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C29 Metals acquires uranium project in Kazakhstan

Published by , Editorial Assistant
Global Mining Review,

C29 Metals Limited has announced it has entered into a binding share sale and purchase agreement with CA Metals Pty Ltd and Ulytau Resources Ltd to acquire a 100% legal and beneficial interest in a granted exploration licence located in Kazakhstan (Ulytau Uranium Project).


  • Transformative transaction to acquire a 100% interest in the high grade Jusandalinskoye (Ulytau) Uranium Project located in Kazakhstan with all due diligence having been completed.
  • The Ulytau Uranium Project contains a Non-JORC foreign estimate of 9.85M/lbs uranium @ 2790 ppm.
  • Multiple Non-JORC foreign drill intersects greater than 40 m and above 6000 ppm U3O8 from 3 m below surface have been recorded.
  • Independent geology report confirms that the foreign estimate appears open in most directions offering significant future foreign estimate upgrade potential.
  • Kazakhstan is the largest and lowest cost uranium producer, globally producing approximately 43% of the global supply.
  • Experienced mining executive, Shannon Green, joins the Company as the Managing Director.
  • C29 has received firm commitments for a placement to raise US$3 million (before costs), which will be completed in two tranches.

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 programme with drilling expected to commence in 3Q23, 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.”

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