Oct 14, 2026 · 22 min

Arkle weighs two uranium discoveries against a tightening market

S12 Ep11: Midweek Takeaway featuring Rory Harding, CEO of Arkle Resources plc #ARK

Arkle’s paleo-channel results and ULG discovery point to two distinct uranium opportunities whose value depends on geology, scale, and a widening supply-demand gap.

3 key takeaways

1Arkle is testing multiple mineralized paleo-channel pods in Namibia, with geophysics and sampling guiding a potentially consolidated project.
2The ULG discovery adds hard-rock, alaskite-hosted uranium to Arkle’s portfolio, contrasting with its secondary paleo-channel mineralization.
3Both deposit styles could support shallow, bulk-tonnage open-pit mining, while reactor demand and constrained supply underpin the market case.

Don't miss

Rory Harding contrasts Arkle’s new ULG hard-rock discovery with its paleo-channel mineralization, then explains why both could suit shallow open-pit mining.

The brief

Rory Harding outlines drilling across Arkle’s eastern and western paleo-channel targets, where geophysics and surface sampling helped identify ancient river channels and uranium-bearing pods.

The discussion frames the market backdrop: a limited London-listed uranium universe, constrained supply, and potential demand growth from conventional and small modular reactors.

Arkle’s newly confirmed ULG discovery introduces a contrasting hard-rock, alaskite-hosted style of mineralization, distinct from the secondary uranium in the paleo-channels.

Hard-rock and paleo-channel deposits differ geologically, but Harding says both could be relatively shallow, bulk-tonnage open pits using conventional blasting, crushing, and leaching.

The central question is whether investors will recognize Arkle’s expanded uranium portfolio as the company moves from exploration results toward a coherent development strategy.

What was said on this episode

18 statements · 15 positive · 3 negative

Rory Hardingon ARCA paleo-channel uraniumPositive2:48
ARCA’s paleo-channel uranium occurs near surface across a broad area above resource grades.
“there's uranium very close to surface down to several meters over a broad area above what would be resource grades”
Listen at 2:48
Rory Hardingon ARCA paleo-channel mineralized podsPositive4:02
ARCA’s paleo-channel mineralized pods could potentially be consolidated into one processing plant.
“they could be consolidated right into one plant”
Listen at 4:02
Rory Hardingon ARCA paleo-channel targetPositive4:47
ARCA has another paleo-channel target approximately five times larger than Paleo East.
“One of the channels, which is probably about five times the size of this Paleo East target”
Listen at 4:47
Rory Hardingon uranium marketNegative6:20
The uranium market currently has a 12–15% supply shortfall.
“the market is short, about between 12% and 15% short”
Listen at 6:20
Rory Hardingon uranium marketNegative7:05
The uranium market will face a supply gap exceeding 100,000 tons annually by 2040.
“you get to a point by 2040 where there's a supply gap of over 100,000 tons per year”
Listen at 7:05
Rory Hardingon uranium pricePositive7:52
Uranium prices will rise substantially over the next couple of years.
“we see a big move in uranium price over the next uh you know couple of years”
Listen at 7:52
Rory Hardingon uranium pricePositive8:23
Uranium prices will perform strongly.
“uranium price is going to do very well”
Listen at 8:23
Rory Hardingon uranium pricesPositive9:43
Higher uranium prices lower cutoff grades, increase resource sizes, and improve project development prospects.
“as the price moves upwards the cutoff grades become even lower and you know the resource the resource sizes go up and the likelihood of projects being developed go up too”
Listen at 9:43
Rory Hardingon uranium marketPositive10:14
Existing reactor demand and uranium supply imbalance will cause uranium prices to increase.
“there is this big break in supply demand in this gap and essentially you know. I think an increase in price follows”
Listen at 10:14
Rory Hardingon ARCA ULG uranium systemPositive13:29
ARCA’s ULG drilling identified a significant uranium system with potential to expand.
“we call it a discovery of a significant uranium system with potential for scale”
Listen at 13:29
Rory Hardingon ARCA ULG discoveryPositive14:51
ARCA’s ULG discovery could extend to greater depth and along strike.
“the potential is there”
Listen at 14:51
Rory Hardingon ARCA ULG depositsPositive15:39
ARCA’s ULG deposits are expected to support bulk-tonnage open-pit mining.
“These ULG deposits are still going to be bulk tonnage, open pit mines”
Listen at 15:39
Rory Hardingon Namibia uranium miningPositive16:37
Namibia has extensive precedent for comparable uranium mining and processing.
“there's so much precedent for that in Namibia”
Listen at 16:37
Rory Hardingon NamibiaPositive17:09
Namibia is a favorable jurisdiction for developing uranium mines.
“it's a great place to develop mines”
Listen at 17:09
Rory Hardingon ARCA uranium strategyNegative18:33
The market has not yet fully understood ARCA’s uranium-focused strategy.
“the market's got some time to catch up with the story”
Listen at 18:33
Rory Hardingon ARCA uranium assetsPositive19:17
ARCA’s uranium value recognition is expected soon and should reward shareholders.
“that's about to happen you know and when it and when it happens um you know we'll we'll be rewarded”
Listen at 19:17
Rory Hardingon ARCA drilling programPositive20:09
ARCA expects to restart drilling, subject to contractor availability.
“we have a drill program starting hopefully again”
Listen at 20:09
Kevin Hornsbyon uraniumPositive21:22
Uranium prices or activity are expected to boom over the next one or two years.
“uranium looks like just one of those things that's going to really boom over the next year or two”
Listen at 21:22

Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.