Highlights

  • Trenching results at the Oasis Uranium Project confirmed uranium mineralisation extensions to the north, east, and northwest of the known deposit, with peak values reaching approximately 87 ppm U and nine priority regional targets now defined from Sentinel-2 multispectral analysis.
  • The Douglas River Uranium Project received the grant of Mineral Exploration Licence EL34157 in the Northern Territory's Pine Creek Orogen, situated directly along strike from the Thunderball deposit, with Sentinel-2 data showing gas and alteration anomalies analogous to the Thunderball system.
  • The Alpha bitumen project's bulk sample program achieved approximately 99% conversion rates and 30-35% product yields, completing Milestone 3 and transitioning the project from process validation to product testing and certification with Technix in New Zealand.

Greenvale Energy Limited (ASX:GRV) navigated a quarter characterised by significant exploration programme results and corporate milestones, tempered by access restrictions imposed by severe weather conditions across northern Queensland and the Northern Territory. Despite these physical constraints, the company delivered meaningful advances across all three of its principal project areas: the Oasis Uranium Project in Queensland, the Douglas River Uranium Project in the Northern Territory, and the Alpha bitumen project also in Queensland.

The quarterly activities report, released on 24 April 2026, reflects a company methodically executing the technical and administrative groundwork necessary to progress a multi-asset clean energy portfolio from early exploration toward more advanced development stages.

Oasis Uranium Project: Significant Growth in Target Suite

The Oasis Uranium Project, held under EPM 27565 in Queensland, was the most active project during the quarter from a data-interpretation standpoint. The company advanced the integration of two key datasets — results from a trench sampling programme completed between October and November 2025, and newly acquired Sentinel-2 multispectral data covering the entire tenement package — to materially expand its understanding of both deposit-scale mineralisation and regional discovery potential.

The trenching programme, comprising six trenches totalling approximately 775 metres with 449 samples collected and assayed, confirmed that uranium mineralisation is continuous from surface and spatially associated with the Oasis Shear and adjacent structural features. Peak assay values reached approximately 87 ppm U, equivalent to approximately 102 ppm U3O8, confirming coherent, structurally controlled mineralisation at surface. Critically, trenching delineated zones of anomalous uranium mineralisation extending beyond the currently defined deposit to the north, east, and northwest, generating several high-priority step-out drill targets for follow-up programmes.

The Sentinel-2 multispectral analysis identified nine priority target areas where multiple anomalous datasets align, including gas anomalies for helium and radon, and chlorite alteration signatures that correlate with radiometric, magnetic, and structural features. A further seven areas of interest based on coincident anomalism were also defined. Collectively, these results highlight the potential for additional intrusive-related uranium mineralisation across the broader project area beyond the known deposit footprint.

A compulsory 50% relinquishment of EPM 27565 covering 26 sub-blocks was completed at quarter end, in compliance with Queensland Department of Natural Resources requirements. The company notes that the relinquished areas were not areas of primary interest, and the geological potential of the retained tenure remains unchanged.

Douglas River: Key NT Licence Granted

One of the quarter's most significant administrative achievements was the granting of Mineral Exploration Licence EL34157 in the Northern Territory, situated on the northern edge of Greenvale's existing tenure (EL33670) and overlying the southern extension of the Hayes Creek Fault Zone — a primary structural control on major uranium deposits in the Pine Creek Orogen, including the Thunderball deposit approximately 8 kilometres to the north.

Thunderball, for context, represents a substantial uranium resource (JORC 2004, 1.05 million tonnes of uranium oxide for 1.69 million pounds at 924 ppm U3O8). The geological analogy between Greenvale's project setting and Thunderball is an important element of the investment thesis for Douglas River. Sentinel-2 data acquired across the project area shows radon and helium gas anomalies correlating with airborne radiometric uranium anomalies and key structural features — a spatial association interpreted as analogous to the known Thunderball system.

The licence granting process involved extensive Native Title consultations with the Wagiman, Waral, and Jawoyn Peoples through the Northern Land Council and the National Native Title Tribunal. Culturally significant areas were excised from the related ELA33900 application at the Department's direction, in a pragmatic resolution that Greenvale has publicly supported. The company successfully commenced key stakeholder engagement during the quarter and is planning airborne geophysics and ground-based field work for the June quarter.

Alpha Project: Bulk Sample Milestone Opens Path to Commercialisation

The Alpha bitumen project, held under MDL 330 and EPM 27718 in Queensland, reached a significant process development milestone during the quarter through completion of Milestone 3 of Test Program 7 (TP7) — the generation of a bulk sample from repeated pressure leach processing.

The production campaign delivered consistently high conversion rates of approximately 99% and primary product yields in the order of 30 to 35% by weight, with process improvements including a reduction in reaction retention time from 60 to 30 minutes and reactor design modifications that improved mixing and reduced residue. Bulk samples have been dispatched to Technix in New Zealand for detailed characterisation and product certification testing, marking the transition from process validation to product development.

With a JORC Code 2012 Edition Inferred Mineral Resource of 28 million tonnes (equivalent to 27.7 million barrels of synthetic oil), Alpha is being advanced against a backdrop of tightening global bitumen supply — a market dynamic that underpins the project's strategic relevance as a potential domestic Australian source of bitumen for road construction and infrastructure applications.

Corporate and Finance

Greenvale held cash and cash equivalents of approximately AUD$2.7 million at 31 March 2026. The company's immediate focus for the June quarter includes ground truthing identified regional uranium targets through mapping and sampling at Oasis, commencing airborne geophysics at Douglas River, and continuing product characterisation work at Alpha. Field activity across Queensland and Northern Territory projects is expected to resume as weather conditions improve following the severe weather impacts that constrained access during the March quarter. New Managing Director Alex Cheeseman was appointed during the quarter as stakeholder engagement activities accelerate.

Conclusion

Greenvale Energy's March 2026 quarter demonstrates the value of a multi-asset portfolio strategy in an exploration company: while field access was constrained by weather, results from prior programmes continued to generate meaningful news, and administrative milestones like the Douglas River licence grant keep the development pipeline advancing. The convergence of expanded uranium targets at Oasis, a structurally compelling new licence at Douglas River, and a product certification milestone at Alpha positions Greenvale for a more active June quarter as it transitions from desktop analysis to field programmes across its clean energy portfolio.