Alligator Energy Ltd has released an updated Mineral Resource Estimate (MRE) for its Blackbush Deposit at the Samphire Project in South Australia. The revised estimate reflects a significant improvement in both resource quantity and quality following the company’s 2024 drilling campaign. The Indicated Mineral Resource now stands at 14.2 million pounds of U3O8 at an average grade of 786 parts per million (ppm), up 10% from the previous estimate and representing a dramatic 135% increase since 2022. In addition, the Inferred category has been adjusted to 3.8 million pounds at 443ppm, bringing the total resource to 18.0 million pounds at an average grade of 676ppm U3O8, with the deposit now characterized by 78% of the metal in the higher confidence Indicated category. A robust drilling program has reinforced the deposit’s resource integrity. Over 140 holes totaling nearly 12,000 meters were completed, with substantial data reprocessing and the incorporation of improved downhole geophysical techniques—namely, the re-evaluation of Prompt Fission Neutron (PFN) data and a revised lower detection limit from 250ppm to 500ppm. Advanced density modeling using five different density values and dynamic anisotropy during estimation has further enhanced the reliability of the resource model, setting a strong technical basis for the upcoming wellfield designs, which may target production rates above the previously scoped 1.2 million pounds per annum. The announcement also outlines a clear path for future exploration. Planned drilling, subject to access and heritage approvals, will now target extensions to the Blackbush deposit as well as a follow-up program at the nearby Plumbush prospect. This focus on expansion reflects the team’s ongoing efforts to convert additional inferred material into a higher confidence category and potentially boost overall recovery from in situ leach (ISR) mining operations. Market sentiment in light of the news is cautiously optimistic. On the bullish side, the significant upgrade in resource confidence, along with the detailed technical refinements and future drilling targets, supports the view that Alligator Energy Ltd is well-positioned to advance to a definitive feasibility study. This progression could potentially lead to a higher production rate and enhanced economic returns, factors that might attract investor interest. On the bearish side, technical complexities inherent in the interpretation of geophysical data and assumptions regarding future mining recovery underscore risks that remain, particularly given the reliance on regulatory approvals and further field trials before production can commence. Overall, the detailed improvements and strategic outlook present a promising yet technically nuanced opportunity for the company and its stakeholders.