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Quarterly Activities/Appendix 5B Cash Flow Report
C29 Metals Limited (ASX:C29) (C29, or the Company) is pleased to provide an overview of activities for the period ending 31 December 2024 (the “Quarter”, the “Reporting Period”) to accompany the Appendix 5b.
December 2024 Quarter Activities
- Company finishes Quarter in good cash position with $2.562m cash at bank.
- Category 2 drilling approval received allowing drilling to commence at the Ulytau uranium project.
- Category 4 approval received allowing geological works excluding drilling to commence on the newly granted norther and southern tenemenets.
- Airborne geophysical programs completed on the Ulytau and southern tenements.
- Company receives notice that its application for Ministerial approval to transfer the ownership of Ulytau Resources Limited, the holder of the Ulytau tenement, had been refused at first instance.
Commenting on the Quarter, C29 Metals Managing Director, Shannon Green, stated: “This Quarter has presented success and challenges for the Company, with the Company experiencing great successes in the granting of approvals for exploration and drilling and also an unexpected setback, with the refusal of Mnisterial approval to transfer the ownership of Ulytau Resources Limited, the holder of the Ulytau tenement.
The Company and its advisors continue to work to address the refusual and remain confident it will be resolved. “
Exploration Program – Ulytau Uranium Project
Approvals
On 7 November 2024, the Company announced that it has received the official Category 2 environmental permit from the Natural Resources and Environmental Management Department allowing drilling to commence at the Ulytau uranium project.
During the quarter the Company worked at finalising the commercial agreement with Volkov Geology and finalising the commercial agreement with the independent drilling contractor, in anticipation of commencing an initial diamond drill program at the Ulytau uranium project.
The Company also received received Category four (4) exploration approval enabling the immediate commencement of tenement wide, geophysical, field mapping and soil sampling programs at its newly granted southern (#2786-EL) and northern tenements(#2826-EL).
The Company’s geology team commenced airborne geophysical programs on the Ulytau tenement (#1860-EL) and the southern tenement (#2786-EL). Refer Figure 1 for Ulytau Uranium Project Tenement locations and geophysical survey flight lines.
On 28 November, the Company received notification via email, at 8pm (ADL), that its initial application for Ministerial approval to transfer the ownership of Ulytau Resources Limited, the holder of the Ulytau tenement, had been refused at first instance.
Upon notification, C29 Managing Director Mr Shannon Green, travelled immediately to Almaty, Kazakhstan, and has been working closely with the Company’s advisors and liaising with various ministries and levels of Government to ensure that all concerns are understood and addressed adequately.
During this time, the Company made the difficult decision to pause exploration works including the planned drill program, further on ground exploration activities, desktop studies and interpretation of data. By conserving cash during this period, the Company aims to maintinain the strongest financial position to continue work once the necessary approvals have been obtained.
On 23 December 2024, the Company released an announcement, providing an update on the refusal to grant Ministerial Approval.
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