Highlights

  • Alligator Energy has reported a maiden Inferred Mineral Resource Estimate of 12 Mlbs U₃O₈ at the Plumbush Deposit.
  • The Plumbush Deposit is located around 5 km south of the existing Blackbush Deposit within the 100%-owned Samphire Project.
  • The combined Samphire Project Mineral Resource Estimate has increased by 67%, from 18 Mlbs to 30 Mlbs U₃O₈.
  • Alligator said all of the combined resource has been assessed as amenable to in-situ recovery.
  • The company plans an intensive drilling program through the rest of 2026, with an updated Mineral Resource Estimate expected in early 2027.

Alligator Energy Ltd (ASX:AGE) has announced a maiden Inferred Mineral Resource Estimate of 12 Mlbs U₃O₈ at the Plumbush Deposit, adding a new resource base to its 100%-owned Samphire Project in South Australia. The Plumbush Deposit is located around 5 km south of the existing Blackbush Deposit and has lifted the total Samphire Project Mineral Resource Estimate by 67%, from 18 Mlbs to 30 Mlbs U₃O₈.

Following the announcement, Alligator Energy shares closed at AUD 0.037 on 19 June 2026, down 29.52% for the day. Despite the sharp fall in the latest session, the stock remains up 85.00% over the past six months and 23.33% over the past year.

About Alligator Energy

Alligator Energy is an ASX-listed uranium-focused company advancing the Samphire Project in South Australia. The company’s latest update relates to the Plumbush and Blackbush deposits, which form part of the wider Samphire Project.

The Samphire Project is being assessed for potential in-situ recovery development. According to the company, the addition of Plumbush to the existing resource base increases the project’s scale and provides further support for the broader exploration target previously announced for Samphire.

Alligator is currently progressing a Bankable Feasibility Study for the project, with the study expected to be released in mid-2027.

Plumbush Adds 12 Mlbs to Samphire Resource Base

The latest update centres on the first JORC 2012-compliant Mineral Resource Estimate for the Plumbush Deposit.

The maiden Plumbush resource has been classified entirely as Inferred and totals 14.9 Mt at 370 ppm U₃O₈ for 12.0 Mlbs of contained U₃O₈. The estimate has been reported above a 140 ppm U₃O₈ cut-off and applies to the portion of the resource assessed as amenable to in-situ recovery.

The company said the Plumbush addition increases the Samphire Project’s combined Mineral Resource Estimate from 18.0 Mlbs to 30.0 Mlbs U₃O₈. The combined resource now includes Blackbush Indicated material of 8.2 Mt at 786 ppm U₃O₈ for 14.2 Mlbs, Blackbush Inferred material of 3.9 Mt at 443 ppm U₃O₈ for 3.8 Mlbs, and Plumbush Inferred material of 14.9 Mt at 370 ppm U₃O₈ for 12.0 Mlbs.

Resource Growth Supports Wider Samphire Exploration Target

Alligator said the Plumbush Mineral Resource Estimate provides support for the previously reported Samphire Exploration Target of 14 Mlbs to 75 Mlbs U₃O₈.

The company described the Plumbush estimate as an important step toward converting part of that exploration target into defined Mineral Resources. It also noted that the result supports the potential for multiple mineralised centres across the broader Samphire tenure.

The Plumbush Deposit lies within the same broader project area as Blackbush, and the company is now assessing how both deposits could contribute to future development planning and project scale.

In-Situ Recovery Amenability Remains Central to Project Assessment

A key part of the announcement is that the combined Samphire resource has been deemed amenable to in-situ recovery.

The Plumbush resource was reported only for the portion assessed as amenable to in-situ recovery within the Kanaka Beds and Melton Sands of the Samphire Palaeochannel. The company said the resource reporting excludes clay and carbonate blocks and retains ISR-amenable lithologies such as sand, silt and lignite.

The Mineral Resource is reported with reasonable prospects for eventual economic extraction through in-situ recovery using acid leaching. The company cited shallow mineralisation, typically around 50 m to 80 m below surface, permeable sand-dominated host rocks and adequate hydrogeology head as supporting factors.

Bankable Feasibility Study Work Continues

The enlarged resource base is expected to feed into ongoing project studies.

Alligator said the Plumbush resource may contribute to future development planning and potentially increase the mining inventory beyond the previously announced Scoping Study. The company is assessing potential operational and infrastructure synergies as part of the Bankable Feasibility Study currently underway.

The Bankable Feasibility Study is expected to be released in mid-2027. Before that, Alligator plans to deliver an updated Mineral Resource Estimate in early 2027, following the next phase of drilling.

The company said the upcoming resource update is expected to form the base to be incorporated into the Bankable Feasibility Study.

2026 Drilling Program Targets Growth and Conversion

Alligator has outlined an intensive drilling program for the remainder of 2026, with multiple drill rigs planned.

The program will target both resource growth and resource confidence upgrades. At Blackbush, the company plans further resource delineation and extension drilling, including infill drilling on a nominal 25 m by 25 m spacing to upgrade parts of the Indicated material to the Measured category.

The company also intends to test extensions south of the current Blackbush Mineral Resource Estimate boundary.

At Plumbush, resource delineation drilling will be undertaken to support possible future upgrades to the resource classification.

In addition, reconnaissance and follow-up delineation drilling will target the mineralised channel system between Blackbush and Plumbush.

Historical Drilling Reinterpreted for Maiden Plumbush Estimate

The Plumbush Mineral Resource Estimate was prepared by SRK Consulting using historical drilling data from UraniumSA Ltd.

Between 2009 and 2011, UraniumSA drilled 85 mud rotary holes across the Plumbush Deposit. The current estimate is based on 85 vertical rotary mud drill holes totalling 7,846 m.

Downhole geophysical logging was completed in 72 holes, with gamma uranium data at 0.1 m resolution forming the primary grade data used for the estimate.

Alligator said the geological model for Plumbush has been reinterpreted using the geological and hydrogeological understanding gained from its work at the nearby Blackbush Deposit since 2021.

The company noted that this reinterpretation enabled the generation of a JORC 2012-compliant Inferred Mineral Resource Estimate from the historical drilling dataset.

Technical Basis of the Plumbush Resource

The Plumbush Deposit is hosted within a Cenozoic palaeochannel system developed in Hiltaba Suite granite basement. The drilled area covers about 3.6 km east-west by 2.5 km north-south.

The Kanaka Beds are the primary host for uranium mineralisation, while the overlying Melton Sands act as a partial secondary host where uranium has migrated upward across the contact.

The palaeochannel system is described as a deeply incised channel around 500 m to 700 m wide, trending from north to south before feeding into a broader southern palaeolake. The Kanaka Beds reach a maximum thickness of approximately 60 m in the southeast.

Alligator said three vertically stacked mineralisation horizons have been identified within the Melton-Kanaka sequence. These include an upper tabular zone, a middle tabular-roll-front zone and a basal flow zone.

Resource Classification Remains Inferred

The Plumbush resource has been classified entirely as Inferred, with no Indicated or Measured Mineral Resources yet defined at the deposit.

The company said Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. It also noted there is no certainty that further exploration, feasibility work or development will result in the conversion of Mineral Resources into Ore Reserves.

The effective date of the Plumbush Mineral Resource Estimate is 19 June 2026.

Alligator’s planned 2026 drilling program is expected to address both resource expansion and confidence upgrades, with the next Mineral Resource Estimate update anticipated in early 2027.

Management Points to Expanded Project Foundation

Alligator Energy CEO and Managing Director Andrea Marsland-Smith said the maiden Plumbush resource provides further validation of the company’s geological model and the expansion potential of the Samphire Project.

She said the 12 Mlbs resource located within 5 km of Blackbush enhances the scale of Samphire and that drill-ready targets are now accessible following the finalisation of access arrangements with the landholder.

Management also stated that a 30 Mlbs Mineral Resource Estimate provides a broader foundation as the company advances its Bankable Feasibility Study.

What This Means for Investors

Alligator Energy’s latest update increases the defined resource base at the Samphire Project by 67%, with the maiden Plumbush Inferred Mineral Resource Estimate lifting the combined project resource from 18 Mlbs to 30 Mlbs U₃O₈.

The update also outlines a clear near-term work program. The company plans further drilling through the remainder of 2026, targeting resource growth, classification upgrades and further definition of the channel system between Blackbush and Plumbush.

Investors are likely to monitor the next Mineral Resource Estimate update expected in early 2027, along with progress on the Bankable Feasibility Study, which is expected in mid-2027.