Highlights

  • Orpheus Uranium (ASX:ORP) has completed the purchase of exploration licence E04/2297 covering 271 sq km from Elevate Uranium's subsidiary Jackson Cage.
  • Consideration includes A$175,000 cash and 20 million shares at completion, with 15 million and 25 million shares contingent on tenement access and drilling milestones.
  • Historical intercepts at Oobagooma include 1.65m at 3,775ppm eU3O8 and 2.2m at 3,581ppm eU3O8, based on gamma logging.
  • Orpheus held approximately A$7.45 million in cash and liquid investments at 30 September 2026.

Acquisition Completes Ahead of Deadline

Orpheus Uranium has closed its acquisition of the Oobagooma uranium project in Western Australia's Canning Basin, completing the transaction days before an extended deadline of 27 October 2026. The asset is a 100% interest in exploration licence E04/2297, covering 271 square kilometres, purchased from Jackson Cage Pty Ltd, a subsidiary of ASX-listed Elevate Uranium.

Staged Consideration Structure

Total consideration is structured in stages. An initial A$50,000 exclusivity payment was made on signing, followed by A$175,000 cash and 20 million shares on completion of conditions precedent. A further 15 million shares are payable if Orpheus gains access to the tenement within two years, and 25 million shares on completing 2,400 metres of cumulative drilling within five years.

Historical Drilling Data

Oobagooma is a sedimentary roll-front setting with shallow uranium mineralisation. Historical intercepts, reported as equivalent U3O8 from gamma logging rather than chemical assay, include 1.65 metres at 3,775 ppm eU3O8 from 53.15 metres, 2.2 metres at 3,581 ppm from 47.5 metres and 2.8 metres at 2,352 ppm from 46.6 metres. No mineral resource has been defined. Orpheus is targeting a maiden exploration target by December 2026.

Competition for Surrounding Ground

Heathgate Resources lodged exploration licence applications over ground adjoining Oobagooma during the acquisition period. Orpheus has also applied for surrounding tenements (E04/2950 to E04/2953) to secure the broader prospective area.

Portfolio and Cash

Oobagooma joins Orpheus's primary South Australian portfolio, where drilling is under way at the Erudina prospect within the Frome project. Cash and liquid investments of approximately A$7.45 million were on hand at 30 September 2026, supported by a A$4.25 million placement in the quarter.