AuKing Mining Ltd (ASX:AKN) has transferred four uranium exploration tenements in Tanzania to Moab Minerals Ltd (ASX:MOM), allowing the company to streamline its portfolio and focus on core assets while retaining exposure to the Manyoni uranium project.
The licences sit adjacent to Moab’s Manyoni project in central Tanzania and have been transferred to Moab’s Tanzanian subsidiary Katika Resources Ltd under an asset sale and purchase agreement first announced in October 2024.
Under the deal, Moab will issue 62.5 million shares to AuKing as consideration, giving AuKing ongoing exposure to potential upside from exploration success at Manyoni. Completion of the transaction remains subject to approval from Moab shareholders for the share issue, which is expected to be sought in the June quarter.
Location of the Manyoni Uranium Project.
Consolidating ground at Manyoni
The four prospecting licences are considered strategically located, covering extensions of the palaeochannel uranium system that hosts mineralisation at the Manyoni project.
Manyoni Prospecting Licences, showing location of Area C1 and Area A uranium deposits, and includes the AuKing tenements that have now been transferred to Moab.
Palaeochannel uranium deposits form within ancient river channels and are a recognised exploration target in several uranium districts globally.
Moab has been advancing exploration at Manyoni, where the project’s mineral resource estimate was upgraded by 25% in September 2025 to 27.19 million pounds of uranium grading an average 139 parts per million U₃O₈.
Bringing the AuKing tenements into the project area consolidates Moab’s exploration footprint across the district and provides additional targets for future drilling.
Known Palaeochannels in the Manyoni and AuKing Tenements.
Exploration upside in newly acquired ground
Historical exploration across the transferred licences focused on a network of palaeochannels forming part of a broader northwest-trending palaeodrainage system in central Tanzania.
Earlier drilling by previous owner Uranex NL identified uranium prospects within the system, including targets known as E, F and G, highlighting the wider exploration potential across the district.
Moab believes incorporating the AuKing licences strengthens the project’s potential to define additional uranium resources through step-out drilling and validation of historical results.
Next steps at Manyoni
Following completion of the transaction, Moab plans to undertake an active exploration program across the expanded project area.
Planned work includes metallurgical test work on core samples, drilling within the newly acquired AuKing tenements and step-out drilling targeting extensions of known mineralised palaeochannels. The company also aims to progress towards a maiden mineral resource estimate covering the transferred licences.
Portfolio reshaping
The deal comes amid a broader reshaping of AuKing’s exploration portfolio as the company looks to prioritise projects with the strongest development and exploration potential.
In January, AuKing moved into Australian tin exploration through the acquisition of licence applications adjacent to the Renison Bell tin mine in northwestern Tasmania, securing ground in one of the world’s most significant historic tin districts.
The company has also continued advancing its broader project pipeline, including exploration initiatives in Canada and development progress at the Koongie Park copper-zinc joint venture in Western Australia.
AuKing also raised about A$1.5 million earlier this year to pursue strategic opportunities and support exploration across its portfolio.