Neu Horizon Identifies New Alum Shale Formations at Krokom and Publishes Comprehensive JORC Report on Five Swedish Uranium Projects

New Alum Shale Exposures Discovered at Krokom Exploration Project in September 2025

During fieldwork in September 2025 at the Krokom Exploration Project, Neu Horizon's exploration team uncovered multiple previously unmapped alum shale formation (ASF) exposures while investigating radiometric anomalies identified from government airborne magnetic surveys. This discovery enhances the company's geological understanding of the KEP tenement area.

Radiometric measurements at KEP were notably higher than those recorded previously at the Vilhelmina Exploration Project. Using an RS-230 spectrometer, field teams documented multiple exposures ranging from 2,000 to 3,000 cps, with localized peaks reaching 4,500 cps. These elevated readings indicate a more radiometrically active environment at Krokom compared to earlier alum shale findings at Vilhelmina, prompting further investigation.

Neu Horizon's Swedish Projects Within Sweden's Two Recognized Uranium Deposit Types

The JORC Technical Report outlines a detailed geological framework, noting that Sweden contains only two of the 15 uranium deposit types classified by the International Atomic Energy Agency (IAEA): metasomatite (structurally-controlled) deposits and black-shale deposits. This classification guides Neu Horizon's exploration approach across its five projects.

Structurally-controlled uranium deposits feature unevenly disseminated uranium within structurally deformed rocks altered by sodic and/or potassic metasomatism. In contrast, black-shale uranium deposits comprise marine organic-rich shale or coal-rich pyritic shale with syn-sedimentary disseminated uranium adsorbed onto organic matter and clays. The uraniferous alum shales targeted at both KEP and VEP exemplify this latter deposit type, with global analogues including the Chattanooga shale in the United States and deposits in China and Germany.

Global Structurally-Controlled Uranium Deposits Contain Over 2,485 Mlbs U3O8 Across 87 Deposits

The report references global district data to contextualize the potential scale of structurally-controlled uranium systems. Citing Wilde (2020), four major global districts — Elkon (Russia), Kropyvnytskyi (Ukraine), Lagoa Real (Brazil), and the Central Mineral Belt (Canada) — collectively host 60 uranium deposits containing over 1,300 Mlbs U3O8. Across nine major districts summarized, total estimated resources exceed 2,485 Mlbs U3O8 across 87 deposits.

The Arvidsjaur-Arjeplog district in Sweden, where Neu Horizon holds exploration licenses, is included with an estimated 36.85 Mlbs U3O8 across 11 deposits. The district's largest known deposit is Duobblon. With an average deposit size of about 3.35 Mlbs U3O8, this Swedish district ranks smaller compared to global peers, a difference attributed mainly to limited historical exploration depth rather than inherent potential constraints.

Shallow Drilling Depths at Arvidsjaur-Arjeplog Leave Significant Deeper Exploration Potential Untapped

A key insight from the JORC report is that existing deposits in the Arvidsjaur-Arjeplog district have generally been drilled to depths less than 200 metres. This contrasts sharply with global analogues where similar deposits have been explored to depths exceeding 1,000 metres, underpinning Neu Horizon's investment thesis for its Swedish portfolio.

For example, the Novokostantynivka deposit in Ukraine's Kropyvnytskyi district contains over 200 Mlbs U3O8 at 0.14% U3O8 grades and has been drilled beyond 1,000 metres. Similarly, Russia's Elkon district Yuzhnaya deposits hold over 560 Mlbs U3O8 at 0.146% grades. Both deposit types typically have very small surface footprints, often only tens of metres wide and a few hundred metres long. The report suggests that the absence of deep drilling in Sweden represents a significant and untested exploration opportunity.

Canada's Michelin Deposit Serves as a Benchmark for Depth Potential at Neu Horizon's Projects

The JORC report also cites the Michelin deposit in Canada's Central Mineral Belt as an analogue illustrating the discovery potential that deep drilling could unlock at Neu Horizon's tenements. Michelin contains over 100 Mlbs U3O8 at 0.10% grades and has been drilled to depths exceeding 850 metres, with mineralization remaining open at depth and along strike.

Given the small surface footprints of deposits like Novokostantynivka and Michelin, the report considers it reasonable to expect additional structurally-controlled uranium deposits beneath the extensive glacial till covering much of northern Sweden. It further notes that deep exploration has not been actively pursued in Sweden since the mid-1980s, implying that applying modern techniques could lead to significant discoveries.

Geological Timing Connects Neu Horizon's Arvidsjaur and Berg Projects to a 1.8–2.1 Billion-Year Mineralisation Event

The JORC report provides geological context regarding the age and structural setting of uranium mineralisation at the Arvidsjaur Exploration Project (AEP) and Berg Exploration Project (BEP). It notes that structurally-controlled uranium deposits in three of the four major global districts — Kropyvnytskyi, Mount Isa, and the Central Mineral Belt — are linked to late orogenic events between approximately 2.1 and 1.8 billion years ago.

This is significant because uranium mineralisation at both AEP and BEP is similarly associated with the late stages of the Paleoproterozoic Svecokarelian orogeny, placing Neu Horizon's Swedish projects within the same broad tectonic and temporal framework as some of the world's most important structurally-controlled uranium districts. At both AEP and the Hotagen Exploration Project (HEP), uranium mineralisation is noted to have precipitated post-orogeny within late-stage fractures, cataclasites, and breccia zones.

Hotagen Project Exhibits Structural Traits Shared With Globally Significant Uranium Deposits

The Hotagen Exploration Project (HEP) is identified in the JORC report as sharing key structural and geological features with major uranium systems worldwide. Common characteristics at both AEP and HEP include uranium mineralisation hosted within planar ductile deformation zones overprinted by brittle cataclasites and breccias — a hallmark of structurally-controlled uranium deposits globally.

The report also highlights that Sweden hosts several well-studied structurally-controlled uranium deposits within the Arvidsjaur-Arjeplog and Hotagen districts, providing Neu Horizon with established geological case studies to inform its exploration strategy. This enables the company to apply a clear, research-backed exploration methodology across AEP and HEP.

Pleutajokk Deposit Discovery History Offers a Model for Exploration Targeting in Arjeplog

The JORC report references the Pleutajokk uranium deposit in the Arjeplog district as a relevant case study for regional exploration targeting. Discovered by the Swedish Geological Survey (SGU) in 1969 through boulder sampling, Pleutajokk demonstrates that significant uranium mineralisation in this area has historically been identified via relatively straightforward surface sampling techniques.

This discovery history supports Neu Horizon's current exploration approach, which includes systematic surface and near-surface sampling programs across its five Swedish projects. The company did not disclose specific resource estimates for Pleutajokk in the portion of the report provided.

Implications of Neu Horizon's Five-Project JORC Report for Its Swedish Uranium Exploration Strategy

Publishing a JORC Technical Report covering all five Swedish exploration projects simultaneously marks a major milestone in formalizing Neu Horizon's geological understanding of its portfolio. A JORC-compliant report provides the standardized framework essential for future resource estimates, scoping studies, and capital allocation decisions, making it a critical foundation for the company’s ongoing work in Sweden.

The immediate impact on share price was unclear from publicly available information. Investors are likely to watch for upcoming exploration milestones, including drill program announcements targeting depth extensions at existing deposits and follow-up fieldwork at the newly discovered alum shale exposures at Krokom. The combination of new surface discoveries, a robust global geological analogue framework, and identified gaps in historical deep drilling creates a compelling multi-faceted exploration narrative that Neu Horizon’s technical team is actively pursuing across its Swedish uranium tenements.