C29 Metals Faces Cash Crunch as It Prepares to Drill and Pursue Acquisitions

Quarterly Overview and Exploration Focus

Australian exploration company C29 Metals Limited (ASX, C29) has reported steady progress in its activities for the quarter ending 31 December 2025. The company remains focused on its core Australian assets, particularly advancing plans to drill at the Samsons Tank Copper project located in the Lachlan fold belt of New South Wales. This project has been highlighted as a promising target, with the company currently preparing the necessary documentation to renew its tenement application, signalling a commitment to maintain and develop this key asset.

Alongside its drilling preparations, C29 Metals is actively evaluating new acquisition opportunities on a global scale. This strategic move aims to diversify its exploration portfolio and enhance shareholder value by broadening its resource base beyond Australia.

Financial Position and Funding Measures

At the end of the quarter, C29 Metals held $211,000 in cash, reflecting a cautious but stable financial position amid ongoing exploration and administrative expenditures. The company reported $85,000 in exploration and evaluation costs, primarily related to geological reviews and drill planning activities. Administrative and corporate costs amounted to $96,000, including legal fees and compliance expenses.

To bolster its funding, the company entered into a convertible loan agreement post-quarter with one of its directors for $150,000. This zero-interest loan is convertible on the same terms as the next capital raise and matures on 30 June 2026. This arrangement underscores management’s confidence in the company’s prospects and their willingness to support its financial needs directly.

Tenement Management and Portfolio Adjustments

C29 Metals is actively managing its tenement portfolio, having initiated the relinquishment process for several projects including Mayfield and Torrens North, as well as withdrawing from its Kazakhstan interests. These moves suggest a strategic refocusing on higher-potential assets and a streamlining of operations. The company continues to hold 100% interests in its key Australian projects, including Samsons Tank, Mayfield, Reedy Creek, and Torrens North, while working through the formalities of tenement surrenders.

Outlook and Strategic Direction

Managing Director Shannon Green emphasised the company’s dual focus on progressing drilling activities at Samsons Tank and pursuing growth through acquisitions. Despite a tight cash runway; estimated at just over half a quarter based on current expenditure levels; C29 Metals expresses confidence in its ability to raise additional capital as needed, supported by previous successful fundraising efforts.

The company’s strategy to combine organic growth through exploration with inorganic expansion via acquisitions could position it well to capitalise on favourable market conditions in the copper sector. However, the timing and success of these initiatives remain key factors to watch in the coming months.