Highlights

  • Samphire reported a combined 30 million-pound uranium Mineral Resource in 2026.
  • Mullaquana drilling extended reported uranium mineralisation beyond previous drilling.
  • The Samphire field recovery trial produced results for feasibility-study engineering.
  • Alligator Energy (ASX:AGE) held AUD 25.4 million in cash at 30 September 2026.

Alligator Energy Limited (ASX:AGE) explores and develops uranium projects in South Australia, with Samphire near Whyalla as its most advanced asset and Big Lake at an earlier exploration stage. During 2026, the company progressed drilling, recovery testing and engineering work at Samphire. Its shares closed at AUD 0.033 on 5 November 2026. The September-quarter report also described an Equity raising and a higher quarter-end cash balance intended to support further project assessment.

Samphire Drilling and Resource Work

Alligator Energy (ASX:AGE) reported a combined Indicated and Inferred Mineral Resource of 30 million pounds of U3O8 for the Blackbush and Plumbush deposits at Samphire. The deposits have distinct resource classifications and estimation criteria. The figure is a mineral-resource estimate, not a statement of commercial reserves or output. Drilling begun on the Mullaquana Crown Lease in July tested the corridor between the deposits and extensions beyond existing resource boundaries.

Results released during the September quarter and in October identified uranium mineralisation extending approximately 1.3 kilometres south of earlier drilling. Infill drilling at Blackbush and Plumbush was intended to improve geological confidence and support subsequent resource work. Reported equivalent-uranium grades were derived from calibrated downhole Gamma logging, and the intervals were downhole widths. These distinctions matter when interpreting exploration results and comparing them with chemical assays or true geological thicknesses.

Recovery Testing and Feasibility

The company reported results from its Samphire field recovery trial in July 2026. Uranium was leached in test well patterns, captured using ion-exchange resin and subsequently recovered through the trial processing sequence. Pattern 1 achieved approximately 70% recovery after approximately 70 pore-volume exchanges. Pattern 2 tested a lower-grade area and returned a lower recovery level over the shorter test duration. The trial informs engineering assumptions but does not establish that a full-scale operation has been approved.

Alligator Energy (ASX:AGE) is incorporating the trial results into the Samphire Feasibility Study. Mine planning, permitting, financing and any final Investment decision are separate requirements. The company’s October presentation provided an indicative sequence of development steps, with future production contingent upon study results and approvals. The reported 2026 work therefore advances technical evaluation rather than representing commencement of commercial mining.

Funding, Big Lake and Next Results

Alligator Energy (ASX:AGE) reported AUD 25.4 million in cash and cash equivalents at 30 September 2026. Quarterly cash inflows included proceeds from a Capital raising, an asset-divestment receipt and research-and-development incentives. It recorded AUD 4.9 million of exploration and evaluation expenditure and an operating cash outflow of approximately AUD 0.9 million. These figures provide a funding reference point for future drilling and study commitments.

At Big Lake, the company reported further uranium mineralisation associated with an interpreted roll-front system, but no Mineral Resource had been estimated for that project. Additional drill results were expected in November 2026. At Samphire, remaining drilling and a future Mineral Resource update are central monitoring points. Alligator Energy (ASX:AGE) still faces drilling uncertainty, permitting requirements, financing needs and changes in uranium-market conditions.

Key Insights

Alligator Energy (ASX:AGE) has combined drilling extensions, recovery trials and financing activity during 2026. The central question is whether subsequent technical work supports a feasible and permitted Samphire development. Big Lake remains an exploration project, and outcomes at either asset should not be confused with present uranium production.