C29 Metals Issues Clarification on Ulytau Uranium Project Announcement
C29 METALS LIMITED (C29) Share Update July 2024 Thursday 25th
C29 Metals Retracts Foreign Exploration Results for Ulytau Uranium Project
C29 Metals Limited (ASX: C29) has issued a clarification regarding its recent announcement about license applications around the Ulytau Uranium Project. The company has retracted foreign exploration results and estimates previously disclosed.
Instant Summary:
- C29 Metals retracts foreign exploration results for Ulytau Uranium Project.
- The retraction follows discussions with the ASX.
- Foreign estimates were not reported in accordance with the JORC Code 2012.
- A competent person has not classified the foreign estimates as a mineral resource.
- Uncertainty remains if foreign estimates can be reported as a mineral resource after further work.
Clarification Announcement
On 25 July 2024, C29 Metals Limited issued a clarification regarding its announcement made on 24 July 2024 about license applications around the Ulytau Uranium Project. The company has retracted the foreign exploration results and estimates included in the initial announcement.
The retraction follows discussions with the Australian Securities Exchange (ASX). The foreign exploration results were previously disclosed under Question 36 of the ASX 'Mining Reporting Rules for Entities: Frequently ASX Questions' (FAQ 36). However, this concession only applies to the initial announcement of an acquisition agreement and related communications.
Compliance with JORC Code 2012
According to the ASX, any subsequent reference to foreign exploration results in an announcement will be regarded as reporting those results for the first time, requiring compliance with Chapter 5 of the Listing Rules and the JORC Code 2012. Consequently, C29 Metals has retracted the foreign exploration results included in the initial announcement.
The foreign estimates were not reported in accordance with the JORC Code 2012. Additionally, a competent person has not done sufficient work to classify the foreign estimates as a mineral resource estimate under the JORC Code 2012. It remains uncertain whether the foreign estimates can be reported as a mineral resource after further evaluation and exploration work.
The retraction of foreign exploration results and estimates is a significant development for C29 Metals. This move may affect investor confidence, as the initial announcement had generated interest in the Ulytau Uranium Project. The lack of compliance with the JORC Code 2012 and the uncertainty surrounding the foreign estimates could lead to a cautious approach from investors.
Investor Reaction:
Analysts and investors are likely to view this retraction with caution. The initial excitement around the Ulytau Uranium Project may be dampened by the need for further work to classify the foreign estimates as a mineral resource. Investor sentiment could be impacted as they await more definitive results.
Conclusion:
Investors should closely monitor further updates from C29 Metals regarding the Ulytau Uranium Project. The company's ability to provide compliant and reliable exploration results will be crucial in maintaining investor confidence. Stay informed and consider the potential long-term impacts on your investment strategy.