Moab Minerals

Investor Insight

With its high-quality uranium assets in Tanzania, as well as a highly experienced corporate and in-country management team, Moab Minerals presents a compelling case for investors evaluating opportunities in the rapidly growing uranium market.

Overview

Moab Minerals (ASX:MOM) is an exploration company with the primary goal of developing its uranium assets in Tanzania. On the 8th July 2024 the company announced the acquisition of a majority stake in Katika Resources, a Tanzanian company, that holds the Manyoni and Octavo uranium projects. The Manyoni project was previously explored by Uranex Ltd from the early 2000’s until 2013. The Octavo uranium project is adjacent to Rosatom’s world class Nyota uranium deposit (Mkuju River project), which was formerly held by ASX listed Mantra Resources before the AU$1.02 billion takeover in 2011.

Tanzania is an emerging jurisdiction for large-scale uranium mining, with significant uranium deposits identified in recent years. Significant Tanzanian deposits include Namtumbo (Mkuju), Bahi, Galapo, Minjingu, Mbulu, Simanjiro, Lake Natron, Manyoni, Songea, Tunduru, Madaba and Nachingwea. Of these projects, Mkuju River is the largest, boasting a mineral resource of 8,500 tons U3O8 and, once operational, will be the country’s first operating uranium mine.

With a high-calibre team of highly experienced mining and business leaders with successful track records, and a Tanzanian based team of technical experts, Moab is well positioned to deliver on its commitment to expedite the exploration and development of its uranium projects in Tanzania.

Company Highlights

• Moab Minerals is a uranium exploration company developing its primary uranium assets in Tanzania - Manyoni and Octavo.
• Tanzania is an emerging jurisdiction for large-scale uranium mining, with significant resource identified in recent years.
• Positive outlook for uranium, with demand expected to increase by 28 percent in 2030, and 51 percent by 2040.
• The company is looking to start drilling again in July/August to validate historical drill results from Uranex (early 2000’s-2013) and to test extensions of the known mineralization at Manyoni.
• Additional upside exists from Moab’s uranium-vanadium asset (REX project) located in Colorado and within trucking distance of the White Mesa Mill.

Key Projects

Manyoni Uranium Project

The Manyoni Uranium Project is strategically located just outside of the town of Manyoni in the Republic of Tanzania, and benefits from established infrastructure such as a modern railway and highway system, as well as available power and water resources.

Manyoni is located in the central part of the Tanzanian Archaean Shield, a stable platform of granite-gneiss terrane with marginal greenstone belts. The uranium is deposited in a shallow playa lake system as schröckingerite (in the lake sediments) and carnotite in the granitic saprolite below the lake sediments. The mineralization varies from flat-lying to shallowly dipping as it follows the direction of the palaeo-drainage to the south-east. The average depth of the mineralized interval is 10 metres.

The Manyoni uranium project was extensively explored and drilled by its previous owner, Uranex (ASX:UNL), now Magnis Energy Technologies (ASX:MNS).

Moab has executed a binding agreement with AuKing (ASX:AKN) to acquire four highly prospective prospecting licences immediately adjacent to the Manyoni uranium project, representing the consolidation of all of the Manyoni uranium deposits for the first time in over 10 years. Stage one 105-hole core drilling program is underway and will be followed by the stage two program of 100 exploration core holes. Moab intends to release its maiden JORC (2012) mineral resource estimate in 2025 following the completion of preliminary drilling activities. A scoping or preliminary feasibility study is planned to be completed in the same year.

A validation drilling program has been completed at the Manyoni project with the first batch of the assay results expected in February/March 2025. The acquisition of additional surrounding tenements from AuKing which comprise three uranium projects known as E, F and G, boosts the upside potential of the project. A new drilling program is planned to start in July/August 2025 to validate historical exploration by Uranex and to evaluate the resource potential of the new tenements.

Octavo Uranium Project

The Octavo uranium project is strategically located adjacent to Rosatom’s world-class Nyota uranium deposit (Mkuju River project), formerly owned by ASX-listed Mantra Resources before a AU$1.02 billion takeover deal in 2011.

Uranium mineralization at Octavo consists of Triassic sandstone overlying granite basement rocks.

Exploration Plans

At the Octavo uranium project in southern Tanzania, work is focused on the acquisition of high-quality airborne radiometric and magnetic survey data which are expected to deliver uranium targets for ground follow-up.

Management Team

Malcolm Day - Managing Director

Malcolm Day has been managing director of Moab Minerals since 1999. He’s a civil engineer and licensed surveyor with eight years of experience in the civil construction industry. Day also spent three years working as a mining and resource exploration surveyor in remote parts of Western Australia. Day has been managing director of Moab Minerals (ASM:MOM) since 1999 and a non-executive director of European Lithium Limited (ASX:EUR) since 2012.

Bryan Hughes - Non-executive Chairman

Bryan Hughes is the past chairman and founding partner of Pitcher Partners, accountants, auditors and advisors, and now a director of 101 Advisory. Hughes has over 30 years of experience in the resource sector, and has developed and overseen commercial, operational and financial strategies which have led to the development and success of numerous companies in many jurisdictions around the world. Hughes sits on several private and public company boards.

David Wheeler - Non-executive Director

David Wheeler has more than 30 years of senior executive management, directorships, and corporate advisory experience. He is a foundation director and partner of Pathways Corporate, a boutique corporate advisory firm that undertakes assignments on behalf of family offices, private clients, and ASX listed companies. He has engaged in business projects in the USA, UK, Europe, NZ, China, Malaysia, Singapore and the Middle East. Wheeler is a fellow of the Australian Institute of Company Directors and has experience on public and private company boards, currently holding a number of directorships and advisory positions in Australian companies.

Tanzania Management

Godluck Sekwao - Exploration Manager

Experienced geologist with 16 years of experience across all aspects of geological projects, with a particular focus on exploration. Sekwao most recently worked with Shanta Gold across its East African projects.

Charles Sayi Mihayo - Senior Geologist

Charles Sayi Mihayo is an experienced geologist with over 18 years of experience across Africa in project discovery, development, and mining production across a range of commodities.

Ryoba Chacha - Consulting Geologist

Ryoba Chacha has over 15 years of experience working on geological projects, particularly in East Africa. He has also previously worked on the Manyoni project as a project geologist with Uranex.