QX Resources grabs Tanzanian uranium ground, funds near-term work with $2.3m raise

Key highlights (26 Aug 2025):

• Binding deals to acquire 100% of the Madaba Uranium Project (613 km²) in Tanzania’s Luwegu Basin. 
• $1.5m placement at 0.4c (with 1-for-2 $0.01 options, Dec-2027), plus ~$818k rights issue fully underwritten by directors. Settlement (non-director) due 2 Sept 2025.   
• Russell Bradford (ex-Mantra Resources, Nyota project) joins as Non-Exec Director. 
• District momentum: Tanzania–Rosatom announce a US$400m uranium processing plant at Nyota, targeting ~3,000 t/y yellowcake. 
   

QX Resources (ASX: QXR) has moved to secure a meaningful position in East Africa’s uranium corridor, entering binding tenement sale agreements to acquire the Madaba Uranium Project in southern Tanzania. The project sits ~250km southwest of Dar es Salaam and covers 613 square kilometres in the Luwegu Basin, a sandstone-hosted uranium setting with clear geological analogies to the nearby Nyota deposit. 

To fund near-term work, QXR has locked in a $1.5 million placement at 0.4 cents per share—a nil discount to the last close—with a 1-for-2 attaching option exercisable at $0.01 and expiring 23 December 2027. ~327 million shares will be issued under Listing Rules 7.1/7.1A; directors will also tip in $200,000 (subject to shareholder approval). Settlement is due 2 September for non-director tranches. Alongside, a non-renounceable rights issue seeks a further ~$818,000 on identical pricing and option terms, fully underwritten by directors. Proceeds will support Madaba workstreams, other project exploration and working capital.   

Why Madaba matters

Geology & pedigree. Madaba is an Upper Karoo sandstone uranium system of Early Jurassic age within the Madaba Formation. Uranium mineralisation occurs in coarse-grained channel sandstones across gently dipping units—geology that is “similar to Nyota” (125 Mlb U₃O₈ at ~300 ppm). Historic work by Germany’s Uranerzbergbau (UEB) included mapping, radiometrics, trenching and reconnaissance drilling; notably, QXR consultant Dr Joseph Drake-Brockman previously worked at Madaba for UEB, bringing rare, site-specific memory to the program design.   

Target quality. The project already boasts a dozen+ high-priority targets from radiometrics and sporadic drilling/trenching. Early numbers are attention-grabbing: Anza (Madaba South) returned up to 1.2% U₃O₈ near surface, while Uno trenches delivered up to 0.87% U₃O₈—both pointing to outcropping, potentially shallow mineralisation that is amenable to rapid follow-up. 

Board adds uranium depth

QXR has appointed Russell Bradford—formerly GM, Project Development at Mantra Resources (developer of Nyota, acquired by Uranium One in a A$1.2bn deal)—as a Non-Executive Director, adding operational depth in Tanzanian uranium. 

“The acquisition of the Madaba Uranium Project is a fantastic outcome for QXR shareholders. We believe the project has the potential to be analogous to the world-class Nyota Uranium Deposit, which contains a resource of 125 Mlbs contained U₃O₈ at a grade of 300 ppm U₃O₈. With the appointment of Russell Bradford to the board, we believe we have the skills and expertise to quickly move the project forward.

It is great to see the recent joint announcement by the government of the Republic of Tanzania and Russia’s Rosatom in relation to the construction of a $400 million uranium processing plant at the Nyota Project, with plans to produce up to 3,000 tonnes of yellowcake annually.” — Maurice Feilich, Executive Chairman. 

“I’m excited to join the board of QX Resources as part of the acquisition of Madaba. Having previously worked in Tanzania for years with the development of the world-class Nyota Uranium Project for Mantra Resources, I’m looking forward in being a part of a team unlocking the value in Madaba. I see this project as similar to Nyota in terms of geology, grade and scale potential.” — Russell Bradford, Non-Executive Director. 

Source: QXR ASX Announcement 

District tailwinds: processing, policy and pace

For investors, the Nyota processing announcement is not merely a headline. A US$400m plant capable of ~3,000 t/y yellowcake signals in-country downstream capacity—a meaningful de-risking vector that can shorten logistics, lower costs, and, crucially, demonstrate sovereign commitment to uranium development. QXR is explicitly tying Madaba’s potential to these district-scale catalysts. 

What happens next

In the near term, QXR’s capital will go into prioritising and testing the highest-confidence targets, expanding historical datasets (including re-logging, targeted trenching and shallow drilling) and translating the UEB-era reconnaissance into modern, JORC-compliant exploration programs. With Bradford on the board and Dr Drake-Brockman advising, the company is positioning to accelerate the early work curve and define where scale can emerge first. Funding mechanics—0.4c pricing, short-dated settlement, director underwriting—suggest the board wants initial milestones delivered quickly.   

How to read the risk-reward

• Geological analogue: The Nyota comparison is compelling but must be earned through drilling; early high-grade showings (1.2% / 0.87% U₃O₈) warrant systematic follow-up. 
• People: Bradford’s history in Tanzanian uranium development and Drake-Brockman’s legacy knowledge are differentiators at this stage.   
• Capital: The combination of placement and fully underwritten rights issue (~$2.3m gross) provides working runway for first-pass programs without overhang from discounted paper. Option coverage to Dec-2027 adds aligned, longer-dated leverage. 
  
   

For a micro-cap, QXR’s “acquire-and-advance” playbook is clear: pick a basin with proven fertility, secure experienced talent with localised track records, and fund a tight sequence of catalysts—from target refinement to first-pass drilling—while the district’s processing narrative gathers steam. The approach is orthodox, but in uranium, timing and adjacency can be amplifiers.

At 2:34pm AEST (26 Aug 2025), QXR traded at $0.006, +50.0% on the day, with ~8.6m shares changing hands; market cap ~A$7.86m on ~1.31bn shares on issue (ASX delayed).