Alligator Energy Ltd (ASX:AGE, OTC:ALGEF) has agreed to sell its non-core Northern Territory uranium projects to DevEx Resources (ASX: DEV) in a $7.5 million deal designed to simplify its portfolio and strengthen its balance sheet.
The binding Asset Sale Agreement covers a full exit from the NT assets, which Alligator considers outside its strategic focus. The transaction will streamline the business, reduce cost obligations and free capital for advancing its South Australian uranium projects, Samphire and Big Lake.
Alligator’s CEO Andrea Marsland-Smith stated: “This divestment is a clear demonstration of portfolio discipline. The NT assets are non-core to our strategy, and their sale for $7.5 million provides a meaningful liquidity injection while removing ongoing expenditure commitments.
"DevEx has a strong track record in Arnhem Land and is well placed to advance the projects responsibly and in partnership with local stakeholders. We are now well positioned to focus capital and management attention to Samphire, where 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 next uranium mine.”
Accelerating work at Samphire
Alligator will receive $5.75 million at completion, with up to $2 million of that amount payable in DevEx shares. A further $1.75 million will be held in escrow pending renewal of the exploration access agreement for ELs 24921 and 24922, due to expire in May 2027.
With the divestment complete, Alligator plans to funnel the proceeds into accelerating work at the Samphire ISR uranium project in South Australia. Planned activities include infill drilling to improve confidence within mineralised zones, extensional drilling to test strike potential and grow the Mineral Resource Estimate, and completing the definitive feasibility study alongside an ongoing field recovery trial.
The transaction remains subject to standard conditions, including ministerial approval and transfer consents under key contracts.