Highlights

  • Samphire’s combined Indicated and Inferred Mineral Resource reached 30 million pounds of U3O8 in 2026.
  • The Samphire Field Recovery Trial demonstrated uranium recovery through the full process flow sheet under field conditions.
  • September-quarter cash and cash equivalents totalled AUD 25.4 million following financing and other cash inflows.
  • Blackbush–Plumbush drilling and feasibility studies continued, with further resource work planned for FY27.

Alligator Energy Limited explores and evaluates uranium projects in Australia, with its principal development work centred on the Samphire Uranium Project in South Australia and exploration at Big Lake. Alligator Energy (ASX:AGE) shares closed at AUD 0.037 on 10 November 2026. During 2026, the company expanded the stated Samphire resource, completed a field recovery trial and continued studies required to assess a potential development. No final Investment decision to develop Samphire has been made.

Samphire Resource Expansion and Drilling

Alligator Energy (ASX:AGE) reported a combined Indicated and Inferred Mineral Resource of 30 million pounds of U3O8 at Samphire, comprising 18 million pounds at Blackbush and 12 million pounds at Plumbush. The addition of the maiden Plumbush Inferred Mineral Resource increased the combined estimate by 67% from 18 million pounds. Inferred material is not a reserve or production commitment.

Drilling on the Mullaquana Crown Lease commenced in July 2026. In the September quarter, the company reported results from 108 Blackbush delineation holes and 62 Plumbush holes. Its 7 October announcement described mineralisation approximately one kilometre south of the previously southernmost known mineralised Blackbush drill hole. Reported equivalent uranium grades were derived from calibrated downhole Gamma logging, and intersection lengths were downhole measurements rather than confirmed true widths. Further drilling is intended to inform a resource update during FY27; the eventual estimate remains subject to geological interpretation.

Field Recovery Trial and Feasibility Work

The 2026 Samphire Field Recovery Trial tested in-situ recovery across two well patterns. Alligator Energy (ASX:AGE) reported that uranium was leached, captured using ion-exchange resin and subsequently eluted under field conditions. Pattern 1, representing areas targeted for potential wellfield development, achieved approximately 70% recovery after about 70 pore-volume exchanges. Pattern 2, in a lower-grade and lower-permeability margin, reached approximately 17% recovery after 15 exchanges over 54 days.

These outcomes provide engineering inputs but do not establish commercial-scale production. Alligator Energy (ASX:AGE) continued its Samphire Feasibility Study, which commenced in February 2026. Work included process design criteria, wellfield planning, power Options and consideration of calcium and gypsum management. Environmental assessment, a Mining lease, financing and a positive development decision remain important prerequisites. The company’s October 2026 presentation described potential production timing as indicative and conditional, rather than approved guidance.

Funding, Big Lake and Remaining Risks

For the September 2026 quarter, Alligator Energy (ASX:AGE) reported AUD 18.7 million in cash inflows, including AUD 15.9 million received during the quarter from a Capital raising, AUD 1.75 million of final escrowed divestment proceeds and AUD 1.05 million in research-and-development tax incentive refunds. Cash and cash equivalents stood at AUD 25.4 million on 30 September 2026. The total raising was AUD 17.1 million before costs.

At Big Lake, 2026 drilling identified further uranium mineralisation associated with a roll-front redox boundary at Site 10, while similar geological conditions were intersected six kilometres south. This remains exploration-stage evidence, not a defined mineral resource. Alligator Energy (ASX:AGE) must still establish the scale and economic significance of these findings. Future expenditure, permitting requirements, study outcomes and possible additional funding could affect the timing and feasibility of development.

Key Insights

Samphire’s expanded resource and field trial results advanced the technical assessment during 2026, while the September-quarter cash balance supported ongoing work. The central outstanding questions concern resource conversion, feasibility economics, regulatory approvals and whether a development decision can ultimately be justified.