Orpheus Uranium Accelerates Exploration with $1.25M Raise and Pirie Basin Acquisition
Orpheus Uranium Limited has secured $1.25 million to fund its newly acquired Pirie Basin Project, marking a strategic shift towards active exploration across key uranium provinces in Australia.
- Successful $1.25 million capital raise to fund Pirie Basin Project exploration
- Acquisition of Pirie Basin Project expands exposure to three major uranium basins
- Exploration underway at Mount Douglas with government co-funding for gravity survey
- Progress on Native Title agreements to enable advanced exploration activities
- Board changes include new Chair Simon Mitchell and Managing Director Clinton Dubieniecki
Strategic Expansion into Premier Uranium Basins
Orpheus Uranium Limited (ASX – ORP) has entered a new phase of growth following the successful acquisition of the Pirie Basin Project in South Australia, supported by a well-backed $1.25 million capital raising. This acquisition significantly broadens Orpheus’s footprint, positioning the company within three of South Australia’s most prospective uranium provinces – the Pirie, Frome, and Murray (Radium Hill) basins. Each basin is renowned for its sedimentary-style uranium mineralisation potential, with the Pirie Basin notably underexplored yet adjacent to Alligator Energy’s Samphire Uranium Project, which boasts an 18 million pound uranium resource.
Advancing Exploration with Stakeholder Engagement
Beyond land acquisition, Orpheus is actively progressing exploration activities, particularly at its 100%-owned Mount Douglas Project in the Northern Territory. The company has commenced on-ground work, including an extensive gravity survey partially funded by an $80,000 grant from the Northern Territory Geological Survey. These geophysical efforts aim to refine drill targets for unconformity-style uranium deposits, akin to the nearby Tier-1 Ranger deposit.
In South Australia, Orpheus is intensifying engagement with Indigenous groups and other stakeholders to secure access agreements critical for exploration. Notably, a Native Title Mining Agreement was executed post-quarter with the Wilyakali Native Title Aboriginal Corporation for the Radium Hill South Project, enabling advanced exploration activities such as heritage surveys and drilling to proceed.
Governance and Financial Position
The quarter also saw significant board changes, with Simon Mitchell appointed as Chair following Mick Billing’s retirement, and CEO Clinton Dubieniecki joining the board as Managing Director. These leadership adjustments coincide with Orpheus’s strategic realignment towards uranium exploration, supported by a solid financial position with approximately $4.9 million in cash and liquid investments at quarter-end.
Exploration expenditure for the quarter totaled $241,000, reflecting a focused investment in advancing project readiness rather than production or development activities. The company continues to review additional uranium opportunities to complement its portfolio, while also managing legacy non-uranium assets to maintain regulatory compliance and strategic fit.
Legal Challenges and Outlook
Orpheus faces ongoing legal proceedings in Zambia related to a former joint venture and exploration licence cancellation. The company denies the claims and intends to vigorously defend the case, which remains a potential risk factor. Meanwhile, the company’s forward-looking strategy is clear – to leverage its strengthened landholdings and stakeholder relationships to deliver a robust exploration program through 2025 and into 2026, aiming to capitalise on the growing global demand for uranium driven by expanding nuclear energy markets.
Bottom Line?
Orpheus Uranium’s strengthened portfolio and exploration momentum set the stage for potential discoveries amid rising uranium demand.
Questions in the middle?
- What initial results will the upcoming gravity survey at Mount Douglas reveal about drill targets?
- How will ongoing Native Title negotiations impact the timeline for exploration activities across South Australian projects?
- What are the potential financial and operational implications if the Zambian legal proceedings escalate?
