History
Greenvale began as an oil shale hopeful, spent years chasing a workable Alpha process, and by 2026 had pivoted to uranium exploration funded by repeated small raisings.
2006-2010: Oil shale ambitions and a change of control
Greenvale set out in 2006 to use Queensland oil shale, including the Alpha deposit, in research aimed at cutting coal power plant emissions. It placed shares at 42 cents in February and March 2006 to fund the work with a Canadian group, and in August it announced an exclusive licence for the INL/Mobotec technology in Australia, New Zealand, India and Japan. A December rights issue of options was meant to fund further research and bulk sampling.
The plans soon came apart. In 2007 Boss Energy and two other clients exercised call options over Greenvale shares, and the purchase completed on 20 December 2007. In mid-2008 the Mobotec rights were terminated because the shale performed poorly, and Queensland announced a two-year oil shale moratorium. Testing with a second technology partner also produced nothing meaningful. Boss Energy's Robert Grover became chairman at the end of 2008, and in 2009 Greenvale sold its stake in Minga to Boss. By early 2010 cash was down to $332,000, and Greenvale turned to Novus Capital, first for a $500,000 placement at 7 cents and then for an underwritten rights issue at 8.5 cents.
2011-2015: Consolidation and the sale to QER
South African pilot tests on Alpha shale in late 2010 gave about 2 to 2.5 barrels of oil per tonne, which the company called positive. Elias Khouri joined the board in February 2011 and Grover resigned. In 2012 Greenvale completed its purchase of Esperance Minerals' interests in Lowmead, Nagoorin and Alpha, issuing 17,420,589 shares. It then raised money through a 10 cent share purchase plan and a call on partly paid shares. The call brought in little: 7,028,593 of 7,164,172 shares were forfeited and sold at 5 cents. In February 2013 Queensland lifted the moratorium over Greenvale's tenements, ending a hold-up that had lasted since 2008.
Stephen Baird was appointed Executive Director in October 2013, and $1.19M of convertible notes were arranged. In 2014 the notes converted into 24,086,022 shares at 4.65 cents. Greenvale also planned a second listing on London's AIM, but deferred it in 2015. Funding was tight. Partner QER offered $4M cash for Greenvale's Lowmead and Nagoorin interests, and the sale completed in November 2015 with $3.36M net proceeds. Alpha was kept.
2016-2019: Alpha rethought and a gold detour
The record is thinner here. In 2017 Alpha was classed only as an Exploration Target, its licence was renewed for five years, and a review pointed to a bitumen-led product mix. SRK's 2018 report gave a Prospective Resource, and in April 2019 SRK estimated recoverable oil from Alpha's lower seam at 9.2 to 21.6 million barrels.
Greenvale also moved beyond oil shale. In 2019 it invested $550,000 for 50.1% of the Gold Basin gold project in Arizona. Drilling hit gold, and a maiden Inferred resource of 299,800 ounces followed in October 2019. In August 2019 ASX had queried cash of just $360,000. In November the board decided against buying out its partner.
2020-2022: A new strategy and big raisings
A dispute over Gold Basin ownership ran through the first half of 2020 and ended in August with a deal to sell Greenvale's roughly 25% economic interest to Fiorentina Minerals for A$1M cash plus shares. In June 2020 Greenvale bought 80% of Knox Resources, which held Georgina Basin copper-gold licences, and later took it to 100%. A 1-for-1 entitlement offer at 1.9 cents raised about $2.143M, and the underwriter took 61.22% of the new shares. Further raisings followed in 2021: a $4.5M share purchase plan at 13 cents and a $3M placement at 20 cents, lifting cash above $10M. Neil Biddle became Managing Director, and Matthew Healy became CEO.
Alpha core drilling finished in June 2021, and a maiden resource of 18.6Mt followed in March 2022. Georgina's first drilling at Twin Peaks found Tennant Creek-style alteration but no reported assay results. In 2022 Greenvale agreed to sell 80% of Georgina to Astro Resources, completed in December for 46,000,000 Astro shares. A planned geothermal acquisition of Within Energy was abandoned in August 2022, and the company, renamed Greenvale Energy, pursued its own geothermal permits. A share purchase plan at 6 cents raised about $1.47M, short of its $2.4M target, and Biddle and Khouri provided a $3.0M loan facility.
2023-2024: Testing Alpha, retreating from it
In February 2023 Pioneer Resource Partners prepaid $4M for shares. Laboratory liquefaction tests at the University of Jordan lifted conversion to as high as 67.3wt%. A 2,000m upgrade drilling program followed, and SRK's updated Inferred resource was 28Mt in November 2023. A Longreach geothermal study found the economics did not work, and focus moved to the Millungera Basin.
The Alpha plan then faltered. The pre-feasibility study slipped, then became a Scoping Study, and in June 2024 Technix testwork found the product could not reach premium C170 bitumen grade. The Board suspended the Scoping Study to conserve cash. A $1.9M share purchase plan was withdrawn. Greenvale sold its remaining Georgina interest to Astute and then its Astute shares for $1.53M. It farmed into an Amadeus Basin helium project, then sold it back to Mosman for $250,000. Pioneer's facility was terminated in November 2024 for $2 million cash plus 13,144,444 shares. From August 2024 Greenvale took on uranium projects with Gempart, each free-carried to a feasibility study. CEO Mark Turner left at year end.
2025-2026: Uranium focus
In 2025 Greenvale acquired the Oasis Uranium Project in Queensland for $200,000 and 20 million shares. A $1.8M placement at 4.8 cents funded drilling, and Alex Cheeseman became CEO in May. Maiden drilling returned 8m at 2,125ppm U3O8 in one hole, and trenching defined step-out targets. Greenvale withdrew from Tobermorey, grew Douglas River, and signed a Millungera geothermal farm-in with SRL Hot Rocks. It raised about $1.05M and then about $856,000 at 4.4 cents. Alpha testing continued, with bulk samples sent to Technix in April 2026.
In June 2026 Greenvale signed a binding term sheet for 20-year uranium rights at Patronus's Pine Creek project, including the Thunderball deposit, for 144,736,842 shares, about 19.6% of Greenvale. A placement of about $3.25M at 3.3 cents followed. As of 2 September 2026, a shareholder meeting on 24 August had been held but its outcome was not captured, and third-party approvals and the formal rights agreement were still pending. Ground work at the Powers Prospect had defined a possible 9km target, drill permitting was underway, and assays were expected in late September or early October.
Written from the 149 story beats below (2006 to 1 Sept 2026), which come from the company's own announcements and filings.