MOU Signed with Volkov Geology

C29 Metals Limited (“C29” or the “Company”) is pleased to announce it has signed a Memorandum of Understanding (MOU) with Volkov Geology a 100% owned subsidiary of Kazatomprom the National and only Uranium producer of Kazakhstan. C29 Metals anticipates signing a commercial agreement in the coming weeks.

HIGHLIGHTS

• C29 Metals signs an MOU with Volkov Geology. C29 Metals anticipates signing a commercial agreement in the coming weeks.
• Volkov Geology is a 100% owned subsidiary of Kazatomprom the National & only Uranium producer of Kazakhstan.
• Volkov Geology manages all geological, study and drilling services for Kazatomprom.
• Volkov Geology is a major company in Kazakhstan with approximately 4,500 employees and is the largest driller in Kazakhstan by annual drill metres.
• In consultation and coordination with C29 Metals Exploration Manager Volkov Geology will provide geological services.

Volkov Geology manages all geological, study and drilling services for Kazatomprom. Volkov Geology is a major company in Kazakhstan with approximately 4,500 employees it is the largest driller in Kazakhstan by annual drill metres.

Volkov Geology has a very deep Uranium exploration and mining history dating back approximately 75 years and owns and operates certified laboratories and has the full technical capability in house.

Volkov Geology will provide oversight and technical geological services in consultation and co- ordination with C29 Metals Exploration Manager for the upcoming drill program anticipated to commence in November 2024. Volkov Geology holds the Uranium permits required for the drilling and transportation of Uranium and will ensure strict compliance with all regulations during the drilling program.

Volkov Geology’s scope does not include the drilling and geophysical surveys of drill holes outlined for the initial 2024 drill program an independent drilling contractor will be appointed. Moving into 2025, C29 Metals anticipate that Volkov Geology’s scope of works will expand in particular into studies, geological modelling and resource estimation.

Commenting on the signing of the MOU, Mr Shannon Green, said:

“This is a significant milestone for the company to have Volkov Geology join us as our geological partner is quite simply an incredible step forward as we rapidly advance towards our stated goal of becoming a globally significant Uranium development company.”

Figure 1: C29 Metals & Volkov Geology MOU Signing Ceremony

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.

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