Highlights

• Neu Horizon identified an electromagnetic conductor extending more than two kilometres.

• Five exploration datasets outlined coincident anomalies at Storvallflon.

• The company planned 4,000 metres of diamond drilling for the first quarter of 2027.

• Cash of approximately AUD 8.6 million funded the planned Swedish work program.

Neu Horizon Uranium (ASX:NHU) explores uranium-bearing black shales in Sweden, focusing on structures that may concentrate mineralisation within deformed rock sequences. Its Krokom project includes four prospects, with Storvallflon emerging as a drill target during the 2026 field campaign. In its 23 October 2026 update, the company outlined overlapping geophysical and surface results while making clear that drilling would be needed to establish subsurface grade and continuity.

Five Datasets Point to the Same Structure

The target centres on an electromagnetic conductor more than two kilometres long. Airborne electromagnetic data, drone magnetics, ground radiometrics, radon-gas surveys and rock-chip assays identified anomalies over the same area.

That overlap gave the exploration team several ways to examine the target. The electromagnetic response outlined conductive units, while surface measurements and geochemistry identified uranium associated with exposed black shale.

Ground spectrometer responses commonly exceeded 500 parts per million uranium and reached approximately 1,800 parts per million in selected areas. The company described these as its strongest surface responses over black shales surveyed during the 2026 campaign.

Surface Readings Need Careful Interpretation

Rock-chip laboratory assays returned a peak of 243 parts per million uranium oxide. That result and the ground spectrometer readings represent different measurements and should not be treated as interchangeable deposit grades.

The report presented the surface results as support for an exploration target. It did not establish the size, average grade or continuity of a mineral resource at Storvallflon.

The distinction matters to the work plan: strong surface signals can guide drill positioning, but the planned holes must test the rocks below the exposed area before the geological interpretation can be confirmed.

Fold Modelling Shapes the Drill Plan

Three-dimensional inversion of the electromagnetic data suggested an antiformal fold, with only the crest of the uranium-bearing black-shale sequence exposed. Conductive units were interpreted to continue down dip around the structure.

If that model is supported by drilling, the exposed anomaly may represent only part of the target. The company planned a 4,000-metre diamond drilling program for the first quarter of 2027 to test the structure, conductor continuity and uranium potential at depth.

Its stated exploration objective was structurally controlled enrichment within deformed black shale. The update did not claim that this style of enrichment had already been demonstrated at Storvallflon.

Funding Supports the Next Field Stage

Cash of approximately AUD 8.6 million at 30 September 2026 was reported as sufficient for the planned drilling and the two-year Swedish program outlined in the prospectus.

Further results remained to be reported from three other Krokom prospects and a 3,397-kilometre airborne electromagnetic survey. Those programs formed the wider exploration setting around the immediate Storvallflon drilling plan.

The principal unresolved questions were geological: whether the interpreted fold persists at depth, whether uranium follows the conductor and what grades occur below surface. The funding position supported testing those questions without resolving them in advance.