Alligator Energy (ASX:AGE) Samphire progresses towards being the next in Situ Uranium Mine in Australia

Alligator Energy’s Samphire uranium project in South Australia is entering the most exciting phase of its life – transitioning the project from study-based assessment into active field operations as it works toward establishing Australia’s next in situ uranium mine.

With the pilot plant due to begin operating, approvals progressing, an updated Mineral Resource Estimate imminent, and further drilling at Samphire and Big Lake about to start, there are a number of catalysts for a rerate of the Company.

Highlights

• Samphire identified by the Company as the next in situ uranium mine in Australia
• Located in South Australia, where 5 uranium mines are permitted and operating
• Scoping study completed, highlighting robust economics
• Retention Lease licence received, enabling up scaled field testwork – with first results imminent
• Cash balance of over $25m at the end of September 2025, with a further $7.5m expected from NT tenement sales in early 2026
• Pilot plant constructed on time and under budget
• Existing 18Mlbs Samphire Resource with an Exploration Target of 14 to 75Mlbs
• Multiple near term technical and regulatory catalysts across Samphire and Big Lake

What makes Samphire particularly compelling is where it is located.

South Australia is one of the few places in the world where in-situ uranium mining is already well established, with operations such as Olympic Dam, Honeymoon, Beverley, Beverley North and Four Mile all permitted and operating.

That means the regulatory system, the workforce and the supply chains already understand this style of mining, which dramatically lowers development risk compared with trying to build a first-of-its-kind operation somewhere new.

The technical case for Samphire has also been steadily building, with a 2023 scoping study highlighting robust project economics and the Company now defining an 18 million pound uranium resource.

On top of that, Alligator has defined an Exploration Target of between 14 and 75 million pounds, noting that only about 28% of the main mineralised system has been tested so far.

In other words, there is still a lot of ground left to explore, and plenty of upside if drilling continues to deliver.

A key step forward came with the granting of a Retention Lease in 2025, which allows Alligator to move into scaled-up field testing.

In practical terms, this is the bridge between studies and mining, it enables the company to run real world recovery trials, and collect the final data needed to support a Mining Lease and to complete the Bankable Feasibility Study.

Crucially, the infrastructure to do this is now in place, with the Samphire pilot plant constructed on site over the past few months and completed on time and under budget.

That plant will be used for the upcoming Field Recovery Trial, where uranium is recovered from the ground under operating conditions.

This is one of the most important de-risking steps for any in-situ project, because it turns modelling and lab work into real production data.

Alligator is also going into this phase with a strong balance sheet.

In addition to the existing cash reserves, the company expects to receive $7.5 million in early 2026 from the sale of its Northern Territory tenements, giving it the flexibility to run field trials, progress feasibility work, advance Mining Lease approvals and keep drilling without being forced back to the market just to keep things moving.

Beyond Samphire, there is also growing interest in the company’s Big Lake project, which has quietly emerged as one of the more exciting uranium discoveries in Australia.

Big Lake covers a large regional-scale system in a newly recognised uranium province and was awarded Australian Mining Prospect’s Discovery of the Year in 2025.

Geologically, it shares many similarities with major in-situ uranium fields in places like Kazakhstan, Wyoming and Texas, the types of systems that can grow into long-life, high-margin operations.

The next few months are shaping up to be busy and important.

The Field Recovery Trial is scheduled to begin in early February, an updated Mineral Resource Estimate from the Plumbush satellite deposit is expected within the next three to four months, and further drilling is planned at both Samphire and Big Lake (subject to weather and site conditions).

All this work is aimed at steadily removing technical and regulatory risk as Samphire moves closer to development.

Taken together, Alligator Energy is no longer just talking about Samphire, it is building it, testing it and permitting it.

With the pilot plant due to begin operating, approvals progressing, and multiple catalysts ahead, the Company is entering the phase where value is created.

And it is doing so in one of the world’s most proven uranium jurisdictions, at a time when global nuclear demand is accelerating.

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