Greenvale’s Uranium Expansion Raises Questions on Funding and Project Prioritization

Strategic Expansion in Northern Territory Uranium Assets

Greenvale Energy Limited has taken decisive steps to bolster its uranium exploration footprint, securing binding agreements to acquire an initial 80% interest in three highly prospective uranium projects in the Northern Territory: Henbury, Tobermorey, and Elkedra. These acquisitions position Greenvale with four uranium projects in the NT, creating a robust pipeline for exploration and development.

The Henbury Project, located 120km southwest of Alice Springs in the Amadeus Basin, has undergone a detailed 3,588 line-kilometre airborne magnetics and radiometrics survey. This survey identified a 10km long arcuate uranium anomaly within ferricrete overlying the Pacoota Sandstone, alongside additional anomalies, highlighting multiple compelling targets for follow-up.

Similarly, the Tobermorey Project, situated 400km east-northeast of Alice Springs in the Eastern Arunta Mineral Field, benefited from an extensive 9,879 line-kilometre airborne survey. Results confirmed uranium anomalism over a 20km strike length and up to 15km wide, reinforcing the project's potential. The Elkedra Project, covering Cambrian Georgina Basin metasediments, also shows promise for sandstone-hosted and unconformity-style uranium deposits.

Queensland Acquisition Enhances High-Grade Uranium Portfolio

Post-quarter, Greenvale secured 100% ownership of the Oasis Uranium Project in Queensland, an advanced, high-grade deposit located 50km west of Greenvale in Far North Queensland. Covering 90km² of fault-bound alkaline intrusive and metamorphic terrane, Oasis includes the known high-grade deposit and eight additional priority uranium targets.

Historical drilling by Esso and Glengarry Resources validated the presence of continuous high-grade uranium mineralisation, with intercepts reaching up to 0.72% U3O8. Greenvale plans an aggressive 2025 exploration program aimed at upgrading the project to JORC 2012 resource status, leveraging modern geochemical and geophysical techniques to delineate and expand mineralisation.

Advancements in Alpha Torbanite Project and Corporate Developments

In Queensland, Greenvale's Alpha Torbanite Project continues to progress with promising results from Liquefaction Test Program 5 conducted by the University of Jordan. The program aimed to improve the viscosity of bitumen products derived from Alpha ore, indicating potential to achieve premium-grade C170 asphalt with further optimization. Test Program 6 has commenced to refine processing parameters, with bulk sample testing planned subsequently.

On the corporate front, Greenvale appointed mining veteran Neil Biddle as Executive Chairman, replacing Mark Turner who stepped down as CEO but remains engaged as an Independent Contractor to oversee ongoing project work. The company also divested its 75% interest in the EP145 project to Mosman Oil & Gas for $250,000, enabling a sharper focus on its uranium assets.

Financial Position and Outlook

Greenvale reported exploration expenditure of $79,000 for the quarter, primarily on the Alpha Project testwork. The company received $1.176 million in R&D rebates for the 2024 financial year and $250,000 from the EP145 divestment post-quarter. Despite a net cash outflow, these inflows improved the adjusted cash position to approximately $1.85 million, extending operational runway to over three quarters based on current expenditure.

With a $3 million unsecured loan facility from directors available and a strategic focus on advancing uranium exploration, Greenvale is well-positioned to capitalize on its expanded portfolio. The upcoming exploration campaigns, particularly at Oasis and the Northern Territory projects, will be critical in defining resource potential and attracting further investment.