QX Raises $1.23M at 0.5c per Share to Fund Madaba Drilling and Survey
QX Resources has raised $1.23 million through a placement to fund exploration at its promising Madaba Uranium Project in Tanzania, setting the stage for a heli-borne survey and maiden drilling program this year.
- Placement raises $1.23 million at 0.5 cents per share
- Funds to support heli-borne radiometric survey and drilling at Madaba
- Directors to participate in placement subject to shareholder approval
- Madaba project compared to nearby Nyota Uranium Deposit
- Ongoing discussions to revive Western Shaw iron ore farm-out
Strong Capital Injection for Madaba Exploration
QX Resources Limited (ASX, QXR) has successfully secured firm commitments to raise approximately $1.23 million through a placement priced at 0.5 cents per share. This capital injection is earmarked to accelerate exploration activities at the Madaba Uranium Project, located in the highly prospective Luwegu Basin of southern Tanzania. The placement attracted support from both new institutional investors and existing shareholders, including directors who have committed an additional $230,000 subject to shareholder approval.
Advancing Exploration with Modern Techniques
The fresh funding positions QX Resources to commence a high-resolution heli-borne radiometric survey at Madaba, a critical step in delineating uranium mineralisation. Following this airborne survey, the company plans to initiate a maiden drill program in late Q2 2026, marking the first modern drilling campaign at the site since the early 1980s. This methodical approach underscores QX’s commitment to unlocking the full potential of the Madaba project.
Madaba’s Potential and Market Context
QX Resources draws parallels between Madaba and the nearby Nyota Uranium Deposit, located roughly 250 kilometres southwest, which boasts a significant resource of 125 million pounds of contained uranium oxide at a grade of 300 parts per million. The company’s Executive Chairman, Maurice Feilich, expressed optimism about Madaba’s prospects, especially amid improving uranium market fundamentals driven by rising global nuclear energy demand and supportive market dynamics. This backdrop enhances the strategic importance of advancing exploration now.
Additional Project Updates and Strategic Moves
Beyond Madaba, QX Resources also referenced ongoing discussions to potentially revive a farm-out agreement for a 75% interest in the iron ore rights at its Western Shaw Project. Although the initial earn-in agreement was terminated due to unmet expenditure requirements, negotiations continue, indicating the company’s broader efforts to optimise its asset portfolio and capitalise on market opportunities.
Looking Ahead
With the placement funds secured and exploration permits nearing finalisation, QX Resources is well-positioned to deliver meaningful progress at Madaba throughout 2026. The combination of targeted exploration and favourable uranium market trends could unlock significant shareholder value if the project’s potential is realised.
Bottom Line?
QX Resources’ fresh capital and strategic focus set the stage for a pivotal year at Madaba amid a strengthening uranium market.
Questions in the middle?
- Will the shareholder approval for director participation in the placement be secured without issue?
- What initial results will the heli-borne radiometric survey reveal about Madaba’s uranium potential?
- Can QX successfully revive the Western Shaw iron ore farm-out to bolster its project pipeline?
