Greenvale Energy Establishing Dominant NT Uranium Footprint with Pine Creek and Douglas River Projects

Greenvale Energy (ASX: GRV) has reported a major step-change in its evolution as an emerging uranium explorer with the proposed acquisition of the Pine Creek project alongside its existing Douglas River tenure, establishing a 2,466 square kilometres exploration footprint in the Northern Territory.

In the three months to end June, Greenvale executed an agreement with Patronus Resources (ASX: PTN) to acquire the uranium rights to Pine Creek, comprising multiple granted exploration licences and mining leases over 1,250 sq km of the Pine Creek Orogen.

Pine Creek sits adjacent to Douglas River, with the combined project area being referred to as the Thunderball uranium project, providing a strong platform from which to pursue the Territory’s next significant uranium development.

Recent drilling by Patronus confirmed exceptional grades at Thunderball, with best assays of 10 metres at 25,381 parts per million uranium oxide from 145m, 10m at 12,264ppm uranium oxide from 139m, and 13m at 7,045ppm uranium oxide from 135m.

Airborne Geophysical Survey

Greenvale commenced its 2026 field season with the completion of a 4,312 line-kilometre airborne survey over part of Douglas River to provide high-resolution magnetic and radiometric coverage across the Hayes Creek Fault Zone, as well as the contact between the Pine Creek Orogen and the Birrindudu/Daly Basins.

The results are expected to provide an important exploration vectoring tool for future drill target generation and field teams were being secured post-quarter for ground-based follow-up on receipt of the processed data.

The process to convert Greenvale’s exploration licence application to a granted exploration licence involved Native Title consultations and the formal National Native Title Tribunal (NNTT) with the Northern Land Council (NLC) and the communities of the Wagiman, Waral and Jawoyn Peoples.

During the period, the company started direct negotiations with the NLC outside of the NNTT process, and continues to work towards an outcome that it hopes will result in the granting of two new licences within Thunderball.

Alpha Project Test Work

Greenvale’s Alpha torbanite-cannelite project in Queensland continued to advance during the quarter, with Test Program 7 moving from bulk pressure leach production to downstream product assessment and development.

Samples from bulk pressure leach liquefaction production runs were dispatched to Technix in New Zealand for product characterisation and initial assessment of key parameters including flash point, boiling point distribution, viscosity, penetration, chemical assay, durability and density, and confirmation of the best downstream refinement or modification pathway toward C-170 specification compliance for paving-grade bitumen.

In June, Greenvale reported that Technix had completed its initial assessment of Alpha product samples, identifying elevated volatile content with boiling point distribution analysis indicating approximately 35-40% volatile hydrocarbons.

Technix successfully removed the light-end (volatile) fractions through atmospheric and vacuum distillation, after which the re-tested material passed flash point assessment against C-170 specification requirements.

Multi-Stage Bitumen Process

While penetration test work indicated compliance within the C-170 specification, viscosity performance at 60° Celsius and 135°C remained below typical C-170 bitumen specifications.

Post-quarter, Technix commenced the application of its multi-stage bitumen process introducing additional reagents and additives in a pressurised environment to improve these characteristics.

Greenvale believes Alpha remains strategically important given Australia’s reliance on imported crude oil-derived products and a tightening domestic and global bitumen supply environment.

At end June, Greenvale held cash and cash equivalents of approximately $1.8 million, adding another $3.35m (before costs) through a share placement conducted post-quarter.

The company invested approximately $235,000 in exploration and evaluation activities across its project portfolio (99% focused on uranium targets), and made $170,000 in payments to related parties including directors.