Highlights

• A high-resolution SkyTEM Airborne Electromagnetic (AEM) survey is now underway across Exploration Licence 34157 within Greenvale's Thunderball Uranium Project in the Northern Territory.

• The survey covers approximately 950 line-kilometres and is co-funded by the Northern Territory Government through the Round 19 Geophysics and Drilling Collaboration Grant scheme.

• Field work is expected to be completed in the first half of November, with survey results anticipated in late December 2026 or early January 2027.

• Survey data will inform the design of drilling programs planned for the 2027 field season, with permitting and regulatory approvals already underway for identified targets.

Greenvale Energy Limited (ASX:GRV) has announced the commencement of a tenement-wide, high-resolution Airborne Electromagnetic survey at Exploration Licence 34157, forming part of its broader Thunderball Uranium Project in the Northern Territory of Australia. The survey, conducted using the SkyTEM312 FAST system, represents the latest step in a systematic approach to building the geological picture ahead of an expanded drilling campaign planned for 2027.

Survey Design and Government Co-Funding

The approximately 950 line-kilometre SkyTEM survey has been designed with a flight line spacing of 400 metres, using an East-West orientation with North-South tie lines. This configuration is considered optimal for mapping features of multiple orientations across an area characterised by three recognised district-scale structural trends in the Pine Creek Orogen. The data collected will in-fill existing electromagnetic coverage originally acquired in 2008-2009 by Geoscience Australia, providing significantly enhanced resolution.

Greenvale secured co-funding for this program through Round 19 of the Northern Territory Government's Geophysics and Drilling Collaboration Grant scheme, awarded on 4 June 2026. The NT Government program aims to encourage exploration activity in the Northern Territory, with a record amount of co-funding distributed to projects across the state in 2026. The company has also noted that the program has been planned and conducted in close coordination with pastoralists at Douglas Station, reflecting ongoing stakeholder engagement across the project area.

Geological Objectives and the Thunderball Setting

The survey has three primary objectives: to identify and map geological features that may influence uranium mineralisation around known prospects; to improve definition of potential sub-surface palaeochannel systems identified through earlier radiometric surveys; and to identify new structures and potential transport pathways for uranium-rich fluids. These objectives are grounded in Greenvale's geological model for Exploration Licence 34157, which straddles geological contacts between the Daly Basin, the Birrindudu Basin, and metasediments of the older Pine Creek Orogen.

The region has seen known mineral occurrences correlating with major structural orientations, supporting the concept that the southern Pine Creek Orogen is a polymetallic system with potential for uranium, gold, and copper to occur together. Greenvale has identified that gold and copper can serve as pathfinder minerals for uranium exploration in this setting, adding strategic value to the expanded structural mapping the AEM survey will enable. The SkyTEM312 FAST system's capability to generate high-resolution data across both shallow and deeper target areas makes it well suited to exploring for both near-surface palaeochannel-style uranium targets and deeper, structurally controlled mineralisation.

Next Steps Toward 2027 Drilling Campaign

Field operations for the SkyTEM survey commenced at the end of October 2026, with flying expected to proceed in the first week of November, subject to weather and logistics. Results are expected in late December 2026 or early January 2027 and will feed directly into the geological modelling process and drilling program design for the 2027 field season. The company is progressing the approvals and permitting process for identified drill targets in parallel, positioning the program to advance as soon as survey data becomes available.

Greenvale has noted that throughout 2026 it has applied multiple exploration techniques — including radiometric, multispectral, geochemical, and now electromagnetic surveys — systematically building the geological picture across Thunderball. Additional fieldwork is also commencing at the Elkedra and Henbury projects, involving geological mapping, geophysical assessment, and sample collection, consistent with the company's broader multi-project exploration strategy.

Key Insights

Greenvale's systematic approach to building a geological model before committing to drilling reflects a considered exploration methodology that may help manage costs and improve drill success rates. The NT Government co-funding provides meaningful support to a program that will generate data with multi-cycle value — informing not just the 2027 drilling campaign but potentially several subsequent rounds of exploration across the Thunderball project area.

Observers may note that the survey is designed to target multiple uranium deposit styles simultaneously, which could broaden the range of potential discovery outcomes. The company's progress through approvals and permitting in parallel with survey execution suggests a focus on maintaining exploration momentum into 2027.