Orpheus Uranium Advances Exploration with Regulatory Approvals and $4.37M Placement

Regulatory Green Lights Signal Exploration Momentum

Orpheus Uranium Limited (ASX:ORP) is gearing up for an active 2026 after securing government approvals for advanced exploration activities at its Frome and Radium Hill South projects in South Australia. The Frome Project, located just 12 kilometres from Boss Energy’s Gould’s Dam deposit, received a Program for Environmental Protection and Rehabilitation (PEPR) approval, enabling drilling following a 21-day notice period. Meanwhile, Radium Hill South, near the historic Radium Hill Mine, has completed heritage surveys and regulatory clearances, allowing the company to refine drill targets with an eye on discovery.

These milestones follow a series of strategic Native Title Mining Agreements, including the landmark deal with the Adnyamathanha Traditional Lands Association Aboriginal Corporation, which has unlocked access for both Frome and Marree projects. This regulatory groundwork is crucial for Orpheus to transition from desktop studies to fieldwork, underpinning its plans for multiple drilling campaigns across its portfolio.

Expanding Footprint with Licence Transfers and Stakeholder Engagement

In the Pirie Basin, Orpheus completed licence transfers late in Q1 2026 and has initiated engagement with key stakeholders to secure on-ground access. The basin, adjacent to Alligator Energy’s Samphire Uranium Project, holds significant promise with historical drill results showing uranium concentrations up to 535 ppm U3O8. Orpheus is actively interpreting extensive historical datasets; including those acquired from Fortescue Ltd; to sharpen geological models and define drill targets, aiming to bring this underexplored region closer to drill-ready status.

Meanwhile, at the Marree Project, two Native Title Mining Agreements cover much of the tenure, enabling Orpheus to pursue regulatory approvals for advanced exploration. The company continues to analyse historical data to guide upcoming field activities, balancing cultural heritage respect with its exploration ambitions.

Northern Territory and Western Australia Projects Progressing

Orpheus is also advancing its unconformity-style uranium projects in the Northern Territory, particularly at Mount Douglas. Following a high-resolution gravity survey co-funded by the NT Geological Survey, the company is now modelling new data to prioritise drill targets. Stakeholder engagement remains a focus ahead of more extensive on-ground activities.

In Western Australia, Orpheus extended the deadline to complete the acquisition of the Oobagooma Project, a strategically important sedimentary-style uranium asset in the Canning Basin. The extension allows finalisation of third-party agreements critical to closing the transaction, now expected in Q2 2026. Upon completion, Orpheus will begin geological modelling and stakeholder engagement to lay foundations for future exploration.

Capital Raise and Financial Position Strengthen Exploration Outlook

Supporting its ambitious exploration agenda, Orpheus successfully raised $4.37 million before costs through a placement of approximately 70.4 million shares at $0.062 each. The raise attracted a cornerstone investment from IsoEnergy Ltd., a TSX/NYSE-listed uranium company, underscoring institutional confidence in Orpheus’ strategy. This follows a recent $4.36M placement led by IsoEnergy that set the stage for the current funding round.

At quarter-end, Orpheus held $5.09 million in cash and $1.88 million in liquid investments, including a 6.25 million share holding in Prospect Resources Ltd. The company’s modest exploration expenditure of $191,000 during the quarter reflects its focus on preparatory work ahead of drilling, with no production or development costs incurred.