Oobagooma Project

The Oobagooma Uranium Project is located on the northern margins of the Canning Basin, in the Derby Region, Western Australia and covers an area of 271 km2 . It comprises one exploration licence (E04/2297). The Project hosts significant historical uranium intersections.

The Oobagooma uranium deposit was discovered by the Australian French Mining & Exploration Company (Afmeco), which drilled 373 holes for a total of over 40,000 metres between 1981 and 1983. Drilling primarily targeted the Yampi Sandstone and successfully intersected elevated uranium grades. Drilling within the extended program was concentrated on the Oobagooma deposit itself, with more limited regional drilling across the broader tenement package.

Known uranium mineralisation extends over approximately 4 km of strike and 1.5 km width, controlled by a combination of sedimentological, structural and redox factors where grades recorded in historical drilling are elevated when compared to other sandstone-type deposits. Mineralisation is hosted in reduced, pyrite- and organic-rich sandstones at depths of 45–80 m in the north and 80–120 m in the south. Notably, no new data has been generated since Afmeco’s programs concluded in 1983. Afmeco’s drilling was systematic in approach, with no recognition of roll-front style mineralisation.

Post-drilling interpretations initially suggested tabular mineralisation occurring within two principal horizons, 1–6 m thick. Most recently, Elevate Uranium’s detailed reinterpretation of historical data indicates a sedimentary-style roll-front system, comprising at least four stacked roll fronts, each 3–5 m thick, extending over ~9 km strike at depths of 50–110 m (refer to Elevate Uranium announcement of 20 September 2021 available at www.asx.com.au).

While a state ban on uranium mining remains in place in Western Australia, Orpheus considers that there have been changes in sentiment at both the policy and industry level, highlighting the long-term strategic importance of securing high-quality projects in this jurisdiction.

In the interim, Orpheus intends to unlock value from the Project by engaging with stakeholders to secure ongoing access and, subsequently, undertake heritage and environmental studies as the Company works towards gaining approvals and completing other associated exploration activities where possible. This approach is aimed at ensuring that the Project will be strategically positioned to capture value as the policy landscape continues to evolve, while further reinforcing Orpheus’ commitment to building a pipeline of high-quality, discovery-focused uranium assets.