Highlights

  • Moab Minerals ended September 2026 with cash of approximately A$21,000, down from A$166,000 at the start of the quarter.
  • The company signed a binding A$350,000 convertible loan with Vert Capital, conditional on completing a placement or rights issue.
  • Moab holds 80 per cent of Manyoni, which has a JORC 2012 resource of 27.19 million pounds of U3O8.
  • Existing borrowings total A$1.8 million, fully drawn, unsecured, carrying 10 per cent interest and repayable by 31 December 2027.

How does an explorer left with about A$21,000 in cash keep its uranium plans moving? Moab Minerals (ASX:MOM) points to a binding agreement for an A$350,000 convertible loan, a push for equity funding and the possible conversion of some liabilities into equity. Its quarterly activities report and Appendix 5B for the quarter ended 30 September 2026, released on 27 October, set out how the pieces are meant to fit together.

Cash position and funding

Net operating cash outflow for the quarter was A$79,000, and a net financing inflow of A$10,000 came from borrowings. Cash fell from A$166,000 at the start of the quarter to approximately A$21,000.

Directors said the company is a going concern, pointing to the convertible loan, ongoing capital raising, deferred creditor payments and the ability to defer exploration spending.

Existing borrowings total A$1.8 million, all fully drawn. These comprise A$500,000 plus accrued interest from Goldshore Investments Pty Ltd, a related party of Managing Director Malcolm Day, and A$1.3 million plus accrued interest across three loans from European Lithium Ltd. All are unsecured, carry 10 per cent interest and are repayable by 31 December 2027.

The convertible loan

The A$350,000 loan is with Vert Capital Pty Ltd. It is unsecured and carries 8 per cent interest. Conversion is at the lender's election at a 50 per cent discount to the price of the next placement or rights issue, subject to a floor of A$0.0005 per share, and requires shareholder approval. If approval is not obtained within six months, the loan is repayable in cash with accrued interest.

The agreement is conditional on Moab completing a placement or rights issue and holding at least A$1 million in cash afterwards.

Manyoni uranium project

Moab holds 80 per cent of the Manyoni Uranium Project in Tanzania, with Galo Capital Ltd holding 20 per cent. A JORC 2012 Mineral Resource announced on 23 September 2025 contains 27.19 million pounds of U3O8 at an average grade of 136 parts per million, using a 100 parts per million cut-off. The company described this as a 25 per cent increase in contained U3O8. No drilling results were reported this quarter.

The company has agreed to acquire four prospecting licences next to its existing tenements from AuKing Ltd, covering interpreted extensions of the mineralised palaeochannel system. Consideration is 62.5 million fully paid ordinary shares, subject to shareholder approval at the annual general meeting on 30 November 2026. The shares would be under six months of voluntary escrow. Historical estimates for Prospects E, F and G, reported by Uranex NL in 2010, pre-date the JORC 2012 Code and are not compliant with it.

Next steps, subject to funding

Moab said it has reviewed a proposed metallurgical testwork programme covering mineralogy, physical characterisation and preliminary uranium leach testing, with timing dependent on funding. Subject to funding, next steps include that testwork, possible use of the results in a Scoping Study and drill planning for palaeochannel extensions on the AuKing licences. Drilling is contemplated for calendar 2027.

Other assets and corporate matters

No exploration was carried out at the Highline Copper-Cobalt Project in Nevada, which Moab owns 100 per cent through five patented mining claims. Moab also holds a 9.06 per cent interest in CAA Mining, which has lithium and gold projects in Ghana, and said it continues to evaluate acquisitions in Africa and Australia focused on gold and energy metals. On 4 July 2026, 8,000,000 performance rights lapsed unvested.