Neu Horizon’s Swedish uranium campaign reaches the drilling stage

Swedish uranium campaign reaches drill-targeting stage

Neu Horizon Uranium Limited (ASX:NHU) has finished the fieldwork that was meant to establish its credentials as a newly listed uranium explorer, completing more than 12,000 line kilometres of airborne geophysics across its Swedish portfolio. The company is now integrating the data and refining drill collars, with a maiden programme planned for early 2027 at the Storvallflon prospect within the Krokom Project.

The result largely confirms the timetable set after the July listing. Neu Horizon’s notional exploration push included drone magnetic and radiometric surveys, helicopter-borne electromagnetic work, ground radiometrics, RadonX radon surveys, rock-chip sampling and historical drill-core re-logging. The earlier Swedish uranium campaign had reported more than 12,000 line kilometres of airborne data and 2,934 RadonX cups, with the remaining work still being completed at that point.

More than 12,000 line kilometres of new data

The September quarter programme delivered 8,511 line kilometres of drone magnetics, 395 line kilometres of drone radiometrics and 3,397 line kilometres of helicopter-borne electromagnetic and magnetic data. Neu Horizon said those totals represented 113% of the announced drone magnetic scope and 106% of the planned heliborne survey scope.

RadonX surveys covered five priority prospects across the Arvidsjaur and Krokom projects, with 2,934 cups deployed and recovered. The company also collected more than 120 line kilometres of ground radiometric data, submitted 62 rock-chip samples to ALS Laboratories in Sweden, and re-logged more than 10 historical drill holes. The assays have been received and are being interpreted, while final processed SkyTEM data is still being incorporated into the geological work.

Storvallflon emerges as the first drilling target

Neu Horizon plans to prioritise Storvallflon for its maiden drilling campaign, although the report describes drill-collar positions as still being refined and prioritised. No assay results, resource estimate or drilling result was reported in the quarter, leaving the exploration thesis dependent on how the various datasets combine and whether they support targets suitable for testing.

The company’s Swedish work comes after the country lifted its moratorium on uranium exploration and mining on 1 January 2026. Neu Horizon also pointed to Sweden’s support for new nuclear generation, including the selection of Rolls-Royce SMR to deliver new reactors, as part of its rationale for establishing a uranium portfolio there. Those policy developments may improve the jurisdiction’s appeal, but they do not establish the presence or economic value of mineralisation on Neu Horizon’s permits.

IPO cash funds the next phase

Neu Horizon raised A$12.0 million through its IPO and began trading on the ASX in July. It spent A$1.188 million on exploration during the quarter, of which A$1.150 million went to Sweden and A$38,000 to Canada. Cash and cash equivalents stood at A$8.623 million at 30 September, with no financing facilities drawn.

Canada remains a secondary workstream. The company’s four Woods Projects sit along the northern margin of Saskatchewan’s Athabasca Basin, where Neu Horizon is targeting basement-hosted uranium mineralisation. Ground radiometric and soil geochemical follow-up of previously identified radiometric and VTEM anomalies is planned for the second quarter of 2027, after the Swedish programme takes priority.

Cash runway and pending evidence

The Appendix 5B reports quarterly relevant outgoings of A$2.373 million and calculates estimated funding of 3.63 quarters based on the quarter-end cash balance. That calculation sits awkwardly beside the activities report’s statement that the IPO provided sufficient funding for two years of uranium exploration, so future quarters will show whether spending normalises after the intensive first campaign and how far the stated runway extends in practice.

For now, the next meaningful evidence is not another survey milestone but the quality of the assays, RadonX interpretation and SkyTEM targeting. The investment story will become more tangible when Neu Horizon converts those datasets into permitted drill holes at Storvallflon and, eventually, results that can be tested against the geological model.