C29 Metals bolstered its Kazakhstan multi-mineral project with a new tenement grant and appointed Dr Robert Stuart as Chief Geoscientist, while maintaining a solid cash position of $1.674 million at quarter end.
- New tenement granted expanding Kazakhstan project to ~399 km²
- Appointment of Dr Robert Stuart as Chief Geoscientist & Exploration Manager
- Resubmission of Ministerial Transfer Application with added documentation
- Exploration expenditure of $547,000 focused on airborne surveys and tenement administration
- Strong cash position of $1.674 million with approximately two quarters of funding runway
Project Expansion in Kazakhstan
C29 Metals Limited (ASX:C29) has taken a significant step forward in its Kazakhstan multi-mineral exploration project by securing a new tenement to the east, adjoining its southern tenement. This addition increases the total project footprint to approximately 399 square kilometres, reinforcing the company's strategic positioning within a highly prospective mineralised trend. The granted tenement (#3233-EL) was approved by the Kazakhstan Ministry of Natural Resources on 17 March 2025, extending the company's ground position and potential resource base.
Strengthening the Exploration Team
In a move to accelerate on-ground activities, C29 Metals appointed Dr Robert Stuart as Chief Geoscientist and Exploration Manager during the quarter. Dr Stuart brings extensive geological expertise and is preparing to commence fieldwork aimed at defining priority drill targets. His appointment signals the company’s commitment to advancing exploration efforts and unlocking value from its tenements.
Regulatory and Corporate Developments
The quarter also saw the resubmission of the Ministerial Transfer Application for the acquisition of Ulytau Resources Limited shares, accompanied by additional supporting documentation. This follows a prior refusal of ministerial approval in late 2024, making the outcome of this resubmission a key near-term catalyst for C29 Metals. On the corporate front, the company issued options to directors, brokers, and employees under its Employee Securities Incentive Plan, and transitioned its share registry to Computershare Investor Services Pty Limited.
Financial Position and Expenditure
As at 31 March 2025, C29 Metals held $1.674 million in cash, reflecting a solid financial position to support ongoing exploration activities. The company reported exploration and evaluation expenditure of $547,000 during the quarter, primarily related to airborne geophysical surveys and tenement management. Administrative and corporate costs amounted to $223,000, with related party payments of $108,000 comprising director fees. Notably, there were no mining production or development activities during this period.
Outlook and Strategic Focus
Managing Director Shannon Green highlighted the company’s progress in expanding its tenement portfolio and strengthening its technical team. With Dr Stuart gearing up for fieldwork and the Ministerial Transfer Application resubmitted, C29 Metals is positioning itself for a potentially transformative phase of exploration. However, with an estimated cash runway of just over two quarters, the company will need to monitor funding requirements closely as it advances its Kazakhstan project.
Bottom Line?
C29 Metals’ expanded footprint and expert hire set the stage for critical exploration milestones amid pending regulatory approvals.
Questions in the middle?
- When will the Kazakhstan Ministry of Natural Resources decide on the resubmitted Ministerial Transfer Application?
- What initial results will Dr Robert Stuart’s upcoming fieldwork yield for prioritising drill targets?
- How does C29 Metals plan to secure funding beyond its current cash runway to sustain exploration momentum?