Outstanding Results from First Well Test Pattern – Samphire Field Recovery Trial

Alligator Energy Limited (ASX: AGE, ‘Alligator’ or ‘the Company’) is pleased to provide an update on the completion of the first well pattern at the Samphire Uranium Project Field Recovery Trial (“FRT”), representing a key milestone in demonstrating in-situ recovery (“ISR”) performance under field conditions.

The first well pattern has now progressed through the planned recovery cycle, delivering outstanding results that are consistent with, and in many areas exceeding the assumptions outlined in Alligator’s Scoping Study as well as internal models. Importantly, the trial confirms the strong technical viability of recovering uranium from the Samphire palaeochannel system using ISR and underpins the projects economic assumptions in Alligator’s Scoping Study.

Highlights

• Uranium was successfully extracted from first well test pattern hitting AGE’s target of 70% recovery over 70 pore volume exchanges.
• The extractor well delivered flow rates of more than 5 L/s in pump testing surpassing typical global ISR well flow rates of 0.5-3 L/s (driven by favourable permeability), confirming effective fluid movement within the mineralised zone.
• Average grade of uranium in solution from the test pattern was 115 ppm U₃O₈, exceeding Alligator’s Updated Scoping Study¹ (“Scoping Study”) assumptions, sitting at the upper end of the 70–120 ppm range observed across ISR operations globally.
• Trial reagent consumption aligns with highly favourable international benchmarks.
• Ion exchange and elution (loading and stripping uranium from resin) process highly efficient using a simple reagent mix, demonstrating Alligator’s chloride mitigation strategy works and clear optimisation upside.

Key takeaways include:

• Strong permeability performance, confirming effective fluid movement and connectivity within the mineralised zone.
• Uranium recoveries achieving benchmark of 70% within approximately 70 pore volumes, demonstrating favourable leaching kinetics and efficient uranium mobilisation.
• Strong wellfield flow, with flow rates exceeding 5 L/s, confirming favourable permeability relative to typical ISR operations.
• Reagent consumption aligns with “highly favourable category” under international benchmarks indicating efficient leaching conditions and limited reagent losses.
• Robust solution grades, with an average of 115 mg/L U₃O₈, supporting effective uranium dissolution and alignment with upper-end global ISR benchmarks.
• Salinity management and groundwater chemistry conditions did not adversely impact recovery performance, supporting stable ISR operating conditions.
• Wellfield control and stability were maintained throughout the trial, with no material deviations in hydraulic behaviour or flow distribution.
• Ion exchange and elution recovery process in the plant successfully demonstrated, confirming downstream processing viability with clear optimisation upside.

Importantly, the trial confirms the strong technical viability of uranium recovery from the Samphire palaeochannel system, reinforcing the robustness of the project and its pathway towards development.

Forthcoming Testwork

Following the successful completion of this first well pattern, the Company will commence the second well pattern in the coming week, which is intentionally designed to test a lower grade/less permeable area at the margins of the mineralised system. Our forecast is that flow rates will be lower and recovery performance may take longer to assess than those achieved in the initial well pattern. This phase of testing is an important step in understanding the full spectrum hydrogeological and recovery characteristics of the deposit and will inform future wellfield design and optimisation as well as the Bankable Feasibility Study inputs. The Company expects to report results from the second well pattern in the third quarter of calendar year 2026.

Alligator’s CEO and MD Andrea Marsland-Smith stated: “We are highly encouraged by the field performance of our first test pattern as our first major derisking milestone – particularly the alignment with our model assumptions and ISR benchmarks at this stage. Achieving our target of 70% recovery, in the time we had allocated to run the test is testament to the credible science behind our assumptions and the team’s operating experience. With our next well test commencing soon, it is important to build increasing confidence in our models that inform planning the next phase of development at Samphire and for the Company.”

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