Orpheus Uranium (ASX:ORP) has received firm commitments for a $4.25 million placement as drilling commences at its Frome Project in South Australia.
The company will issue approximately 47.2 million shares at $0.09 each using its existing placement capacity. The price matches the stock’s closing price on 24 July 2026 and represents a 9% discount to its 15-day volume-weighted average price.
IsoEnergy (TSX:ISO) subscribed for 3.2 million shares, which Orpheus says will maintain its shareholding position in the company.
Orpheus says the proceeds will primarily support exploration across its uranium portfolio. The Frome drilling program is already funded by existing capital.
The company reports its team and drill rig have arrived at Frome, with the inaugural program beginning at the Erudina prospect. The initial six to eight holes will test the regional stratigraphic, lithological, and redox interpretation to calibrate the company’s modelling and refine subsequent targets.
The broader program comprises up to 35 rotary mud holes for approximately 5,750m. Subsequent drilling will target selected areas within a 12km-long interpreted uranium-bearing palaeochannel system.
Orpheus reports that historical drilling at Erudina identified uranium anomalism exceeding 100 parts per million (ppm) equivalent uranium oxide (eU₃O₈) in 64 holes across a broader exploration target area.
The company says its reinterpretation of historical drilling, stratigraphy, and palaeochannel architecture identified multiple lateral and vertical redox boundaries interpreted as potential positions for uranium mineralisation.
Managing Director Clinton Dubieniecki says drilling represents a major step for the company.
“We have invested significant effort to reach this point, and I’m excited to finally test both the Erudina prospect, a very compelling uranium target, and the geological model we have developed for the Frome Project,” Dubieniecki says.
Results will be incorporated into Orpheus’s geological model and used to guide further exploration across Erudina and the broader Frome Project.
The company says placement funding will also support its other projects across Australia, along with portfolio development, working capital, and placement costs.
Orpheus Uranium is an exploration company focused on uranium projects in multiple Australian states.
Write to France Pinzon at Mining.com.au
Images: Orpheus Uranium
