Alligator Energy Finalizes Plumbush Resource Update After ASX Price Query

Strategic Lease Option Opens New Exploration Frontiers

Alligator Energy Ltd (ASX:AGE) has taken a significant step in advancing its Samphire uranium project by securing a binding call option over the Mullaquana Crown Lease. This lease is home to the Plumbush deposit and covers the southern extensions of the Blackbush deposit, both key components of the Samphire Project in South Australia. The option arrangement, structured as a staged acquisition, grants Alligator immediate access rights for exploration activities across previously inaccessible ground, a move that could unlock further resource potential along the Blackbush-Plumbush corridor.

The initial option payment of $500,000 is due around 1 July 2026 and secures an 18-month window for exploration and technical assessment, with the full acquisition price set at $6.75 million payable only if the option is exercised. This approach allows Alligator to maintain capital discipline while gaining critical ground access to test the geological continuity between the two deposits and refine the recently updated Plumbush Mineral Resource Estimate (MRE).

Resource Estimate Update and ASX Price Query Response

In parallel, Alligator Energy has responded to an ASX price query triggered by unusual trading activity earlier in June. The company acknowledged awareness of material information not previously disclosed; the updated Mineral Resource Estimate for the Plumbush deposit; which was in draft form during the surge in trading volumes and prices. The MRE was finalized only after market close on 18 June 2026 and promptly announced the following day.

Alligator clarified that the MRE update was based on further modelling of existing exploration data rather than new drilling or sampling. The company had relied on Listing Rule 3.1A to withhold incomplete and confidential information until it was sufficiently definite for disclosure. To manage the situation, Alligator requested and was granted a trading halt, ensuring compliance with continuous disclosure obligations.

Additionally, the company noted that the recommencement of drilling at the Big Lake Uranium Discovery, announced on 11 June, also contributed to recent market interest. Alligator confirmed full compliance with ASX Listing Rules and that the Board had authorized the disclosures.

Implications for Samphire Project Development

Access to the Mullaquana tenure is strategically important for Alligator’s broader Samphire development plans. The southern strike extension of the Blackbush deposit has remained underexplored due to previous access constraints, and the option agreement now opens the door for infill and extension drilling at Plumbush, which has not seen drilling activity in over a decade. Testing the prospective corridor between Blackbush and Plumbush could significantly improve understanding of mineralisation continuity, potentially enhancing the project’s scale and development economics.

CEO and Managing Director Andrea Marsland-Smith highlighted the practical benefits of the staged option structure, emphasizing the balance between advancing exploration and preserving capital flexibility. The company’s ongoing Field Recovery Trial at Samphire, which has demonstrated uranium recovery rates exceeding global benchmarks, complements these resource and tenure developments, underpinning a growing technical foundation for the project’s future.