Cauldron Energy Limited (ASX:CXU) Completes Successful Yanrey Drilling Program
Exploration Achievements
Cauldron Energy Limited completed its CY2024 air-core drilling program at the Yanrey Uranium Project, focusing on Target 15 (Manyingee South). The drilling defined near-surface uranium mineralisation over a 3-kilometre north-south trend, open to the west, south, and east. A total of 145 drill holes totaling 14,813.5 meters were completed, laying a strong foundation for future exploration. The Yanrey Project now hosts at least 15 palaeochannels with potential for uranium mineralisation, and heritage clearance work has progressed with support from the Buurabalayji Thalanyji Aboriginal Corporation for 2025 drilling activities.
Financial Performance
As of 31 December 2024, Cauldron Energy held $1.357 million in cash at bank, up from $0.588 million on 30 September 2024. The company successfully completed a Placement and Entitlements Offer, raising $4.024 million before costs by issuing 223,568,441 new shares and converting 805,537 options. Additionally, 14,231,500 options expired during the quarter. With approximately 303 million options on issue, Cauldron has the potential to raise an additional $5.56 million if exercised.
Corporate Developments
Mr Michael Wells was appointed as a non-executive Director effective from 2 December 2024 following approval at the FY24 Annual General Meeting, where all resolutions were approved by a strong majority. The AGM highlighted the company’s robust exploration activities and strategic financial moves to support ongoing projects.
Executive Comments
John Higgins, Yanrey Project Exploration Manager, stated, “Cauldron’s 2024 drilling campaign has been extremely successful with Manyingee South representing the first significant uranium discovery in Australia in over a decade. The discovery indicates a fertile uranium mineralising system within the Yanrey Uranium Field, suggesting that more mineralisation remains to be found.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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