C29 Metals to Drill Two Targets at Sampsons Tank, Plans Capital Raise
C29 Metals is set to drill test two key targets at its Sampsons Tank Copper project after a strategic review, while relinquishing its Mayfield project and preparing for a capital raise.
- Sampsons Tank Copper project prioritised for drilling in NSW
- Mayfield Copper & Gold project in Queensland relinquished
- Focus on expanding and diversifying exploration portfolio globally
- Quarter-end cash balance of $653,000 with $102,000 spent on exploration
- Capital raise planned to support ongoing operations and growth
Strategic Shift to Sampsons Tank
During the September 2025 quarter, C29 Metals Limited sharpened its focus on its Australian assets, culminating in a comprehensive geological review that identified the Sampsons Tank Copper project in New South Wales as its top exploration priority. The company plans to drill test two promising targets at this site, located within the prolific Lachlan Fold Belt, signalling a renewed commitment to advancing its copper exploration efforts.
Relinquishment of Mayfield Project
In contrast, the company decided to cease further exploration at its Mayfield Copper & Gold project in Queensland, concluding that it no longer warrants investment. The formal process to relinquish the project’s tenements has commenced with the Queensland Department of Natural Resources and Mines. This move reflects a strategic reallocation of resources towards higher-potential assets.
Global Acquisition and Portfolio Diversification
Beyond its Australian operations, C29 Metals is actively assessing new acquisition opportunities worldwide. The goal is to diversify and expand its exploration portfolio, thereby enhancing shareholder value. This global outlook complements the company’s domestic drilling plans and underscores its ambition to grow beyond its current footprint.
Financial Position and Outlook
At quarter’s end, C29 Metals held $653,000 in cash, having spent $102,000 on exploration and evaluation activities primarily related to geological reviews and planning. The company reported a net operating cash outflow of $320,000, influenced by costs associated with winding down operations in Kazakhstan, a process expected to reduce future expenditures. To support ongoing exploration and corporate activities, C29 plans a capital raise in the current quarter, with management expressing confidence in its success.
Looking Ahead
Managing Director Shannon Green emphasised the company’s dual focus on advancing the Sampsons Tank project and pursuing strategic acquisitions. As drilling plans take shape and the capital raise unfolds, investors will be watching closely for results that could reshape C29 Metals’ growth trajectory.
Bottom Line?
C29 Metals’ pivot to Sampsons Tank and planned capital raise set the stage for a pivotal phase in its exploration journey.
Questions in the middle?
- What are the timelines and expected outcomes for the upcoming drill tests at Sampsons Tank?
- How will the planned capital raise be structured, and what size is anticipated?
- Which regions or asset types is C29 targeting in its global acquisition strategy?
