Orpheus Acquires 271 km² Oobagooma Uranium Project with 9km Roll-Front Mineralisation

Strategic Acquisition in Western Australia's Canning Basin

Orpheus Uranium Limited (ASX – ORP) has entered into a binding agreement to acquire 100% of the Oobagooma Uranium Project from Jackson Cage Pty Ltd, a wholly owned subsidiary of Elevate Uranium Ltd. Situated in the West Kimberley region of Western Australia, the project spans 271 square kilometres within the northern margins of the Canning Basin, a geological setting known for sedimentary-style roll-front uranium mineralisation.

This acquisition marks a significant expansion of Orpheus’ portfolio, complementing its existing assets across Australia’s uranium districts. The Oobagooma Project is notable for its extensive historical exploration, with drilling conducted primarily between 1980 and 1983 by Afmeco, which intersected multiple high-grade uranium zones. Despite this, the project has seen limited modern exploration, presenting a clear opportunity for Orpheus to apply contemporary techniques and unlock further value.

Historical Drilling Highlights and Geological Potential

The historical drilling program at Oobagooma comprised 373 holes totaling over 40,000 metres, revealing uranium mineralisation over approximately 9 kilometres of strike length. Noteworthy intersections include intervals such as 2.2 metres at 3,581 ppm eU3O8 and 2.8 metres at 2,352 ppm eU3O8, underscoring the deposit’s high-grade potential. Geological reinterpretation by Elevate Uranium suggests the presence of at least four stacked roll-fronts within the Early Carboniferous Yampi Sandstone and underlying Lillybooroora Conglomerate, both key sedimentary units in the basin.

The project’s geological setting benefits from uranium-enriched source rocks in the nearby King Leopold Orogen, with sedimentary traps formed in reducing environments conducive to uranium deposition. The presence of organic matter and pyrite within the sediments further supports the potential for significant uranium accumulation.

Terms of Acquisition and Future Exploration Plans

Orpheus’ acquisition involves an upfront cash payment of $225,000 and the issuance of 20 million fully paid shares, with additional milestone-based share payments contingent on exploration progress. These milestones include securing all necessary consents and completing exploration activities within three years, and conducting a minimum 2,400-metre drilling program within five years. The agreement also entails assuming existing royalties payable to Orano Mining and Paladin Energy, including a 1% total sales return royalty and a 1% gross revenue royalty, respectively.

Access to the project area, which lies within the Yampi Sound Defence Training Area, will require negotiation of access agreements with the Commonwealth Government and engagement with the Dambimangari Aboriginal Corporation to address heritage considerations. Orpheus intends to undertake heritage and environmental studies while working towards gaining a social licence to operate.

Positioning for Long-Term Value Amid Regulatory Uncertainty

While uranium mining remains banned in Western Australia, Orpheus views the acquisition as a strategic move anticipating evolving policy and market conditions. By securing a high-quality, underexplored uranium asset with substantial historical data, the company aims to position itself advantageously for future development opportunities. The validation and integration of historical datasets, combined with targeted drilling and modern exploration methods, are expected to refine geological models and potentially lead to resource definition.

Managing Director Clinton Dubieniecki emphasised the project’s alignment with Orpheus’ strategy to build a balanced uranium portfolio and highlighted the opportunity to add value through systematic exploration of a known target comparable in scale to prominent sedimentary uranium deposits in Australia.