Flooding Delays Big Lake Drilling as Uranium Market Faces Price Volatility

Samphire Project Advances with Resource Upgrade and Regulatory Progress

Alligator Energy Limited (ASX – AGE) has marked significant progress in its uranium exploration and development activities in the quarter ending 30 June 2025. The company’s flagship Samphire Project saw a 10% increase in its indicated JORC Mineral Resource Estimate (MRE) for the Blackbush deposit, now standing at 14.2 million pounds of U3O8 at an average grade of 786 ppm. The total resource, including inferred categories, rose by 3% to 18 million pounds.

Crucially, Alligator secured the Works Approval License from the Environmental Protection Agency (EPA) for the construction of its Field Recovery Trial (FRT) infrastructure, a key step toward operationalising in situ recovery (ISR) mining at Samphire. The Program for Environment Protection and Rehabilitation (PEPR), which governs the trial’s environmental management, remains under assessment by multiple regulators, including the Department for Energy and Mining (DEM), EPA, and Department of Environment and Water (DEW).

Big Lake Exploration Impacted by Flooding, Plans Adjusted

Exploration at the Big Lake Project in South Australia faced setbacks due to significant monsoonal flooding in the Cooper Basin region. This forced a suspension of drilling activities, with a revised Air Core drilling program now targeted for the fourth quarter of 2025, subject to improved conditions. Meanwhile, Alligator continues to analyze 2024 drilling data and historical petroleum well information to refine exploration targets.

Corporate Strength and Leadership Transition

Financially, Alligator Energy ended the quarter with a robust cash balance of $30.1 million, bolstered by a strongly supported $17.25 million share placement to institutional and sophisticated investors both domestically and internationally. This capital injection is intended to accelerate project development and broaden work programs.

In leadership changes, Andrea Marsland-Smith, previously Chief Operating Officer, assumed the role of CEO effective 1 July 2025. Greg Hall, the outgoing CEO, will transition to a part-time Executive Director role focusing on Marketing and Investor Relations. The company is also recruiting for key operational executive roles to support the new CEO’s agenda.

Uranium Market Tailwinds and Strategic Outlook

The uranium market showed positive momentum during the quarter, with spot prices rising 22% to US$78.50 per pound before easing slightly. Global developments underpinning this strength include regulatory reforms in the United States aimed at revitalizing nuclear energy, major power purchase agreements such as Meta’s 20-year deal with Constellation Energy, and significant nuclear reactor construction plans in China and Europe.

Looking ahead, Alligator plans to continue engagement with regulators to secure final approvals for the Samphire FRT, advance feasibility studies, and resume exploration at Big Lake. The company is also relinquishing its Piedmont Nickel Cobalt Project in Italy due to limited market interest, allowing a sharper focus on uranium assets.