Moab Minerals has strengthened its Manyoni Uranium Project by acquiring four strategic tenements from AuKing Ltd, pending shareholder approval for a 62.5 million share issue. The company is advancing metallurgical studies and preparing for a scoping study amid a supportive uranium price environment.
- Acquisition of four tenements adjacent to Manyoni uranium project
- 25% increase in Manyoni resource to 27.19 million pounds U3O8
- Metallurgical testwork expanded to guide beneficiation strategy
- Initial drilling on new tenements subject to funding
- Cash position tight with $101k and $1.6 million loan facilities drawn
Strategic Tenement Acquisition Boosts Uranium Potential
Moab Minerals (ASX:MOM) has taken a decisive step to expand its Manyoni Uranium Project in Tanzania by acquiring four adjoining prospecting licences from AuKing Ltd. These tenements extend the known palaeochannel uranium system that underpins Manyoni’s resource base. The transaction is now awaiting shareholder approval for the issue of 62.5 million shares as consideration, expected in the June quarter. Upon completion, these shares will be escrowed for six months, reflecting a cautious approach to equity dilution.
This acquisition builds on a 25% resource upgrade announced in September 2025, which lifted Manyoni’s JORC-compliant uranium inventory to 27.19 million pounds of U3O8 at an average grade of 136 ppm. The expanded tenement footprint positions Moab to explore extensions of the palaeo-drainage system that has historically yielded promising uranium mineralisation. The company plans a targeted drill program to validate and step out from historical drilling, although this is contingent on securing further funding.
Moab’s renewed focus on Manyoni follows the company’s strategic pivot away from other projects, as detailed in their January 2026 update, where they halted the Sasare copper-gold acquisition to concentrate on uranium amid a strengthening market. Spot uranium prices hovering around US$87 per pound provide a timely backdrop for advancing these assets. strategic pivot to Manyoni uranium
Expanded Metallurgical Testwork to Inform Development
Moab is broadening its metallurgical testwork program beyond initial mineralogy and physical characterisation to include preliminary leach tests for U3O8. This work, conducted in Australia on samples from the 2024 drilling campaign, aims to identify optimal beneficiation pathways and guide future drilling toward zones with the best metallurgical recoveries. The company anticipates that these results will underpin a forthcoming Scoping Study, marking a critical step toward project development.
Historical metallurgical work at Manyoni has shown recoveries up to 88%, and the expanded program reflects Moab’s commitment to de-risking processing and maximising resource value. The Scoping Study will integrate geological, metallurgical, and economic data to chart a path for potential mining operations.
Financial Position and Next Steps
Financially, Moab reported exploration and evaluation expenditure of $100,000 during the quarter, alongside $48,000 in due diligence costs related to acquisitions. Operating expenses, including staff and administration, totalled $162,000. The company ended the quarter with $101,000 in cash and $1.6 million drawn on loan facilities, including unsecured loans from related parties and European Lithium Ltd. With estimated funding for less than half a quarter at current burn rates, Moab is actively pursuing additional capital, including potential equity raises and deferral of exploration spend.
The Highline Copper-Cobalt Project in Nevada remained inactive during the quarter, underscoring Moab’s prioritisation of uranium assets. The company’s corporate disclosures also noted related party payments of $69,000 to directors as part of normal remuneration.
Looking ahead, Moab intends to commence preliminary mineralogy testwork in the June quarter and design an initial drilling campaign on the newly acquired AuKing tenements, subject to funding. The outcomes of shareholder approval and metallurgical studies will be pivotal in shaping the project’s development trajectory. 25% resource upgrade
Bottom Line?
Moab’s expansion of Manyoni and metallurgical work set the stage for a scoping study, but near-term progress hinges on shareholder approval and securing fresh funding.
Questions in the middle?
- Will shareholder approval for the AuKing tenement acquisition proceed smoothly in the June quarter?
- Can Moab secure sufficient funding to initiate drilling on the new tenements and advance the scoping study?
- How will metallurgical testwork results influence the economic viability and development strategy of Manyoni?