C29 Metals Ends Kazakhstan Operations, Holds $1.05M Cash for Australian Exploration
C29 Metals has announced its strategic exit from Kazakhstan to concentrate on advancing its Australian copper and gold projects, notably the Mayfield site, with $1.05 million cash in hand.
- Strategic exit from Kazakhstan and termination of Bask International agreement
- Refocus on Australian assets, especially Mayfield Copper & Gold Project
- Quarter-end cash balance of $1.048 million
- Exploration expenditure reduced, no substantive mining production
- Board considering new copper and gold exploration opportunities
Strategic Shift Away from Kazakhstan
C29 Metals Limited (ASX – C29) has taken a decisive step to exit its Kazakhstan operations, terminating its Binding Heads of Agreement with Bask International. Despite efforts to secure sustainable operations and consolidate its Ulytau Project, the company found the regulatory and operational environment untenable, prompting the Board to refocus its strategy exclusively on Australian assets.
Focus on Australian Copper and Gold Projects
The company is now directing its attention to the Mayfield Copper & Gold Project in Queensland, where it recently secured a three-year extension on its exploration licence. Detailed planning is underway to initiate the next phase of exploration activities, signaling a renewed commitment to unlocking value from its domestic portfolio.
Financial Position and Operational Outlook
At the end of June 2025, C29 Metals reported a cash balance of $1.048 million, reflecting a cautious approach to expenditure amid strategic realignment. Exploration and evaluation costs were $238,000 for the quarter, with no substantive mining production reported. The Board anticipates reduced spending following the Kazakhstan exit and currently does not plan to raise additional capital.
Corporate and Investor Relations
Corporate costs were managed tightly, with administration and advisory expenses totaling $71,000 and investor relations activities scaled back. Payments to related parties, including director fees, amounted to $179,000. The company remains focused on maintaining a lean cost structure as it navigates this transition.
Looking Ahead
Beyond Mayfield, C29 Metals is actively considering new opportunities in the copper and gold exploration space, particularly later-stage projects that could accelerate growth. Managing Director Shannon Green emphasized a forward-looking stance, underscoring the company’s commitment to leveraging its Australian assets and pursuing promising exploration prospects.
Bottom Line?
C29’s exit from Kazakhstan marks a pivotal reset, with the company betting on Australian copper and gold to drive its next growth phase.
Questions in the middle?
- What timeline and budget has C29 set for the next exploration phase at Mayfield?
- How will the Kazakhstan exit impact the company’s overall valuation and investor sentiment?
- What criteria will guide C29’s pursuit of new copper and gold exploration opportunities?
