The Conversation (0)
C29 Metals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
C29 Metals
Investor Insight
A high-grade uranium explorer looking to grow its strategic footprint in southern Kazakhstan, C29 Metals is well-positioned to take advantage of a rapidly expanding uranium market and provide significant shareholder value.
Overview
C29 Metals (ASX:C29) is a Perth, Australia-based uranium mineral exploration company with assets in Kazakhstan. The company’s recently acquired flagship asset, the Ulytau uranium project, represents a “transformative acquisition” that places C29 Metals in a strategic position to leverage a rapidly growing global uranium market and Kazakhstan’s rich uranium resource and established mining infrastructure.
The Ulytau project is located near Lake Balkhash in South Kazakhstan and situated 15 km south of the Bota-Burum mine, one of the largest uranium deposits mined in the former Soviet Union.
Kazakhstan is considered a top mining country for the following reasons:
- It has a well-developed transportation infrastructure and abundant energy resources, ensuring a stable power supply for mining operations.
- It was ranked 25th by the World Bank for” ease of doing business.”
- As the world’s top uranium producer, Kazakhstan represents 43 percent of the global market.
- It is the lowest-cost producer, globally.
- It holds 12 percent of the world’s uranium resources.
Kazakhstan’s strategic location in Central Asia also provides easy access to major markets in Europe, China and Russia, and the flagship Ulytau uranium project is located 3.5 hours from the country’s largest city of Almaty.
The local village of Aksuyek has a population of ~700 people and will support C29 Metals’ exploration efforts in the near-to-mid-term, providing a base of operations and support services.
The uranium market is expected to grow over the next 10 years, with the World Nuclear Association projecting a 28 percent increase in uranium demand from 2023 to 2030. As electricity demand potentially increases by about 50 percent by 2040, there is significant opportunity for increasing the global nuclear energy capacity, especially as the world continues to pursue its clean energy agenda and a low-carbon economy.
Company Highlights
- Focused on uranium exploration in the top uranium-producing jurisdiction of Kazakhstan, with a newly granted tenement and new license applications in progress (252 sq km) and strong community support from local neighboring village members.
- Flagship Asset: The Ulytau project, located in southern Kazakhstan, 15 km south of Bota-Burum, one of the largest Soviet-era uranium mines in the heart of one of the world’s most prolific uranium-producing regions.
- Experienced Leadership: Seasoned board and management team led by Shannon Green, an executive with over 25 years of experience.
- Positive Market Outlook: Demand for uranium is expected to increase by 28 percent by 2030, and 51 percent by 2040.
Key Projects
Ulytau Uranium Project
Figure 2 – Ulytau project location in relation to other Kazakhstan Uranium mines.
The Ulytau Project is located in the Almaty Region of Southern Kazakhstan, approximately 15 km southwest of the Bota-Burum mine, which is one of the largest uranium deposits mined in the former Soviet Union.
Exploration for uranium has been carried out in the area since 1953. Uranium production at the Bota-Burum mine, next to the village of Aksuyek, commenced in 1956 and continued until 1991. Total mined reserves of Bota-Burum are quoted at 20,000 tonnes of uranium (44 million pounds).
C29 Metals has lodged two (2) new license applications with the Ministry of Natural Resources. The licenses are designed to cover ~18 km of additional prospective strike.
The Southern application, the largest of the two (2) applications, was granted on the 1 August 2024 and is contiguous with the Ulytau license area and sits immediately to the South and East of the Ulytau Uranium project tenement boundaries. The Southern application area is ~213 km2. The Northen tenements licence was granted on September 3, 2024.
The Southern tenement is interpreted as having a similar mineralised trend to that of the existing Ulytau Project area (refer to ASX announcement “License Applications Lodged around Ulytau Uranium Project” dated 24 July 2024 and the further clarification on 25 July 2024).
The Northern tenements, meanwhile, sits to the north of the Ulytau uranium project tenement and immediately north of the historic Bota Burum uranium mine. The Northern licence application area is ~39 sq km.
C29 Metals is commencing exploration work at Ulytau, following receipt of a category 4 exploration approval on August 7, 2024, which will include geophysical, field mapping and soil sampling programs.
Figure 3 – The interpreted mineralised Uranium trend with the newly granted southern license and northern application
Local Community Support
The company has held two community consultation days at the local community of Aksuyek, with a population of about 700 people, located roughly 20 km from the Ulytau project area. The community of Aksuyek have shown their strong support for the company’s planned exploration programs. Aksuyek will provide a base of operations for the work programs and can provide many of the required support services to the company.
A social support agreement was signed on July 9, 2024, with the district government providing the framework for the company to assist the village of Aksuyek with projects aligned to the social development of the community. This very important agreement demonstrates the commitment by both parties to work together to ensure mutually beneficial outcomes are sustainably delivered into the future.
Board and Management
Shannon Green - Managing Director
Shannon Green is an experienced mining executive and company director with over 25 years of corporate, resource development and mining operations experience. With extensive experience working in Africa and Australia, Green has managed significant projects, from greenfields exploration through feasibility through construction, into operation. He has held senior leadership roles within Australia in uranium development, as well as iron ore and gold mining operations.
David Lees - Non-executive Chairman
David Lees has over 20 years’ experience in the Australian financial services industry. He started as a stockbroker and subsequently moved into investment and funds management, providing him with extensive experience in capital markets with a diverse skill set covering investment management, business development and corporate governance. He holds a Bachelor of Economics from Murdoch University and a post graduate diploma in Applied Finance and Investment.
Jamie Myers - Non-executive Director
Jamie Myers has over 15 years in equities dealing and corporate advisory experience. He is experienced in leading transactions, including pre-IPOs, IPOs and secondary market equity raising across small and mid-cap companies. He is also the founder and managing director of boutique advisory firm Molo Capital.
Ailsa Osborne - CFO and Company Secretary
Ailsa Osborne has more than 20 years of experience as a financial professional, including more than 15 years in the resource industry in Australia and internationally. Ms Osborne has held CFO and company secretary roles with a number of ASX-listed companies. She has held senior finance roles in several listed companies operating in Australia and internationally, including in South America, Indonesia and Africa.
Moab Expands Flagship Manyoni Uranium Project by 488km2 via Accretive Acquisition
HIGHLIGHTS
- Moab has executed a binding agreement with AuKing (ASX:AKN) to acquire four highly prospective prospecting licences immediately adjacent to Moab’s existing Manyoni Uranium Project.
- The new tenements are highly strategic as they cover parts of the historic Manyoni Uranium Project held by Uranex (ASX:UNX) prior to 2013, representing the consolidation of all of the Manyoni Uranium deposits for the first time in over 10 years.
- The Manyoni Uranium Project is located within close proximity to infrastructure including modern rail and sealed highway as well as readily available power and water resources.
- The Stage One 105-hole core drilling program is currently underway at the Manyoni Uranium Project and will be followed by the Stage Two program of 100 exploration core holes.
- Moab intends to release its Maiden JORC (2012) Mineral Resource Estimate in calendar year 2025 following completion of preliminary drilling activities.
- Scoping or Preliminary Feasibility Study, planned for calendar year 2025.
Moab Managing Director, Mr Malcolm Day, commented: “I visited the Manyoni Uranium Project last week to see the start of the drilling program. The program is expected to run over the next few months with most of the assay results available in November/December. The acquisition of these additional surrounding tenements, which contain three uranium Mineral Resources1 known as E, F and G, estimated by Uranex resources in 2010 as part of Uranex’s Manyoni Uranium Project, adds significant upside potential to Manyoni. We’ll now look at expanding the current drill program to evaluate the resource potential of these new tenements”.
About the Manyoni Uranium Project
Project Location
The Manyoni Uranium Project tenements are located in the Republic of Tanzania (pop. 65 million), Africa, approximately 100km northwest of the capital city of Dodoma (pop. 765,000). The location of the uranium project at Manyoni is shown in Figure 1. Whilst Figure 2 shows the location of the Auking tenements that Moab (via its 80% owned local subsidiary company Katika Resources Ltd) will acquire.
Core drilling underway in August 2024 at Manyoni uranium project
Figure 1. Location of the Manyoni Uranium Project
Click here for the full ASX Release
This article includes content from Moab Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
C29 Metals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects