Premature Uranium Results Video Puts Cauldron Energy’s ASX Compliance Under Scrutiny

Context of the Incident

Cauldron Energy Limited (ASX – CXU), a uranium exploration company, has publicly addressed a compliance breach involving its CEO, Jonathan Fisher. On 20 November 2025, during a trading halt requested for the release of exploration results at the Manyingee South Uranium Project, Fisher posted a video on the social media platform X (formerly Twitter). The video included comments that implied positive outcomes about the exploration results before they were formally released to the market.

Details of the Breach

The video was posted at approximately 3 – 30 PM AEDT, after the trading halt commenced at 2 – 52 PM AEDT. In the video, Fisher stated, "I do look forward to releasing those results tomorrow because there'll be more uranium there, the mineralisation will extend and expand and it's a good story." This statement was deemed to contravene ASX Listing Rule 15.7, which prohibits releasing market-sensitive information before it has been formally lodged with ASX and publicly disclosed.

Company Response and Compliance Measures

Cauldron Energy promptly removed the video following a request from ASX Compliance. The company acknowledged the CEO’s mistaken belief that the video was permissible given the trading halt and the nature of the content. The Board has reiterated that the CEO has authority to conduct marketing activities, including social media posts, but stressed that such communications must comply with continuous disclosure obligations.

In response to the breach, Cauldron has implemented additional controls. The CEO must now ensure any information released on social media or other platforms is first announced to the market under ASX rules. If there is any uncertainty, the CEO is required to seek guidance from the Company Secretary before posting. All directors and the CEO have reviewed the company’s Continuous Disclosure Policy to reinforce compliance.

Implications for Investors and Market Integrity

This incident highlights the challenges companies face in balancing timely communication with regulatory compliance in the digital age. While the video did not disclose detailed exploration results, the forward-looking nature of the comments could have influenced market expectations prematurely. Cauldron’s swift acknowledgment and corrective actions aim to restore confidence in its disclosure practices.

The formal exploration results were subsequently released on 24 November 2025, confirming widespread mineralisation at Manyingee South, with 19 of 33 drill holes intercepting significant uranium mineralisation. Investors will be watching closely to see how Cauldron manages future disclosures and whether enhanced controls prevent similar issues.