Aim-listed Arkle Resources has acquired an 85% interest in Namibia Uranium for £2.03-million, funded alongside a £1.7-million oversubscribed placing that positions the company as a new uranium exploration platform on the London market.

The transaction gives Arkle control of Namibia Uranium, which holds four exclusive prospecting licences in the Erongo region, an established uranium-producing area.

The licences are located adjacent to the Trekkopje, Marenica and Rössing uranium deposits, which are among the most significant in the country.

The acquisition consideration of £2.03-million is payable through a combination of cash and the issue of new ordinary shares. Simultaneously, Arkle completed a placing and subscription that raised £1.7-million through the issue of 425-million new ordinary shares, each with a nominal value of €0.0025, at an issue price of 0.4p a share.

The fundraise was significantly oversubscribed, according to the company.

Of the total shares issued, 323.75-million were placing shares issued under the placing, while 101.25-million were subscription shares issued under the subscription.

Namibia Uranium recently completed the processing and interpretation of regional airborne radiometric data across its four licences. The company said this work identified significant uranium anomalies on all four exclusive prospecting licences, which were sampled in 2025 and confirmed uranium mineralisation at surface of up to 3 855 ppm of triuranium octoxide.

Arkle said Namibiawas recognised as a Tier 1 supplier of uranium to global utilities and was the world’s third largest uranium producer. The company also stated that it believed a sustained global nuclear expansion cycle was under way and that both uranium spot market prices and long-term contract prices were expected to remain robust.

The fundraise will be used to advance a multistage exploration programme across the Namibian licences. An initial cash payment of £375 000 will be made to the vendors of the Namibia Uranium assets.

Phase 1 exploration work, budgeted at £375 000, will focus mainly on two of the licences and will include a horizontal loop electromagnetic survey, an airborne radiometric and magnetic survey, downhole logging of historical drill holes and additional sampling.

Phase 2 exploration, with a planned budget of £525 000, will target areas defined during Phase 1 and will include detailed geological mapping, up to 4 000 m of reverse circulation drilling and the preparation of an updated technical report.

Additional geophysical surveys are also planned over the remaining licences during this phase. A further £425 000 has been allocated to working capital and transaction costs.

Arkle said the acquisition aligned with its strategy of building a geographically diversified portfolio across commodities where it saw the potential for sustained demand and pricing in established mining jurisdictions.

The company added that the transaction provided UK and Irish investors with uranium exposure in one of Africa’s key uranium belts.

Alongside the transaction, Arkle announced changes to its board and advisory team. Rory Harding has been appointed interim CEO, Robin Birchall a nonexecutive director and Mark Burnett strategic adviser, all with immediate effect.

“We are very pleased to have concluded the acquisition of these highly prospective uranium assets in Namibia, alongside completing a concurrent financing of £1.7-million.

“The fundraise was significantly oversubscribed which is testament to the quality of these exploration assets, the recognition of Namibia as a Tier 1 uranium jurisdiction and the . . . fundamentals of the uranium market,” Arkle executive chairperson John Teeling said.