Alligator Energy (ASX:$AGE) announces successful upgrade of indicated mineral resource at Samphire Uranium Project

Alligator Energy (ASX:AGE) has announced the successful upgrade of the indicated mineral resource estimate for the Blackbush Deposit within the Samphire Uranium Project in South Australia. The indicated mineral resource has increased by 21% to 12.9Mlbs at an average grade of 754ppm U3O8, marking a 115% increase since the commencement of AGE's resource drilling at Blackbush in 2022. This upgrade supports targeting improved project economics in an updated Scoping Study and allows for an increased annual production rate. The finalization of the updated Scoping Study, including this key input assumption, is on track for imminent release. Additionally, walk-up targets have been identified for resource extension drilling commencing in late January 2024 to extend the project's overall total resource base, with a drilling rig secured for year-round drilling in 2024.

Executive Commentary on the Mineral Resource Upgrade

Greg Hall, Alligator CEO, stated, 'The detailed work to establish a high quality and larger Indicated Resource for Samphire allows us to increase the annual uranium production rate in an updated Scoping Study being finalized now, with ASX release imminent. In conjunction to this, as outlined in our Exploration Target Range release (ASX: dated 7 Dec 2023) everything is now in place to commence drilling in January 24 to target enlarging and extending the overall Total Resource base for the Samphire Project further.'

Summary of Alligator Energy's Mineral Resource Upgrade

The upgrade of the indicated mineral resource at the Samphire Uranium Project signifies a significant milestone for Alligator Energy, with the increased confidence in the resource estimate supporting improved project economics and an increased annual production rate. The upcoming release of the updated Scoping Study is expected to provide further insights into the project's potential. Additionally, the identification of walk-up targets for resource extension drilling and the secured drilling rig for year-round operations in 2024 demonstrate the company's commitment to advancing the project and extending its overall total resource base. Alligator Energy's sustained multi-year exploration program, incorporating a pipeline of targets outside the Blackbush MRE envelope, further underlines the company's ambitions for continued growth and development in the uranium sector.