Significant New Uranium Discovery at Big Lake Uranium Project, South Australia

Alligator Energy Limited (ASX: AGE, ‘Alligator’ or ‘the Company’) is very pleased to advise that its inaugural drilling program at the Big Lake Uranium Project (Big Lake), South Australia has resulted in a significant new uranium discovery.

Highlights

• Alligator’s drilling program has intersected significant thicknesses of anomalous uranium mineralisation within interbedded palaeochannel sand units in the Namba Formation.
• The discovery is the first proof of concept that significant uranium is present within the Lake Eyre basin sediments that lie above the hydrocarbon-rich Cooper Basin and within potentially In-Situ Recovery (ISR) amenable host and depths.
• So far 4 air-core drillholes have intersected palaeochannel sand units hosting anomalous uranium mineralisation located between 90 m to 130 m below surface.
• Using a calibrated portable X-ray fluorescence analyser (pXRF) on drill samples, initial preliminary¹ estimates of the tenor of uranium grades include:
  • AC24-021 20m @ 110 ppm U from 106m (inc. 1 m @ 241 ppm U from 123m) 1 m @ 185 ppm U from 129 m
  • AC24-022 5 m @ 130 ppm U from 107 m
  • AC24-023 5 m @ 45 ppm U from 104 m
  • AC24-025 10 m @ 120 ppm U from 180 m
• The indicative grade-thickness of two intersections is at or near the economic cut off used at the Company’s Samphire ISR uranium project near Whyalla, SA.
• Indicative uranium grades found in these holes are approximately 10 to 50 times background levels.

Cautionary Statement

The Company uses an Olympus DP-4050 portable X-ray Fluorescence (pXRF) analyser to screen aircore drilling samples for mineralisation before submitting samples to a commercial laboratory for assay. This allows for some understanding of the distribution of mineralisation prior to sampling to better ensure that samples submitted for analysis are representative of the type and style of mineralisation sought. The pXRF provides confirmation that mineralisation is present however it is not an accurate determination of the elemental concentration within the sample analysed. Limitations include, very small analysis window, possible inhomogeneous distribution of mineralisation, analytical penetration depth and possible effects from irregular surfaces. The results obtained from the pXRF are indicative only and may not be representative of elemental concentration within the material sampled. The pXRF readings are subject to confirmation by chemical analysis from an independent laboratory. The Olympus DP- 4050 (S/N 550191) pXRF was calibrated on 7 February 2024 by Evident Australia using Alloy Certified Reference Material produced by Analytical Reference Material International (ARMI).

Next Steps

• Two further holes are currently being drilled within the limited heritage cleared area of discovery. At the end of the program, all samples will be transported to Adelaide for detailed laboratory assaying and analysis.
• Following full analysis of data, including refinement of the geological model, Alligator will commence approvals and initiate heritage clearances for follow-up drilling.

Alligator’s CEO Greg Hall stated: “This is the first significant greenfields discovery of uranium in South Australia since the Samphire Uranium Project in 2007 by the company UraniumSA Ltd. The thickness extent of mineralisation layers ranging up to 20m in these discovery holes is impressive for this style of mineralisation. While estimated grades are still on the lower side, to have grade- thickness intersections close to the cut-off used at our Samphire Project from the initial discovery area is very encouraging.

The discovery appears to validate the uranium formation model developed by the previous Big Lake geologists from whom Alligator acquired the initial tenement, and we acknowledge their work. The sediments above the Cooper Basin cover are an extensive area, and we hope this has the potential to develop into a new ISR amenable uranium field, similar to the Curnamona Province which hosts the Beverley, Four Mile and Honeymoon deposits.

I would like to congratulate our exploration team: for their initial EM interpretation work on the project back in 2019, the detailed seismic interpretation work carried out during 2022/23, and the planning, logistics and safe drilling operations carried out to date. We are also very appreciative to the Traditional Owners, pastoralists and other stakeholders in the region that have facilitated access for our work.”

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