Alligator Energy Commences Uranium Extraction at Samphire with Promising Trial Results

• Uranium extraction commenced with peak grades over 200 mg/L U3O8
• Field Recovery Trial recovery exceeds 55% after 39 pore volumes
• Bankable Feasibility Study initiated incorporating operational data
• Leadership strengthened with CEO appointed Managing Director
• Big Lake drilling delayed by flooding, impacting exploration timeline

Uranium Extraction Begins at Samphire

Alligator Energy (ASX:AGE) has crossed a critical milestone at its Samphire Uranium Project, transitioning from pilot plant commissioning to active uranium extraction through its Field Recovery Trial (FRT). The company confirmed that uranium-bearing solution has been successfully recovered using in-situ recovery (ISR) methods, with onsite assays reporting peak uranium grades exceeding 200 mg/L U3O8 and sustained solution grades above 100 mg/L. These early results demonstrate the hydrogeological conditions and processing systems are performing as designed, validating key technical assumptions.

Following the quarter, Alligator reported that uranium recovery from the initial wellfield surpassed 55% after circulating 39 pore volumes of solution, aligning with modelled expectations for grade, flow rates, and reagent consumption. While these findings remain preliminary pending external laboratory validation, they represent a significant step in de-risking the project and support the operational feasibility of ISR at Samphire.

Bankable Feasibility Study Launched to Support Development

In parallel with the FRT, Alligator Energy commenced a Bankable Feasibility Study (BFS) managed by Ammjohn Solutions Pty Ltd. This study aims to integrate real operational data from the FRT, including uranium recovery rates, well spacing, and reagent costs, into a comprehensive evaluation of the project’s design, operating costs, and production profile. Completion is targeted for the first half of 2027, providing a critical foundation for future development decisions and financing.

The BFS is expected to enhance confidence in the project’s economics and execution strategy by grounding assumptions in site-specific data. This approach follows the company’s December 2023 Scoping Study, with recent operational results providing further validation of those earlier projections. Indeed, Alligator Energy’s recent strong uranium recovery and operational performance announcement underscored that reagent consumption and flow rates are consistent with prior modelling.

Leadership Changes and Project Advancements

Reflecting its transition toward development and production, Alligator Energy strengthened its leadership during the quarter by appointing CEO Dr Andrea Marsland-Smith as Managing Director. This move aligns governance with the company’s evolving operational focus. Meanwhile, veteran Non-Executive Director Peter McIntyre announced his planned retirement following the completion of the FRT, with Greg Hall transitioning to a Non-Executive Director role effective February 2026.

Exploration efforts continue alongside trial operations. The company is preparing an updated Mineral Resource Estimate incorporating the Plumbush satellite prospect, expected in the June 2026 quarter, which should provide further clarity on resource scale and quality. Additionally, an aggressive drilling campaign at Samphire is imminent, pending final approvals, aimed at resource extension and refining hydrogeological understanding to optimise wellfield design and project economics.

Exploration Delays and Financial Position

While Samphire advances, Alligator’s Big Lake Uranium Project drilling program has been delayed due to flooding and adverse site conditions, pushing commencement to late May 2026 at the earliest. Despite this setback, the company remains confident in the region’s potential, having previously reported uranium grades exceeding 100 ppm in multiple drill holes.

Financially, Alligator Energy ended the quarter with A$13.3 million in cash. The company invested heavily in exploration and evaluation activities (A$5.7 million) and incurred operating costs consistent with its development phase. Current expenditure levels suggest a cash runway of under two quarters; however, management expects to extend funding through proceeds from the sale of Northern Territory tenements and R&D tax refunds. This funding strategy will be critical as the company moves toward completing the FRT and advancing the BFS.

Bottom Line?

Alligator Energy’s initial uranium extraction success and BFS launch mark a pivotal step toward production, but sustaining momentum will depend on forthcoming trial data and financial management.

Questions in the middle?

• How will ongoing FRT results influence the final BFS outcomes and project economics?
• What are the implications of delayed Big Lake drilling on Alligator’s exploration pipeline?
• Can the company secure sufficient funding to bridge the gap until FRT completion and resource upgrades?