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Samphire uranium project, Australia – update

Image of drill rig at the Samphire project

Photo by Alligator Energy

29th September 2023

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Samphire uranium project.

Location
South of Whyalla, South Australia.

Project Owner/s
Alligator Energy.

Project Description
A scoping study has confirmed the potential development of the Samphire (Blackbush deposit) project as a globally competitive, low-cost uranium operation using in situ recovery.

The study estimates life-of-mine production at ten-million pounds of uranium over 12 years, with a production target of one-million pounds a year for eight years, including ramp up and ramp down.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a midpoint ungeared, real pretax net present value, at an 8% discount rate, of A$185-million and an after-tax internal rate of return of 29%, with a payback of 3.5 years from the start of production.

Capital Expenditure
A$129.3-million.

Planned Start/End Date
The project has a production period of 18 months.

Latest Developments
Alligator Energy will raise A$25.5-million in a share placement to institutional and sophisticated investors to fund work at its project.

The company received firm commitments for the placement of 491-million shares, at 5.2c each, on September 20, with one free attaching option to be issued for every two new shares, exercisable at 7.8c a share and with a two-year expiry date.

The shares will be issued under Alligator’s existing placement capacity and will not require shareholder approval.

The issue of the options, however, is subject to shareholder approval at a meeting scheduled for November 24.

In addition to the share placement, Alligator will also undertake a share purchase plan aimed at raising a further A$3-million also priced at 5.2c a share. The plan opened on September 26 and will close on October 17.

The funds will allow for the completion of important future steps towards production at the project, beyond the planned field recovery trial early next year.

Based on successful results from the trial, the funds will be targeted throughout 2024 towards significant Samphire uranium resource growth, a feasibility study, a mining lease application for approval of the initial economic project, and initial supportively priced and structured uranium offtake agreements.

Key Contracts, Suppliers and Consultants
Wallbridge Gilbert Aztec (process design and engineering).

Contact Details for Project Information
Alligator Energy, tel +61 7 3839 3904 or email info@alligatorenergy.com.au.

Edited by Creamer Media Reporter

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