# MOM: Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mom-annual-report--192f3833-7c85-4e54-9397-51cbe2067404 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03148572 Publisher: asx Original announcement: 2026-10-05T08:59:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-05T09:04:44.075Z Atlas analysis updated: 2026-10-05T09:04:44.075Z - 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 Narrative sentiment: -0.10 · Bearish ## Minestarters Atlas 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 factor: JORC 2012 compliant MRE for Manyoni Uranium Project - Positive factor: Reversal of impairment of exploration expenditure - Positive factor: Secured convertible loan agreement \(post-period\) - Positive factor: Creditors agreed to extend repayment dates \(post-period\) - Negative factor: Significant net loss - Negative factor: Working capital deficit - Negative factor: Material uncertainty regarding going concern - Negative factor: Reliance on further capital raises - Negative factor: Relinquished two projects \(Octavo, REX\) - Negative factor: Did not proceed with Sasare acquisition - Negative factor: MRE is mostly Inferred Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 17 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Inferred** Polarity: negative Definition: 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 Estimate** Polarity: negative Definition: 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 Risk** Polarity: negative Story-specific tag Definition: 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 Rate** Polarity: negative Story-specific tag Definition: 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 Risk** Polarity: negative Story-specific tag Definition: 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 Restructuring** Polarity: positive Story-specific tag Definition: 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 Liquidity** Polarity: positive Story-specific tag Definition: 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 Relinquishment** Polarity: negative Story-specific tag Definition: 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 Terminated** Polarity: negative Story-specific tag Definition: 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 Funding** Polarity: positive Story-specific tag Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mom-annual-report--192f3833-7c85-4e54-9397-51cbe2067404#fact-resource-facts-0) Manyoni Uranium Project · uranium #### 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 factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate Evidence · table > 156 Context: 10.24 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mom-annual-report--192f3833-7c85-4e54-9397-51cbe2067404#fact-resource-facts-1) Manyoni Uranium Project · uranium #### 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 factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 151 Context: 16.96 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mom-annual-report--192f3833-7c85-4e54-9397-51cbe2067404#fact-resource-facts-2) Manyoni Uranium Project · uranium #### 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 factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 340 Context: 1.05 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mom-annual-report--192f3833-7c85-4e54-9397-51cbe2067404#fact-resource-facts-3) Manyoni Uranium Project · uranium #### 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 factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Inferred Resource - Negative factor: Stale Estimate Evidence · table > 125 Context: 62.54 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mom-annual-report--192f3833-7c85-4e54-9397-51cbe2067404#fact-resource-facts-4) Manyoni Uranium Project · uranium #### 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 factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: All Inferred - Negative factor: Stale Estimate Evidence · table > 133 Context: 80.54 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mom-annual-report--192f3833-7c85-4e54-9397-51cbe2067404#fact-resource-facts-5) Manyoni Uranium Project · uranium #### 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 factor: JORC Compliant - Positive factor: QP/CP Signed - Negative factor: Stale Estimate Evidence · table > 136 Context: 90.78 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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.