Bedford Metals Presses On With Sheppard Lake Drilling as Shares Languish Near 52-Week Low

Bedford Metals has kicked off its 2026 exploration campaign at the Sheppard Lake uranium project, drilling up to 2,000 metres on the highest-priority targets. The work is underpinned by a CAD 1 million private placement completed in April — 5 million flow-through shares at CAD 0.20 each — and an exploration agreement with the English River First Nation that clears the regulatory path for fieldwork in northern Saskatchewan.

The drilling push comes as the company’s stock trades at EUR 0.09, just one cent above its 52-week low of EUR 0.08 hit during a volatile week of trading. Shares swung between 0.08 and 0.10, with volumes ranging from fewer than 10,000 up to more than 80,000 in a single session. The weekly gain of 1.36% provided little comfort given the stock’s broader trajectory: down 28.30% since the start of the year and 52.55% lower over the past twelve months. The current price sits nearly 70% below the 52-week high of EUR 0.29.

The drilling programme builds on the Phase-3 field results from 2025, which included three radiometric surveys, 298.5 metres of diamond drilling and 92 rock samples now awaiting assay. Elevated readings in two zones stand out: TZ-1 delivered up to 4,114 counts per second (CPS) and 0.032% uranium, while TZ-2 recorded up to 2,350 CPS and 0.016% uranium. Management highlighted elevated boron values, strong CPS measurements and the proximity of structural features at the southern rim of the Athabasca Basin as evidence of a potentially high-grade system. Adjacent Cable Lake claims host more than 22 kilometres of electromagnetic anomalies in relative magnetic lows — a geophysical signature typical of basin-hosted uranium deposits.

Should investors sell immediately? Or is it worth buying Bedford Metals?

Alongside the technical work, Bedford streamlined its financial reporting by moving to semi-annual statements. The company qualifies as a venture issuer with annual revenue below CAD 10 million, allowing it to drop quarterly reports while keeping audited annual filings and half-year results in place. The shift frees up administrative bandwidth for exploration.

Technically, the stock remains in a tight spot. The 50-day moving average sits at EUR 0.10 and the 200-day at EUR 0.13 — both above the current price. The RSI of 37 points to oversold conditions, but no sustained reversal has materialised. A close above 0.10 would offer short-term breathing room, while a slip back to 0.08 would test the same support zone that held earlier in the week.

With a market capitalisation of roughly EUR 10 million, Bedford Metals is a micro-cap play carrying substantial risk. The next catalysts are the assay results from the Sheppard Lake drilling and the company’s first semi-annual financial report. Whether those milestones can turn geological promise into a viable deposit — and lift the stock off its lows — will unfold in the months ahead.

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