Moab Minerals Limited (ASX:MOM) is a mineral explorer whose October 2026 record is dominated by corporate housekeeping: a short suspension, a belated Annual Report and an A$350,000 convertible Loan whose conversion terms could add substantially to its share count.

What the company does

Moab is a mineral exploration company with the Tanzania uranium projects and the Highline copper-cobalt project, and a head office in North Perth, Western Australia. Its principal asset is the Manyoni uranium project in Tanzania, which managing director Malcolm Day said the new loan funds would help advance. It is at the exploration stage.

Recent corporate developments

On 28 January 2026 Moab announced it had terminated an agreement to acquire the Sasare Project in Zambia. On 17 March 2026 it said it would acquire additional tenements at Manyoni.

On 1 October 2026 the ASX list shows a Suspension from Quotation for Moab. The ASX notice of that date said it suspended 15 entities under Listing Rule 17.5 for failing to lodge a required periodic report by the due date, with reinstatement following lodgement. The notice text we read did not name Moab, but the sequence fits: Moab lodged its annual report on 5 October 2026 and announced reinstatement to quotation that evening. The reason for Moab's suspension is therefore an inference.

Financial position and funding

Moab's net loss for the year to 30 June 2026 was A$1,863,018, down from A$4,161,753 the year before, when it recorded a A$2,302,927 exploration impairment.

On 5 October 2026 the company announced a binding convertible loan agreement with Vert Capital Pty Ltd for A$350,000. The loan is unsecured and carries 8 per cent interest, accruing monthly. It converts at a 50 per cent discount to the next Placement or rights issue price, with a floor conversion price of A$0.0005 a share. Conversion needs Shareholder approval, which the company is seeking at its Annual General Meeting on 30 November 2026. If approval is not obtained within three months, repayment in cash is required within six months after that. A$297,000 had been received by the time the accounts were lodged.

For scale, A$350,000 divided by the A$0.0005 floor is 700 million shares before interest. That is an arithmetic ceiling, not a forecast, against roughly two billion shares implied by the current share price and market capitalisation. The real number depends on a future raising price not yet set.

Sector context and risks

Explorers typically fund themselves through share issues, convertible instruments and loans, so dilution is common across the sector. Specific risks here include the unpriced conversion mechanism, the dependence on shareholder approval, the terminated Zambian Acquisition and the need to fund new projects. Management says it is assessing gold and energy metals acquisitions in Africa and Western Australia, which are intentions, not announced deals.

Upcoming milestone

The annual general meeting on 30 November 2026 is the confirmed milestone, with approval of the loan conversion expected to be sought.