing pegging applications for uranium and rare earth element (REE) prospects in Paraiba and Parana, demonstrating its commitment to diversifying its mineral assets across different continents.
OAR Resources CEO Paul Stephen stated: “We are strategically diversifying our portfolio as part of the Company’s exploration strategy, with these tenements marking a great opportunity to develop uranium-focused exploration in tier-one destinations.
“The acquisition in Namibia is significant, with both EPLs located close to a well-known uranium-enriched structural corridor and considered prospective for multiple styles of uranium mineralisation.”
Oar’s Graphite Project in South Australia has made significant advancements.
After specialised testing by the Beijing General Research Institute of Mining and Metallurgy, graphite samples exhibited a high fixed carbon content of 95.6 per cent, indicating the potential for high-quality marketable products suitable for battery anode manufacturing.
Oar Resources completed a capital raise of $1 million through firm commitments from both new and existing investors.
This financial injection will support ongoing exploration activities and environmental studies, particularly for the new uranium projects in Namibia.
Oar Resources Limited stated that the company is dedicated to building and developing a portfolio of battery and critical minerals assets to meet the global demand for critical minerals in electric vehicles and green energy.
OAR holds mineral assets in South Australia’s Eyre Peninsula, including ultra-fine flake graphite at its Oar Graphite Project.
With strategic tenement acquisitions in Brazil and Namibia, Oar is poised for continued growth and success in the critical minerals sector.