Moab Minerals has boosted its uranium exploration footprint in Tanzania by acquiring four new tenements adjacent to its Manyoni project, pending shareholder approval. The company is advancing metallurgical testwork and preparing for a scoping study, while managing tight cash reserves supported by a $200,000 loan.
- Acquisition of four AuKing tenements expands Manyoni uranium potential
- 62.5 million shares to be issued pending December shareholder approval
- Metallurgical testwork expanded to include U3O8 leach tests
- Planned drilling on new tenements scheduled for second half of 2026
- Company ends quarter with $167,000 cash and $200,000 loan facility
Strategic Expansion of Uranium Tenements in Tanzania
Moab Minerals (ASX:MOM) has significantly broadened its Manyoni Uranium Project footprint by acquiring four strategic prospecting licences from AuKing Ltd. These new tenements, which lie adjacent to Moab’s existing holdings, include extensions of the palaeochannel uranium system that underpins Manyoni’s mineralisation. The acquisition, which requires shareholder approval expected in the December 2026 quarter, will be settled through the issue of 62.5 million fully paid ordinary shares subject to a six-month voluntary escrow period.
This move builds on Moab’s recent 25% increase in its Mineral Resource Estimate to 27.19 million pounds of U3O8 at an average grade of 136 ppm, positioning the company to capitalise on the current uranium price rally, with spot prices hovering around US$85 per pound. The expanded tenement package enhances the potential to delineate additional uranium resources through planned step-out and validation drilling.
Advancing Metallurgical Testwork and Development Planning
Moab is broadening its metallurgical testwork program, initially focused on mineralogy and physical characterisation, to now include preliminary U3O8 leach tests. Conducted in Australia, these tests aim to identify optimal areas for uranium recovery, informing future drilling targets. The company intends to complete comprehensive metallurgical studies before progressing to a Scoping Study, a critical step towards defining a viable beneficiation pathway and advancing project development.
Looking ahead, Moab plans an initial drill program on the newly acquired AuKing tenements in the second half of 2026. This campaign will test extensions of known palaeochannels and follow up on historical drilling results, although it remains contingent on securing additional funding.
Financial Position and Corporate Activity
The June quarter saw Moab maintain a conservative expenditure profile, with operating costs including staff and administration totalling $37,000 and exploration spending of $136,000 primarily at Manyoni. The company also incurred $37,000 in due diligence costs related to project acquisitions, offset in part by a $79,000 refund of a financial warranty linked to a prior project.
Moab strengthened its cash position through a $200,000 unsecured loan facility from European Lithium Ltd, carrying 10% interest and repayable by the end of 2027. The company closed the quarter with $167,000 in cash, but its current expenditure run rate suggests less than one quarter of funding is available without further capital inflows. Moab is actively pursuing additional funding options, including potential capital raisings, to sustain its exploration and development activities.
Broader Project Focus and Exploration Strategy
While Manyoni remains the core focus, Moab continues to explore opportunities in gold and energy metals across Africa and Western Australia. The company’s Highline Copper-Cobalt Project in Nevada saw no activity during the quarter, reflecting a strategic prioritisation of uranium assets amid favourable market conditions.
Bottom Line?
Moab Minerals’ expanded Manyoni tenements and metallurgical work set the stage for resource growth, but funding constraints cloud near-term exploration progress.
Questions in the middle?
- Will Moab secure shareholder approval for the AuKing tenement acquisition by December 2026?
- How will metallurgical test results influence the scope and timing of the planned Scoping Study?
- What funding strategies will Moab pursue to sustain its exploration and development ambitions beyond the current cash runway?