Energy Metals Holds $8.3M Cash, Plans Key Surveys in Uranium Hotspots
Energy Metals Limited reported steady progress in its uranium exploration projects across the Northern Territory and Western Australia, supported by a robust cash position and a bullish uranium market outlook.
- Completion of targeting exercise and planned geophysical survey at Ngalia Regional Project
- Delayed assay results from Walbiri South and Penrynth drilling expected in Q1 2026
- Strong cash reserves of approximately AUD 8.3 million with 209.7 million shares on issue
- Ongoing engagement with native title holders and regulatory processes
- Uranium spot prices volatile but expected to rise through 2026 amid global nuclear expansion
Exploration Momentum in the Northern Territory
Energy Metals Limited (ASX, EME) has maintained a steady pace in its uranium exploration activities during the December 2025 quarter, focusing on its extensive portfolio in the Northern Territory’s Ngalia Basin. The company completed a targeting exercise on exploration licence EL24451 and designed a geophysical survey scheduled for execution in the first quarter of 2026. This survey aims to test for concealed paleochannels that could host uranium deposits, a promising avenue given the region’s historical mineralisation.
Meanwhile, chemical assays and automated mineralogy analyses are underway for drilling samples from Walbiri South and Penrynth, although final results have been delayed and are now expected in early 2026. These analyses are critical for refining the understanding of uranium mineralisation and guiding future drilling programs.
Strategic Partnerships and Community Engagement
Energy Metals continues to foster strong relationships with native title holders and regulatory bodies, exemplified by a liaison meeting held at the Bigrlyi site in November. The company’s proactive engagement with the Central Land Council and traditional owners underscores its commitment to responsible exploration practices. Additionally, renewal applications for key exploration licences, such as ELR32552, have been submitted to secure tenure for ongoing work.
Financial Strength Supports Exploration Ambitions
With approximately AUD 8.3 million in cash and bank deposits at quarter-end, Energy Metals is well-positioned to fund its exploration and development activities. The company reported a total exploration expenditure of AUD 500,000 for the quarter, reflecting a disciplined approach to capital deployment. Notably, payments to related parties, including directors’ fees and consulting, amounted to AUD 19,000, consistent with prior periods.
Market Context, Uranium and Vanadium Prices on the Rise
The uranium market showed volatility during the quarter, with spot prices dipping to US$75.80 per pound in November before rebounding to US$81.55 by December. Long-term contract prices also increased, signaling growing investor confidence. This price strength is underpinned by supply constraints and expanding nuclear power capacity worldwide, with over 20 countries planning to increase their nuclear generation as part of decarbonisation efforts. Industry forecasts suggest uranium prices could reach US$90-110 per pound by the end of 2026.
Vanadium prices also edged higher to US$4.30 per pound, driven by tightening supply and anticipated demand growth from steel production. Analysts project vanadium prices could nearly double by year-end, reaching US$9.00-11.00 per pound, which could enhance the value proposition of Energy Metals’ vanadium credits in its uranium deposits.
Western Australia Projects and Regulatory Challenges
In Western Australia, Energy Metals’ Manyingee project remains subject to landholder objections, with hearings scheduled for May 2026. The company continues to monitor the political landscape, particularly the state government’s uranium mining ban, which currently limits development prospects for several calcrete-hosted uranium deposits. Despite these challenges, Energy Metals is maintaining its tenement holdings and readiness to advance should market and regulatory conditions improve.
Bottom Line?
As Energy Metals awaits critical assay results and advances its geophysical surveys, the company’s strong financial footing and favourable uranium market outlook set the stage for potential value creation in 2026.
Questions in the middle?
- What will the upcoming assay and mineralogy results reveal about the uranium potential at Walbiri South and Penrynth?
- How will the planned geophysical survey impact exploration targeting and drilling priorities in the Ngalia Basin?
- What are the prospects and timelines for resolving landholder objections and regulatory approvals in Western Australia?
