Arkle Resources

Uranium in Namibia’s premier producing belt.

Good Morning Team.

I’ve been on the hunt for early-stage uranium stocks over the past few weeks. I’m a big fan of Stallion in the Athabasca, and of those Italian assets held by Zenith (though unless spun out, these will remain subservient to the legal outcome, much like GreenX’s copper).

I’m also a holder of Power Metal, which remains undervalued and owns a decent portion of a uranium JV with ACAM, also in the world’s No1 uranium address.

But it seems that otherwise, there are slim pickings.

Happily, I’ve found one worthy of your consideration.

(Side note: anyone with other decent early-stage uranium explorers in their portfolio, DM as I am actively searching)

From what I understand, the publicly available information on this stock is telling a story that the share price simply hasn’t caught up with yet.

That’s my kind of story.

Arkle Resources sports a capitalisation of roughly £8 million and trades as if its assets are worth very little.

But spend time with the details — the geology, the neighbours, the commodity backdrops, the exploration newsflow coming down the pipe — and a different picture emerges.

This is a company that has, in the space of a few months, repositioned itself from a largely Irish zinc and lithium play into a multi-commodity energy metals explorer with a flagship uranium position in one of the world’s great uranium districts, a meaningful stake in a high-grade Irish zinc discovery that its joint venture partner has been quietly turning into something significant, and a large lithium brine position in Botswana that is moving toward drilling.

Each of these assets, assessed on its own merits, carries genuine upside.

Together, in a single £8 million vehicle, they represent a concentrated bet on the energy transition metals that the world urgently needs more of.

Let’s dive in.

Uranium: The Flagship, The Location, The Timing

Uranium is in a structural bull market — this seems inescapable.

The world is building nuclear reactors at a pace not seen in decades. China has over 41,000 MWe under active construction — more than any other country on earth. India, Turkey, Egypt, South Korea, Russia, the UK and Japan all have meaningful programmes underway.

The United States, the world’s largest nuclear power operator at nearly 97,000 MWe of installed capacity, has committed to quadrupling that figure by 2050, with 10 new large reactors targeted by 2030 — a goal outlined explicitly by the Trump administration last year, which seems to enjoy bipartisan support.

Beyond the traditional utility sector, technology companies have entered the nuclear procurement market in a way that would have seemed extraordinary just a few years ago.

Microsoft has signed a 20-year deal with Constellation Energy to restart Three Mile Island. Amazon has put $500 million into small modular reactor company X-Energy. Meta has contracted 1.1 gigawatts of nuclear power for its AI data centre operations.

The insatiable energy demands of artificial intelligence infrastructure are pushing the world’s largest technology companies toward nuclear as the only viable source of reliable, large-scale, clean baseload power.

Set against that demand picture is a supply side that was gutted by underinvestment following the 2011 Fukushima disaster. For years, uranium prices were too low to justify building new mines.

That underinvestment has consequences: very few new sources of production are expected to come online in the near term. Utilities are returning to long-term contracting after years of drawing down inventories. The supply-demand imbalance is structural, not cyclical.

And uranium prices have very obviously responded.

For a uranium explorer with assets in the right place, the backdrop — as explained in my recent interview with VanEck uranium portfolio manager Alessandro Valentino — is as good as it gets.

The Assets: Namibia’s Erongo Region

Namibia is the world’s third-largest uranium producer — and one of the most consequential uranium jurisdictions on earth.

The country now holds in excess of one billion pounds of uranium in inventory, a figure that places it firmly among the handful of nations that genuinely move global supply. This is one of the most developed and strategically significant uranium markets in the world, and it is hot right now.

Commercial mining has operated here since 1976. The country has three active mines — Rössing, Husab and Langer Heinrich — and the Erongo Region is the most productive uranium district on the African continent.

What makes Namibia exceptional is the combination of geological endowment and jurisdictional quality. It has been a stable democracy since independence in 1990 and consistently ranks near the top of the Fraser Institute’s African Mining Index.

It has desalination plants, quality road networks, and deepwater port facilities at Walvis Bay that support large-scale mining operations year-round.

The calibre of entities operating in Namibia’s uranium district tells you everything about the quality of the jurisdiction.

Chinese government-controlled entities own both the Rössing mine and the Husab mine. The French government, through Orano, paid $2.5 billion in 2007 to acquire the Trekkopje deposit.

India’s state-owned Uranium Corporation has publicly expressed its desire to establish a presence in the country. These are sovereign wealth programmes spending billions to secure energy raw materials. They don’t operate in jurisdictions they don’t trust.

Arkle holds an 85% interest in four Exclusive Prospecting Licences covering 540 km² — 55,000 hectares — directly within this district:

EPL 8995 and EPL 8290 surround the Trekkopje deposit on multiple sides. Trekkopje hosts 340 million tonnes at 120 ppm U₃O₈ — one of the world’s largest calcrete-hosted uranium deposits — and is currently under active assessment by Orano for production restart.

The fact that the French state paid $2.5 billion for this deposit and is now evaluating bringing it back into production signals clearly where the uranium price cycle is going.

EPL 8298 is directly contiguous to the Marenica deposit, controlled by ASX-listed Elevate Uranium, which recently doubled its resource grade.

EPL 7986 sits immediately adjacent to the Rössing mine — producing over 6 million pounds of U₃O₈ annually, with over 300 million pounds mined historically since 1976 — and lies on the same domal geological structure and strike as the Husab mine 30 kilometres to the south.

Mineralisation doesn’t respect licence boundaries.

The geological processes that created Rössing, Trekkopje, Husab and Marenica operated across a wide area.

Arkle’s licences sit within that same geological system.

What the Ground Has Already Shown

Before the acquisition completed, a 2025 sampling programme across all four licences had already generated meaningful results. Of 178 samples taken from shallow pits:

On EPL 8995 and 8290, uranium in calcrete reached up to 2,782 ppm U₃O₈, with surficial uranium confirmed across every surveyed area. Alaskite values reached as high as 3,855 ppm U₃O₈, with strong indications of basement highs and alaskite mineralisation surrounding Trekkopje’s palaeochannel systems potentially extending into Arkle’s ground.

On EPL 7986, alaskite values between 500 and 2,923 ppm U₃O₈ were recorded across multiple samples, on the margins of the same domal structure as Rössing.

These are surface samples, confirming mineralisation is present and occurs in the same geological settings (calcrete and alaskite) that host the adjacent world-class deposits.

EPL 8995, which returned the highest values, will be the primary focus of the 2026 programme, as follows:

2026 Exploration Programme

Consider that within weeks of the acquisition completing in late January 2026, both ground and airborne surveys were already active.

Phase 1 centres on two geophysical workstreams.

A horizontal loop electromagnetic survey is mapping the palaeochannel geometry on EPL 8995, helping determine the depth and lateral extent of mineralised fill.

Simultaneously, Xcalibur Smart Mapping (specialist airborne geophysics contractor) commenced a survey of over 12,000 line-kilometres at 50-metre line spacing.

This is four times tighter than the 1970s government datasets, providing dramatically higher resolution across the entire licence package. The airborne survey was expected to complete by mid-March 2026, with processed data following within 30 days — meaning results and interpretation anticipated around mid to late April.

Phase 2, planned for H2 2026, converts geophysical targets into drill holes — up to 4,000 metres of reverse circulation drilling, predominantly at shallow depths of 10 to 20 metres, with some alaskite targets to around 50 metres.

Phase 3, contingent on Phase 2 success, involves infill drilling of 8,000 metres or more, targeting a maiden mineral resource estimate in H1 2027.

The entire programme is funded from the £1.7 million raised in the oversubscribed January 2026 placing.

The newsflow schedule is clear: airborne survey results expected around April; drilling through H2 2026; resource target H1 2027.

Each stage is a potential catalyst.

Stonepark Zinc: Sleeping Giant

Arkle also holds a 22.36% interest in the Stonepark zinc-lead project in County Limerick, Ireland, in joint venture with TSX-listed group Eleven Resources, which operates the project and holds the remaining percentage.

Stonepark hosts an inferred resource of 5.1 million tonnes grading 11.3% combined zinc and lead — a high-grade deposit at shallow depths of 190 to 395 metres.

It sits immediately south of Glencore’s Pallas Green discovery, one of the largest undeveloped zinc-lead deposits in the world at 45 million tonnes grading 7.2% zinc plus 1.2% lead.

The geological belief is that a base metal trend runs continuously from the Group Eleven licences to the south, through Carrickittle, through Stonepark, and north toward Pallas Green — a connected mineralising system of potentially very significant scale.

Group Eleven has been drilling aggressively across the broader Limerick Basin.

Results from both the Carrickittle area — which sits partially on the Stonepark JV ground and which Group Eleven describes as a ‘mirror image’ of the Pallas Green mineralising system — and the Ballywire block to the south, have been consistently strong.

Three drill rigs were operating at Ballywire. The market has noticed — Group Eleven’s share price has gone bananas.

Crucially, the most recently identified priority target (the Kilteely prospect) sits predominantly on the Stonepark JV ground.

A hole drilled in late 2025 demonstrated proximity to strong mineralisation, and follow-up holes are planned for 2026, alongside step-out drilling to expand the known resource.

Arkle’s management originally declined an offer for this stake in 2017. That decision looks increasingly well-judged.

Arkle’s Stonepark stake is not reflected in any meaningful way in the current share price.

Yet it represents a meaningful interest in a high-grade discovery adjacent to one of the world’s largest undeveloped zinc deposits, operated by a partner whose own market cap dwarfs their own.

Lithium Brines, Botswana

Arkle also controls three prospecting licences totalling over 1,600 km² in the Makgadikgadi Salt Pans in northeastern Botswana — one of the largest salt pan systems in the world and an increasingly recognised lithium brine province.

Geophysical surveys have confirmed the presence of brine-bearing conducting layers across the ground, and sampling has identified lithium in every single sample tested, alongside elevated magnesium grades.

The emergence of Direct Lithium Extraction technology is particularly relevant to this project.

DLE uses membranes to selectively extract metals from brine solutions, and critically, it extracts magnesium before lithium. This means the potential for two simultaneous revenue streams from the same brine extraction process.

An Environmental Impact Assessment is expected to complete in June 2026, after which an initial drilling programme — shallow holes to perhaps 30 metres — will be designed to determine lithium content, test brine aquifer characteristics, and assess magnesium recovery potential.

Lab analysis will evaluate suitability for DLE processing. This asset is pre-drill, early stage, and should be treated as long-term optionality. But across 1,600 km² of ground with confirmed brine-bearing layers and lithium in every sample, the scale of the potential is not trivial.

Additional Assets

Aughrim, County Wicklow, Ireland — Four licences covering 127 km² adjacent to ground held by Ganfeng Lithium, one of the world’s largest lithium producers, where a significant zone of lithium-bearing pegmatites has been found.

Arkle’s own sampling has returned anomalous lithium oxide, spodumene crystals, including elevated beryllium and rare earth elements including cerium and dysprosium.

Management is also evaluating its tungsten potential, driven by growing defence and energy transition demand.

Inishowen, Donegal, Ireland — A gold licence in an area prospective for quartz vein-style mineralisation, with 16 holes drilled to date. Management is reviewing joint venture, partnership, or divestment options for this non-core project. Any transaction here would be a free hit.

Team Arkle

The January 2026 acquisition brought a meaningful strengthening of the management team.

Rory Harding joined as Interim CEO, bringing extensive African operational expertise, with his background in physical trading, investment banking and asset origination; Robin Birchall (ex Gyiani/Helium One CEO) as Non-Executive Director; Mark Burnett (GMET/SML/Rab Capital) as Strategic Adviser; and Chris Healey (ex senior Cameco) as Chief Geologist.

They join John Teeling as Executive Chairman — a well-known figure in junior resource investing with a long track record of building exploration companies and realising value for shareholders.

Importantly, directors collectively hold approximately 15.9% of the company. The CEO holds 5.1% directly.

Management is invested alongside shareholders (skin in the game matters) and has every incentive to grow the value of the equity.

The company has also been explicit about its broader strategic vision — not merely to develop the existing four Namibian licences, but to grow into London’s premier uranium explorer through further acquisitions and licence staking across Southern Africa’s key uranium belts in Namibia, Botswana and Zambia.

This deal is just the first step in a larger consolidation story.

The Bottom Line

Step back and look at what Arkle Resources actually is, at a market capitalisation of £8 million:

1. Four uranium licences directly contiguous to world-class deposits in the world’s third largest uranium producing country, at the beginning of a sustained nuclear expansion cycle, with surface mineralisation confirmed and a fully funded drill programme commencing H2 2026

2. A 22.36% stake in a high-grade Irish zinc discovery adjacent to one of the world’s largest undeveloped zinc deposits, operated by a partner whose own shares have rocketed in two years on the back of excellent drilling results

3. 1,600 km² of confirmed brine-bearing ground in Botswana carrying lithium in every sample tested, plus elevated magnesium, with a DLE-compatible project profile

4. Additional early-stage lithium and gold assets carrying their own optionality

5. A management team with meaningful personal shareholdings and a clear, stated vision for growth

6. A fully funded exploration programme generating near-term newsflow: airborne survey results expected around April 2026, drilling through H2 2026, maiden resource targeted H1 2027

7. The nearest comparable for the uranium exposure alone — licences in a tier-one district, adjacent to producing mines owned by sovereign entities, with confirmed surface mineralisation and an active drill programme — would typically attract a market valuation significantly higher than £8 million, even at pre-resource stage.

8. The Stonepark stake, sitting inside a JV with a sizable partner and a project of increasing strategic significance in the Limerick Basin, adds value that is entirely invisible in the current share price.

For clarity, there is risk here, as there always is in junior resource. Exploration doesn’t always deliver. Commodity prices move. Smaller companies always face financing constraints.

None of that should be dismissed.

But the asymmetry of the situation — the scale of what these assets could be worth if the exploration delivers, against what they are currently priced at — is striking.

For investors with an appetite for well-located, multi-asset junior resource exposure, at a moment when the uranium cycle is clearly underway, Arkle Resources at current prices looks like a story worth understanding in detail.

If nothing else, there are very few other real choices.