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Cauldron Energy (ASX:CXU) - Fully Funded Drilling Targets 269Mlb Uranium Upside in Western Australia Analytics Table
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About Cauldron Energy (ASX:CXU) - Fully Funded Drilling Targets 269Mlb Uranium Upside in Western Australia
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Interview with Jonathan Fisher, CEO of Cauldron Energy Recording date: 2nd September 2026 Cauldron Energy (ASX:CXU) holds 55 million pounds of JORC-compliant uranium resource at its Yanrey Project in Western Australia, with an exploration target of up to 269 million additional pounds. The company’s near-perfect drilling record and strategic positioning make it a compelling uranium story—provided Western Australia lifts its longstanding mining ban. The Yanrey Project spans three deposits: Bennett Well, Manyingee South, and Manyingee North are all situated in a region considered highly prospective for in-situ recovery (ISR) uranium mining. Cauldron’s exploration has been remarkably successful wherein the first 24 drill holes at Manyingee North intersected mineralisation, defining a maiden 10-million-pound resource with a 100% hit rate. Subsequent drilling of 40 to 50 additional holes has maintained that near-perfect success rate. The company uses passive seismic surveying to identify buried palaeochannels, ancient river systems, that concentrated uranium as they flowed eastward from granitic sources. Three channels have been drilled to date, yielding the three known deposits, with 20-30 more channels still untested. A formal resource update is expected later in 2026 following the completion of the current drilling campaign. Western Australia’s state-level uranium mining ban remains the single biggest obstacle to production. Despite this, Cauldron received two government exploration grants in April 2026, a signal CEO Jonathan Fisher interprets as contradictory but encouraging. Additional indicators of potential policy shift include a parliamentary inquiry where over 60% of submissions favoured uranium mining, and a recent by-election swing toward the pro-uranium One Nation party. While the ban persists, Cauldron is maximising its resource base to become either a ready-to-develop asset or an attractive takeover target once policy changes. The company has partnered with Uzbekistan’s Navoi Mining and Metallurgical Company to de-risk ISR process design and hired an experienced environmental manager to navigate regulatory approvals. Groundwater testing by ANSTO found low salinity across all three deposits—a favourable factor for ISR recovery economics. Cauldron’s investment case hinges entirely on Western Australia lifting its mining ban. While management cites multiple signals of policy change, none are confirmed. Technical risks remain, as demonstrated by peer Boss Energy’s setbacks at its Honeymoon ISR operation, though Cauldron’s Navoi partnership aims to mitigate such risks. Shareholder concentration is high, with a family office holding ~30% and ETFs ~15–16%, providing stability but limiting free float. View Cauldron Energy's company profile: https://www.cruxinvestor.com/companies/cauldron-energy-limited Sign up for Crux Investor: https://cruxinvestor.com/subscribe
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