Orpheus Uranium Limited reports a productive December quarter marked by a successful $1.66 million capital raise, completion of a major gravity survey at Mount Douglas, and ongoing progress toward regulatory approvals for advanced uranium exploration.
- Completed 1200-station gravity survey at Mount Douglas with NTGS collaboration
- Ongoing stakeholder engagement for regulatory approvals at Frome and Radium Hill South projects
- Divestment of non-core Higginsville joint venture to focus on uranium assets
- Successful $1.66 million capital raising to fund exploration and working capital
- Cash and liquid investments total $4.49 million at quarter-end
Strategic Exploration Advances in Northern Territory
Orpheus Uranium Limited (ASX: ORP) has made significant strides in its uranium exploration efforts during the quarter ending 31 December 2024. A highlight was the completion of a comprehensive 1200-station ground gravity survey over the Mount Douglas tenure, conducted in collaboration with the Northern Territory Geological Survey (NTGS). This survey is pivotal in refining target areas for unconformity-style uranium mineralisation, a style associated with Tier-1 deposits such as the nearby Ranger mine.
Mount Douglas, situated on the eastern flank of the historically significant Rum Jungle Mineral Field, is a cornerstone project for Orpheus. The company has secured Mining Management Plan approvals from the Northern Territory government, positioning it to commence advanced-stage exploration activities pending the dry season and land accessibility.
Progress at South Australian Projects and Stakeholder Engagement
In South Australia, Orpheus continues to advance its Frome and Radium Hill South projects, both of which hold promising uranium mineralisation potential. The Frome Project benefits from extensive historical drilling data, primarily from Areva (now Orano), and is strategically located near Boss Energy’s Gould’s Dam uranium deposit. During the quarter, Orpheus engaged with the Adnyamathanha Traditional Lands Association to facilitate regulatory approvals necessary for advancing exploration activities.
Similarly, at Radium Hill South, the company is actively working with the Wilyakali Native Title Aboriginal Corporation to secure access agreements and progress towards heritage surveys and drilling. These engagements are critical to unlocking the advanced-stage exploration potential of these greenfield projects.
Portfolio Refinement and Capital Strengthening
Consistent with its strategic focus on uranium, Orpheus divested its remaining interest in the non-core Higginsville joint venture in Western Australia, receiving $150,000 in cash consideration. This divestment aligns with the company’s intent to concentrate resources on its uranium portfolio in South Australia and the Northern Territory.
Financially, Orpheus bolstered its position through a successful capital raising of $1.66 million before costs via a share placement. The funds are earmarked for exploration activities, project pipeline development, and general working capital. At the end of the quarter, the company reported cash and listed investments totaling $4.49 million, providing a solid foundation for upcoming exploration phases.
Looking Ahead
CEO Clinton Dubieniecki expressed optimism about the company’s trajectory, emphasizing the refinement of the uranium-focused portfolio and strong investor support. The next steps include processing geophysical data to refine exploration targets at Mount Douglas and progressing regulatory approvals to enable advanced-stage activities at Frome and Radium Hill South.
Orpheus’ methodical approach to exploration, combined with its strategic capital management and stakeholder engagement, positions it well to capitalize on uranium market opportunities as global demand dynamics evolve.
Bottom Line?
Orpheus Uranium’s focused exploration and fresh capital set the stage for critical milestones in its uranium projects over 2025.
Questions in the middle?
- When will Orpheus commence drilling at Mount Douglas following the gravity survey results?
- How will ongoing stakeholder negotiations impact the timeline for advanced exploration at Frome and Radium Hill South?
- What new uranium project opportunities might Orpheus pursue to expand its portfolio in the Northern Territory?