QX Resources Defines 18–33 Mlb Uranium Exploration Target at Madaba

QX Resources Delivers JORC Exploration Target at Madaba with 18–33 Mlb Uranium Range

QX Resources Limited (ASX: QXR) has reported a JORC Code (2012) compliant Exploration Target for its 100%-owned Madaba Uranium Project in southern Tanzania of 20–30 million tonnes grading 400–500 ppm eU₃O₈, containing approximately 18–33 million pounds of U₃O₈. The target was prepared by independent consultant The MSA Group (Pty) Ltd using digitised historical drilling and trenching data, giving the company a defined technical base ahead of a planned maiden drilling programme in H2 2026.

For investors following ASX uranium stocks, the update matters because it moves Madaba from a historically explored project into a more clearly framed exploration story. The announcement outlines not only a conceptual grade-tonnage range, but also nine priority drill-ready targets, a 3D geological model, and a staged plan aimed at progressing toward a maiden Mineral Resource Estimate.

What the Exploration Target Means for QX Resources

In the announcement, QX Resources stated that the Exploration Target was supervised by Mr George van der Walt, Principal Consultant at MSA and a JORC-qualified Competent Person. The work is based on exploration undertaken by Uranerzbergbau GmbH (UEB) between 1979 and 1982, with historical information digitised and incorporated into a three-dimensional model.

The selected target range focuses on the higher-grade portion of the modelled mineralisation. According to QX Resources, this part of the system is considered the most relevant to potential open-pit evaluation, whilst remaining conservative within the limits of the current dataset.

The model currently covers four main target areas:

• Nane
• Sita
• Nyuki
• Tatu

QX Resources also noted that these areas capture only part of the broader mineralised system. Furthermore, additional exploration potential may exist along strike, at depth, and in prospects not yet fully included in the current model.

Exploration Target Summary

It is important to note that the potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it remains uncertain whether further exploration will result in the estimation of a Mineral Resource.

Historical Intercepts Point to Near-Surface Uranium Enrichment

The ASX release highlighted a series of historical drill results that support the Exploration Target, particularly in the upper 5–10 metres, where supergene enrichment has reportedly created higher-grade near-surface zones. Supergene enrichment refers to uranium concentrated near surface by natural weathering and groundwater processes.

Selected historical intercepts reported in the announcement include:

• 15m @ 612 ppm U₃O₈, including 3m @ 2,465 ppm
• 16m @ 337 ppm U₃O₈, including 4m @ 1,082 ppm
• 7m @ 693 ppm U₃O₈
• P74: 2.0m @ 2,200 ppm, including 0.4m @ 10,900 ppm
• P73: 1.5m @ 970 ppm, including 0.35m @ 4,100 ppm
• P15: 2.0m @ 3,450 ppm
• P101: 0.3m @ 3,260 ppm

These results include both eU₃O₈ values from downhole gamma logging and U₃O₈ values from chemical assays. In simple terms, eU₃O₈ is an estimate of uranium grade derived from radiometric readings rather than direct laboratory analysis.

Selection of Key Historical Intercepts

For investors, these intercepts help explain why the company is prioritising Madaba for modern drilling. They suggest that mineralisation is present both near surface and at depth, although continuity and true scale still need to be confirmed through contemporary exploration.

However, the announcement is clear about the limitations of the historical dataset. Core recovery was often reported at 70–80%, modern QA/QC procedures were not used, percussion sample quality was described as average to poor, and collar locations may only be accurate to around ±100 metres. That means these results are useful as a technical guide, but not yet suitable on their own for a formal resource estimate.

Understanding a JORC Exploration Target

For many investors, the phrase JORC Exploration Target can be misunderstood. It is not the same as a Mineral Resource.

A JORC Exploration Target is a statement of the potential quantity and grade of mineralisation in a defined area, based on available geological evidence. It is designed to guide exploration programmes and frame the possible scale of an opportunity, but it does not confirm that an economic orebody exists.

By contrast, a Mineral Resource Estimate (MRE) requires enough drilling and technical confidence to classify mineralisation in categories such as Inferred, Indicated, or Measured.

Why Does This Distinction Matter for Investors?

A JORC Exploration Target can nonetheless be material for investors because it indicates that:

1. There is enough data to define a reasonable geological range
2. An independent qualified expert has reviewed the evidence
3. Future drilling can be planned against a specific technical objective

Key Uranium and Reporting Terms

Madaba's Geological Setting and the Nyota Comparison

In the announcement, QX Resources drew attention to Madaba's position within the Luwegu Basin in southern Tanzania. This is the same basin and Karoo sedimentary sequence that hosts the Nyota Uranium Deposit, part of the Mkuju River Project.

Nyota is reported in the ASX release as containing approximately 125–152 Mlb U₃O₈ at around 300 ppm. QX Resources was careful to state that similar geology does not imply similar tonnage or grade at Madaba. Nevertheless, the comparison provides useful geological context because both projects are associated with Karoo sandstone host rocks and near-surface supergene uranium enrichment.

"Having been closely involved with Mantra Resources during the discovery and early delineation of the Nyota deposit, I see clear geological parallels at Madaba — the same basin, the same Karoo sandstone host, the same style of near-surface supergene enrichment. What sets Madaba apart at this stage is the quality of the historical work already completed and the fact that it has been digitised, modelled in 3D and independently reviewed. We are not starting from a blank sheet of paper." — Russell Bradford, Non-Executive Director

The ASX announcement also referenced Kayelekera in Malawi, a Karoo sandstone-hosted uranium project that previously achieved production. That comparison is relevant because it demonstrates this style of deposit can support mining in East Africa when grade, geometry and project conditions are suitable.

Selected African Sandstone-Hosted Uranium Comparisons

Why Madaba Starts from a Stronger Technical Base Than Many Early-Stage Projects

According to the announcement, one of Madaba's main differentiators is that QX Resources is not starting exploration from broad airborne anomalies alone. Instead, the company already has a substantial technical dataset to build on.

That dataset includes:

• Historical drilling, trenching and radiometric work completed by UEB
• A digitised exploration database
• An independent 3D geological model prepared with Leapfrog
• Nine ranked drill-ready targets
• A JORC-compliant Exploration Target
• Road access and proximity to regional infrastructure across the 613 km² landholding

This matters because early-stage exploration stories often carry high geological uncertainty. In Madaba's case, the ASX release suggests that a considerable amount of geological groundwork has already been completed, which may help improve drill targeting efficiency once field programmes begin.

"This is a significant step forward for Madaba and for QXR. We now have an independently prepared JORC compliant Exploration Target that gives us a clear technical foundation and a defined pathway to a maiden Mineral Resource. The 20–30 Mt at 400–500 ppm range deliberately focuses on the higher-grade material in the current model — the material that matters most from an economic perspective — whilst remaining appropriately conservative." — Maurice Feilich, Executive Chairman

Next Steps Toward a Maiden Mineral Resource Estimate

The ASX update laid out a seven-part work programme intended to move Madaba toward a maiden JORC Mineral Resource Estimate. The first major field activities are scheduled for H2 2026, subject to EIA approval.

Planned Work Programme

The high-resolution airborne survey is expected to improve on the historical 1 km-spaced government radiometric coverage, potentially helping identify extensions and new targets before drilling begins. The maiden drill campaign is expected to focus first on the highest-priority near-surface areas, where historical intercepts and favourable geology appear to align most clearly.

Why Investors Are Watching QXR's Madaba Uranium Project

For uranium investors, Madaba combines several elements that are often screened for in the early-stage exploration segment. First, the project now has a defined conceptual target of meaningful scale. Second, it sits in a known uranium basin with relevant regional analogues. Third, QX Resources has outlined a visible pathway from historical data to modern drilling and, if results support it, to a maiden resource.

There are, however, important caveats to consider. The Exploration Target remains conceptual, the historical data has limitations, and no Mineral Resource has yet been defined. Even so, the ASX announcement positions H2 2026 drilling as the key catalyst that could determine whether Madaba can move from geological potential to reportable resource status.

In practical terms, the Madaba update gives the market a clearer framework for evaluating the project. Investors now have a target range, a development sequence, and a better understanding of the geological setting. For an ASX uranium explorer, that is often the point where market attention begins to shift from acquisition story to technical execution.

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