QX Resources is progressing key preparatory steps for its maiden drilling campaign at the Madaba Uranium Project in Tanzania, while maintaining a steady cash position of $1.62 million at quarter-end.
- Madaba Uranium Project exploration target nearing completion
- Environmental Impact Assessment advancing towards approval
- Heli-borne radiometric survey contracted, pending final clearance
- No ground exploration in Australian gold and lithium projects this quarter
- Cash position steady at $1.62 million with $128,000 spent on exploration
Madaba Uranium Project Poised for Maiden Drilling
QX Resources (ASX:QXR) is gearing up for its first modern drilling campaign at the Madaba Uranium Project in Tanzania, the first since the early 1980s. The company has made steady progress this quarter, focusing on de-risking and regulatory approvals ahead of fieldwork. Independent consultants MSA Group are close to delivering a JORC-compliant Exploration Target report, which builds on historical data and high-grade surface uranium results, including a standout 1m at 1.60% U3O8 with a 0.1m segment hitting 7.25% U3O8 at the Sita Prospect.
The Environmental Impact Assessment (EIA), a critical prerequisite for drilling, continues to advance. Approval of the EIA remains a key condition before the maiden drill program can commence. Meanwhile, the high-resolution heli-borne radiometric survey, contracted to refine drill targets across multiple prospects, awaits final documentation and administrative clearances before starting.
Australian Projects Remain on Hold
QX Resources holds significant gold exploration leases in Queensland’s Drummond Basin, a region with an 8.5-million-ounce historical gold endowment, and lithium projects in Western Australia’s Pilbara province. However, no ground exploration was conducted in either region during the June quarter, reflecting a clear focus on advancing the Tanzanian uranium asset for now.
Financial Position and Corporate Updates
The company ended the quarter with a cash balance of $1.62 million, down slightly from $1.76 million at the end of March, after spending $128,000 on exploration activities. Operating and administrative costs totaled $265,000 for the quarter. QX Resources also maintains an At-The-Market equity facility with Dolphin Corporate Investments, capped at $3 million, providing potential funding flexibility.
Notably, the company relocated its registered office to Perth, Western Australia, signalling a consolidation of its corporate presence.
While no mining production or development activities occurred this quarter, the groundwork laid at Madaba suggests the company is positioning itself for a significant exploration push in the upcoming 2026/2027 field season.
Bottom Line?
QX Resources is methodically preparing for its maiden drilling campaign at Madaba, with regulatory approvals and survey clearances the immediate hurdles to watch.
Questions in the middle?
- When will the Environmental Impact Assessment receive final approval to unlock drilling?
- How might the upcoming Exploration Target report influence drill prioritisation and investor sentiment?
- Will QX Resources allocate budget to resume exploration on its Australian gold and lithium projects soon?