Reveille Resources has uranium exploration interests in Italy. Nuclear energy is coming back into favour and having a European source of uranium would improve the energy security of the continent. There are estimated to be 73 new nuclear power plants being built around the world.
Nuclear is carbon free and provides baseload electricity. New small modular reactor technology is being developed and offers a flexible source of energy. Italy wants to reduce dependence on gas and plans to reintroduce nuclear power. There is always a concern that a change in government could change the policy.
Reveille Resources is interested in two uranium deposits in northern Italy, where development stopped when the country’s nuclear power stations were closed. Other uranium and metals projects in Europe will be considered.
The share price opened at 6p and ended the first day at 13p after 293,910 shares were traded. The share price fell to 10.5p the following day on reduced trading and then recovered to 13p on Thursday when activity levels recovered and 262,190 shares were traded. There were nearly 27,000 shares traded on each of the past two days, which is not bad for an Aquis company.
The current share price is 12p (11p/13p), which is still more than double the 5p placing price. The company is valued at £7.7m. The directors and major shareholders own 76%, so the shares are tightly held, especially as new subscribers hold warrants that cannot be exercised if they sell the shares.
Just like any resources company Reveille Resources will need to raise more cash to move the project forward. The share price has already had a strong rise in early dealings and may drift back until there is positive news concerning permits.
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Reveille Resources (LON: REV)
Uranium explorer
Market: Aquis Growth Market
Subscription
Flotation date: 7 July 2026
Issue price: 5p
Amount raised: £2m
Expenses: £436,000
Market capitalisation: £4m
Corporate adviser: Allenby
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What does it do?
Reveille Resources was incorporated in February 2026, and its focus is the Lombardy uranium project in northern Italy, which was acquired in June. This includes the Novazza and Val Vedello uranium deposits, which are the largest known uranium resource in Italy. These were discovered in 1957 and 1975 respectively.
Nuclear power was out of favour after Chernobyl and Italy closed its three nuclear plants following a referendum in 1987. The development of the deposits had already stalled, but they stopped in 1987.
Exploration permits have been applied for. Individual Environmental Impact Assessments (EIAs) have to be submitted to gain approval of the permits. The Novazza application was accepted in April and Val Vedello in July. Approval can take between six and 12 months.
Novazza is more accessible and advanced than Val Vedello. There is an estimated resource of 2.6 million pounds U3O8. Val Vedello has a larger estimated resource of 13.2 million pounds of U3O8. No official mineral resource has been calculated.
There has already been more than 87,000 metres of drilling in the past, plus 17km of underground development. The historical data will be reinterpreted. Further drilling is planned.
All three board members are Italian. Founder and executive director Ippolito Ingo Cattaneo is boss of Ajax Resources and chairman Andrea Cattaneo is chief executive of Zenith Energy, which transferred its application for exploration permits to a new company acquired by Reveille Resources. Those two companies are the largest shareholders, while the two men have separate stakes.
Financials
There was a pre-IPO funding of £680,000 and after expenses Reveille Resources should have cash of around £2m. The cash will finance the obtaining of the exploration permits and sampling of past ore stockpiles. This should last for at least 12 months.
The permits and preparing for exploration is likely to cost £1.3m and £100,000 has been set aside for assessing other uranium opportunities.
After that, additional cash will be required to move one or both of the projects to the mining feasibility stage. Any additional project taken on will also require more funds.
Directors
Andrea Cattaneo (Chairman)
Annual fee: £15,000
Ippolito Ingo Cattaneo (Executive)
Annual salary: £30,000
Antonio Barani (Independent non-exec)
Annual fee: £15,000
Shareholders
Fully listed Zenith Energy (LON: ZEN) holds 25.3% and Aquis-quoted Ajax Resources (LON: AJAX) has 15%. Both companies bought additional shares in the flotation. YA II PN owns 12.5%.
Ippolito Ingo Cattaneo and Andrea Cattaneo each own 10.4%, while Antonio Barani has a 2.5% stake.
Ajax Resources and Zenith Energy each hold 5.8725 million pre-IPO warrants. Ippolito Ingo Cattaneo and Andrea Cattaneo have 5.8725 options, while Antonio Barani has 200,000 options. The warrants and options are exercisable at 5p each. The options vest when the share price is 10p or above for ten consecutive days and the exploration permits are granted.
Subscribers in the flotation, including the major shareholders, were issued one warrant for each share exercisable at 10p each. These warrants last for 12 months and the shares have to be retained or the warrants are forfeited.