Moab Minerals is set to acquire an 81.85% stake in Linx Resources, gaining access to a diverse portfolio of advanced, large-scale uranium projects in Tanzania.
This move aims to bolster Moab's position in the uranium sector, with the Manyoni and Octavo Uranium Projects at the core of the acquisition.
The Manyoni Uranium Project, situated 5km north of Manyoni town, and the adjacent Octavo Uranium Project, which lies next to Rosatom’s Nyota Uranium Deposit, cover a combined area of 216km².
These projects represent significant potential for Moab, which is committed to accelerating exploration and development (E&D) activities in the region.
With almost $3.2m (A$4.84m) in cash and equivalents, Moab is financially prepared to undertake the necessary E&D initiatives.
The company's strong cash position is expected to support the advancement of these projects without the immediate need for additional funding.
The prospecting licences for the Manyoni and Octavo tenements are initially granted for a four-year period. These licences are renewable for subsequent periods of three years and then two years, offering Moab a clear pathway for long-term project development.
Moab managing director Malcolm Day said: “The fact that Uranex Ltd previously explored the Manyoni Uranium Project and announced a JORC 2004 Mineral Resource Estimate of 20.5m/lbs at 147pmm in 2010 is a great start for the company.
“Post completion of the transaction our priority will be to convert the historic resource to a JORC 2012-compliant Mineral Resource Estimate. With the current spot price of uranium at a 17-year high of circa US$92/lb, it is an exciting commodity to be exploring for.”
