Alligator Energy (ASX: AGE) used its March quarter report to mark a key transition at the Samphire uranium project, where it has completed pilot plant commissioning, and moved field recovery trial (FRT) operations into uranium extraction.
The quarter also saw the first uranium-bearing solution recovered through the in-situ recovery (ISR) process at the project.
That operational milestone was followed by early post-quarter FRT results that met or exceeded expectations, as well as the formal commencement of a bankable feasibility study (BFS) aimed at advancing Samphire toward development.
Alligator ended the quarter with A$13.3 million in cash after spending A$5.7m on exploration and evaluation activities, with higher quarterly expenditure driven largely by field recovery trial operations that it expects to complete in the June 2026 quarter.
Samphire Moves to Extraction
Alligator completed both dry and wet commissioning of the Samphire pilot plant during the quarter, confirming that systems were operating in line with design and performance expectations and clearing the final technical hurdle before uranium extraction.
The company then pre-conditioned the first well test pattern to establish hydraulic connectivity and prepare the ore zone for leaching reagents before starting uranium extraction from the first trial wellfield.
Initial pregnant liquor solution containing dissolved uranium flowed into the plant, which Alligator said confirmed hydrogeological conditions and process systems were functioning as intended at this early stage of operations.
Post-quarter results from the first test well pattern showed peak grades above 200 milligrams per litre uranium oxide (U₃O₈), with solution grades remaining above 100mg/L U₃O₈ based on onsite laboratory assays.
Results Feed into Feasibility Work
Uranium extraction from the test pattern had exceeded 55% after 39 pore volumes of solution circulation through the wellfield, with recovery, flow rates, reagent consumption, and leaching efficiency all tracking in line with modelled expectations.
Those preliminary early results remain subject to ongoing validation, including duplicate assays at an external certified laboratory, but are still an important step in de-risking the project.
In parallel, Alligator formally commenced the BFS during the quarter after appointing Ammjohn Solutions as project manager and key engineering support.
The study will incorporate field recovery trial data including uranium recovery performance, well spacing requirements, and reagent consumption cost inputs, with completion targeted in the first half of calendar 2027.
Resource and Drilling Work Continues
Alligator is preparing an updated mineral resource estimate to incorporate the Plumbush satellite prospect that it expects to finalise in the June 2026 quarter.
The company is also nearing completion of approvals for an aggressive drilling campaign at Samphire aimed at resource extension, along with improved geological and hydrogeological understanding of the deposit.
Those drilling programs are intended to refine wellfield design parameters, support resource conversion, and identify opportunities to improve project economics as Samphire advances through study and permitting work.
Alligator expects the first wellfield in the field recovery trial to be substantially complete by the end of April 2026, after which operations will shift to the next wellfield to continue recovery optimisation and data generation across multiple patterns.
Quarterly Spend Reflects Development Push
The March quarter cash flow report showed net cash used in operating activities of A$1.45m and net cash used in investing activities of A$5.79m, including A$5.685m in exploration and evaluation spending.
The elevated expenditure reflect field recovery trial operations and the company believes the current level of cash outflows is unlikely to continue once this trial work is completed in the June quarter.
Proceeds from the sale of its Northern Territory tenements and a research and development tax refund are also anticipated during the current quarter.
Outside Samphire, drilling at Big Lake has been delayed by further rainfall and flooding, while EnviroCopper—in which Alligator holds a 15.6% interest—reported initial positive results from trials at Kapunda including pH levels in the range to leach copper and rising metal concentrations.
“With multiple workstreams now in progress, from the FRT and feasibility studies through to resource growth and permitting, Alligator is entering a period of strong momentum and ongoing value generation,” chief executive officer Dr Andrea Marsland-Smith said.
