ASX uranium explorer targets Kazakhstan's high-grade deposit
ASX-listed explorer C29 Metals has plugged a significant gap in Australian uranium exposure by securing rights to Kazakhstan's Ulytau project, a high-grade deposit that stands apart from most comparable assets worldwide.
The acquisition targets ore grading 2,790ppm uranium—a concentration that incoming managing director Shannon Green describes as exceptional. Historic drill holes intersected grades as high as 6,500–7,000ppm, data that Green says is virtually unseen in global uranium exploration. For context, most commercial uranium projects operate on material grading 700ppm or above; Ulytau's baseline sits nearly four times that threshold.
C29's deal fills a conspicuous void for local investors. The uranium sector has seen a resurgence as nuclear power demand drives prices higher, yet Australian equity markets have lacked direct exposure to Kazakhstan—a country that produces three times more uranium than any other nation. The Ulytau project lies near Bota-Burum, a historic Soviet-era mine in Kazakhstan's south, and sits within a region geologically prospective for further discovery.
The asset comes with a historic resource estimate of 9.85 million pounds, though this figure remains unaudited and not JORC compliant. C29 plans initial exploration and drilling in the September quarter, with the aim of declaring a maiden JORC resource estimate and exploration target within twelve months.
Green, who spent 25 years evaluating uranium projects across Australia—including the stalled Ben Lomond deposit near Townsville and the Wiluna operation in Western Australia—framed the grade alone as the primary draw. "The grade stands head and shoulders above most other uranium projects around the world," he said. The combination of exceptional concentration and Kazakhstan's expertise in low-cost, low-impact in-situ recovery (ISR) extraction methods sets the project apart from conventional mining approaches.
Kazakhstan's mining framework, revised in 2018 to align with Western Australian standards, has attracted major foreign investors for decades. Canadian uranium giant Cameco has maintained a 40 per cent stake in the Inkai ISR mine since 2008, working alongside state-owned Kazatomprom as the 60 per cent partner. The precedent suggests a stable regulatory environment for ASX-listed explorers entering the region.
C29's Kazakhstan venture marks a first for the ASX uranium sector. The move comes as another ASX-listed miner, Sarytogan, advances one of the world's highest-grade graphite projects in the same country—a parallel bet on Kazakhstan's mineral wealth and mining governance.
Frequently Asked Questions
Kazakhstan produces three times more uranium than any other nation, making it uranium central. Until now, ASX investors had no direct exposure to this resource base. C29 Metals' acquisition fills that gap for local equity investors seeking nuclear fuel exposure.
The project grades 2,790ppm uranium on average—nearly four times the minimum economic threshold of 700ppm—with historic drill holes intersecting 6,500–7,000ppm. These concentrations are rarely seen globally and significantly reduce extraction costs.
C29 plans initial exploration and first drilling in the September quarter 2024. The company aims to declare a maiden JORC-compliant resource estimate and exploration target within 12 months of completing the acquisition.