Cauldron Energy still has Cosgrove seismic and drilling to deliver in 2026, with resource updates pending

Cauldron Energy (ASX: CXU) has said it plans passive seismic surveying and further drilling at its Cosgrove area in 2026. The company called it a "high priority target" in February and gave no date beyond the calendar year. It has not said what Cosgrove is expected to contain. With the year nearly over, the timing is worth watching.

The company has also promised resource updates "in due course" for its Manyingee South and Manyingee North uranium deposits, with no figure or date stated.

What Cauldron holds

Cauldron is an exploration company with no uranium production. Its Yanrey Project covers about 1,250 km² in the North Carnarvon Basin of Western Australia. It includes the Bennet Well, Manyingee South and Manyingee North deposits, which the company says are suited to in-situ recovery mining. Western Australia has banned uranium mining since June 2017, and the company's position is that production depends on that policy changing. As of 11 August the state's position was still the 2017 one.

Recent drilling

A Manyingee South aircore program of about 3,500 m was announced on 7 July, alongside 5,000 m at Manyingee North. The company has not said whether either was completed. On 2 September it reported:

• 19 Manyingee South holes found mineralisation about 2.5 km upstream of the 2026 resource boundary.
• 21 more Manyingee North holes continued north and reached the heritage clearance limit.

Earlier, on 31 July, all 25 holes drilled at Manyingee North in 2026 had hit mineralisation. Passive seismic results, which map buried river channels rather than test them, suggest the Manyingee channel may run into Cauldron's E08/1489 tenement. On 18 August the company said drilling on the Yanrey channel was expected "within days". It has not reported results since.

Funding and ownership

Cash was $3.68 million at 30 June, down from over $4.4 million at December 2025. Cauldron had 2,036,977,030 shares on issue at 31 December, plus 30 million options and 66 million performance rights whose vesting conditions had been met. Three exchange-traded funds together hold 8.11%. Shares began trading on the US OTCQB market on 12 August without any new shares being issued.

What is uncertain

The company has not given a resource estimate, a date for the updates, or a timetable for Cosgrove beyond 2026. Seismic maps are interpretations, and mineralisation in drill holes does not by itself establish a resource.