Cauldron Energy Ltd. (ASX: CXU), a global uranium exploration company, has announced that its drilling program at the Melrose Ni-Cu-PGE Project in Dalwallinu, Western Australia, has been approved, with operations set to commence in December 2023.
The new drilling
operation aims to investigate historical geochemical nickel anomalies that have been identified in recent electromagnetic surveys. Notably, Parle Investments Pty Ltd, a seasoned investor in the uranium sector, has emerged as a substantial shareholder, endorsing Cauldron’s unwavering commitment to uranium exploration. Cauldron has received a further $1.47m endorsement from outside investors.
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Cauldron’s CEO Jonathan Fisher emphasised his support of Cauldron’s operation and exploration after Parle Investments’ acquisition of an 11.55% stake in Cauldron. Fisher noted that proactive shareholder engagement is the correct direction when participating in the Global Uranium Conference (Adelaide, November 15-16) and the RIU Resurgence Conference (Perth, November 22-23). Fisher hopes that the combined companies can use these platforms to showcase Cauldron’s progress and future endeavours to a global audience.
Fisher, Cauldron’s CEO, remarked:
Cauldron has built a strong team and a clear strategic plan to deliver value for shareholders. Our projects offer exciting potential in minerals critical to the Energy Transition, a sector of particular interest to investors. Following the Entitlement Offer, Cauldron now has sufficient cash resources to advance these projects aggressively. Further, we are particularly pleased to have attracted a new significant, successful Uranium sector substantial shareholder, and we are encouraged by the opportunities this support may present for the Company moving forward.