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C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to announce it has entered into a binding share sale and purchase agreement (Acquisition Agreement) with CA Metals Pty Ltd (CA Metals) and Ulytau Resources Ltd (Ulytau Resources) to acquire a 100% legal and beneficial interest in a granted exploration licence located in Kazakhstan (Ulytau Uranium Project).
INVESTMENT HIGHLIGHTS
- 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 @ 2,790ppm. *
- Multiple Non-JORC foreign drill intersects greater than 40m and above 6,000ppm U308 from 3m 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 supply1.
- Experienced mining executive, Shannon Green, joins the Company as the Managing Director.
- C29 has received firm commitments for a placement to raise $3m (before costs), which will be completed in two tranches.
*Cautionary statement: The foreign estimates and foreign exploration results in this announcement are not reported in accordance with the JORC code 2012. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource, or disclose the foreign exploration results, in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work the foreign estimate will be able to be reported in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported foreign exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the foreign exploration results, but the Company has not independently validated the foreign exploration results and therefore is not to be regarded as reporting, adopting or endorsing the foreign exploration results.
Project Location
Ulytau is located near Lake Balkhash in South Kazakhstan and situated 15 km south of Bota- Burum mine, one of the largest uranium deposits mined in the former Soviet Union. Geological surveying and prospecting works have been carried out in the Bota-Burum mineralisation field since 1957.1
Figure 1: Ulytau Uranium Project Location Map
Foreign Estimate & Drilling
The foreign estimate of mineralisation in respect to the Ulytau Uranium Project reported in this announcement are “foreign estimates” for the purposes of the ASX Listing Rules. The foreign estimate is not reported in accordance with the JORC code 2012.
Table 1 below presents the foreign estimate.
Non-JORC Foreign Estimate
Table 1 – Non-JORC Foreign Estimate
- * Grade conversion factor Uranium (1) to Uranium Oxide (1.1792)
- ** Mlbs conversion factor 1kt @0.1% U3O8 = 0.002205 Mlbs or 1kt @ 1% = 0.02205Mlbs
Table 2 below presents some examples of the Non-JORC foreign high grade drill intersections.
Non-JORC Foreign High-Grade Drill Intersects
Table 2 – Non-JORC Foreign High-Grade Drill Intersects
Project Geology
The Ulytau discovery is a part of a larger Bota-Burum uranium mineralisation district, with the mineralised section covering the eastern contact of the Dzhusandalinsky granitoid massif. The contact is located 1 km east, with the enclosing effusive-sedimentary formations of Lower- Middle Devonian age. From the surface, the massif is represented by leucocratic (alaskite) granites of the Bota-Burum intrusive complex of Upper Devonian age, containing large (up to 100m-1500m in diameter) remnant xenoliths host rocks.
Ulytau mineralisation consists of two echelon zones - Southern and Northern, confined to the intersection of tectonic faults of the Dzhusandala and Dyke fault zones. Each zone consists of a series of individual mineralisation areas with complex stockwork. These mineralisation areas are steeply dipping lenses, confined by tectonic faults and dyke contacts within albitization zones. Mineralisation is widespread almost from the surface to a depth of 660 m. The sizes of individual mineralised areas vary in thickness from 0.5m to 30m–40 m, with a strike and dip length of 80m–350m. The uranium content varies from 0.03% to 1.4%, the average for the deposit is 0.239%. Uranium mineralisation is developed in the form of metasomatic segregations in the zones of granite albitization.
The southern part of the field as well as east and west of known mineralisation remain underexplored with potential significant upside.
Figure 2 below shows a plan view of the location of the foreign estimate in relation to the tenement boundaries and demonstrates that the mineralisation appears open in most directions offering significant future mineralisation upgrade potential.
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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.
Uranium exploration in top producing, mining-friendly jurisdiction of Kazakhstan
Purepoint Uranium
Investor Insight
Purepoint Uranium offers strong leverage to the rising uranium market through a high-impact portfolio in Canada’s Athabasca Basin. With exploration partnership alongside industry majors Cameco, Orano, IsoEnergy and Foran Mining – Purepoint is strategically positioned to deliver discovery success while minimizing dilution.
Overview
The Athabasca Basin in Saskatchewan is a globally recognized uranium district, offering unmatched grade, infrastructure and discovery potential. As governments and utilities increase investment in nuclear energy, exploration in Tier-1 jurisdictions like Saskatchewan is gaining renewed momentum.
With deep industry ties and a disciplined, technically driven approach, Purepoint Uranium (TSXV:PTU,OTCQB:PTUUF) is uniquely positioned to advance multiple high-priority assets in 2025. Key advantages include:
- District-scale exposure to high-potential uranium assets in the Athabasca Basin
- Lower financial risk through strategic joint ventures with Cameco, Orano, IsoEnergy and Foran Mining
- Operational control of exploration activities across its portfolio
- Strong alignment with the renewed push from major producers into uranium exploration
Company Highlights
- Strategic Positioning in the Athabasca Basin: A focused portfolio of advanced uranium projects in the world’s highest-grade uranium district, offering exceptional discovery potential.
- Strong Partnerships with Industry Leaders: Joint Ventures with Cameco, Orano, IsoEnergy, and Foran Mining provides financial strength, technical expertise, and third-party validation.
- Low-Dilution Growth Strategy: Strategic alliances reduce financial risk, enabling Purepoint to advance key assets while preserving shareholder value.
- Positive Outlook Amid Rising Uranium Demand: As global uranium demand surges, Purepoint is advancing high-priority targets aligned with renewed interest from major producers.
Key Projects
Hook Lake Project
Located in Saskatchewan’s Patterson Uranium District, the Hook Lake property spans 28,598 hectares and it is operated by Purepoint (21 percent), in a partnership with Cameco (39.5 percent), Orano (39.5 percent).
Key Highlights:
- Spitfire Discovery: 53.3 percent U₃O₈ over 1.3 metres, including 10 metres averaging 10.3 percentU₃O₈.
- Carter Corridor: 2024 drilling confirmed the Lightning Zone with 0.29 percent U3O8 over 0.9m (incl. 0.68 percent U3O8 over 0.3m).
- Forward Plan: Continued testing of Lightning Zone and northern extension of NexGen’s PCE discovery, where a key conductor extends ~1 km into the Hook Lake property.
Smart Lake Project
Purepoint operates and holds 27 percent of the Smart Lake project in a joint venture with Cameco.
The Smart Lake property comprises 9,860 hectares in the southwestern Athabasca Basin, located 60 km south of the former Cluff Lake mine and 18 km west of Purepoint’s Hook Lake JV.
Key Highlights:
- Shallow Depth(<350m): With geophysical similarities to Shea Creek, 55 km north, which hosts 68 million lbs U₃O₈ at 1.50 percent(UEC, Jan 2023).
- Exploration Potential: Purepoint has confirmed anomalous uranium and hydrothermal alteration.
- Structural Analogues: Uranium mineralization is linked to intersections of the east-west Arthur Fault and north-south features like the Shearwater conductor, similar to mineralization controls at Shea Creek.
- Target Development: Additional east-west faults (Groomes Lake, Cristobal) align with high-priority EM conductors.
- Drilling underway: four holes (~1,400 metres) targeting on high-conductivity zones at the Groomes Lake corridor.
Dorado Project
The Dorado Project is in the eastern side of the Athabasca Basin, positioned along the renowned Larocque Conductive corridor (the “Larocque Trend”), home to IsoEnergy’s Hurricane Deposit.
Key Highlights:
- Consolidates Four Projects: The project is a 50-50 percent joint venture with IsoEnergy and it consolidates Turnor Lake, Geiger, Edge and most of the Full Moon properties into a single high-priority exploration initiative
- Operator: Purepoint serves as the operator of the exploration venture.
- Q2 2025 Drill Program: 6,200 metres across 17 holes designed to test a series of graphitic conductors that wrap around a central granitic dome, with target areas prioritized based on a consolidated geological model that now includes both the Turnor Lake and Geiger regions.
Aurora Project
The Aurora Project, a 50/50 joint venture with IsoEnergy Ltd., is located along the eastern mine trend of the Athabasca Basin—an area known for its high-grade uranium deposits.
Key Highlights:
- Strategic Location: Positioned directly east of the Dorado Project and close to Orano’s past-producing JEB deposit and Cameco’s Eagle Point deposit.
- Consolidates Three Projects: Aurora includes portions of the Full Moon, Red Willow, and Collins Bay Extension properties, offering significant near-surface uranium potential near the McClean Lake and Rabbit Lake operations.
- Operator: Purepoint serves as the operator of the exploration venture.
- Geophysical Survey: An airborne geophysical survey is planned for 2025 covering the Collins Bay Extension and is intended to refine shallow targets in proximity to the McClean Lake and Rabbit Lake infrastructure.
Celeste Project
The Celeste Block Project, a 50/50 joint venture with IsoEnergy Ltd., and incorporates Thorburn (Celeste West), North Thorburn (Celeste North), Madison (Celeste East) and 2Z properties (Celeste South).
Key Highlights:
- Favourable Location: covers portions of conductor trends east of the Cigar Lake Mine and southwest of the Rabbit Lake and McClean Lake mines.
- Operator: Purepoint serves as the operator of the exploration venture.
- 2025 Drilling at Celeste East: initial drilling scheduled for late Q3 to focused on shallow conductor systems with ongoing geophysical refinement across the broader block at a later time.
Denare West
Located ~55 km WSW of Flin Flon, Manitoba, Denare West is a 21,066-hectare VMS exploration project identified by Purepoint in 2018 as highly prospective, positioned on strike with the Hanson Lake and McIlvenna Bay deposits.
Key Highlights:
- Optioned to Foran Mining under a $19 million earn-in agreement.
- Location: 9km from Foran Mining‘s McIlvenna Bay deposit (39 Mt @ 2.04 percent CuEq), on path to production.
- VTEM Max Survey (2025): The completed and interpreted a airborne EM survey over the Denare West project in February 2025 revealed multiple conductive anomalies aligned with the geologic horizon known to host VMS deposits in the region.
Tabbernor Project
The 100 percent-owned Tabbernor Project covers 79,463 hectares along the crustal-scale Tabbernor Fault System—a 1,500-kilometre-long crustal shear zone that extends north through the Athabasca Basin. This deep-seated structure hosts over 80 historic mines and gold showings and intersects the Basin’s primary uranium trend, aligning with eight of its largest uranium discoveries.
Key Highlights:
- Intersecting Major Uranium Trends: Aligned with eight of the Basins largest uranium discoveries
- 2025 Program: Follow-up activities will include boulder sampling, drilling, prospecting, and soil geochemical surveys.
Management Team
Chris Frostad - President, CEO and Director
With over 40 years of experience, Chris Frostad has led the growth and development of early-stage public and private companies across the technology and mining sectors. He has served as president and CEO of Minera Alamos and held director roles at Victory Capital (VIC) and Enthusiast Gaming Holdings (EGLX), as well as CEO-in-Residence at a Toronto-based venture capital firm.
Scott Frostad - VP of Exploration and Director
Scott Frostad has over 30 years of experience in the Canadian mining industry and has worked with top companies such as Lac Minerals, Teck, and Placer Dome. Most recently, he served as environmental specialist for Cogema Resources, managing environmental issues at the Cluff Lake and McClean Lake Uranium Mines in Northern Saskatchewan.
Ram Ramachandran - CFO
Before his position as CFO with Purepoint, Ram Ramachandran brings an 11-year tenure as deputy director and associate chief accountant with the Ontario Securities Commission. Most recently, Ramachandran provided advisory services in the area of litigation/compliance to numerous companies. To his credit, Ramachandran conceived, developed and launched the Canadian Securities Reporting Advisor – an online compliance tool for public companies.
Jhorose Cardenas - Director of Finance
Jhorose Cardenas is a Chartered Professional Accountant with extensive experience in public accounting, specializing in audits for SMEs, public sector agencies, Indigenous organizations, and not-for-profits. She has led financial reporting and compliance under ASPE, PSAS, and IFRS, including the implementation of new standards such as CAS 315 and IFRS 17.
Jeanny So - Corporate Communications
Jeanny So has over 20 years of experience in operations, investor relations, sales and marketing in the financial industry and has executed corporate communication programs for several private and publicly listed companies.
C29 Metals Investor Kit
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