Uranium prices hit 15-year high and this company is set to drill for it

Norfolk Metals (ASX: NFL) is set to kick off a maiden drilling program at its Orroroo uranium project after receiving approval from the South Australian Department of Energy and Mining.

There’s nothing quite like mobilising a drill rig at a time when spot prices for the commodity have surged past US$80 a pound for the first time in over 15 years.

The Orroroo Project is located three hours northwest of Adelaide and sits over the Walloway Basin, an underexplored uranium province that contains similar aged sediments as those from the adjacent Frome Embayment, which hosts Boss Energy’s Honeymoon Project.

Ben Phillips, Executive Chairman at Norfolk, says the company is committed to drilling as many metres as it can, as part of its pre-Christmas program. The drilling will target three high-priority targets with known uranium occurrences based on prior exploration.

Phillips recently joined Market Index to discuss the state of play for uranium, the benefits of operating in South Australia (which he claims is the premier mining region of the country) and why Orroroo is set up for exploration success.

Timestamps

• 0:40 - What have you been hearing from industry players and what is your outlook for demand?
• 1:30 - Some prominent uranium jurisdictions have significant risks. How does South Australia compare?
• 2:35 - What features make the Orroroo a highly prospective uranium project?
• 4:50 - What’s the process been like for acquiring drilling-related permits? Are there any key learnings?
• 5:55 - What measures have Norfolk taken to ensure the upcoming drilling campaign is a success?
• 7:30 -You’ve got drilling permits now under the belt – What are the upcoming catalysts and when will they happen?