In order to obtain a 100% legal and beneficial stake in a granted exploration license located in Kazakhstan (the Ulytau Uranium Project), C29 Metals Limited has announced that it has entered into a binding share sale and purchase agreement with CA Metals Pty Ltd and Ulytau Resources Ltd.
- After completing thorough due diligence, a transformative transaction was made to purchase a 100% interest in the superior Jusandalinskoye (Ulytau) Uranium Project in Kazakhstan.
- The Ulytau Uranium Project contains a Non-JORC foreign estimate of 9.85M/lbs uranium @ 2790 ppm.
- Multiple Non-JORC foreign drill intersects greater than 40 m and above 6000 ppm U3O8 from 3 m below surface have been recorded.
- An independent geology analysis verifies that there is significant potential for future foreign estimate upgrades, with the foreign estimate seeming open in most directions.
- With 43% of the world’s uranium produced there, Kazakhstan is the biggest and most affordable producer.
- Shannon Green, a seasoned mining executive, becomes the Managing Director of the company.
- C29 has obtained firm commitments for a placement to raise US$3 million (before fees), which will be completed in two tranches.
“We are very excited to have secured a high-grade uranium project of this quality at a time when the uranium industry is experiencing unprecedented supply pressure, with spot prices at a 16-year high,” stated Mr. David Lees, Non-Executive Chairman of C29 Metals, in response to the proposed acquisition. With a Non-JORC high grade international estimate, the Ulytau Uranium Project offers the Company a significant possibility.
“We aim to create shareholder value over the course of 2024 as we execute on a systematic exploration program. Drilling is anticipated to begin in 3Q23, subject to approvals.”
“I would like to take this opportunity to thank Jeremy King on behalf of the Board for his significant contribution and service to the Company since his appointment in 2022,” the statement reads. “Jeremy King is stepping down as Executive Director.”
“I’d like to extend a warm welcome to Shannon for his appointment to the Board. His background in corporate governance and project development, particularly with regard to uranium projects, will be extremely beneficial to the Company going forward.”
“I would also like to thank shareholders for their ongoing support to date and we look forward to an exciting 2024 and beyond.”
Commenting on joining the company and the proposed acquisition, C29 Metals Managing Director, Mr. Shannon Green, said: “After completing the due diligence process for the acquisition, recognising the quality of the Ulytau Uranium Project, the potential upside opportunity it offers, as well as the quality of the Company’s existing projects, the opportunity to join C29 was a very exciting prospect.”
“I look forward to working with the existing team to drive shareholder value in the long term and being in country shortly to commence work on the project.”
