Uranium developer Alligator Energy adds 12Mlb at Plumbush, secures crown lease for southern extension. CEO targets further MRE growth ahead of BFS in 2027.
Alpha Score of 45 reflects weak overall profile with moderate momentum, poor value, weak quality, weak sentiment.
Alligator Energy (ASX:AGE) added 12 million pounds of uranium at its Plumbush deposit, lifting the total Samphire project resource by 67% to 30 million pounds. The company also secured a call option on the Mullaquana crown lease, giving it access to ground that had been off-limits for drilling for more than a decade.
The resource is all amenable to in-situ recovery (ISR). That matters because ISR projects require less upfront capital and have lower operating costs than conventional mines. Alligator has also reported 55% uranium recovery rates at Samphire earlier this year, supporting the ISR thesis.
"Delivering a 12 Mlbs MRE located within five km from Blackbush materially enhances the scale of Samphire, with immediate drill ready targets now accessible," CEO Andrea Marsland-Smith said. The company plans a busy drilling campaign to convert inferred resources to indicated and measured categories. An updated MRE is due early 2027, and a bankable feasibility study (BFS) is expected in mid-2027.
The Mullaquana lease covers the southern extension of the Blackbush deposit and the Plumbush deposit. Access constraints had prevented drilling there for over 10 years. The lease opens up infill and extension drilling at Plumbush and the corridor between Blackbush and Plumbush, where limited drilling has left mineralisation continuity unconfirmed.
AGE shares fell 27% to 3.8¢ after the announcement, giving a market cap of $230.7 million. The stock had more than doubled over the prior 12 months on the broader uranium rally. The day's move cut those gains.
Marsland-Smith said the company intends to deliver a further MRE update in early 2027, feeding into the BFS due mid-2027. If the BFS confirms a viable ISR operation, the current resource could support a long mine life. If not, the stock's valuation will hinge on whether further resource growth materialises. The next catalysts are the drilling results and uranium spot and term price trends.
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