Core Energy Raises $3.7M, Expands Uranium Tenements to 4,500 km²
Core Energy Minerals has expanded its uranium portfolio with key South Australian acquisitions and secured $3.7 million in funding, setting the stage for maiden drilling at the Cummins Project.
- Acquisition options secured for Cummins and Harris Greenstone uranium projects in South Australia
- Brooker Project granted, expanding tenement holdings to over 4,500 km² in South Australia
- Raised $3.7 million via two-tranche placement at $0.019 per share, attracting cornerstone investor Jose Luis Manzano
- Maiden drilling campaign at Cummins Project planned pending imminent regulatory approval
- Brazil and Namibia projects progressing with strategic adjustments including MoU termination with Brazil’s INB
Strategic Expansion in Tier 1 Uranium Jurisdiction
Core Energy Minerals Limited (ASX:CR3) has made significant strides in its uranium exploration ambitions during the March 2025 quarter. The company entered into staged option agreements to acquire up to 100% interests in the Cummins and Harris Greenstone Projects, both located in South Australia’s highly regarded uranium province. Shortly after, Core Energy was granted the Brooker Project, contiguous to Cummins, bringing its South Australian tenement portfolio to a substantial 2,837 square kilometres on the Eyre Peninsula and an additional 1,750 square kilometres within the central Gawler Craton.
This expanded footprint places Core Energy in proximity to world-class uranium operations such as BHP’s Olympic Dam, Boss Energy’s Honeymoon Project, and the Four Mile Mine operated by Heathgate. The company’s projects benefit from a supportive regulatory environment and established infrastructure, factors that underpin the strategic value of these acquisitions.
Capital Raise and Strengthened Shareholder Base
To fund its accelerated exploration program, Core Energy completed a two-tranche placement raising $3.7 million at $0.019 per share. Notably, international investor Jose Luis Manzano, founder and president of Integra Capital, invested $1.15 million, becoming a substantial shareholder with rights to appoint a board nominee. This endorsement from a seasoned investor with prior successful ventures alongside Core’s leadership team signals strong market confidence in the company’s strategy.
Directors also participated in the placement, collectively investing $220,000, aligning management’s interests with shareholders. The placement included free-attaching options exercisable at $0.035, expiring in March 2027, providing further upside potential for investors.
Maiden Drilling Campaign Imminent at Cummins
Core Energy is poised to commence its maiden drilling campaign at the Cummins Project, pending final regulatory approvals expected imminently. The planned program involves approximately 50 air-core drill holes totaling around 3,000 metres, targeting high-priority palaeochannel uranium traps identified through historical data and recent geological modelling. The choice of air-core drilling reflects a balance of efficiency, cost-effectiveness, and minimal environmental impact.
Importantly, the company has proactively sought approval for an additional 177 drill holes to enable rapid follow-up exploration, demonstrating a readiness to scale up activities based on initial results. This drilling initiative marks a critical milestone in advancing Core Energy’s exploration pipeline from prospective tenure to resource definition.
Broader Portfolio and International Ventures
Beyond South Australia, Core Energy maintains a diversified portfolio with uranium and rare earth element projects in Brazil and Namibia. In Brazil, the company is advancing exploration at Amorinópolis, São José, Grande, and Tunas projects, with recent surface uranium mineralisation confirmed at Amorinópolis. However, Core Energy mutually agreed to terminate its Memorandum of Understanding with Brazil’s state-owned nuclear company INB to preserve future independence and relationships.
In Namibia, Core Energy holds two exclusive prospecting licences in the prolific Erongo region, adjacent to significant uranium deposits operated by Bannerman Energy and Deep Yellow. Environmental Impact Assessments are planned to support exploration activities in this globally recognised uranium jurisdiction.
Financial Position and Corporate Updates
As at 31 March 2025, Core Energy held $542,000 in cash, having repaid a $750,000 short-term loan during the quarter. Subsequent to quarter-end, the company received $1.15 million from the second tranche of its placement, bolstering its funding runway. Exploration expenditure for the quarter was $345,000, with development costs at $24,000, reflecting active project advancement.
Corporate governance saw the appointment of Sarah Smith from Mirador Corporate as the new Company Secretary, succeeding Yugi Gouw. This change aligns with the company’s evolving operational needs as it scales exploration activities.
Bottom Line?
With drilling approvals imminent and fresh capital secured, Core Energy is set to transform its uranium prospects into tangible assets, but investors should watch closely for initial drilling outcomes.
Questions in the middle?
- Will maiden drilling at Cummins confirm the presence of economically viable uranium deposits?
- How will the appointment of Jose Luis Manzano’s nominee influence Core Energy’s strategic direction?
- What are the implications of the terminated MoU with Brazil’s INB on Core Energy’s Brazilian projects?
