Uvre Advances Uranium Exploration with Phase 2 Surveys and JV Talks, Holds $2.5M Cash
Uvre Limited reported steady progress in its uranium and lithium exploration projects during the March 2025 quarter, completing Phase 2 geophysical surveys and advancing joint venture discussions while maintaining solid cash reserves.
- Completion of Phase 2 geophysical surveys at Frome Downs uranium project
- Preparation underway for initial drilling program in South Australia
- Ongoing joint venture discussions for East Canyon uranium-vanadium project in the USA
- Maintained good standing with all minimum expenditure obligations met
- Cash reserves of approximately AUD 2.5 million as at quarter end
Quarterly Overview and Financial Position
Uvre Limited (ASX: UVA) has released its March 2025 quarterly activities report, highlighting continued advancement in its uranium and lithium exploration portfolio. The company ended the quarter with cash reserves of approximately AUD 2.5 million, maintaining a solid financial footing to support ongoing and upcoming exploration activities.
During the quarter, Uvre met all minimum expenditure obligations across its projects, ensuring all tenements remain in good standing. No mining development or production activities were conducted, consistent with the company’s focus on exploration and project advancement.
South Australian Uranium Projects: Frome Downs and Yankaninna
The company’s primary focus in South Australia was the Frome Downs Uranium Project (EL6996), where it completed a Phase 2 geophysical survey program. This program involved passive seismic and ground gravity surveys designed to refine and enhance targets identified in the initial Phase 1 survey completed in September 2024. The results, expected soon, aim to delineate subsurface palaeochannels and structural disruptions that could indicate uranium mineralisation traps.
Uvre’s exploration licenses cover 521 square kilometres within the uranium-rich Frome Basin, a region hosting several significant uranium deposits and operating mines such as Beverley and Four Mile. The company has also formalised a Heritage Survey Agreement with the Adnyamathanha Traditional Lands Association, establishing a collaborative framework for exploration respecting traditional custodianship.
East Canyon Uranium Vanadium Project: Strategic Discussions Underway
In the United States, Uvre’s East Canyon Uranium Vanadium Project in Utah remains a key asset. The company has commenced discussions with potential partners regarding investment or joint venture opportunities, reflecting a strategic approach to advancing this project without immediate exploration expenditure. The project is situated within the historically productive Uravan Mineral Belt, near significant uranium-vanadium operations and the only licensed conventional uranium-vanadium mill in the US.
South Pass Lithium Project: Early Stage with Strategic Potential
The South Pass Lithium Project in Wyoming, USA, remains at an early exploration stage with no new activities reported this quarter. The project is considered highly prospective for hard rock lithium, a metal critical to the global energy transition. Uvre’s ownership of this project aligns with its broader strategy to focus on energy transition metals.
Corporate and Capital Structure
Uvre holds 7 million performance rights and 13.5 million options on issue, none of which vested or were converted during the quarter. The company’s capital structure remains stable, with director fees disclosed as part of related party transactions. Uvre continues to evaluate strategic and complementary asset opportunities to enhance shareholder value.
Looking ahead, the market will be watching for the release of Phase 2 geophysical survey results and the commencement of drilling programs at Frome Downs, alongside any developments in joint venture negotiations for East Canyon.
Bottom Line?
Uvre’s steady exploration progress and strategic JV talks position it well for upcoming catalysts in uranium and lithium markets.
Questions in the middle?
- What will the Phase 2 geophysical survey results reveal about uranium targets at Frome Downs?
- How might joint venture agreements for East Canyon impact Uvre’s capital and exploration strategy?
- When will Uvre initiate drilling at Frome Downs, and what are the expected timelines for results?
