Arkle Resources, an AIM-quoted explorer and a constituent of the FTSE AIM All Share Index, reported on 13 October 2026 that maiden drilling at its ULG target in Namibia had confirmed a uranium discovery. A company interview on the subject followed on 26 October 2026.

The results come from the Erongo uranium project, licence EPL 8995. Nine reconnaissance reverse circulation holes totalling 1,154 metres were drilled to depths of between 70 and 200 metres, and eight of the nine intersected uranium above 100 parts per million U3O8 across an area of roughly 1.4 kilometres by 0.6 kilometres.

What the drilling showed

The best hole, R069, returned 41 metres at 141 ppm U3O8 from 59 metres, mineralised from surface to the bottom of the hole. Higher-grade intervals within it included 4 metres at 240 ppm and 2 metres at 247 ppm, while individual metres reached as high as 421 ppm in another hole. Three holes ended in mineralisation, so the system remains open at depth.

The company said the drilling confirmed that the leucogranite system continues below the trenched surface exposure. It compared the grades with those at nearby projects, but stressed that this is a comparison of grade only and not of tonnage or economics, and no Mineral Resource has been estimated on its licences.

Business and recent timeline

Arkle explores for metals in Namibia and Ireland. It acquired an 85 per cent interest in Namibia Uranium in January 2026, giving it four exclusive prospecting licences covering 540 square kilometres, funded by a placing and subscription of £1.7 million. In Ireland, partner Group Eleven has expanded drilling at the Stonepark zinc project to about 15,500 metres at no cash cost to Arkle, and a new zone was reported on 23 July 2026.

Other announcements include a report on 12 October 2026 of uranium along 2.9 kilometres of paleochannel, an exercise of warrants on 9 September 2026 and admission to the OTCID Basic Market in the United States on 31 July 2026.

Finances

Interim results published on 16 September 2026 showed a loss of about €947,000 for the six months to 30 June 2026, against roughly €116,000 a year earlier, including a €455,000 non-cash share option charge. Cash stood at about €1.07 million at the period end, up from €298,000 at the end of 2025, and net Assets were around €5.4 million. The company described current work programmes as fully funded. No Dividend was reported.

Sector context

Uranium exploration has attracted renewed investor interest as governments revisit nuclear power, but early-stage drilling results are only a first step. Grades of the kind reported are typically measured in parts per million, and moving from discovery holes to a defined resource requires closer-spaced drilling, metallurgical work and permitting. Small-cap explorers on AIM often rely on Equity markets to fund that progress, which can dilute existing shareholders.

Risks and what comes next

Follow-up drilling is planned for November 2026, described as fully funded but subject to contractor availability. It will test depth, spacing and lateral extent, with a maiden resource targeted by the chairman for 2027. Further work includes reconciling laboratory assays with downhole Gamma data, trenching and possible diamond drilling, and at least four more targets have been identified.

Risks include assay results differing from expectations, drilling delays, Commodity price swings and the need to raise further capital. Investors should also note that the company's earlier statements on assay timing in the interim report were not entirely consistent.