C29 Metals' Acquisition of Ulytau Uranium Project

C29 Metals Limited (ASX: $C29) has finalized the acquisition of a 100% legal and beneficial interest in the high-grade Jusandalinskoye (Ulytau) Uranium Project located in Kazakhstan. The project contains a Non-JORC foreign estimate of 9.85M/lbs Uranium @ 2,790ppm, with multiple drill intersects recording high-grade mineralization. The company has also received firm commitments for a placement to raise $3m, which will be completed in two tranches.

Executive Commentary on Acquisition and Future Plans

C29 Metals Non-Executive Chairman, Mr. David Lees, expressed excitement about securing the high-grade Uranium project, highlighting the substantial opportunity it presents for the company. He also emphasized the aim to create shareholder value through a systematic exploration program, with drilling expected to commence in Q3 CY2023. Managing Director, Mr. Shannon Green, expressed enthusiasm for the acquisition, recognizing the project's quality and potential upside opportunity, and looks forward to driving long-term shareholder value.

Summary of C29 Metals' Acquisition and Outlook

C29 Metals' acquisition of the Ulytau Uranium Project marks a significant milestone, offering substantial potential for the company. The project's high-grade foreign estimate and the appointment of experienced mining executive, Shannon Green, as Managing Director, reflect the company's strategic focus on advancing its presence in the uranium sector. The planned exploration program and drilling activities in Q3 CY2023 demonstrate the company's commitment to unlocking the project's full potential. With spot prices at a 16-year high, the company's move aligns with the current industry dynamics, and the successful placement further strengthens its position for future growth and development.