Key Highlights

  • Moab Minerals' Manyoni uranium estimate totals 90.78 million tonnes at 136 parts per million U3O8, containing 27.19 million pounds.
  • Cash was A$101,000 at the end of the March 2026 quarter, with A$1.6 million of Loan facilities fully drawn.
  • Auditor HLB Mann Judd included an emphasis of matter on Going Concern in the half-year review.

Moab Minerals (ASX:MOM) is an exploration company whose main asset is the Manyoni uranium project in Tanzania, alongside the Highline copper-cobalt project in Nevada. The company has an upgraded, though low-grade, uranium estimate at Manyoni, but a Balance Sheet that its auditor and directors describe with a going concern warning, and loans from related parties falling due.

Stage of the business

Moab is a pre-development explorer with no operating revenue. Its half-year report to 31 December 2025, signed in March 2026, stated that the Manyoni uranium estimate had been reported under the JORC 2012 code, with Indicated and Inferred resources totalling 90.78 million tonnes at 136 parts per million U3O8, containing 27.19 million pounds. This is a mineral resource estimate, not a reserve, and does not show that the project is economic. The company said preliminary metallurgical testwork would be followed by a Scoping Study.

Acquisitions and deals

On 17 March 2026 Moab announced it would acquire additional tenements at Manyoni. The March 2026 Quarterly Report said four tenements from AuKing Mining (ASX:AKN) were pending Moab Shareholder approval, with consideration of 62.5 million shares subject to six months of voluntary escrow. The half-year report described a drilling programme of up to 90 holes to validate the area as pending funding. In January 2026 Moab terminated an agreement to acquire the Sasare project in Zambia after due diligence.

Financial position

The half-year report showed cash of A$404,771 at 31 December 2025, up from A$94,378 at 30 June 2025. Net cash used in operations was A$523,263 for the half, and the loss after tax was A$963,733, compared with A$2,347,473 for the prior half, which included a A$1.42 million exploration impairment. Short-term loans were A$1,723,575, mainly from European Lithium (ASX:EUR) at A$1,127,616 and Goldshore Investments at A$595,959, both related parties. The Working Capital Deficit was A$1,859,189 and net Assets were A$4,362,856.

By the end of the March 2026 quarter, cash had fallen to A$101,000 from A$405,000, after an operating outflow of A$162,000 and an investing outflow of A$148,000. Loan facilities of A$1.6 million were fully drawn: European Lithium was owed A$1.1 million plus 10% interest under loans repayable in July and December 2026, and Goldshore was owed A$500,000. The Appendix 5B estimated 0.38 quarters of funding, and the company said it was pursuing a capital raise and could defer exploration spending.

Moab released a quarterly report on 31 July 2026 and a notification of cessation of securities on 6 July 2026. The June 2026 quarter figures are not covered here.

Going concern and dilution

The auditor, HLB Mann Judd, included an emphasis of matter on going concern in its half-year review without modifying its review opinion. The directors cited raising capital, negotiating deferred Debt repayments and possibly selling the CAA Mining shares as responses. Any Equity raising or share-based acquisition, such as the AuKing consideration, would increase the share count, and the related-party lenders hold a material claim on the company's cash.

What's Next

The company has said metallurgical testwork and a Scoping Study are planned, the AuKing Acquisition requires shareholder approval, and loan repayment dates fall in July and December 2026. Moab has not disclosed whether the July repayment was settled or extended, and it has not published confirmed dates for upcoming events.