Alligator (ASX:AGE) chomps on $25 million for uranium play

As the world becomes more reliant on nuclear power options, Alligator Energy has secured a $25.5M advance for a feasibility study, mining lease application, and resource drilling at its Samphire uranium project in South Australia.

The money will also be used for promising uranium exploration at its nearby Nabarlek North (ARUP) and follow-up drilling at its Big Lake project in the Northern Territory.

The company said the funds will provide a substantial runway to progress its Samphire project towards ISR uranium production, at a time of increasing interest in future uranium offtake contracts into an expanding nuclear fuel market.

Experts predict demand for uranium is set to increase fuelled by nuclear energy programs in countries like China and India and other nations around the world.

“Alligator Energy is very pleased to be able to raise these funds to enable the completion of important future steps towards production at the Samphire Uranium Project, beyond the planned Field Recovery Trial (FRT) early next year.

“Based on successful results from the FRT, the funds will be targeted through 2024 towards significant Samphire uranium resource growth, Feasibility Study, Mining Lease application for approval of the initial economic project, and initial supportively priced and structured uranium offtake agreements.”

Alligator CEO Greg Hall

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Dr. Andrea Marsland-Smith, the COO of Samphire, leads a team of qualified experts in In-Situ Uranium operations and engagement. They have been making progress towards expanding nuclear fuel market opportunities and achieving success. The company is offering an SPP to existing shareholders in Australia and New Zealand to increase their holdings. The funds raised from this offer will support the progress towards ISR uranium production.

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