Highlights

• Neu Horizon Uranium has defined uranium exploration targets over all four prospects of its Krokom Black Shale Uranium Project in Sweden — Storvallflon, Hamborg, Kälen, and Djupsjöberget — using an integrated multi-technique exploration dataset.

• Airborne electromagnetic conductors exceed 5km in length at Hamborg and more than 2km at Storvallflon, with coincident surface uranium responses, ground radiometric anomalies, and rock chip geochemistry across all four prospects.

• A maiden 5,000–6,000 metre diamond drilling programme is planned across the Krokom Prospects, with drilling at Storvallflon targeted to commence in Q1 2027, subject to work plan approval.

• The company holds approximately AUD 8.6 million in cash, which it expects will be sufficient to fund the planned 2027 drilling campaign.

Neu Horizon Uranium Limited (ASX:NHU), an ASX-listed uranium explorer focused on Sweden and Canada, has announced the definition of uranium exploration targets over all four prospects of its Krokom Black Shale Uranium Project, with results from an integrated summer exploration campaign delivering coincident geophysical and geochemical anomalies across the Storvallflon, Hamborg, Kälen, and Djupsjöberget Prospects. The company is advancing toward a maiden diamond drilling programme planned for 2027, backed by a cash position expected to be sufficient to fund the programme.

Multi-Technique Exploration and Target Definition

The target definition process at Krokom has integrated multiple exploration datasets collected during the 2026 summer campaign, including SkyTEM airborne electromagnetic surveys, drone magnetic and radiometric surveys, ground radiometric measurements using backpack-mounted spectrometers, a proprietary radon detector cup survey at Storvallflon, and selective rock chip sampling across all four prospects. Neu Horizon believes it is the first to fly modern airborne electromagnetic systems across the Krokom area, providing resolution and coverage that was not available during earlier exploration phases.

At Hamborg, the airborne electromagnetic data delineated a conductor exceeding 5km in length with coincident ground radiometric and rock chip anomalies. Inversion modelling of the data has confirmed that the conductive black shales experienced intense folding, forming an antiformal structure in the east of the prospect. At Storvallflon, a conductor exceeding 2km was identified with the highest surface radiometric readings across the Krokom project. At Kälen and Djupsjöberget, multiple near-surface conductors were identified below shallow cover of 5 to 20 metres, with coincident drone radiometric and rock chip anomalies where conductors are within 10 metres of the surface.

Geological Rationale and Grade Potential

Neu Horizon's exploration strategy at Krokom is grounded in targeting structurally controlled, stockwork-style black shale uranium mineralisation using the Ronneburg district in Germany as a geological analogue. At Ronneburg, significant deformation and hydrothermal remobilisation upgraded black shale uranium into stockwork-style deposits with considerably elevated grades compared with the stratiform style. Neu Horizon's geological selection of Krokom was based on the area's position within the deformed Caledonide belt, where the complex tectonic history provides the structural ingredients considered necessary for potential grade upgrading of the uranium-bearing black shales.

Integration of historical drill assay data from work completed by a prior explorer in 2011 with the new AEM inversion models has shown a moderate positive correlation between higher uranium grades and higher conductivity at Hamborg, and that the mineralised interval at Kälen coincides with high modelled conductivity. Historical drill holes at both prospects intersected broad mineralised intervals of uranium, though the company has noted these results are unverified by Neu Horizon and sourced from public government geological survey records.

Planned Drilling Programme and Swedish Uranium Policy Context

The planned maiden drilling programme for the Krokom Prospects is expected to total 5,000 to 6,000 metres across all four prospects, allocated across Storvallflon (3,000 to 4,000 metres in Q1 2027), Kälen and Djupsjöberget (500 to 750 metres each in late Q2 2027), and Hamborg (500 to 750 metres in late Q3 2027), all subject to work plan approval from the Swedish Mining Inspectorate. The Storvallflon work plan has already been submitted and is pending approval.

The Swedish policy context is supportive of the company's activities. Sweden lifted its prohibition on uranium extraction effective 1 January 2026 and removed the requirement for municipal council approval for uranium extraction and associated processing activities effective 15 July 2026. The Swedish government has stated an objective to enable at least 2,500 megawatts of new nuclear generation capacity by 2035. These policy changes have reopened Sweden to systematic uranium exploration for the first time since the mid-1980s.

Key Insights

The simultaneous definition of exploration targets across all four Krokom Prospects within four months of listing represents a meaningful early milestone for Neu Horizon Uranium, reflecting the effectiveness of modern airborne geophysical techniques in unlocking prospectivity in a historically underexplored area. The key thesis — that structural deformation may have upgraded black shale uranium into higher-grade stockwork-style deposits — remains to be tested with the drill bit, making the 2027 drilling programme the critical next step.

Sweden's supportive uranium and nuclear policy framework provides a constructive regulatory backdrop for the company's exploration activities. The combination of a defined drill programme, adequate funding, and a favourable jurisdictional environment positions Neu Horizon Uranium to progress its exploration agenda through 2027 with meaningful geological targets across multiple prospects.