ReeXploration Announces Field Program Results Confirming Large-Scale Uranium Target at Eureka, Namibia

The most recent news release from December 12, 2025, announced the results of a field program at ReeXploration's Eureka Project in Namibia, which has confirmed and better defined a large-scale uranium exploration target. The program involved 102 km of ground spectrometer surveys, 1,040 soil samples, and grab samples. Key highlights include:

• Strong correlation between airborne and ground uranium signatures.
• Ground spectrometer readings up to 2,255 cps.
• Soil geochemistry values up to 114 ppm U (pXRF).
• Grab samples showing up to 853 ppm U (pXRF).
• Six initial drill target areas have been identified based on coincident indicators.

Following these positive results, ReeXploration plans a 2,000-metre diamond drilling program, consisting of approximately 10 holes averaging 200m depth, slated for early 2026. However, this drilling program is explicitly stated as being "subject to financing."

This news is a positive, but routine, development in the exploration lifecycle of the Eureka Project's uranium potential. It builds directly on the November 12, 2025 news where the company initially "Identified Large-Scale Uranium Target" at Eureka. The latest field program validates those initial findings with more detailed ground-based data (spectrometry, soil, grab samples), strengthening the geological model and advancing the project to the drill-target definition stage.

The confirmation of multi-layered indicators (airborne, ground, soil, grab samples) is a good technical step, aligning with best practices for de-risking exploration targets. The scale of the anomaly, as emphasized by the Interim CEO, is promising. Namibia's reputation as a significant uranium jurisdiction (hosting major deposits like Rössing and Husab) adds weight to the potential.

However, the "subject to financing" clause for the planned 2,000-metre drill program is a critical detail. While the company recently completed a $950,000 private placement in September 2025 and reported $773,307 in cash as of September 30, 2025, their reported working capital per share was negative (-$0.006744). This implies that despite the cash balance, short-term liabilities may exceed current assets, indicating a potential near-term funding gap for significant capital expenditures like drilling. A 2,000-metre diamond drill program, even at shallow depths, is a substantial undertaking for a company of this size and will likely require additional capital. Therefore, while the geological news is positive, the financial condition and the contingency on financing temper its immediate material impact on de-risking the project or significantly re-rating the stock. It's a progression, not a definitive breakthrough.

ReeXploration Inc., formerly E-Tech Resources Inc., is a Canadian junior exploration company primarily focused on the discovery and development of critical minerals in Namibia.

Its flagship project is the Eureka Project, located in the Erongo Mining District of central Namibia. The project is prospective for both Rare Earth Elements (REE) and Uranium.

• Rare Earth Elements (REE): The Eureka Project hosts a maiden NI 43-101 Inferred Resource of 310,000 tonnes grading 4.8% TREO (Total Rare Earth Oxides), with 0.7% Nd+Pr (Neodymium and Praseodymium oxides), known for favorable metallurgy and high-grade concentrate potential (up to 60% TREO). The company has recently identified extensive magnetic features and a kilometer-scale REE soil anomaly, suggesting a much larger REE system beyond the current resource area.
• Uranium: The company recently expanded its exploration mandate to include nuclear fuels (Uranium and Thorium) at Eureka. Following airborne radiometric surveys, recent field programs (the subject of the most recent news) have confirmed a large-scale uranium target with promising ground spectrometer, soil geochemistry, and grab sample results, leading to the identification of drill targets.

Namibia is highlighted as a stable, mining-friendly jurisdiction, important for critical mineral supply chains. The company underwent a strategic rebranding to ReeXploration Inc. to reflect its renewed focus on responsible discovery and critical mineral growth.