QX Resources Secures Full Madaba Tenure and Confirms High-Grade Uranium
QX Resources (ASX:QXR) secured all exploration licences for its Madaba Uranium Project in Tanzania, confirming high-grade surface uranium and advancing its 2026 exploration program with $1.23 million funding. Preparations are underway for a heli-borne survey and maiden drilling campaign.
- All Madaba exploration licences granted, enabling immediate exploration
- High-grade surface uranium confirmed up to 7.25% U3O8 in historical trenches
- A$1.23 million placement completed to fund 2026 exploration
- Heli-borne radiometric survey and maiden drilling planned for Q2 and Q3 2026
- Cash position of A$1.76 million supports fully funded work program
Full Tenure Secured Unlocks Madaba Uranium Exploration
QX Resources (ASX:QXR) has cleared a critical regulatory milestone, securing all three exploration licences for its 613km2 Madaba Uranium Project in southern Tanzania. The final two licences were granted by Tanzania’s Ministry of Minerals Mining Commission on 30 March 2026, completing the tenure package and removing the last hurdle before on-ground work can accelerate.
This full tenure security allows immediate commencement of a high-resolution heli-borne radiometric survey, with contracts already awarded, and sets the stage for the company’s maiden modern drilling campaign targeted for early Q3 2026. The Madaba project’s geological setting closely mirrors the nearby world-class Nyota Uranium Deposit, which hosts approximately 125 million pounds of U3O8 at around 300ppm grade, underscoring the district-scale potential QX Resources is aiming to unlock.
High-Grade Uranium Confirmed from Historical Data
Historical drilling highlights, though non-JORC compliant, also point to promising mineralisation, such as 15 metres at 612ppm U3O8 including 3 metres at 2,465ppm. These findings substantially de-risk the project and provide a compelling rationale for the upcoming exploration activities.
The company’s recent high-grade uranium surfaces announcement detailed these results, which remain central to QXR’s exploration strategy as it seeks to define a maiden JORC Inferred Resource by late 2026 or early 2027.
Funded Exploration Program Set for 2026
QX Resources secured A$1.23 million in a February placement at 0.5 cents per share, providing the financial firepower for its 2026 exploration agenda. The funds are earmarked for the heli-borne radiometric survey and the maiden drilling campaign, with preparatory work including an Environmental Impact Assessment already underway.
Despite no field drilling during the March quarter, the company advanced permitting and data reinterpretation, laying a solid foundation for what Executive Chairman Maurice Feilich describes as “the most active exploration phase in the project’s history.” The company ended the quarter with cash reserves of approximately A$1.76 million, sufficient to meet its committed work program.
Outside Tanzania, QXR holds substantial gold exploration ground in Queensland’s Drummond Basin and lithium projects in Western Australia’s Pilbara region, although no exploration activity was reported in these areas during the quarter.
Corporate and Financial Position
The company’s financials reflect disciplined expenditure, with $179,000 spent on direct exploration during the quarter, primarily focused on Madaba permitting and preparatory work. Payments to related parties amounted to $65,000, covering director and consulting fees. There were no changes to tenement holdings during the period.
QX Resources also maintains an At-The-Market equity facility capped at A$3 million with Dolphin Corporate Investments, providing potential additional funding flexibility, although no drawdowns were reported this quarter.
With licences secured, high-grade uranium confirmed, and funding in place, all eyes will be on QXR’s upcoming heli-borne survey results and maiden drilling campaign, which will be pivotal in validating the project’s resource potential and shaping its development trajectory.
Bottom Line?
QX Resources has laid essential groundwork with full tenure and high-grade uranium confirmation at Madaba, positioning itself for a critical drilling season that will test the project’s true scale and quality.
Questions in the middle?
- Will maiden drilling validate the high-grade uranium zones identified from historical data?
- How will the results of the heli-borne radiometric survey influence the prioritisation of drill targets?
- What impact could Madaba’s exploration success have on QXR’s broader portfolio and funding strategy?
