Highlights

• Orpheus Uranium holds a portfolio of uranium exploration projects across South Australia, the Northern Territory, and Western Australia, with a dual strategic focus on leveraging existing datasets near established resources and pursuing new discoveries.

• South Australian projects include the Frome Uranium Project adjacent to Boss Energy's 33.1 million pound Goulds Dam deposit, and the Pirie Basin Project along strike from Alligator Energy's 30 million pound Samphire/Plumbush deposits.

• The Northern Territory portfolio includes the McArthur Project, where near-surface samples have returned readings of up to 4.1% uranium oxide, targeting the Pine Creek Orogen uranium province.

• The Oobagooma Uranium Project in Western Australia targets sedimentary redox-style mineralisation hosted within the Yampi Sandstone of the Canning Basin, with known mineralisation over approximately 4km of strike.

Orpheus Uranium Limited (ASX:ORP) has published its November 2026 corporate presentation, outlining the company's strategy and project pipeline across Australia's uranium jurisdictions. Led by a team with direct operational experience across sedimentary-style uranium systems, Orpheus is pursuing a dual-strategy approach: leveraging existing geological datasets and proximity to established resources in South Australia and the Northern Territory, while building a new discovery opportunity in Western Australia through the Oobagooma project.

South Australian Projects: Proximity and Geological Synergy

Orpheus holds three uranium exploration projects in South Australia, each positioned adjacent to or along strike from known and developing uranium deposits operated by other ASX-listed companies. The Frome Uranium Project is located within the Callabonna Sub-Basin of the Lake Eyre Basin, approximately 12 kilometres from Boss Energy's Goulds Dam deposit. Importantly, the Frome Project shares the same geological basin and style of mineralisation as the producing Four Mile and Honeymoon uranium mines located in the same basin. The company's inaugural drill programme at Frome identified an oxidised-reduced redox corridor, which is a key geological control on sedimentary-style uranium mineralisation, providing a pathway toward a refined future drill programme.

The Pirie Basin Project covers over 40 kilometres of strike of the same sedimentary basin sequence that hosts Alligator Energy's Samphire and Plumbush uranium deposits. The Pirie Basin is one of only two basins in South Australia known to host sedimentary uranium deposits at active advanced feasibility stage or in production, making Orpheus's tenure position along strike from these developing Assets geologically significant. The Marree Uranium Project is also being advanced, targeting district-scale sedimentary-style uranium mineralisation in the Lake Eyre Basin system, with sale agreement tenure strengthening the company's footprint in the district.

Northern Territory: High-Grade Targets in Pine Creek Orogen

Orpheus's Northern Territory portfolio targets unconformity and vein-style uranium mineralisation within the Pine Creek Orogen, a globally recognised uranium-productive geological province. At the McArthur Project, the company has reported near-surface rock chip samples containing up to 4.1% uranium oxide from an inaugural reconnaissance programme, with the initial target area expanding following subsequent field reconnaissance activities. The company is advancing regulatory approvals toward a decision to drill at the McArthur Project, with continued work to refine and extend targets.

The Mt Douglas Project is a separate Northern Territory tenure being prepared for field work by a specialist consultant geologist, with the project targeting exposure within the proven Rum Jungle and Pine Creek uranium province that has historical production and ongoing exploration by multiple parties. Both Northern Territory projects are consistent with Orpheus's approach of identifying high-grade near-surface targets within established uranium-productive geological systems and using modern exploration techniques to build on historical datasets.

Oobagooma Project: Western Australia's Sedimentary Uranium Opportunity

The Oobagooma Uranium Project in the Kimberley region of Western Australia targets redox-style uranium mineralisation hosted within the Yampi Sandstone of the Carboniferous Canning Basin. Discovered in 1981 with the most recent drilling completed in 1983, the project has seen limited contemporary on-ground exploration, providing Orpheus with an opportunity to apply modern techniques to a historically identified uranium system. Known mineralisation extends over approximately 4 kilometres of strike and 1.5 kilometres of width, with historical results including high-grade intervals that support the redox-style mineralisation model.

Orpheus has completed the sale agreement for surrounding tenure to strengthen the project's footprint and is progressing toward an exploration target publication by December 2026. The company is also establishing a framework for land access agreements and stakeholder engagement in preparation for further exploration activities. The Oobagooma project adds a Western Australian dimension to Orpheus's otherwise SA and NT-focused portfolio, diversifying the company's jurisdictional exposure while maintaining its focus on sedimentary-style uranium systems.

Key Insights

Orpheus Uranium's strategy of positioning near established resources rather than pursuing true greenfield discovery reflects a pragmatic approach to exploration risk management: the geological prospectivity adjacent to existing deposits has already been partially de-risked by the neighbouring projects, while Orpheus has the benefit of applying its experienced team and modern techniques to tenure that was historically explored under different market conditions.

The combination of near-term discovery potential at McArthur and Oobagooma, alongside the longer-term resource evaluation opportunity at Frome and the positioning at Pirie Basin, gives Orpheus multiple independent catalysts across different timelines. Observers may monitor progress at the McArthur Project's drill-decision milestones and the Oobagooma exploration target release as near-term indicators of the company's exploration advancement.