MOAB MINERALS LIMITED — Capital/Financing Update 2021

Dec 19, 2021

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ASX ANNOUNCEMENT
20 December 2021
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STRONG URANIUM-VANADIUM SAMPLING RESULTS FROM REX PROJECT, COLORADO

Delecta Ltd (“Delecta” or “Company”) is pleased to announce that it has received sampling results from its Rex Uranium-Vanadium Project, with assays previously rejected for exceeding laboratory thresholds.

HIGHLIGHTS

• Sample results received with strongly anomalous uranium and vanadium results up to 0.53% U3O8 and 3.32% V2O5% (Fig.1)

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Figure 1 – Rex Uranium-Vanadium Project with recent sample results; U3O8% over V2O5% and Gamma Scintillometer Results (coloured stars) overlain historic sampling and stream geochemical programs.

• Geologic mapping and assessment program continuing with an experienced geologist on-site utilising a recently purchased RS-230 gamma ray spectrometer to provide real time analysis of U3O8 samples to accelerate field work and assessment of prospects.

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• Significant historic mine and drill hole data recently acquired with a recently completed ortho-photo survey and new results incorporated in the current field work program to guide ongoing exploration.

• Data review, mapping and sampling programs are part of project-wide uranium oxide vectoring, designed to generate targets for upcoming core drilling.

• The mapping and assessment program is expected to be completed in Q1 CY2022, followed by completion of drill targeting and permitting.

Delecta Managing Director Malcolm Day commented:

“ The recent sample results demonstrate the very high uranium and vanadium content that the Uravan Belt is noted for and augurs well for the ongoing program. Together with the scintillometer readings we already have multiple targets indicated for follow-up testing. Our review of the historic drilling results and mining plans will also provide key information on the extent and trend of the already mined mineralisation and provide new insights into possible extensions to that mineralisation.”

NEXT STEPS

• Continued mapping and sampling along the sandstone mesa rims on the Project, utilising a scintillometer with rock chip follow-up in anomalous areas.

• Completion of the review of the existing underground mine plans and surface drill results to locate mineralisation and establish mineralised trends so as to provide a guide for surface drilling.

• Locate previous surface drill holes and probe where open.

• Engage with Bureau of Land Management (BLM) in relation to entering old workings and drilling program.

• Drill target definition.

About Rex Uranium-Vanadium Project

On 24 June 2020, the Company announced it had acquired 60% of the shares in Sunrise Minerals Inc, a Colorado, US based company that holds the REX Uranium-Vanadium Project (Project). The Project consists of 256 contiguous BLM claims covering 2,072ha in Colorado, USA.

Uranium mineralisation is confirmed, with four historic uranium mines within the Project area. The Project has not been subject to any recent exploration. The Project is located in Montrose County, Colorado (Figure 2). The claims are readily accessible via surfaced and county-maintained gravel roads from either Moab or Monticello, a distance of approximately 145 kms.

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Figure 2 – Location of REX Project within Colorado’s Uravan Mineral Belt

Current Field Program and Results

Assay results for nine grab and dump samples from the northern part of the property are announced below with results initially delayed, after being rejected for exceeding laboratory thresholds due to high radiation levels. Samples were accepted by a different lab and results are presented in figure 1 and table 1.

The current field program is ongoing with mapping and evaluation of the property continuing to focus on historic mines and then moving out into less well explored areas some of which are on the extensions of known mineralised trends.

The digital capture of the historic mine and drill data has provided an invaluable guide to the physical location of the mined uranium deposits and enabled extrapolation of the mineralisation to help establish the mineralised trends.

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The results from sampling of old mine dumps indicate potential for reprocessing of these old dumps if suitable tonnages of mineralised waste can be identified.

Hand-held Scintillometer Readings

The Company has completed hand-held gamma ray spectrometer readings of field samples (Fig. 1). The Radiation Solutions Inc RS-230 hand-held instrument is capable of measuring from 1 to 65,535 CPS (counts per second) of total gamma radiation. Scintillometer readings (gamma radiation total count per minute CPM) were statistically analysed to identify anomalous sample thresholds.

The northern part of the project has substantial historical uranium workings (Fig. 1) with the uranium mineralisation occurring in paleo-channels in the upper part of the Salt Wash Sandstone, below the contact with the overlying Brushy Basin Shale. Due to the incised topography, the flat-lying stratigraphy is exposed around the sides of the hills and this is where the historically mined uranium-vanadium mineralisation was mostly discovered.

The Company considers this initial field program to have demonstrated a successful methodology for “mapping out” areas with high radiometric response thereby enabling the historic uranium occurrences to be systematically documented and evaluated as potential targets for additional drilling.

Geological Context

The uranium-vanadium ores of Montrose County, Colorado, including the historic Uravan uranium-vanadium belt occur in fluviatile sandstone that is an outwash apron from the Colorado Plateau to the north. The important stratigraphy in the Delecta claims includes:

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Epoch Thickness Formation Abbreviation Description
(m) Name
L. Cretaceous 33m Burro Canyon Kbc White-grey-red sandstone
formation
U. Jurassic 200m Brushy Basin Jmb Bentonitic shale, some sandstone
shale lenses
U. Jurassic 243m Salt Wash Jms Numerous sandstone lenses in
sandstone fluvio-deltaic sandstone; U and V
mineralisation in upper part of
formation where sandstone lenses
are well developed
Mid-Jurassic 35m Summerville Js Red-grey-green sandy shale
formation
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The stratigraphy is flat lying to very gently dipping. The dominant uranium-vanadium mineral is carnotite K2(UO2)2(V2O4)2(H2O) which has a bright yellow colour and is radioactive. A high uranium content coincides with a high content of carbonaceous material such as plant and wood fossils, which have acted as reductants to precipitate the ore from solution in groundwaters. The presence of faults and fractures may act as a localised conduit for fluid flow and have some control on the extent of mineralisation.

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Historic Mining

Delecta has acquired a significant data base of historic drilling and mining activity. The drill hole information includes U3O8%, which is the uranium content determined from down-hole gamma ray logging. The drilling and mining activity was mainly carried out by Vanadium Corporation of America in the period 1943-1970. The logged intervals were accurately recorded to 0.1 foot (approx. 3.05cms).

The Company is in the process of reviewing the historical drill and mining information and will provide a further update when completed.

-END-

This release has been authorised for release to ASX by the Board of Directors of the Company. For further information visit our website delecta.com.au or contact:

Malcolm Day Jane Morgan Managing Director of Delecta Limited Investor and Media Relations Tel: (61 3) 9695 5858 Telephone +61 (0) 405 555 618 Email: admin@delecta.com.au Email: jm@janemorganmangement.com.au

Competent Person Statement

The information in this report as it relates to exploration results and geology was compiled by Mr Geoff Balfe who is a Member of the Australasian Institute of Mining and Metallurgy and a Certified Professional. Mr Balfe is a consultant to Delecta Limited. Mr Balfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Balfe consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Table 1. Grab/Mine Dump Sample Results

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Tec Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	 Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.  Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.  Aspects of the determination of mineralisation that are Material to the Public Report.  In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Sampling has been carried out by: o Grab Sampling – where outcrop is limited a 1.0 to 2.0 kg rock sample is collected from the outcrop/exposure. This type of sampling may be highly selective. Where channel sampling is done the length of the channel is recorded to give an indication of the width of mineralisation. o Dump Sampling – mine dumps are sampled by compositing numerous rock particles to achieve a 1.0 to 2.0 kg representative sample.  There is no evidence of coarse particle sampling problems for the REX property. The main uranium-vanadium mineral is carnotite which can occur as coarse flakey coatings on fracture surfaces. Sample bias is minimized by compositing rock chips and maintaining a large sample mass.
Drilling techniques	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Rotary percussion drilling has been carried out on the property by several companies. Details of drilling techniques are not available but it is assumed that drilling was done according to standard industry practice at the time which would have been open hole and not Reverse Circulation. Many of the drill holes were subjected to gamma logging so that eU3O8 content could be estimated. The Company is in the process of compiling a large amount of historic drilling and mining assay information and will report on this when completed.
Drill sample	 Method of recording and assessing core and chip sample recoveries	No information is available concerning sample recovery or whether or
recovery	and results assessed.  Measures taken to maximise sample recovery and ensure	not there is a sampling basis caused by lack of recovery during drilling. It is not expected that the previous companies carried out a
	representative nature of the samples.	duplicate sampling program and inserted QA/QC samples in the
	 Whether a relationship exists between sample recovery and grade	sample chain. This has no bearing on the results of gamma logging to
	and whether sample bias may have occurred due to preferential	determine eU3O8 content.
	loss/gain of fine/coarse material.

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Criteria JORC Code explanation Commentary
Logging  Whether core and chip samples have been geologically and  The historic records of geological logging of percussion holes and drill
geotechnically logged to a level of detail to support appropriate core are incomplete. Available records are currently being digitized
Mineral Resource estimation, mining studies and metallurgical and checked for validity for inclusion in a database.
studies.  Samples collected by Delecta geologists are described in detail for
 Whether logging is qualitative or quantitative in nature. Core (or lithology, sample type, and location by GPS.
costean, channel, etc) photography.  Sampling by Delecta was based on a minimum sample size of 1.5kg
 The total length and percentage of the relevant intersections logged. and all samples are logged for lithology and alteration/mineralization.
 Sampling is either by channel sampling, grab sampling, or dump
sampling
 Only channel sampling can be considered to be quantitative; the
other methods are semi-quantitative
 The Delecta due diligence samples have been photographed and all
samples are photographed for visual record purposes.
Sub-  If core, whether cut or sawn and whether quarter, half or all core  Delecta samples were crushed in a hammer mill to 90% passing -
taken. 2mm followed by splitting off 1.0Kg using a rotary splitter and
sampling
 If non-core, whether riffled, tube sampled, rotary split, etc and pulverizing 1.0Kg sample to better than 85% passing 75 microns
techniques whether sampled wet or dry.  In consultation with the laboratory it was determined to carry out a
and sample  For all sample types, the nature, quality and appropriateness of the sample preparation and analytical procedure that is most appropriate
preparation sample preparation technique. for uranium, vanadium and associated base metals.
 Quality control procedures adopted for all sub-sampling stages to  An 0.5g sub-sample was then subjected to 2-acid digest and ICP-
maximise representivity of samples. OES analysis for a multi-element package of elements.
 Measures taken to ensure that the sampling is representative of the in  No duplicate sampling has been carried out for prospecting samples.
situ material collected, including for instance results for field The laboratory regularly carries out repeat assays of high-grade
duplicate/second-half sampling. samples.
 Whether sample sizes are appropriate to the grain size of the material  The selected sample mass of 1.0kg is considered appropriate for the
being sampled. grain size of the material being sampled (uranium and vanadium).
Quality of  The nature, quality and appropriateness of the assaying and  The Delecta samples have been submitted to an ISO certified
laboratory procedures used and whether the technique is considered laboratory for analysis of uranium, vanadium and other metals by the
assay data
partial or total. ICP OES method. The ranges of detection for uranium are 8ppm to
and  For geophysical tools, spectrometers, handheld XRF instruments, etc, 10,000 ppm and for vanadium 1 ppm to 10,000 ppm.
laboratory the parameters used in determining the analysis including instrument  The analytical method and procedure were as recommended by the
tests make and model, reading times, calibrations factors applied and their laboratory for exploration.
derivation, etc.  As this is early-stage exploration with a wide variation in sample
 Nature of quality control procedures adopted (eg standards, blanks, results the Company has not inserted control samples in the regular
duplicates, external laboratory checks) and whether acceptable levels stream of rock samples. This is considered appropriate for early-
of accuracy (ie lack of bias) and precision have been established. stage exploration. The laboratory inserts a range of standard samples
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Criteria JORC Code explanation Commentary
in the sample stream the results of which are reported to the
Company.
 The laboratory uses a series of control samples to calibrate the ICP
OES machine.
Verification  The verification of significant intersections by either independent or  Previous explorers have carried out extensive drill-sampling of the
alternative company personnel. tenements but historic records do not contain information about
of sampling
 The use of twinned holes. repeat or check sampling of individual samples.
and  Documentation of primary data, data entry procedures, data  Where previous explorers have estimated uranium content by gamma
assaying verification, data storage (physical and electronic) protocols. logging bore holes (eU3O8) there are a number of assumptions that
 Discuss any adjustment to assay data. are needed to be made in order to calculate the eU3O8 content.
Delecta does not have details of the historic assumptions that were
used at that time to estimate eU3O8 but it is believed that industry
standards of the day would have been used.
 No adjustments have been made to Delecta analytical/assay results.
Location of  Accuracy and quality of surveys used to locate drill holes (collar and  Delecta samples were located with a TDS Nomad handheld GPS
down-hole surveys), trenches, mine workings and other locations
data points with WAAS differential correction accurate to +/- 3m.
used in Mineral Resource estimation.
 Specification of the grid system used.  The grid system is NAD83 Zone 12 UTM
 Quality and adequacy of topographic control.  The project area has moderate relief (5,200ft to 6,300ft) with
topographic control provided by the GPS, government topographic
maps at 1:24,000 scale.
 Delecta has recently flown a drone survey and acquired orthophoto
topographic control over the entire property with positional accuracy
of 25cm.
Data  Data spacing for reporting of Exploration Results.  As this is early-stage exploration sample density is controlled by the
 Whether the data spacing and distribution is sufficient to establish the frequency of outcrop and/or access to old workings.
spacing and
degree of geological and grade continuity appropriate for the Mineral  The results as reported have not been averaged or composited.
distribution
Resource and Ore Reserve estimation procedure(s) and  Where historic data is reported it is noted whether or not U3O8
classifications applied. content is determined by gamma count or laboratory assay.
 Whether sample compositing has been applied.
Orientation  Whether the orientation of sampling achieves unbiased sampling of  Drilling and channel sampling is preferentially across the vertical
possible structures and the extent to which this is known, considering thickness of horizontal strata.
of data in
the deposit type.  The uranium-vanadium mineralization occurs in palaeo-channels
relation to  If the relationship between the drilling orientation and the orientation associated with the upper Jurassic Salt Wash Sandstone member of
geological of key mineralized structures is considered to have introduced a the Morrison Sandstone. As such the ore zones are linear and
structure sampling bias, this should be assessed and reported if material. irregular. Close-spaced drilling is required to adequately define the
shape of mineralized bodies.
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Criteria	JORC Code explanation	Commentary
Sample security	 The measures taken to ensure sample security.	At all times samples were in the custody and control of the Delecta project geologist until delivery to the transport company for shipment to the laboratory.
Audits or	 The results of any audits or reviews of sampling techniques and data.	The company has undertaken an audit and review of a large amount
reviews		of historic mining and exploration information. Although the data is not complete, a significant amount of mine information, historic drill and
		eU3O8 data has been reviewed and important information digitized
		and entered into Delecta’s database. The historic 1960’s drill holes
		and mine workings were all surveyed to a high degree of accuracy
		which gives confidence in the use of this historic data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

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Criteria JORC Code explanation Commentary
Mineral  Type, reference name/number, location and ownership including  The 256 REX Mining Claims have been staked and duly recorded
tenement agreements or material issues with third parties such as joint with Montrose County, Colorado, and filed with the Bureau of Land
ventures, partnerships, overriding royalties, native title interests, Management (BLM).
and land historical sites, wilderness or national park and environmental  The claims were staked and filed by Sunrise Minerals Inc. which is
tenure settings. 60% owned by Delecta Limited.
status  The security of the tenure held at the time of reporting along with any  The Company is aware of two patented lode mining claims within the
known impediments to obtaining a licence to operate in the area. claim block. These are shown on relevant maps and figures. A third
area of 17.8 acres (7.20 ha) designated PL_359 by the BLM is also
withdrawn from mineral entry for environmental reasons.
 In order to obtain permission to drill the Company must lodge
Environmental Performance Bonds with the BLM and carry out any
environmental or archaeological clearance surveys that might be
required.
 The Company is not aware of any impediments to obtaining a licence
to operate, subject to carrying out appropriate environmental and
clearance surveys.
Exploration  Acknowledgment and appraisal of exploration by other parties.  Other companies especially United States Vanadium Corporation
have carried out exploration in the area.
done by
other parties
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Criteria JORC Code explanation Commentary
Geology  Deposit type, geological setting and style of mineralisation.  Uranium and vanadium mineralization (carnotite) is being explored for
based on the sandstone hosted palaeo-channel deposit model or “roll
front” uranium deposit type.
 Uranium mineralization is associated with palaeo-channels in the
upper part of the Salt Wash Sandstone member of the Jurassic
Morrison sandstone formation. Targets for mineralization include
changes in eH conditions from oxidising to reducing where palaeo
river channels draining the Colorado plateau enter reduced swampy
lake conditions. The REX uranium mineralization is associated with
high carbon content and fossil organic matter.
Drill hole  A summary of all information material to the understanding of the  At this time the Company has not reported any of the historic drill hole
exploration results including a tabulation of the following information information pending completion of an audit and review of the
Information
for all Material drill holes: historical drill information.
o easting and northing of the drill hole collar  It is expected that the historic drill hole and mine information will
o elevation or RL (Reduced Level – elevation above sea level in provide important clues as to the location and direction of uranium
metres) of the drill hole collar mineralization in the palaeo-channels which can be further
o dip and azimuth of the hole extrapolated in the Delecta ground in order to identify new drill
o down hole length and interception depth targets.
o hole length.
 If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly
explain why this is the case.
Data  In reporting Exploration Results, weighting averaging techniques,  No weighting or averaging techniques have been applied to the
maximum and/or minimum grade truncations (eg cutting of high sample assay results.
aggregation
grades) and cut-off grades are usually Material and should be stated.
methods  Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used
for such aggregation should be stated and some typical examples of
such aggregations should be shown in detail.
 The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship  These relationships are particularly important in the reporting of  The known uranium mineralisation occurs in sub-horizontal palaeo
between Exploration Results. river channels that were part of a braided river system draining the
 If the geometry of the mineralisation with respect to the drill hole Colorado Plateau during the upper Jurassic Period.
mineralisa- angle is known, its nature should be reported.  Vertical drill holes are considered to give information about the true
tion widths  If it is not known and only the down hole lengths are reported, there thickness of the mineralisation.
and should be a clear statement to this effect (eg ‘down hole length, true
width not known’).
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Criteria	JORC Code explanation	Commentary
intercept lengths
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	The Company has released various maps and figures showing the sample results and geology.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All analytical results for uranium and vanadium have been reported. The results for other metals have only been reported if they are considered to be of potential economic interest.
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The Company is in possession of other historic mining/exploration information for the subject mining claims including geophysical surveys and soil sampling. The Competent Person has chosen not to release this information until the survey specifications can be verified.
Further work	 The nature and scale of planned further work (eg tests for lateral	The Company has provided an update on its plans in the body of this
	extensions or depth extensions or large-scale step-out drilling).	ASX report.
	 Diagrams clearly highlighting the areas of possible extensions,
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources – None Undertaken

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