Highlights
U-pgrade™ Pilot Plant
The in-country pilot plant management team was strengthened during the quarter with circuit optimisation continuing.
The Company now anticipates releasing U-pgrade™ results in August 2026.
Koppies Uranium Project
Koppies Project resource base increased to 76.2 Mlb U3O8 at an average 186 ppm U3O8
Marenica Uranium Project
The mineral resource grade at Marenica doubled to 185 ppm U3O8 for 40.2 Mlb U3O8
Exploration Activities – Namibia
A total 788 holes for 27,851 metres were drilled in Namibia during the quarter, including:
- 518 holes for 20,248 metres at Marenica,
- 203 holes for 5,725 metres at Namib IV, and
- 67 holes for 1,878 metres at Capri
U-pgrade™ Pilot Plant
During the Quarter, the Company continued operation of its U-pgradeTM Pilot/Demonstration Plant. However, it became evident that achieving baseline operation of the Plant was not going to be achieved within the timelines previously announced. The Company strengthened the in-country pilot plant management team late in the quarter. With the change in management team, reinforcement of standard operating procedures and structural improvements, the Plant is noticeably operating better. In addition, some mechanical and electrical improvements to equipment have been identified and these are in progress to enhance circuit performance and optimisation. The Company confirms that the bench-scale testwork results previously announced remain valid and are not affected by the delay in the Plant achieving baseline operation. The Company is fully funded and remains well-positioned to deliver high-quality data to demonstrate the U-pgradeTM beneficiation process and to support future technical studies. The Company now anticipates releasing pilot plant results in August 2026. Operation of the Plant is designed to confirm, at a scalable size and operating on a continuous basis, that the U-pgrade™ process can remove gangue waste material and concentrate uranium mineral into a low-mass, high-grade concentrate before leaching and therefore, prove the U-pgrade™ beneficiation process prior to commercialisation.
Koppies Uranium Project
The Namib IV prospect is located within the Koppies Uranium Project on exclusive prospecting licence EPL 7662, which is 100% owned by the Company. Namib IV is approximately 10 kilometres from the southern portion of the Koppies Resource. On 15 April 2026, the Company announced an increase in the mineral resource (“MRE”) at the Koppies Uranium Project, resulting from estimation of a maiden mineral resource at Namib IV. The Koppies Uranium Project now has mineral resources of 76.2 Mlb U3O8, at an average 186 ppm U3O8.
Namib IV – Maiden Resource Confirms District Scale Growth Potential
The Namib IV MRE is 10.1 Mlb U3O8 at a 100 ppm eU3O8 cut-off grade. For full details of the mineral resource see ASX announcement titled “Koppies Project resource base increased to 76.2 Mlb U3O8”, dated 15 April 2026.
Marenica Uranium Project
During the quarter, the Company announced a significant update to the Mineral Resource Estimate (MRE) for the Marenica Uranium Project in Namibia (see ASX announcement titled “Marenica Resource Update Doubles Grade”, dated 5 February 2026). The MRE was updated to JORC 2012 standards following a comprehensive re-analysis of over 5,000 historical drill holes throughout 2025.
At the 100 ppm U₃O₈ cut-off grade, the resource grade of 185 ppm U₃O₈ represents a doubling compared to the previous JORC 2004 estimate of 93 ppm U₃O₈. The 100 ppm cut-off grade was selected based on consistency with the Company's other Namibian projects and represents the most continuous mineralisation within the deposit. With the significant increase in grade and a robust, re-validated database in place, the Marenica Uranium Project now offers a reduced risk foundation to accelerate our strategy of becoming a leading uranium developer.
U-pgrade™ Metallurgical Program A
The Company developed its U-pgradeTM beneficiation process on uranium mineralisation from the Marenica Uranium Project. The increased grade of the updated resource is expected to significantly enhance the potential economics of the project. The Company will undertake Pilot Plant test runs on bulk ore samples excavated from test pits selected as representative of the overall resource area. Samples will have varying lithologies, uranium grades and gangue minerals.
Next Steps
The Company is moving rapidly to expand the project:
- February 2026: Commencement of infill drilling in Areas A and B to expand the resource footprint.
- Q3 CY2026: Pilot Plant metallurgical runs on bulk ore samples to refine processing parameters.
- Ongoing: Conversion of the Inferred mineral resource to Indicated status, through targeted drilling.