News Summary
On December 16, 2025, Noble Plains Uranium announced its third set of drill results from the Duck Creek Project in Wyoming. The release covers results for 15 additional holes (up to hole #42 of the program), all of which intersected uranium mineralization. The Grade-Thickness (GT) for these intercepts ranged from 0.25 to 1.40, with an average of 0.59. Management expressed increased confidence in the mineralization and the continuity of the roll-front system, which has now been tested over a 900-meter strike length. The company notes it has completed less than one-third of its planned drill program.
Material Impact
This news is a routine update on an ongoing drill program. While positive in that the company continues to successfully intersect uranium mineralization above industry-standard cutoffs (0.2 GT), the results show a declining trend in the average grade-thickness.
– Batch 1 (Dec 1): 8 holes, average GT of 1.0.
– Batch 2 (Dec 9): 16 holes, average GT of 0.69.
– Batch 3 (Dec 16): 15 holes, average GT of 0.59.
The trend is clearly negative (1.0 -> 0.69 -> 0.59). While management states “each new batch of drill results is increasing our confidence,” the data suggests the best intercepts may have been in the initial batch. The results confirm the geological model and continuity, which is a positive de-risking event. However, the weakening GT values temper the excitement from the initial high-grade results.
The market will likely interpret this as a mixed update. The project is advancing as planned, but the economic potential may be slightly less robust than earlier results suggested. This release confirms the presence of uranium but does not materially change the investment thesis or suggest a significant re-rating is imminent. It maintains the status quo of a “show-me” story that requires more drilling to prove its ultimate scale and grade.
Catalysts
– Drill Results (Ongoing): The company has drilled 42 of a planned ~150 holes. Results from the remaining two-thirds of the program will be the primary catalyst. It is crucial to watch if the average GT stabilizes, improves, or continues to decline.
– Fort Union Formation Drilling: The program includes ~10 deeper holes to test the Fort Union Formation for the first time. Management has described this as potentially “transformative.” Positive results from these holes would be a significant material catalyst. Failure to hit mineralization would remove a major component of the project’s perceived upside.
– Financing: Given the planned 11,400-meter drill program, the company’s cash position will be depleted. Watch for another capital raise in the next 6-9 months to fund ongoing exploration and corporate G&A ahead of the planned resource estimate.
– NI 43-101 Resource Estimate: The ultimate goal is the delivery of a maiden resource estimate for Duck Creek, targeted for the first half of 2026. This will be the key milestone for valuing the asset.
Materiality Conclusion
The news is routine and incrementally positive. It successfully confirms continued mineralization but also reveals a trend of weakening grade-thickness. It is not material enough to be a game-changer or cause a significant re-rating of the stock. It is an expected operational update that keeps the company on track with its stated timeline but adds a note of caution regarding the project’s ultimate grade profile.
