MOM: Annual Report
Original announcement by asx on
- Company
- Moab Minerals Limited
- Ticker
- MOM
- Exchange
- ASX
- Region
- Unavailable
- Primary commodity
- Uranium
- Secondary commodities
- Copper, Cobalt, Gold, Lithium
- Document categories
- Other, Resource update, Capital raise
- Extracted
- 2026-10-05 09:04:44 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Moab Minerals Limited's annual report for the year ended June 30, 2026, details a net loss of $1.86 million and a working capital deficit, raising material uncertainty about its going concern status. The company updated its Manyoni Uranium Project Mineral Resource Estimate to JORC 2012 compliance, reporting 90.78 Mt at 136 ppm U3O8 for 27.19 Mlbs contained U3O8, with a significant portion in the Inferred category. Post-period, the company secured a convertible loan agreement and extended repayment dates with key creditors to address its liquidity challenges.
Reasoning: The annual report highlights a JORC 2012 compliant MRE for the Manyoni Uranium Project, which is a positive technical development. However, the company faces significant financial challenges, including a net loss, working capital deficit, and a material uncertainty about its ability to continue as a going concern, necessitating further capital raises and creditor support.
Positive factors
- JORC 2012 compliant MRE for Manyoni Uranium Project
- Reversal of impairment of exploration expenditure
- Secured convertible loan agreement (post-period)
- Creditors agreed to extend repayment dates (post-period)
Negative factors
- Significant net loss
- Working capital deficit
- Material uncertainty regarding going concern
- Reliance on further capital raises
- Relinquished two projects (Octavo, REX)
- Did not proceed with Sasare acquisition
- MRE is mostly Inferred
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 17
Classification and evidence
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The document states that the Mineral Resource Estimate was upgraded to JORC Code (2012) compliance.
Evidence · text
“Moab has upgraded the historical Mineral Resource Estimate (“MRE”) to JORC Code (2012) compliance.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Mr Geoff Balfe, a Member of the Australasian Institute of Mining and Metallurgy and a Certified Professional, compiled the information and consents to its inclusion.
Evidence · text
“The information in this report regarding Tanzanian, USA and Western Australian Projects as it relates to exploration results and geology was compiled by Mr Geoff Balfe who is a Member of the Australasian Institute of Mining and Metallurgy and a Certified Professional. ... Mr Balfe consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the reported MRE, including Area A Inferred, Area C1 hg Inferred, and Area C1 lg Inferred, is classified as Inferred.
Evidence · table
“Inferred”
Context: 16.96
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The 'Inferred Sub-total' represents a large portion of the resource that is entirely in the Inferred category.
Evidence · table
“Inferred Sub-total”
Context: 80.54
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: The MRE was announced on 23 September 2025, making it over a year old by the publication date of this annual report (October 2026).
Evidence · text
“This upgrade was announced to the ASX on 23 September 2025.”
Dilution Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company completed a placement of 141,000,000 ordinary shares and entered into a convertible loan agreement, both of which can lead to shareholder dilution.
Evidence · text
“On 10 July 2025, the Company completed a placement of 141,000,000 ordinary shares with existing shareholder European Lithium Ltd (ASX: EUR) to raise funds of $141,000 (Placement).”
High Interest Ratenegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The loans from European Lithium Ltd carry a 10% per annum interest rate.
Evidence · text
“The loan is unsecured and accrues interest at 10% per annum and is repayable on 1 February 2027.”
Going Concern Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The financial statements include a material uncertainty related to going concern due to a net loss and working capital deficit, requiring further capital and creditor support.
Evidence · text
“We draw attention to Note 1 (b) in the financial report, which indicates that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.”
Debt Restructuringpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company entered into deeds of variation to extend repayment dates for loans with Goldshore Investments Pty Ltd and European Lithium Ltd.
Evidence · text
“On 2 October 2026, the Company entered into a Deed of Variation with Goldshore Investments Pty Ltd to extend the repayment date of all amounts owing to them to 31 December 2027.”
Improved Liquiditypositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The extension of loan repayment dates and the convertible loan agreement provide short-term liquidity relief.
Evidence · text
“On 2 October 2026, the Company entered into a Convertible Loan Agreement with an unrelated investor. Under the terms of the agreement, the lender has provided funding of $350,000 to the Company”
Project Relinquishmentnegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The Octavo tenement and REX Uranium-Vanadium Project were relinquished.
Evidence · text
“The Octavo tenement located in southern Tanzania, 30kms northwest of Rosatom’s Nyota uranium deposit was relinquished in July 2025.”
Acquisition Terminatednegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The proposed acquisition of an interest in the Sasare Copper Gold Project was not proceeded with.
Evidence · text
“On 28 January 2026, the Company announced that it would not be proceeding with the acquisition as a result of the Company not being satisfied with the outcome of its due diligence investigations.”
Secured Fundingpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The company secured funding through a placement and multiple loans, including a convertible loan agreement.
Evidence · text
“On 10 July 2025, the Company completed a placement of 141,000,000 ordinary shares with existing shareholder European Lithium Ltd (ASX: EUR) to raise funds of $141,000 (Placement).”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
indicatedManyoni Uranium Project · uraniumTonnes: 10240000Grade: 156Grade Unit: ppm U3O8Contained Metal: 3.52Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Manyoni Uranium Project
- Commodity
- uranium
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- MOM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Geoff Balfe
- Resource group id
- resource:e4aef385129714c0b4ad
- Deposit or zone
- Area A
Resource Data
- Category
- indicated
- Tonnes
- 10240000
- Grade
- 156
- Grade Unit
- ppm U3O8
- Contained Metal
- 3.52
- Contained Unit
- mlbs
- Cutoff Grade
- 100
- Cutoff Unit
- ppm U3O8
Prior Estimate
- Resource Date
- 2025-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Indicated resource for Area A is JORC 2012 compliant and signed off by a Competent Person, providing a good level of confidence for this portion of the project.
Positive factors
- JORC Compliant
- QP/CP Signed
Negative factors
- Stale Estimate
Evidence · table
“156”
Context: 10.24
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredManyoni Uranium Project · uraniumTonnes: 16960000Grade: 151Grade Unit: ppm U3O8Contained Metal: 5.66Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Manyoni Uranium Project
- Commodity
- uranium
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- MOM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Geoff Balfe
- Resource group id
- resource:5580416979ffbf1ea828
- Deposit or zone
- Area A
Resource Data
- Category
- inferred
- Tonnes
- 16960000
- Grade
- 151
- Grade Unit
- ppm U3O8
- Contained Metal
- 5.66
- Contained Unit
- mlbs
- Cutoff Grade
- 100
- Cutoff Unit
- ppm U3O8
Prior Estimate
- Resource Date
- 2025-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Inferred resource for Area A is JORC 2012 compliant and signed off by a Competent Person, but its Inferred classification indicates lower geological confidence.
Positive factors
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Stale Estimate
Evidence · table
“151”
Context: 16.96
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredManyoni Uranium Project · uraniumTonnes: 1050000Grade: 340Grade Unit: ppm U3O8Contained Metal: 0.78Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Manyoni Uranium Project
- Commodity
- uranium
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- MOM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Geoff Balfe
- Resource group id
- resource:5ffc3ee24bc98159c47e
- Deposit or zone
- Area C1 hg
Resource Data
- Category
- inferred
- Tonnes
- 1050000
- Grade
- 340
- Grade Unit
- ppm U3O8
- Contained Metal
- 0.78
- Contained Unit
- mlbs
- Cutoff Grade
- 100
- Cutoff Unit
- ppm U3O8
Prior Estimate
- Resource Date
- 2025-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Inferred resource for Area C1 hg is JORC 2012 compliant and signed off by a Competent Person, but its Inferred classification indicates lower geological confidence.
Positive factors
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Stale Estimate
Evidence · table
“340”
Context: 1.05
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredManyoni Uranium Project · uraniumTonnes: 62540000Grade: 125Grade Unit: ppm U3O8Contained Metal: 17.22Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Manyoni Uranium Project
- Commodity
- uranium
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- MOM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Geoff Balfe
- Resource group id
- resource:e2dacca63015d8f50e44
- Deposit or zone
- Area C1 lg
Resource Data
- Category
- inferred
- Tonnes
- 62540000
- Grade
- 125
- Grade Unit
- ppm U3O8
- Contained Metal
- 17.22
- Contained Unit
- mlbs
- Cutoff Grade
- 100
- Cutoff Unit
- ppm U3O8
Prior Estimate
- Resource Date
- 2025-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Inferred resource for Area C1 lg is JORC 2012 compliant and signed off by a Competent Person, but its Inferred classification indicates lower geological confidence.
Positive factors
- JORC Compliant
- QP/CP Signed
Negative factors
- Inferred Resource
- Stale Estimate
Evidence · table
“125”
Context: 62.54
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
inferredManyoni Uranium Project · uraniumTonnes: 80540000Grade: 133Grade Unit: ppm U3O8Contained Metal: 23.67Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Manyoni Uranium Project
- Commodity
- uranium
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- MOM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Geoff Balfe
- Resource group id
- resource:3cf2be7a86226f6fb09a
- Deposit or zone
- Inferred Sub-total
Resource Data
- Category
- inferred
- Tonnes
- 80540000
- Grade
- 133
- Grade Unit
- ppm U3O8
- Contained Metal
- 23.67
- Contained Unit
- mlbs
- Cutoff Grade
- 100
- Cutoff Unit
- ppm U3O8
Prior Estimate
- Resource Date
- 2025-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The Inferred sub-total is JORC 2012 compliant and signed off by a Competent Person, but being entirely Inferred indicates a very early stage of confidence.
Positive factors
- JORC Compliant
- QP/CP Signed
Negative factors
- All Inferred
- Stale Estimate
Evidence · table
“133”
Context: 80.54
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
indicatedManyoni Uranium Project · uraniumTonnes: 90780000Grade: 136Grade Unit: ppm U3O8Contained Metal: 27.19Contained Unit: mlbsView all detailsHide details
Identity
- Project
- Manyoni Uranium Project
- Commodity
- uranium
- Region
- tanzania
- Reported Region
- Tanzania
- Ticker
- MOM
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Mr Geoff Balfe
- Resource group id
- resource:3c21b0ee68e24d3ab072
- Deposit or zone
- Inferred + Indicated Total
Resource Data
- Category
- indicated
- Tonnes
- 90780000
- Grade
- 136
- Grade Unit
- ppm U3O8
- Contained Metal
- 27.19
- Contained Unit
- mlbs
- Cutoff Grade
- 100
- Cutoff Unit
- ppm U3O8
Prior Estimate
- Resource Date
- 2025-09-23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-05T00:00:00.000Z
Reasoning: The total resource, including both Indicated and Inferred categories, is JORC 2012 compliant and signed off by a Competent Person, providing a comprehensive overview of the project's potential.
Positive factors
- JORC Compliant
- QP/CP Signed
Negative factors
- Stale Estimate
Evidence · table
“136”
Context: 90.78
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.