Reveille Resources uranium explorer REV began trading on the Aquis Stock Exchange on 7 July 2026, raising £2m at 5p a share to advance two uranium deposits in northern Italy through an environmental permitting process that could take six to nine months.
The shares opened at 6p and closed the first day at 13p, more than doubling the issue price, on volume of 293,910 shares. The price eased to 10.5p the following day before recovering to 13p on Thursday. The current spread is 11p/13p, valuing the company at £7.7m.
Two Deposits, One Permitting Race
The company’s core asset is the Lombardy uranium project, which comprises the Novazza and Val Vedello deposits in northern Italy. Both are the largest known uranium resources in Italy, discovered in 1957 and 1975 respectively. Development stalled when Italy closed its three nuclear plants after a national referendum in 1987.
The projects were previously held through Futuro Energetico Italiano S.r.l. (FEI), a special purpose vehicle incorporated by Zenith Energy to spin out its uranium portfolio before transferring it to Reveille Resources.
Individual Environmental Impact Assessments must be approved before exploration licences can be granted. The Novazza EIA application was accepted in April 2026 and the Val Vedello application in July. Italian authorities have also conducted an official site visit at Novazza, near Bergamo, meaning both projects are now moving through Italy’s permitting process, Reuters reported.
Reveille told Reuters the environmental review is expected to take around six to nine months before a licence is granted, subject to a positive assessment. The original prospectus cited a broader range of six to twelve months; the narrower estimate reflects Reveille’s more recent guidance.
Novazza is the more accessible of the two sites. It carries an estimated resource of 2.6 million pounds of U3O8. Val Vedello lies approximately 15 km further north and at higher altitude, according to an exchange announcement on permit acceptance, with a larger estimated resource of 13.2 million pounds of U3O8. No official mineral resource has been calculated under a recognised standard.
The two deposits have a combined history of more than 87,000 metres of drilling and 17km of underground development, including 11,000 metres at Val Vedello alone. The Novazza EIA was submitted to Italy’s Ministry for Environment and Energy Security by FEI on or around 16 April 2026, according to WISE-Uranium’s European uranium project tracker. Zenith Energy received an extension until 15 July 2026 to submit the Val Vedello EIA, with Energy-Pedia reporting that the extension was required because of the complexity of the submission.
Reveille Resources Uranium Finances and Ownership
Reveille was incorporated in February 2026 and raised £680,000 in pre-IPO funding. After expenses of £436,000, the company expects to hold around £2m in cash. That is budgeted to cover at least 12 months of activity, including £1.3m for permit costs and initial exploration preparation, and £100,000 set aside for assessing other uranium opportunities in Europe.
Directors invested a combined £412,000 across the pre-IPO and IPO rounds and will hold 23.3% of the company, according to Morningstar/Alliance News. The register is tightly held overall: directors and major shareholders together own 76%.
Zenith Energy (LON: ZEN) is the largest shareholder with 25.3%. Ajax Resources (LON: AJAX) holds 15%. YA II PN holds 12.5%. Executive director Ippolito Ingo Cattaneo and chairman Andrea Cattaneo each hold 10.4%, while independent non-executive Antonio Barani holds 2.5%.
Flotation subscribers received one warrant for each share, exercisable at 10p and valid for 12 months. The warrants are forfeited if subscribers sell their shares. Directors and founders hold warrants and options exercisable at 5p; the options vest only when the share price holds above 10p for ten consecutive days and exploration permits are granted.
Further cash will be required once permitting is resolved and the company moves either deposit towards a mining feasibility study. The share price has already moved well above the placing level; the next price catalyst is the outcome of the environmental assessments, expected within six to nine months of the 2026 application dates.
