African clean energy minerals explorer and developer NGX Limited moved forward with its uranium and graphite projects across Namibia and Malawi during the December quarter, pulling in some robust financials as it did so.
Uranium exploration in Namibia
During the quarter, NGX progressed the permitting process for the Tubusis (EPL9629) uranium project, with work continuing towards securing an Environmental Clearance Certificate (ECC) following the receipt of the Intention to Grant from Namibia’s Ministry of Mines and Energy.
Desktop studies, data reviews and target generation are ongoing to expedite on-ground exploration once the permit is granted.
The company has continued to correlate regional geological data to refine exploration targets.
Previous studies have identified uranium mineralisation exceeding 4,500 parts per million (ppm) U3O8 at surface in historical sampling programs, indicating strong potential for resource development.
The Rossingburg (EPL9921) project remains under application, with NGX monitoring the process while preparing to commence the ECC process upon approval.
Rossingburg is strategically located near major uranium projects, including Bannerman Energy’s Etango project and Rio Tinto’s Rossing mine, both of which have established production histories.
Graphite developments at Malingunde
NGX continues to advance the Malingunde Natural Graphite Project, particularly in downstream product qualification for lithium-ion battery applications.
Bulk-scale test work is ongoing to refine Active Anode Material (AAM) production. Electrochemical tests have shown promising results, with further optimisation planned.
Results from preliminary assessments indicate that Malingunde’s unoptimised Coated Purified Spheronised Graphite (CPSG) material is within reach of major industry benchmarks, including Chinese reference materials used by global battery manufacturers.
On the upstream side, NGX has improved project efficiencies, including successful assessments of dry stack tailings, reductions in water usage, and flowsheet optimisation.
These enhancements have led to higher-purity graphite concentrate, reducing reagent consumption and improving environmental outcomes.
The optimised flowsheet has enabled NGX to produce graphite concentrate at over 98% total graphitic carbon (TGC), representing a substantial improvement from previous studies.
The company is also working closely with tier-1 customers to facilitate the pre-qualification process for its graphite products.
Discussions with leading technology partners and battery manufacturers are ongoing to establish commercial partnerships and strategic supply agreements.
Corporate update
NGX appointed Peter Fox as executive director on December 2, 2024.
Fox brings extensive experience in corporate finance, graphite and clean energy materials and his appointment aligns with NGX’s long-term strategic focus on developing vertically integrated clean energy materials projects.
Financially, NGX remains well-positioned to advance its projects. The company ended the quarter with a strong cash balance of A$4.8 million and no debt, providing flexibility for continued development and potential expansion opportunities.
NGX is actively assessing additional opportunities in the clean energy minerals sector across southern Africa to complement its existing asset portfolio.