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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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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
xU3O8 (uranium.io)
Investor Insight
Purpose-built for today’s energy transition, xU3O8 sits at the intersection of technology, finance, and nuclear energy, offering a simplified and transparent alternative to legacy uranium investments amid surging global demand. The xU3O8 token, now accessible on leading global exchanges, is a groundbreaking digital asset that provides direct, efficient exposure to the uranium market.
Overview
Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.
The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.
Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.
Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.
As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.
Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.
With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.
In July 2025, the company launched its xU3O8 token on KuCoin, MEXC, and Gate.io — ushering in a new era of uranium investment. This simultaneous, multi-platform listing marks a major milestone in the evolution of real-world asset (RWA) tokenization, delivering institutional-grade exposure to uranium markets to a combined audience of over 115 million global traders.
By debuting across multiple top-tier platforms, xU3O8 ensures broad accessibility and liquidity for investors:
- KuCoin – With over 41 million users in 200+ countries, KuCoin offers a full suite of trading services—spot, margin, options, and futures. As a technology-first exchange focused on accessibility, KuCoin shares xU3O8’s mission to dismantle traditional investment barriers.
- MEXC – Founded in 2018, MEXC serves 36 million users globally and has seen explosive 2024 growth: 143 percent increase in spot trading and 118 percent in futures. Its intuitive platform makes crypto trading “simple, accessible, and rewarding,” mirroring xU3O8’s goal of democratizing uranium investment.
- Gate.io – Ranked among the top 3 global crypto exchanges by real trading volume, Gate.io boasts 32 million users and supports over 3,600 digital assets. With institutional-grade security and a commitment to 100 percent reserve holdings, Gate.io provides the infrastructure essential for tokenized commodity trading.
Each xU3O8 token represents fractional ownership of physical uranium ore concentrate (yellowcake) securely stored by Cameco in regulated facilities, eliminating the high barriers to entry that once restricted uranium investment to institutions and major corporations.
Company Highlights
- Uranium.io is a pioneering platform for buying and selling uranium, providing direct ownership of physical uranium via a blockchain-powered token xU3O8.
- Built on Etherlink, powered by Tezos technology, enabling transparency, low fees, energy efficiency and programmable compliance.
- FCA-regulated digital asset custodian, Archax, holds physical uranium in trust on behalf of token holders.
- Physical supply is brokered by Curzon Uranium, a trusted uranium trading and logistics partner with deep industry roots and over $1 billion in uranium trades.
- The uranium bought on the platform is physically stored at a regulated depository owned and operated by Cameco, one of the world’s leading global uranium providers/converters.
- Global 24/7 market access offering fractionalized and direct uranium exposure with real-time settlement and cross-border accessibility.
- Capitalizing on nuclear energy’s role in clean energy transition and the financialization of critical minerals.
- The company has launched the xU3O8 token across three of the world’s leading cryptocurrency exchanges: KuCoin, MEXC, and Gate.io.
- Uranium.io launches a near-real-time pricing oracle, disrupting uranium market opacity and delivering unmatched transparency and efficiency.
Technology Platform
Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.
Uranium.io unveiled the world's first uranium spot pricing oracle, aimed at addressing the price opacity issues in the uranium market. Unlike oil, gold, base metals, and agricultural commodities, uranium pricing has traditionally relied on fragmented, privately negotiated over-the-counter deals, leaving market participants in the dark and creating inefficiencies and uncertainty that limit broad participation.
Uranium.io’s oracle transforms this landscape with:
- Real-time pricing oracle: Launched to tackle uranium market opacity, providing near-instant spot price updates and boosting transparency and efficiency.
- Tokenized uranium trading: Investors can trade fractional shares of physical uranium, democratizing access to a traditionally restricted market.
- Market interest surging: Uranium-related financial instruments, including ETFs, have outperformed Bitcoin in 2025, reflecting growing investor demand.
- Data-driven insights: Aggregates dozens of sources—spot feeds, nuclear equities, commodity funds—and uses algorithms to mirror uranium’s complex market dynamics.
Blockchain Infrastructure: Etherlink, Powered by Tezos
At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.
Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.
Digital Custody: Archax
To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.
Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.
Physical Supply: Curzon Uranium
Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.
Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.
Physical uranium storage: Cameco
The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.
Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.
C29 Metals Investor Kit
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- Upcoming projects