CANADIAN-LISTED Vatic Ventures Corporation (Vatic) has received approval to purchase rights to two exclusive prospecting licences in the Erongo region after a 13-month wait.
Vatic signed an agreement with Velvet Clean Energy Corporation (Velvet) to acquire an interest in two uranium properties in Namibia in April 2025 and June 2025.
Vatic announced on Friday that the Canadian Venture Exchange had approved the transaction.
“We are pleased to have completed the TSXV review process and received final acceptance of the transaction. The acquisition of the option to acquire a majority interest in the Zoya property and the Galore property significantly enhances the company’s asset portfolio and provides shareholders with exposure to what management believes is an attractive exploration and development opportunity,” Vatic president Loren Currie says.
Zoya refers to Exploration Petroleum Licence (EPL) 8289, which is adjacent to Husab’s mining licence. Galore is EPL 8735, located to the north of Rössing’s mining licence.
Vatic has the right to buy an 80% interest in Zoya for a total of N$18 million over two years, and an 80% interest in Galore for a total of N$5.7 million over two years.
“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.
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,” Currie says.
