ENRG Elements Limited has secured $2 million through a capital raise, renewed key uranium exploration permits in Niger, and is strategically pivoting towards gold opportunities in Central Asia, alongside a corporate rebranding to Barys Resources Limited.
- Completed $2 million entitlement offer and follow-on placement
- Renewed Agadez Uranium Project permits in Niger through October 2027
- Strategic focus shifting to gold exploration in Kazakhstan and Central Asia
- Maintained interests in copper-silver projects in Botswana’s Kalahari Copper Belt
- Company renamed from ENRG Elements Limited to Barys Resources Limited
Capital Raise and Financial Position
ENRG Elements Limited (ASX – EEL) successfully raised $2 million through a combination of a renounceable entitlement offer and a follow-on placement during the December 2025 quarter. The entitlement offer, priced at 0.1 cents per share with free attaching options, raised $1.6 million, while the subsequent placement added $400,000. This capital injection has bolstered the company’s cash reserves to approximately $3.06 million as of 31 December 2025, providing a solid financial runway amid ongoing strategic reviews and exploration activities.
Exploration and Asset Management
The company has maintained a disciplined approach to exploration expenditure, reporting only $9,000 spent during the quarter. Cost reductions have been a priority, ensuring compliance with tenement minimum spend requirements while preserving corporate governance standards. ENRG continues to evaluate its existing portfolio, including potential divestments of non-core assets, to maximise shareholder value.
Agadez Uranium Project Renewal
A key highlight is the renewal of the Agadez Uranium Project exploration permits in Niger for an additional three years, extending tenure through to October 2027 without any relinquishment. The project hosts an inferred mineral resource of approximately 31.2 million tonnes at 315 ppm U3O8, equating to 21.5 million pounds of contained uranium oxide from surface to around 37 metres depth. Despite no active exploration during the quarter, the company remains open to options including further exploration or potential divestment strategies to unlock value from this world-class asset.
Strategic Pivot to Central Asia Gold Opportunities
ENRG is actively shifting its strategic focus towards gold exploration in Central Asia, particularly Kazakhstan. The company has built a comprehensive database of mineral prospects in the region, recognising Kazakhstan’s vast mineral wealth and underexplored potential since the 1980s. This pivot aligns with the company’s objective to diversify and capitalise on emerging opportunities in a jurisdiction with a mining code modelled on Western Australia’s framework.
Copper-Silver Interests in Botswana
Alongside its uranium and gold ambitions, ENRG retains interests in copper-silver projects in Botswana’s Kalahari Copper Belt. The company holds a 25% stake in the Virgo Project and a 10% interest in the Ghanzi West Copper-Silver Project, both situated near significant copper discoveries and established mines. These assets position the company within one of the world’s most prospective copper belts, in a stable and mining-friendly jurisdiction.
Corporate Rebranding
Reflecting its evolving strategic direction, shareholders approved a name change from ENRG Elements Limited to Barys Resources Limited in January 2026. This rebranding signals a new chapter for the company as it broadens its exploration focus and pursues growth opportunities across multiple commodities and regions.
Bottom Line?
With fresh capital and renewed permits secured, Barys Resources is poised to deepen its Central Asia gold ambitions while managing its uranium and copper assets carefully.
Questions in the middle?
- What specific gold projects in Kazakhstan is Barys Resources targeting next?
- Will the company pursue active exploration or divestment of the Agadez Uranium Project?
- How will the rebranding to Barys Resources influence investor perception and market positioning?