# AGE: Annual Report - 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146488 Publisher: asx Original announcement: 2026-09-30T06:59:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:16:20.993Z Atlas analysis updated: 2026-09-30T07:16:20.993Z - Company: Alligator Energy Limited - Ticker: AGE - Exchange: ASX - Region: South Australia - Primary commodity: Uranium - Secondary commodities: None reported - Document categories: Resource update, Metallurgy, Capital raise - Extracted: 2026-09-30 07:16:21 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Alligator Energy Limited announced a significant 67% increase in its Samphire Uranium Project's Mineral Resource to 30.0 Mlb U3O8, primarily due to a maiden Inferred resource at the Plumbush deposit. The company also successfully completed a Field Recovery Trial at Blackbush, demonstrating approximately 70% uranium recovery using in-situ recovery \(ISR\) technology. Post-year-end, AGE secured $17.1 million through a placement and share purchase plan to fund ongoing project development and exploration. Reasoning: Alligator Energy reported a substantial 67% increase in its Samphire Uranium Project's Mineral Resource, driven by a maiden Inferred resource at Plumbush, and successfully completed a field-scale in-situ recovery trial at Blackbush demonstrating strong uranium recovery. These positive developments were further supported by a significant capital raise, although some processing challenges were noted in the FRT and Big Lake drilling yielded no anomalous results. - Positive factor: Maiden Inferred Mineral Resource for Plumbush deposit significantly increased total resource - Positive factor: Successful Field Recovery Trial demonstrated viability of in-situ recovery \(ISR\) with high uranium recovery - Positive factor: Efficient ion exchange capture and favorable sulphuric acid consumption in FRT - Positive factor: Successful post-year-end capital raise strengthened financial position - Negative factor: Plumbush resource is entirely Inferred, indicating lower confidence - Negative factor: Minor gypsum scaling and disposal well blockages observed during FRT, indicating processing complexities - Negative factor: Big Lake drilling reported no anomalous intercepts, suggesting no new discoveries in that program - Rubric flag: Recovery tiers \(exceptional/strong/moderate/weak lower-bounds, percent\). Recovery is only interpretable against a processing route — always prefer the by\_route band when the document identifies the route, and fall back to the commodity default only when it does not: uranium \(%\): 95 / 90 / 85 / 80 — Add ISR-specific recovery tiers for uranium, as 70% is considered successful for this method but falls below the general uranium rubric. Facts used in scoring: 7 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document explicitly states 'Alligator announced a maiden 12.0 million pound U O Inferred Mineral Resource for the Plumbush deposit'. Evidence · text > Alligator announced a maiden 12.0 million pound U O Inferred Mineral Resource for the Plumbush deposit **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The total Mineral Resource holdings increased by 5.5 Mlb of contained U O , from 24.5 Mlb as at 30 June 2025 to 30.0 Mlb as at 30 June 2026, representing a 22.4% increase. Evidence · text > The Group’s total Mineral Resource holdings increased by 5.5 Mlb of contained U O , from 24.5 Mlb as at 30 June 2025 to 30.0 Mlb as at 30 June 2026. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Plumbush MRE is classified entirely as Inferred, and the total Inferred resource for Samphire is 15.8 Mlb U O . Evidence · text > This increased the combined Indicated and Inferred Samphire Mineral Resource by 67%, from 18.0 million pounds to 30.0 million pounds U O , all of which has been assessed as amenable to ISR1. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: All Mineral Resource estimates \(MREs\) in this statement are reported in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition \(JORC Code\). Evidence · text > All Mineral Resource estimates \(MREs\) in this statement are reported in accordance with The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition \(JORC Code\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Competent Persons Ingvar Kirchner and Oliver Willetts are named and have consented to the inclusion of the information in the report. Evidence · text > Each Competent Person named below has consented to the inclusion of the information in the form and context in which it appears in this Annual Report and has approved the statement of the Group’s Mineral Resources set out in this Mineral Resource Statement in the form and context in which it appears. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades are explicitly stated for both Blackbush \(250 ppm U O \) and Plumbush \(GT ≥ 400 ppm.m and eU O ≥ 140 ppm\). Evidence · text > Blackbush is reported unconstrained above a lower cut-off grade of 250 ppm U₃O₈. Plumbush is reported above a grade-thickness cut-off of 400 ppm.m and a grade cut-off of 140 ppm eU₃O₈ and is constrained to ISR-amenable facies. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated Mineral Resource Statement as at 30 June 2026, including new and previously reported estimates. Evidence · text > MINERAL RESOURCE STATEMENT This Mineral Resource Statement is reported as at 30 June 2026 **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The Field Recovery Trial achieved approximately 70% uranium recovery, which is presented as a successful outcome for the ISR method. Evidence · text > achieved approximately 70% uranium recovery from 70 pore-volume exchanges **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The Field Recovery Trial \(FRT\) was a field-scale test of in-situ recovery, with construction and commissioning completed and trial operations concluded. Evidence · text > The year was defined by renewed focus and disciplined execution. Alligator moved the Samphire Uranium Project from final approvals and through construction to the successful completion of the Field Recovery Trial \(FRT\) at the Blackbush deposit. **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The FRT tested two patterns: one representative of the deposit and a second testing lower-grade and lower-flow conditions at the margin of the deposit. Evidence · text > The first test pattern, which is representative of the deposit, achieved approximately 70% uranium recovery... The second pattern tested lower-grade and lower-flow conditions at the margin of the deposit **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: Minor gypsum precipitation and disposal well blockages associated with calcium carbonate and gypsum precipitation were observed during the FRT, indicating processing complexities. Evidence · text > Minor gypsum precipitation in Pattern 1 was successfully managed in Pattern 2 through closer control of injection chemistry... Disposal well blockages associated with calcium carbonate and gypsum precipitation were successfully remediated **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af#fact-resource-facts-0) Samphire · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Samphire - Commodity: uranium - Region: australia\_sa - Reported Region: South Australia - Ticker: AGE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ingvar Kirchner - Resource group id: resource:4f6cace31b21038e5b8b - Deposit or zone: Blackbush - Material type: Pirie Basin sediments #### Resource Data - Category: indicated - Tonnes: 8200000 - Grade: 786 - Grade Unit: ppm - Contained Metal: 14.2 - Contained Unit: mlb - Cutoff Grade: 250 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-06T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Blackbush Indicated resource maintains its previously reported figures, contributing to the overall project scale with good confidence, but represents no new information in this report. - Positive factor: Indicated resource category provides good geological confidence - Positive factor: High grade for uranium deposit - Negative factor: This estimate is a restatement of a prior release, not new information Evidence · table > 14.2 Context: 8.2 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af#fact-resource-facts-1) Samphire · uranium Historical result Needs review: historical\_restatement #### Identity - Project: Samphire - Commodity: uranium - Region: australia\_sa - Reported Region: South Australia - Ticker: AGE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Ingvar Kirchner - Resource group id: resource:0d82350645a95d4726d6 - Deposit or zone: Blackbush - Material type: Pirie Basin sediments #### Resource Data - Category: inferred - Tonnes: 3900000 - Grade: 443 - Grade Unit: ppm - Contained Metal: 3.8 - Contained Unit: mlb - Cutoff Grade: 250 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-05-06T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Blackbush Inferred resource is a restatement of previous figures, providing continuity to the resource base but without new information or increased confidence. - Positive factor: Contributes to the overall resource base - Negative factor: This estimate is a restatement of a prior release, not new information - Negative factor: Inferred category indicates lower geological confidence Evidence · table > 3.8 Context: 3.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af#fact-resource-facts-2) Samphire · uranium #### Identity - Project: Samphire - Commodity: uranium - Region: australia\_sa - Reported Region: South Australia - Ticker: AGE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Oliver Willetts - Resource group id: resource:a54c1b43bef309e3d313 - Deposit or zone: Plumbush - Material type: ISR-amenable facies \(sand, silt, lignite\) #### Resource Data - Category: inferred - Tonnes: 14900000 - Grade: 370 - Grade Unit: ppm - Contained Metal: 12 - Contained Unit: mlb - Cutoff Grade: 140 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2026-06-30 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The maiden Inferred Mineral Resource at Plumbush adds a substantial 12.0 Mlb of contained uranium, significantly increasing the Samphire project's scale and potential, although its entirely Inferred classification indicates early-stage confidence. - Positive factor: Maiden resource significantly increases total project contained metal - Positive factor: Resource is amenable to ISR, aligning with project strategy - Negative factor: Entirely Inferred category indicates lower geological confidence and requires further drilling Evidence · table > 12.0 Context: 14.9 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af#fact-resource-facts-5) #### Identity - Ticker: AGE #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The $15.0 million placement provides substantial funding for the company's ongoing project development and feasibility studies, indicating strong market support. - Positive factor: Significant capital raised to fund project development - Positive factor: Demonstrates investor confidence in the company's projects Evidence · text > On 6 August 2026, the Company announced that it had received firm commitments to raise $15.0 million before costs through the placement of 333,333,334 new fully paid ordinary shares at an issue price of $0.045 per share. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af#fact-resource-facts-6) #### Identity - Ticker: AGE #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The share purchase plan successfully raised an additional $2.1 million, complementing the placement and further strengthening the company's financial position. - Positive factor: Additional capital raised from existing shareholders - Positive factor: Provides further funding flexibility for project activities Evidence · text > In conjunction with the placement, the Company completed a share purchase plan on 10 September 2026 raising $2,121,000, at an issue price of $0.045 per share, through the issue of 47,133,479 new fully paid ordinary shares. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (2) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af#fact-metallurgical-facts-3) Samphire Uranium Project · uranium #### Identity - Project: Samphire Uranium Project - Commodity: uranium - Region: australia\_sa - Reported Region: South Australia - Ticker: AGE #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: in-situ recovery - Sample: Representative Blackbush ore #### Recovery - Recovery: 70 % - Recovery Basis: actual\_test - Head Grade: 115 - Head Grade Unit: mg/L #### Reagents - Acid: 20 kg/t - Reagent Notes: Sulphuric acid consumption was within the range reported for comparable international ISR operations. 98% ion-exchange capture. Minor gypsum scaling observed. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Field Recovery Trial's Pattern 1 demonstrated strong uranium recovery and efficient ion exchange for the ISR method, confirming its viability at a field scale, despite minor gypsum scaling. - Positive factor: High uranium recovery for ISR method - Positive factor: Efficient ion-exchange capture - Positive factor: Favorable sulphuric acid consumption - Positive factor: Successful demonstration of field-scale ISR viability - Negative factor: Minor gypsum scaling observed, indicating potential processing challenges Evidence · text > achieved approximately 70% uranium recovery from 70 pore-volume exchanges, an average solution grade of 115 mg/L U O , well flow rates of up to 5 L/s and 98% ion-exchange capture. Sulphuric acid consumption was within the range reported for comparable international ISR operations. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/age-annual-report-2026--bb1575af-2457-4b7c-9e8c-ea0ac306b0af#fact-metallurgical-facts-4) Samphire Uranium Project · uranium #### Identity - Project: Samphire Uranium Project - Commodity: uranium - Region: australia\_sa - Reported Region: South Australia - Ticker: AGE #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: in-situ recovery - Sample: Lower-flow, lower-grade deposit margin #### Recovery - Recovery: 17 % - Recovery Basis: actual\_test #### Reagents - Acid: 20 kg/t - Reagent Notes: Managed through injection-chemistry control. Approximately 100% ion-exchange capture. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Pattern 2 of the FRT successfully demonstrated predictable recovery and effective uranium capture in lower-grade, lower-flow conditions, confirming the adaptability of the ISR process and management of chemistry issues. - Positive factor: Demonstrated predictable recovery behavior in challenging conditions - Positive factor: Effective uranium capture with high ion-exchange efficiency - Positive factor: Successful management of chemistry issues \(gypsum scaling\) - Negative factor: Lower cumulative recovery \(17%\) compared to Pattern 1, though consistent with expected trend for marginal conditions Evidence · text > Pattern 2 operated for 54 days and completed 15 pore volume exchanges, reaching approximately 17% cumulative uranium recovery. The recovery curve tracked the expected trend and was sufficient to establish the modelling response; the test was concluded once its technical objectives had been met. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.