Cauldron Energy—Yanrey Uranium Project Update
- Noel Ong
- Nov 19, 2025
- 10 min read
Announcement
Cauldron Energy Limited (ASX: CXU) has delivered two complementary updates on the Yanrey Uranium Project in WA (Figure 1). October’s note uses fresh passive-seismic work to sharpen drill targeting at Manyingee South, Manyingee North, and Koodarie ahead of near-term field activity, while September’s announcement frames a non-binding MOU with Navoiyuran that brings ISR operating expertise and potential funding pathways into the study mix.
What follows is a quick, factual wrap drawn directly from the company’s September and October 2025 releases, with figures inserted where relevant.
Figure 1: Location of the Yanrey Uranium Project (source: CXU)
Cauldron received preliminary passive-seismic results (Southern Geoscience) over five areas around Manyingee South (Area 1B), refining several high-priority drill targets for immediate testing.
Survey results at Manyingee South (Area 1B) correlate with 2024 drilling interpretations and indicate that high-grade mineralisation is associated with a cross-cutting structure at the palaeochannel base that impeded northward roll-front migration; the area immediately to the south is now a drill target for potential high-grade mineralisation (Figure 2).
Figure 2: Combined airborne electromagnetic (AEM) survey imagery over the Manyingee Embayment. Hotter colours = more conductive (thicker palaeochannel sediments), cooler colours = non-conductive (resistive) bedrock. (source: CXU)
And also extended further upstream within the Manyingee Embayment (Figure 3)
Figure 3: Combined previous passive seismic survey imagery over the Manyingee Embayment. Hotter colours = shallow, cooler colours = deeper. (source: CXU)
The N–N-NNE-trending Manyingee South palaeochannel runs ~4 km west and parallel to the Manyingee Palaeochannel, with 2024 drilling showing its northern two-thirds tighten into a ~600 m-wide, steeply incised gorge in granitic bedrock at the palaeo-river mouth (Figure 6).
Figure 4: Manyingee region: Passive seismic survey results. Cauldron’s survey points are shown in black whilst historical surveying, conducted by Wyloo Metals Ltd in 2022, are shown in red. Wyloo’s surveying covered both sides of the Manyingee palaeochannel and extended westwards to the boundary of Cauldron’s E08/1489. (source: CXU)
At this point, the redox front pinches out, and northward the sequence transitions into marine-influenced sediments (Figure 5).
Figure 5: Longitudinal section showing interpreted palaeogeography. Note the termination of the D Zone roll-front in the vicinity of hole 24YRAC100. (source: CXU)
At Manyingee North (Area 2), the palaeochannel continues north onto Cauldron ground, where historic mineralisation has not been closed out—designated a high-priority drill target.
At Koodarie (Area 3), the palaeochannel continues east across the Ashburton River onto Cauldron tenements; it is deeply incised and well developed with very little historical exploration—also flagged as a high-priority drill target (Figure 6).
At Manyingee Northwest (Area 4), passive seismic shows the palaeochannel deepens north but likely splits around a shallow ridge—one arm rejoining Manyingee to the northeast and another trending northwest into previously drilled mineralisation (Figure 6).
Figure 6: Cauldron Passive Seismic survey lines and areas. (source: CXU)
Surveying suggests the Manyingee palaeochannel bifurcates, with a previously unrecognised branch extending north on Cauldron tenure in a setting similar to Manyingee South (Area 1B) —considered highly prospective.
Timing: site preparations (including a heritage survey) are underway, with drilling scheduled for November.
Resource context for Yanrey: Cauldron states 42 Mlbs U₃O₈ in JORC Mineral Resources across Bennet Well (30.9 Mlb) and Manyingee South (11.1 Mlb); neighbouring Paladin’s Manyingee deposit is listed at 25.9 Mlb.
Cauldron CEO Jonathan Fisher commented:
“The passive seismic survey conducted last month has helped confirm some exciting high priority drill targets; as well as defining the edge of the paleochannel systems which will mean less holes are drilled outside the channels. Despite a minor delay, it was important to wait for this interpretation as it will save time and money on drilling. We are now full steam ahead with our site preparations, and we anticipate completion of our planned drill programme prior to the end of the calendar year.
Whilst the junior uranium sector is often defined by its volatility; overall the incredible macro tailwinds enjoyed by the sector, driven by the steadily progressing global nuclear renaissance, is driving investor interest in junior uranium companies. Investors want us to be active on ground – and this is exactly what Cauldron is doing.
We look forward to delivering the results of this programme, as well as continuing to lead industry advocacy to ensure West Australians understand the benefits the uranium mining can bring to the State, and the importance of uranium export to helping our global trading partners decarbonise. Through increased awareness of this issue,policy change becomes more likely. We are pleased with the current parliamentary inquiry being undertaken by the WA Government, and look forward to fulsome participation in that inquiry.”
Non-binding MOU signed with Navoiyuran (Uzbekistan’s national uranium company; 2nd-largest ISR producer) to collaborate on Yanrey—covering technical assistance (design/operations), specialist ISR input to studies, potential future funding, and government advocacy. Formal, binding documents are envisaged after further work.
Due diligence & ISR suitability: Navoiyuran completed technical due diligence; prior CSIRO (2017) work concluded that Bennet Well is amenable to ISR. ISR knowledge in Australia remains limited, with only Honeymoon and Beverley currently operating.
Navoiyuran profile: decades of ISR experience; >42 deposits in portfolio; exports U₃O₈ to major processors; maintains partnerships with Orano, ITOCHU/JOGMEC, and CNUC; this agreement is their first in Australia.
Figure 7: Navoiyuran production history Tonnes U; showing transition from traditional mining to purely ISR. (Source: Navoiyuran)
Yanrey province scale (context): the broader province contains ≥85 Mlb U₃O₈ (five deposits), including Cauldron’s Bennet Well 30.9 Mlb and Manyingee South 11.1 Mlb, Paladin’s Manyingee 25.9 Mlb and Carley Bore 15.6 Mlb, and EME’s Manyingee East 2.85 Mlb.
Near-term interactions: Navoiyuran plans to visit WA and the Yanrey site during the drilling campaign; parties will continue working toward the next stage of agreements.
Cauldron CEO Jonathan Fisher commented:
“This is a transformational relationship for Cauldron in so many ways.
Firstly, attracting the interest of the entity that literally invented ISR mining for uranium, and is the worlds second largest ISR producer behind Kazatomprom, demonstrates the quality and tier potential of the Yanrey project and its surrounding region. Whilst we have delineated ~42m lbs of uranium in JORC at the moment, we are confident of expanding this significantly with in excess of 20 targets that are largely untested and considered highly likely to contain significant additional uranium mineralisation. Further, just next door, uranium industry leader Paladin holds a similar number of pounds in JORC across their Manyingee and Carley Bore deposits. We are confident there is much more uranium across the province, lending itself to a potential regional development model.
Secondly, its important to show that there are large, industry leading players interested in participating in the WA uranium sector. This helps justify to the WA Government that a change in policy is warranted, and I look forward to discussing this arrangement with relevant WA government representatives in due course.
Thirdly, we are strongly of the view that ISR uranium mining is not only the most sustainable mining method, with lowest environmental footprint, but also the most cost effective from a capital perspective with attractive operational metrics. However, ISR can present different operational challenges. By ensuring we have access to the technical expertise of Navoiyuran, CXU can push forward with project development confident in our technical capabilities to deliver a world-class project.
Upcoming Work
Complete site prep and heritage survey, then commence November drilling at Yanrey.
Drill-test high-priority targets: south of the cross-cutting structure at Manyingee South, the northward continuation at Manyingee North, and the deeply incised Koodarie channel.
Run AC/RM drilling with downhole geophysics, then limited diamond core for metallurgical & mineralogical testwork at Manyingee South.
Undertake additional passive seismic over new targets, followed by further AC/RM + downhole geophysics to chase extensions.
Aim to finish the drill program before year-end.
Host Navoiyuran’s site visit during the drilling campaign and keep working toward the next stage of binding agreements.
Samso Concluding Comments
Yanrey is not a new story; it is just that the path forward is starting to look like a clearer, workable story. From a geological point of view, it is a defined roll-front setting at Manyingee South with a structural choke point (the incised gorge), and technically, it is a plausible split channel to the northwest that ties into historic hits, and a deeper, under-tested Koodarie corridor. Passive seismic has stitched the geology together; now the drill rig has to turn that picture into repeatable intercepts and corridor continuity.
For ISR, the technical hurdles are well understood and to some extent measurable—hydrogeology, permeability, redox chemistry, and the geometry of mineralisation relative to well spacing. The proposed sequencing (quick AC/RM with downhole geophysics, then selective diamond for metallurgy/mineralogy) is the predictable order of operations to answer those questions without burning capital on the wrong holes.
The Navoiyuran MOU is a capability bridge. If the fieldwork validates the channel model and the metallurgy behaves, having a seasoned ISR operator on the shoulder shortens the learning curve on well-field design, leach kinetics, and operating discipline. That matters when the conversation shifts from targets to flow sheets and cost curves.
Near-term catalysts are practical: November drilling outcomes at Manyingee South/North and Koodarie, geophysics-to-drill correlation, early metallurgical signals, and the heritage/approvals path. Risks are equally plain: continuity, recoveries, and timing. If the next round of data lines up, Yanrey moves from a map of channels to a plan for wells; if it doesn’t, the model will need another turn of the dial. DYOR.
The Uranium Market Perspective.
The Cauldron Energy journey has been a test of time. The uranium narrative has been a test of endurance and from an investors point of view, it is one that is definitely testing the patience of the hip pocket. It has promised a lot, but for ASX companies with Australian projects, it has been largely a disappointment.
Figure 8: The share price journey for Cauldron is one that had a lot of promise but has largely been a long-term journey of disappointments. With a rising narrative of reinstating uranium mining in Western Australia, could time be changing for the fortunes of shareholders? (Source: CommSec)
The changing fortunes for shareholders (Figure 8) may be around the corner; the ‘when’ remains uncertain. Is the uranium market going to finally take its place as the master of clean energy through a proliferation of nuclear energy? This is what investors in this sector are now banking on, and I feel that time is probably closer to a reality than it ever has been over the years.
The long-term share price chart does show more interaction with Cauldron as the volumes in trading are significantly higher in the last 5 years, with an intensity coming in the last 2 years. Is this a sign? I think patience will show that those betting with will rise above those that are still dinosaurs of the past, hanging on to the demise of the nuclear energy space.
As for now, I think backing Cauldron as a market capitalise proposition of nearly AUD $34M (14th November 2025) is not a bad deal. I think this is a definite #SAMSODYOR as I think any Western Australian uranium mining story will have its time in the sun soon.
Figure 9: A closer look over the last 7 years does show that Cauldron is making more traction with the markets. Is this the beginning of a resurgence? (Source: CommSec)
If we look at Figure 9, this is where my thinking comes from, as the market is starting to look at Cauldron as a potential play when the tide turns with the West Australian government starting conversations to reinstate uranium mining outside the magic 3 "minable" sites.
As always, DYOR or in this case #SAMSODYOR and begin your understanding of what could be a good sector to dabble in again!
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