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Finance Investment, Oil Mining Resources

C29 Metals (ASX:C29) Acquires Transformative High-Grade Uranium Project

C29 Metals Limited (ASX:C29) 3 mins read

Sydney, Australia – C29 Metals Limited (ASX: C29) ("C29" or "the Company"), an ASX listed mineral exploration company, is thrilled to announce the acquisition of a transformative, high-grade uranium project, marking a significant milestone in the company's growth and development strategy. The Ulytau Uranium Project, located in the resource-rich region of Kazakhstan, is set to position C29 as a key player in the global uranium market.

Key Highlights of the Acquisition:

  • Strategic Acquisition: C29 has successfully completed the acquisition of a 100% interest in the Ulytau Uranium Project (Jusandalinskoye Uranium Project) following thorough due diligence. This acquisition is a testament to C29's commitment to securing high-potential mining projects.

  • High-Grade Uranium Deposit: The Ulytau Uranium Project boasts a non-JORC foreign estimate of 9.85 million pounds of uranium at a grade of 2,790 ppm. This high-grade deposit underscores the project's potential to significantly contribute to the global uranium supply.

  • Exceptional Drilling Results: The project has demonstrated outstanding drilling intersects, with multiple results showing uranium concentrations greater than 6,000 ppm U308 over 40 meters, starting just 3 meters below the surface.

  • Expansion Potential: An independent geological report has confirmed that the uranium deposit appears open in most directions, suggesting substantial potential for future resource upgrades.

  • Global Leadership: Kazakhstan is recognized as the world's largest and most cost-effective uranium producer, accounting for approximately 43% of global uranium supply. The Ulytau Uranium Project's strategic location further enhances its value and potential.

  • Leadership Appointment: Shannon Green, an experienced mining executive, has joined C29 as the Managing Director, bringing a wealth of knowledge and expertise to the company.

  • Financial Backing: C29 has secured firm commitments for a placement to raise $3 million (before costs), which will be executed in two tranches, ensuring the project's swift advancement.

About the Ulytau Uranium Project:

The Ulytau Uranium Project is strategically located near Lake Balkhash in South Kazakhstan, 15 km south of the historic Bota-Burum mine. The region has been the focus of extensive geological surveying since 1957, highlighting its rich mineral potential.

A New Era for C29 and Global Uranium Supply

The acquisition of the Ulytau Uranium Project represents a transformative step for C29, aligning with the company's vision to become a significant contributor to the global uranium market. With its high-grade deposit, expansion potential, and strategic location in the world's leading uranium-producing country, the Ulytau Uranium Project is poised for success.

C29 Metals Limited is committed to responsible and sustainable exploration practices and looks forward to advancing the Ulytau Uranium Project, contributing to global energy solutions, and delivering value to its shareholders.

Commenting on the proposed acquisition, C29 Metals Non-Executive Chairman, Mr. David Lees, said: 

“We are very excited to have secured a high-grade Uranium project of this quality at a time where the Uranium industry is experiencing unprecedented supply pressure, with spot prices at a 16-year high. The Ulytau Uranium Project represents a substantial opportunity for the Company, with the Project holding a Non-JORC high grade foreign estimate.”

“Over 2024, we aim to create shareholder value as we execute on a systematic exploration program with drilling expected to commence in Q3 CY2023, dependent on approvals.”

“With Jeremy King stepping down as Executive Director, on behalf of the Board I would like to take this opportunity to thank him for his significant contribution and service to the Company since his appointment in 2022.”

“I would like to welcome Shannon to the Board, with his corporate and project development experience and in particular his Uranium project development experience, will be invaluable to the Company moving forward”

"I would also like to thank shareholders for their ongoing support to date and we look forward to an exciting 2024 and beyond.”

Commenting on joining the Company and the proposed acquisition, C29 Metals Managing Director, Mr. Shannon Green, said: 

“After completing the due diligence process for the acquisition, recognising the quality of the Ulytau Uranium Project, the potential upside opportunity it offers, as well as the quality of the Company’s existing projects, the opportunity to join C29 was a very exciting prospect.”

“I look forward to working with the existing team to drive shareholder value in the long term and being in country shortly to commence work on the project”. 


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

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