• U3O8 spot price rallies 19.6% in 2026, up 39.5% year-on-year
• Successful 2025 drill program at Manyingee North and Cosgrove prospects
• Significant new uranium resources identified, adding to existing 42Mlbs

Cauldron Energy Ltd (ASX: CXU) has reported its Quarterly Activities Report for the period ended 31 December 2025. Highlights include a strong rally in the U3O8 spot price, which has increased 19.6% so far in 2026 and 39.5% year-on-year to US$98.30/lb. The company's 2025 drill program was highly successful, with high-grade uranium mineralisation reported at two new prospects - Manyingee North and Cosgrove. Manyingee North lies 2.5km northeast of Paladin's Manyingee Deposit and 8km northwest of Cauldron's Manyingee South Deposit. Mineralisation was intersected in all 24 drillholes, extending over 1,400m in width and 700m along strike, and remains open in all directions. The Cosgrove prospect, situated between the Bennet Well and Manyingee South deposits, was also successfully drilled, with mineralisation intersected in 2 of the 3 wildcat drillholes. Work has commenced on mineral resource estimates for Manyingee North and an updated estimate for Manyingee South, with results expected in mid to late February 2026. Cauldron's total Mineral Resources at Yanrey now comprise 42.0 Mlbs of uranium oxide, not including the 2026 drilling or the new Manyingee North and Cosgrove prospects. The company is in a strong cash position with $4.473m at bank as of 31 December 2025.

Cauldron remains vigilant to new project opportunities that fit the company's investment strategy and have the potential to provide significant returns to shareholders. The company plans a significant passive seismic survey in March 2026 to cover gaps in historical records, followed by a heritage survey in May and the commencement of drilling.