First Well Test Pattern – Excellent Results from the Samphire Field Recovery Trial

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

The first well pattern has now progressed through the planned recovery cycle, producing excellent results that are consistent with, and in many areas exceed, the assumptions outlined in the Alligator scoping study as well as the internal model. Importantly, the test confirms the strong technical feasibility of recovering uranium from the Samphire paleochannel system using ISR and underlines the economic assumptions of the project in the Alligator scoping study.

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• Uranium was successfully extracted from the first well test pattern, meeting AGE’s target of 70% recovery over 70 pore volume exchanges.
• The extractor delivered flow rates of over 5 L/s in pump testing, which is higher than the typical global ISR well flow rate of 0.5-3 L/s (driven by favorable permeability), confirming effective fluid movement within the mineralized zone.
• The average grade of uranium in solution from the test pattern was 115 ppm U₃O₈, higher than Alligator’s updated scoping study.¹ (“Scoping Study”) assumptions are at the upper end of the 70–120 ppm range observed in ISR operations globally.
• The test reagent consumption is highly in line with international benchmarks.
• Ion exchange and elution (loading and separating uranium from the resin) is a highly efficient process using a simple reagent mixture, demonstrating Alligator’s chloride mitigation strategy functions and clear optimization.

Key findings include:

• Strong permeability performance confirms effective fluid movement and connectivity within the mineral zone.
• Exhibiting favorable leaching kinetics and efficient uranium mobilization, uranium recovery is achieving the benchmark of 70% within approximately 70 pore volumes.
• Strong wellfield flow with flow rates greater than 5 L/s confirms favorable permeability relative to typical ISR operations.
• Reagent consumption aligns with the “highly favorable range” under international benchmarks indicating efficient leaching conditions and limited reagent losses.
• Strong solution grade, with an average of 115 mg/L U₃O₈, supports 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 test, with no material deviations in hydraulic behavior or flow distribution.
• The ion exchange and elution recovery process was successfully performed at the plant, confirming downstream processing feasibility with apparent optimization.

Importantly, the test confirms the strong technical feasibility of uranium recovery from the Samphire paleochannel system, solidifying the project’s sustainability and its path towards growth.

upcoming test work

Following the successful completion of this first well pattern, the Company will commence a second well pattern in the coming week, which has been deliberately designed to test a lower grade/less permeable zone at the margin of the mineralization system. We anticipate that flow rates will be lower and recovery performance may take longer to assess than performance 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 optimization as well as bankable feasibility study input. The company expects to report results from the second well pattern in the third quarter of calendar year 2026.

Andrea Marsland-Smith, CEO and MD of Alligator, said: “We are extremely encouraged by the field performance of our first test pattern as our first major de-risking milestone – especially the alignment with our model assumptions and ISR benchmarks at this stage. Achieving our target of 70% recovery in the time we allocated for running the test is testament to the reliable science behind our assumptions and the team’s operational experience. With our next well test starting soon, it is important to build increasing confidence in our models that will drive the next phase of development.” Give information about planning for Samphire and the company.