Vatic Acquires Highly Prospective Uranium Assets Contiguous with the Rossing and Husab Mines of Namibia, Southern Africa
VATIC ACQUIRES HIGHLY PROSPECTIVE URANIUM ASSETS CONTIGUOUS WITH THE
ROSSING AND HUSAB MINES OF NAMIBIA, SOUTHERN AFRICA
VANCOUVER, BC, APRIL 29, 2025 - Vatic Ventures Corp. (the “Company” or “Vatic”) (TSXV: VCV;
FRA: V8V; OTC Pink: VCVVF) is pleased to announce that it has entered into a share purchase
agreement to acquire, subject to TSX Venture Exchange (“TSXV”) approval, 100% of the shares of a
private company which has the right to acquire up to 80% interest in a highly prospective uranium property
in Namibia termed EPL 8289 (“EPL 8289” or the “ZOYA Property”) covering 44.62 km2, and up to 90%
in another prospective uranium license designated EPL 8735 (“EPL 8735” or the “GALORE Property”)
measuring 87.65 km2 both located in prime Namibian uranium province of Erongo and within the known
Alaskite Alley.
ABOUT THE PROPERTIES
The arm’s length private company Velvet Clean Energy Corp. (“Velvet”) has signed a definitive agreement
dated April 23, 2025 (the “Zoya Definitive Agreement”) regarding the ZOYA Property adjoining the Husab
uranium mine, which is one of the largest and highest grade Alaskite uranium deposit in the world. The
Zoya Property will be transferred to a newly incorporated Namibian company (“Holdco”) and pursuant to
the terms of the Zoya Definitive Agreement Velvet will have the right to acquire up to an 80% shareholding
interest in Holdco. Velvet has signed a binding LOI (as defined below) on the GALORE Property to the
north of the Rossing uranium mine and is currently in the final stages of superseding the LOI with a
definitive agreement (the “Galore Definitive Agreement”). The ZOYA Property and the GALORE Property
(collectively the “Properties”) are located less than 50km by road from the town of Swakopmund on the
Atlantic coast, are accessible via paved and good gravel roads and have access to infrastructure including
power from the Nampower grid available throughout the area, water from Areva’s (Orano) desalination
plan, access to class 7 shipping Port of Walvis Bay and Walvis Bay international airport located less than
150 km by road from the Properties.
The Properties are situated in the highly established uranium mining jurisdiction of Namibia. Namibia is
the world’s 4th largest producer of uranium, responsible for ~6% of global uranium output. The Properties
are located in the “Namibian Erongo Uranium Province” stretching between the towns of Usakos and
Swakopmund, and from south of the Brandberg to just south of Walvis Bay, the main port in Namibia. Over
the last 48 years the Erongo Region of Namibia has produced in excess of 350Mlb of U3O8. The Properties
sit within the "Alaskite Alley” a geological corridor where mostly uraniferous D3 -type sheeted
leucogranites are found at the contact between the Khan and Rössing formations.
The two EPLs are located adjacent and nearby to two actively producing uranium mines, Rössing and
Husab. Rössing, formerly owned by Rio Tinto, was sold to China National Uranium Corporation Limited
(CNUC), a subsidiary of China National Nuclear Corporation (CNNC) in July 2019. Rössing is an open pit
mine and is hosted by an Alaskite body where mineralization consists of uranium bearing minerals in the
form of microscopic crystals of uraninite and visible crystals of beta -uranophane. The mine began
operations in 1976 and was on full-scale uranium oxide production at an average of 4,500tpy by 1979.
Rössing has consistently produced uranium in the last 48 years and in 2023 delivered 2,920 tonnes of U3O8.
Husab, initially called Rössing South, was discovered by Extract Resources Limited, an Australian
company, in 2008, is the highest grade Alaskite deposit in the world, hosted in the same geological sequence
as the Rössing mine. Probable Reserves in 2011 were 205Mt @497ppm at Zone 1 and at Zone 2 (National
Instrument 43-101 Technical Report, Husab Uranium Project - May 2011 Project Update, Prepared by
Coffey Mining Pty Ltd on behalf of: Extract Resources Limited, Effective Date: 20th May 2011).
Production started at the end of 2016 and was ramped up to 5500t U3O8/year by 2020. The mine and
surrounding exploration licence are majority owned and operated by China General Nuclear Power Group
(CGN).
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of commercial
mineralization hosted on the Properties.
Figure 2: Map showing EPL 8289 and EPL 8735 within the Alaskite Alley on uranium channel airborne
radiometric data (200 m line spacing and 80 m flight height) acquired from the Geological Survey of
Namibia. Note the setting of the EPLs in vicinity to the Rossing and Husab uranium mines.
References:
Inwood. N. et al. 2011. NI43-101 Technical Report on the Husab Project completed for Extract Resources
Ltd.
CEO Loren Currie stated: “These uranium exploration assets are contiguous and on strike with some of the
largest uranium mines in the world, Husab the 3rd and Rossing the 7th largest uranium deposit worldwide,
and it also helps to be situated in one of the top mining jurisdictions in Africa, with a tremendous record of
uranium production. 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 and with many more governments turning to nuclear power for secure clean
baseload power. 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”.
TERMS OF THE OPTION AGREEMENTS
The Company will, subject to TSXV approval, acquire all of the outstanding common shares of Velvet (the
“Velvet Shares”) by issuing 7,500,000 common shares of the Company post consolidation (“Post
Consolidation Vatic Shares”) to the shareholders of Velvet at a deemed price of $0.06 per Vatic Share. See
“Proposed Name Change and Consolidation” below.
The Post Consolidation Vatic Shares will be subject to a hold period expiring four months and one day
from the date of issuance and may also be subject to the provisions of a three-year escrow agreement
pursuant to the policies of the TSXV.
EPL 8289 TERMS:
Velvet acquired, pursuant to the Zoya Definitive Agreement the right to acquire up to an 80% interest in
the ZOYA Property (EPL 8289) from the owner Zoya Minerals CC (the “Zoya Underlying Owner”) by
acquiring up to an 80% a shareholding interest in Holdco under the following terms:
• Zoya Underlying Owner: Zoya Minerals CC
• Zoya Property: EPL 8289 Covering 44.62 km2 valid until 11/07/2026
• Total Option: Up to 80% interest
• Initial Option: Earn 70% interest
• 70% interest vests on making cash payments in aggregate of US$600K and issuing shares to the
value of US$400K as follows:
- pay ZOYA US$25,000 deposit (the “Deposit Payment”) - PAID
- pay ZOYA US$50,000 by May 31, 2025.
- pay ZOYA the first cash payment of US$150,000.00 by 31 October 2025.
- pay ZOYA a further second cash payment of US$150,000.00 by 31 March 2026.
- pay ZOYA a further third cash payment of US$150,000.00 by 30 September 2026.
- pay ZOYA a final fourth cash payment of US$75000.00 by 31 March 2027.
- Issue ZOYA Vatic shares worth US$200,000.00 on May 31, 2026; US$ 100,000.00 on
September 30, 2026, and US$100,000.00 on March 31, 2027.
• Minimum Expenditure Obligations : US$3 million to be expended over 4 years or, at the option of
Velvet, US$1.5 million over 3 years on the basis that such expenditures are required to be made
before Velvet has the right to exercise the Second Option.
• Second Option: to acquire an additional 10% interest
- Additional 10% interest vests on funding additional exploration and a feasibility study.
Acquisition price is a) US$8 million if the feasibility study confirms a deposit with an
economic assessment demonstrating a maximum net present value discounted at 10% (the
"NPV10") of US$ 150 million or less b) US$20 million in the event that the deposit shows
a net present value discounted at 10% (the "NPV10") greater than US$ 150 million.
• ROFR on remaining 20% ZOYA Interest.
EPL 8735 TERMS:
Velvet acquired, pursuant to a binding letter of intent as amended on October 02, 2024, and April 26, 2025
(the “LOI”), the right to acquire the GALORE Property (EPL 8735) from the owner Galore Trading CC
(the “Galore Underlying Owner”) under the following terms:
• Galore Underlying Owner: Galore Trading CC
• Galore Property: EPL 8735 Covering 87.65 km2 valid until 15/11/2025
• Total Option: Up to 90% interest
• Initial Option: Earn 80% interest
• 80% interest vests on making cash payments in aggregate of US$200,000.00 and issuing shares to
the value of US$150,000.00 as follows:
- pay GALORE a US$25,000 deposit (the “Deposit Payment”) 30 days after signing the
Definitive Agreement.
- pay GALORE the first cash payment of US$100,000.00 on July 1st , 2026.
- pay GALORE a second cash payment of US$75,000.00 12 months following the first
payment on July 1st, 2027.
- Make share payments to GALORE worth US$150,000.00 in total subject to confirmation
of EPL 8735 renewal on the basis of the following tranches:
- Issue GALORE first tranche of shares worth US$75,000.00 on July 1st, 2026.
- Issue GALORE a second tranche of shares worth US$75,000.00 12 months following first
tranche of shares.
• Second Option: to acquire an additional 10% interest
- Additional 10% interest vests on funding additional exploration and a feasibility study.
Acquisition price is a) US$7 million if the feasibility study confirms a deposit with proven
reserves measuring 100Mt@400ppm (one hundred million metric tons and gradi ng on
average four hundred parts per million) or b) a price to be negotiated with GALOR in the
event that the proven reserves of a deposit demonstrate a size and grade greater than
100Mt@400ppm.
• ROFR on remaining 10% GALORE Interest.
Velvet will, upon issuance of the Post Consolidation Vatic Shares, become a wholly owned subsidiary of
Vatic. No finder’s fees will be payable in connection with this arm’s length transaction.
PROPOSED NAME CHANGE AND CONSOLIDATION
Vatic also announces its intention to change its name to Ballistic Energy Metals Corp. and to consolidate
its common shares (“Shares”) on a 3‐old‐for‐1‐new share basis (the “Consolidation”). The 41,351,394
Shares currently issued and outstanding will be reduced to approximately 13,783,798 post‐Consolidation
Shares. No fractional shares will be issued under the Consolidation. Each fractional share following the
Consolidation that is less than one‐half of a share will be cancelled and each fractional share that is at least
one‐half of a share will be rounded up to the nearest whole share. The exercise or conversion price and the
number of shares issuable under any of the Company’s outstanding stock options and convertible
instruments, as applicable, will be proportionately adjusted upon completion of the
A letter of transmittal will be sent to registered shareholders providing instructions to surrender the
certificates evidencing their Shares for replacement certificates in the Company’s new name and
representing the number of post‐consolidation Shares to which they are entitled as a result of the Name
Change and Consolidation. Until surrendered, each certificate representing Shares prior to the
Consolidation will be deemed for all purposes to represent the number of Shares to which the holder thereof
is entitled as a result of the Consolidation. The Board of Directors of the Company believes that
Consolidation is necessary to better position the Company for future corporate development opportunities
and financing transactions.
The Name Change and Consolidation are subject to the acceptance of the TSXV and the pre‐Consolidated
Shares will continue to be traded on the Exchange under the current trading symbol “ VCV”. Upon
acceptance by the Exchange, the Company’s symbol, CUSIP, and ISIN will change upon the completion
of the Consolidation.
QUALIFIED PERSON
Nico Scholtz is an independent consulting geologist and has reviewed and approved the scientific and
technical information in this news release. Mr. Scholtz is a registered Professional Natural Scientist with
the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No. 400299/07). Mr. Scholtz is
the Company’s “Qualified Person” as defined by NI 43-101.
ABOUT VATIC VENTURES CORP.
Vatic is a mineral exploration and development company focused on developing high-value properties.
Vatic has an option to acquire a 100% interest in the Solonópole South Lithium Property in Brazil and an
option agreement to acquire a 100% interest in the Hansen Gold project in Quebec.
ON BEHALF OF THE BOARD OF DIRECTORS OF VATIC VENTURES CORP.
“Loren Currie”
Loren Currie
CEO & Director
604-757-9792
Website: www.vaticventures.com
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
The information contained herein contains “forward-looking statements” within the meaning of applicable
securities legislation. Forward-looking statements relate to information that is based on assumptions of
management, forecasts of future results, and estimates of amounts not yet determinable. Any statements
that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events
or performance are not statements of historical fact and may be “forward-looking statements.” Forward-
looking statements are subject to a variety of risks and uncertainties that could cause actual events or
results to differ from those reflected in the forward-looking statements. Investors are cautioned against
attributing undue certainty to forward-looking statements. These forward-looking statements are made as
of the date hereof and the Company does not assume any obligation to update or revise them to reflect new
events or circumstances. Actual events or results could differ materially from the Company's expectations
or projections.