Alligator Energy Ltd (ASX:AGE): Samphire Uranium Trial Results and Drilling Priorities

Aditi Sarkar

12 November 2026 03:27 PM AEDT

Alligator Energy Ltd (ASX:AGE): Samphire Uranium Trial Results and Drilling Priorities

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Highlights

Alligator Energy (ASX:AGE) reported 30 million pounds of Samphire uranium resources.
AGE shares remained at AUD 0.034 on 12 November 2026.
Field testing recovered uranium through both Samphire test-well patterns.
The September quarter ended with AUD 25.4 million in cash.

Alligator Energy Ltd (ASX:AGE) is an Australian uranium exploration and development company with projects including Samphire near Whyalla and Big Lake in South Australia’s Cooper Basin. On 12 November 2026, its shares stood at AUD 0.034, unchanged during the Trading session (0.00%). Its 30 October September-quarter report described continued drilling at Samphire, results from a field recovery trial and further uranium exploration at Big Lake. The updates relate to resource evaluation and feasibility work; they are not announcements of commercial uranium production.

Samphire Resource and Drilling Programme

Alligator (ASX:AGE) reported a combined Samphire Indicated and Inferred Mineral Resource of 30 million pounds of U3O8, comprising 18 million pounds at Blackbush and 12 million pounds at Plumbush. The company’s 2026 programme includes approximately 250 planned drill holes from July to December, directed at the Blackbush–Plumbush corridor and infill work at the two deposits. Results included 108 Blackbush delineation holes and 62 Plumbush holes reported since the latest resource work. Mineral Resources are estimates and should not be equated with Ore Reserves or assured future recoveries.

Field Recovery Trial and Feasibility Work

The Samphire field recovery trial extracted uranium from two test well patterns and captured it through ion exchange before elution, demonstrating steps of the process under field conditions. Alligator (ASX:AGE) said Pattern 1 achieved approximately 70% recovery after around 70 pore-volume exchanges. Pattern 2, targeting a lower-grade and lower-permeability area, recorded approximately 17% recovery after 15 exchanges over 54 days. Its further projected recovery trajectory was an extrapolation, not an achieved result. Trial data is being integrated into the Samphire Feasibility Study and wellfield design.

Big Lake Exploration and Quarterly Cash

At Big Lake, drilling at Site 10 encountered further uranium mineralisation associated with a roll-front redox boundary. Similar sand sequences were reported six kilometres farther south, but Alligator (ASX:AGE) has not declared a Mineral Resource for Big Lake. During the September quarter, the company reported AUD 18.7 million in cash inflows, including AUD 15.9 million received from a AUD 17.1 million Equity raising before costs, AUD 1.75 million in final proceeds from a Northern Territory asset divestment and AUD 1.05 million in research-and-development tax refunds. Quarter-end cash and cash equivalents were AUD 25.4 million.

Approvals, Risks and Further Milestones

The remaining development pathway includes the Feasibility Study, resource updates, a Mining Lease process, funding decisions and other approvals. Results from test patterns support technical evaluation but cannot replace a completed feasibility assessment or final Investment decision. Alligator (ASX:AGE) has indicated that Samphire drilling would extend into the December 2026 quarter, with an updated Mineral Resource planned by 30 June 2027. Exploration and feasibility outcomes can change the project design and required capital. Timing of any future production remains subject to approvals, financing and development decisions.

Key Insights

The September-quarter disclosures show Alligator progressing resource definition, field testing and funding for further work. The 30-million-pound Samphire Mineral Resource provides a geological estimate, while the recovery trial and cash balance are separate measures of technical progress and financial capacity. The next useful disclosures will concern drilling results, updated resources, study outcomes and regulatory steps rather than the daily share-price movement.

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