Category 2 Environmental Permit Received

C29 Metals receives official Category 2 environmental permit, MOU signed with Volkov Geology (100% owned subsidiary of Katomprom the national & only Uranium producer in Kazakhstan) strong local community support, and a Social Support Agreement signed.

C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to announce that it has received the official Category 2 environmental permit allowing drilling to be undertaken at the Ulytau uranium project with the Official permit received from the Natural Resources and Environmental Management Department.

HIGHLIGHTS

C29 Metals receives official drill permit, the Category 2 environmental permit from Natural Resources and Environmental Management Department.
The Company is pleased to advise that it is at a very advanced stage of finalising the commercial agreement with Volkov Geology and finalising the drilling contact.
Initial drilling will see several key strategic holes targeting the mineralisation with the highest geological confidence.
Obtaining the official permit in rapid time once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying.

On the 28 October 2024, the Company announced the signing of an MOU with Volkov Geology, a 100% owned subsidiary of Katomprom the national & only Uranium producer in Kazakhstan.

Negotiations have continued and the Company is pleased to advise that we are at a very advanced stage of finalising the commercial agreement with Volkov Geology and finalising the commercial agreement with the independent drilling contractor.

As this initial program will be short in nature the drilling will see several key strategic holes drilled to test and verify the mineralisation in a small area of the Ulytau tenement. with final design of the initial drilling program at an advanced stage it is now planned to extend the initial diamond drill holes to a depth of ~500m. The greater depth is to test the area of highest geological confidence and to commence testing the geological theory that the mineralised trend is a part of a larger multi element geological occurrence.

The Company’s geology team has an established base of operations at the nearby village of Aksuyek where C29 enjoys strong community support.

C29 Metals Managing Director, Mr Shannon Green, commented:

“It is very exciting to have the official environmental permit enabling our team to commence the initial diamond drilling program this season. Obtaining this permit so quickly after receiving official notification that all regulatory requirements for the issue of the drill permit had been met once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying”.

Diamond Drill Program

The initial diamond drill program has been designed to test and verify historical drill intersects and will see several key strategic holes drilled in a small area of the Ulytau tenement. With final design of the initial drilling program at an advanced stage it is now planned to extend the initial diamond drill holes to a depth of ~500m. The greater depth is to test the area of highest geological confidence and to commence testing the geological theory that the mineralised trend is a part of a larger multi element geological occurrence.

The geology team will be utilising a handheld XRF unit in the field providing real time geological information to the team and valuable geological data that will assist in prioritising the samples for assay.

Figure 1 below shows the interpreted mineralised uranium trend¹ and location for initial Category 2 drilling.

Figure 1 – The interpreted mineralised Uranium trend & location for initial Category 2 drilling.

Project Location and history

The Ulytau Uranium Project is located in the Almaty Region of Southern Kazakhstan approximately 15 km southwest of the Bota-Burum mine, one of the largest uranium deposits mined in the former Soviet Union. Exploration for uranium has been carried out in the area since 1953. Production of Uranium at the Bota Burum mine next to the village of Aksuyek commenced in 1956 and continued until 1991¹.

Total mined reserves of Bota Burum are quoted at 20,000 tonnes of Uranium (44 million pounds)^1,2.

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This article includes content from C29 Metals Limited, 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.

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	From (m)	To (m)	Interval (m)*	Au (g/t) ms	Au (g/t) Cut ***
	120.0	140.3	20.3	**12.08	8.22
incl.	122.7	123.7	1.0	**14.35
and	133.2	137.6	4.4	**48.38	30.53
incl.	133.2	135.5	2.3	**83.35	50.00
and	136.5	137.6	1.1	**14.95

* Interval along the hole. True width not known.
** Visible gold.
*** Maximum gold grade cut at 50 g/t.
ms: Gold grade obtained by fire assay with metallic sieve of a 1 kg sample.

	Unit	2023 Q4		2024 Q1		2024 Q2		2024 Q3		2024 YTD

U₃O₈ Pounds Sold
Produced	lb	90,000		-		75,000		100,000			175,000
Purchased	lb	-		-		-		-			-
	lb	90,000		-		75,000		100,000			175,000

U₃O₈ Sales
Produced	$ 000	5,441		-		4,624		6,165			10,789
Purchased	$ 000	-		-		-		-			-
	$ 000	5,441		-		4,624		6,165			10,789

U₃O₈ Price per Pounds Sold
Produced	$/lb	60.44		-		61.65		61.65			61.65
Purchased	$/lb	-		-		-		-			-
	$/lb	60.44		-		61.65		61.65			61.65

U₃O₈ Product Cost
Ad valorem and severance taxes	$ 000	53		-		42		81			123
Cash costs	$ 000	1,674		-		2,336		3,798			6,134
Non-cash costs	$ 000	797		-		749		1,012			1,761
Produced	$ 000	2,524		-		3,127		4,891			8,018
Purchased	$ 000	-		-
	$ 000	2,524		-		3,127		4,891			8,018

U₃O₈ Cost per Pound Sold
Ad valorem and severance taxes	$/lb	0.59		-		0.56		0.81			0.70
Cash costs	$/lb	18.60		-		31.15		37.98			35.05
Non-cash costs	$/lb	8.85		-		9.98		10.12			10.07
Produced	$/lb	28.04		-		41.69		48.91			45.82
Purchased	$/lb	-		-		-		-			-
	$/lb	28.04		-		41.69		48.91			45.82

U₃O₈ Product Profit
Produced	$ 000	2,917		-		1,497		1,274			2,771
Purchased	$ 000	-		-		-		-			-
	$ 000	2,917		-		1,497		1,274			2,771

U₃O₈ Product Profit per Pound Sold
Produced	$/lb	32.40		-		19.96		12.74			15.83
Purchased	$/lb	-		-		-		-			-
	$/lb	32.40		-		19.96		12.74			15.83

U₃O₈ Product Profit Margin
Produced	%	53.6	%	0.0	%	32.4	%	20.7	%		25.7	%
Purchased	%	0.0	%	0.0	%	0.0	%	0.0	%		0.0	%
	%	53.6	%	0.0	%	32.4	%	20.7	%		25.7	%

	Unit	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 YTD

U₃O₈ Production

Pounds captured	lb	68,448	38,221	70,679	75,075		183,975
Pounds drummed	lb	6,519	39,229	64,170	71,804		175,203
Pounds shipped	lb	-	35,445	70,390	67,488		173,323

U₃O₈ Ending Inventory

Pounds
In-process inventory	lb	82,033	80,465	86,204	90,140
Plant inventory	lb	22,278	26,062	21,570	26,580
Conversion inventory - produced	lb	43,790	79,235	74,625	40,713
	lb	148,101	185,762	182,399	157,433

Value
In-process inventory	$ 000	-	-	447	427
Plant inventory	$ 000	1,343	1,593	1,072	1,499
Conversion inventory - produced	$ 000	1,228	3,105	3,555	2,320
	$ 000	2,571	4,698	5,074	4,246

Cost per Pound
In-process inventory	$/lb	-	-	5.19	4.74
Plant inventory	$/lb	60.28	61.12	49.70	56.40
Conversion inventory - produced	$/lb	28.04	39.19	47.64	56.98

Produced conversion inventory detail
Ad valorem and severance tax	$/lb	0.59	0.53	0.67	1.63
Cash cost	$/lb	18.60	28.47	36.77	45.26
Non-cash cost	$/lb	8.85	10.19	10.20	10.09
	$/lb	28.04	39.19	47.64	56.98

Category 2 Environmental Permit Received

C29 Metals receives official Category 2 environmental permit, MOU signed with Volkov Geology (100% owned subsidiary of Katomprom the national & only Uranium producer in Kazakhstan) strong local community support, and a Social Support Agreement signed.

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Ulytau Uranium Project

Local Community Support

Board and Management

Shannon Green - Managing Director

David Lees - Non-executive Chairman

Jamie Myers - Non-executive Director

Ailsa Osborne - CFO and Company Secretary

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