Key Highlights

• Powerhaus is testing calcrete targets in Argentina before deeper drilling.

• Early ground work at one calcrete target found no clear uranium signal.

• The company has Argentine and Canadian projects.

• Cash and the spending plan are key risks.

Powerhaus Uranium (ASX:POW) is using its first months as a listed company to test a cheap, near-surface idea in Argentina before it commits to deeper drilling. Early ground work at one calcrete target found no significant radiometric responses, so the harder question is now where the real uranium lies.

A uranium explorer with Argentine and Canadian projects

Chair Richard Pearce and Managing Director Siobhan Lancaster previously led 92 Energy, according to the listing announcement. More than half of the raising was earmarked for Central Malbec.

Powerhaus Uranium (ASX:POW) Limited began trading on the ASX on 25 August 2026 after raising A$9.0 million before costs from 45,000,000 shares at A$0.20 each. At Quotation it had about 85.2 million shares on issue, plus 5.5 million performance rights and 6.75 million options.

Its main asset is the 100 per cent owned Malbec project in Chubut, Argentina, about 60 kilometres west of Comodoro Rivadavia. The company holds four granted exploration permits and 16 applications there, covering about 2,000 square kilometres, and has a 49 per cent interest in adjacent Malbec West with an option over the rest.

The Polo and El Tropezón projects in Argentina have so far had only desktop evaluation and planning. It also owns Hidden Bay in Saskatchewan, Canada, bought from Xpedra Resources, with a 2 per cent uranium Royalty retained by the vendor.

Two types of uranium target

The company's strategy has two strands. One is sandstone-hosted roll-front uranium in the Salamanca Formation, which the company thinks may suit in-situ recovery. The other is calcrete, a near-surface carbonate-cemented layer in which uranium can accumulate.

At listing the company cited grab samples of up to 523 and 344 parts per million uranium oxide at Del Molle and up to 771 parts per million at Aguada de Piedra. Grab samples are selective, so such numbers show that uranium is present and not how much.

What the field work found

After the September quarter ended, crews surveyed roughly 9 of the 17 square kilometres of the Terrace del Molle calcrete terrace using ground radiometrics. There were no significant responses.

Seven hand-dug pits, 1.5 to 2.4 metres deep, all met 0.5 to 0.8 metres of soil cover, which the company thinks may mask calcrete signals. Several samples have gone for assay, so the negative radiometric result is not yet the final word.

Cash and the spending plan

Cash at 30 September 2026 was A$7.958 million, up from A$371,000 three months earlier. Net operating outflow was A$588,000, including A$149,000 of staff costs and A$233,000 of administration and corporate costs, and exploration and evaluation spending within Operating Cash Flow was A$231,000. The company estimates 13.53 quarters of funding at the current rate. Transaction Costs for the raising were A$717,000, and related-party payments were A$312,000.

The mix of spending matters. Of A$9.285 million allocated in the prospectus, about A$1.341 million had been spent, and nothing had gone on Central Malbec drilling against a A$2.225 million allocation.

At listing, a 5,000 metre diamond programme was pencilled in for October 2026 subject to permits. The latest plan is for 4,000 to 5,000 metres of air core drilling once environmental permits and VAT registration are obtained, so the timetable has moved. That approval covers 66 drill holes, 20 trenches and 142 sonic holes.

Risks and milestones

Exploration in Argentina carries permitting, currency and cost risks, and uranium sentiment can change quickly. Roll-front targets need drilling to prove thickness, grade and continuity, and calcrete deposits are often low grade.

Milestones for the December 2026 quarter include assays and interpretation from Terrace del Molle, historical seismic and well data work, planning for mechanical trenching up to three metres deep, geophysical design at Hidden Bay, and the start of air core drilling if permits arrive.