AUS
NZ
UK
CA
USA
IND
Highlights
- QXR has signed a binding tenement sale agreement to acquire 100% of the Madaba Uranium Project in southern Tanzania.
- To fund the project development, the company has secured firm commitments to raise AUD 1.5 million through a placement.
- The company plans to raise additional AUD 818k through a rights issue.
- Russell Bradford will join the QXR board as a non-executive director.
- The Madaba Project is considered geologically analogous to the 125Mlb Nyota Uranium Deposit.
- QXR shares surged 37.5% to AUD 0.005 on 26 August 2025.
QX Resources Limited (ASX:QXR) saw its share price rise 37.5% to AUD 0.005 per share on Tuesday, 26 August 2025, following the announcement of a strategic acquisition. The company has executed binding tenement sale agreements to acquire the Madaba Uranium Project in southern Tanzania for approximately AUD 800,000 in cash.
QXR believes the Madaba Project is geologically comparable to the Nyota Uranium Deposit, situated 250km to the southwest, which hosts a resource of 125Mlbs U3O8 at 300ppm.
Capital Raising to Fund Exploration and Development
To support the project development and ongoing exploration across its broader portfolio, QXR has secured firm commitments to raise AUD 1.5 million through a share placement at 0.4 cents per share. The placement will include AUD 200k in participation from company directors, requiring shareholder approval. Settlement of the placement (excluding directors) is expected on 2 September 2025.
In addition, QXR plans to raise further AUD 818,000 through a non-renounceable rights issue, also priced at 0.4 cents per share.
As part of both the share placement and the rights issue, QXR will issue one attaching option for every two new shares subscribed. These options will carry an exercise price of AUD 0.01 and will expire on 23 December 2027.
The attaching options issued under the placement are subject to shareholder approval. In the event that approval is not obtained, participants will instead receive a cash payment equivalent to the option value.
Board Appointment Strengthens Leadership
As part of its growth strategy, QXR announced the appointment of Russell Bradford as a non-executive director. His addition to the board is expected to support the company’s strategic focus on uranium and energy-related assets.A metallurgist Russell brings over 35 years of operational and project management expertise across the global the mining sector. His career spans roles in both operations and project development at multiple tier-1 mining companies. Over the past two decades, Russell has held senior operational roles in Africa, North America, and Australia, where he has been instrumental in delivering several major mining projects for publicly listed companies.
Notably, Russell served as General Manager (Project Development) at Mantra Resources, the original owner of the Nyota project, which was acquired by Uranium One for AUD 1.2 billion in 2011.
Recently, the Government of Tanzania announced a partnership with Russia’s Rosatom to advance the Nyota project, aiming for annual production of up to 3,000 tonnes of yellowcake.
Historic Results Highlight Madaba’s Uranium Potential
Data source: Company update
Historic drilling at Madaba has highlighted the project’s significant prospectivity, with 56 of 126 historical drill holes intersecting mineralisation of more than 1m at grades above 150ppm U3O8. These results suggest potential for the stacking and coalescing of uranium seams, presenting substantial targets for follow-up exploration.
Madaba hosts more than a dozen high-priority targets, many of which have been defined through radiometric surveys, trenching, and sporadic drilling.
Notable results include the Anza target at Madaba South, where assays returned up to 1.2% U3O8, indicating near-surface mineralisation, and the Uno target, where trenching produced results of up to 0.87% U3O8.
The acquisition of the Madaba Uranium Project marks a strategic expansion for QX Resources into the uranium sector, supported by encouraging historic results and geological similarities to the large-scale Nyota deposit. With a strengthened board, capital raising initiatives and a clear exploration strategy, QXR is positioning itself to unlock significant value in a resurging uranium market.
