Alligator Energy (ASX:AGE) has entered into a binding asset sale agreement with DevEx Resources (ASX:DEV) to divest its non-core Northern Territory uranium assets.
Under the deal, DevEx will pay a combination of shares and cash totalling $7.5 million, with $1.75 million to be held in escrow pending renewal of an exploration access agreement which is due to expire in May 2027.
Taylor Collison acted as Alligator Energy’s financial advisor to the transaction.
Alligator Energy, which has a market capitalisation of $110.93 million, says the divestment reflects the company’s approach to portfolio management and capital allocation.
The transaction will enable Alligator to strengthen its liquidity position and funding capacity, reduce cash burn and complexity, as well as sharpen its focus on the Samphire Project in South Australia.
Alligator Energy intends to deploy these additional proceeds primarily towards expediting work at Samphire, including infill and extensional drilling and a field recovery trial to complete a Definitive Feasibility Study.
CEO Andrea Marsland-Smith says the company is well-positioned to focus capital and management attention on Samphire.
“We intend to complete the field recovery trial, accelerate infill and extensional drilling with the objective of increasing the existing resource and progressing the project towards becoming Australia’s uranium mine,” Marsland-Smith says.
DevEx says with the acquisition of tenements from Rio Tinto’s (ASX:RIO) exploration subsidiary, this deal aligns with the company’s regional growth strategy focused on exploring for unconformity-related uranium within the same proven geological setting as the Nabarlek, Ranger, and Jabiluka deposits.
The company recently conducted mechanical, electrical, and pipework installation at Samphire, following the completion of earthmoving works and bund installation. As reported by Mining.com.au, Alligator’s first FRT results are expected in February through to April 2026.
Write to Aaliyah Rogan at Mining.com.au
Images: Alligator Energy
