• Moab boosts Manyoni uranium estimate by 25% to 27.19M lbs

• Drilling, JORC upgrade, and feasibility studies now underway

• A$641K raised as uranium demand rises globally

Australian mining company Moab Minerals announced on Tuesday that it has increased the uranium resource estimate at its Manyoni project in Tanzania by 25%. The deposit now holds 27.19 million pounds of uranium at a grade of 136 parts per million (ppm), up from the previous estimate of 20.5 million pounds.

Moab acquired the Manyoni site in 2024 when it bought its former owner, Linx Resources. Since then, the company has completed 1,608 meters of core drilling to better define the resource potential and update the mineral estimate from the JORC-2004 standard to the current JORC-2012 standard. The JORC code is the primary reporting framework for mineral exploration results in Australia.

With this updated estimate complete, Moab plans to begin metallurgical tests for a preliminary feasibility study. These studies will help determine the optimal mining method and economic parameters for a future mine. The company also intends to conduct additional drilling to expand the resource, specifically in the A and C1 zones of the deposit.

While Moab did not specify the total capital needed for these next steps, it has secured agreements to raise up to A$641,000 (about $423,000 USD), with a portion of the funds earmarked for advancing exploration at Manyoni. This investment comes as demand for uranium is expected to grow amid the global energy transition.

Moab also operates the Octavo uranium project in Tanzania, located in the same region as the Mkuju River project, a future mine Russia's Rosatom plans to commission by 2029.

Aurel Sèdjro Houenou