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The latest announcement is out from C29 Metals Limited ( (AU:C29) ).
C29 Metals has outlined a significant shift in its growth strategy, securing binding agreements to acquire an 80% stake, with an option to increase to 90%, in a portfolio of seven copper and gold exploration licence applications in Namibia. The move follows an extensive global search and positions the company more firmly in commodities seen as leveraged to the energy transition and resilient precious metal demand.
To support this expansion and ongoing work on its Australian projects, C29 has received firm commitments for a A$4.7 million equity placement to institutional and sophisticated investors. During the quarter, the company focused on renewing its Sampsons Tank and Reedy Creek tenements in New South Wales, maintained a modest cash balance of $55,000 at period end, and reported no substantive mining production, underlining its status as a pure exploration play.
More about C29 Metals Limited
C29 Metals Limited is an ASX-listed exploration company focused on copper and gold projects, with a portfolio of Australian assets in New South Wales and Queensland and exploration licences in Kazakhstan. The company is now expanding its geographic footprint into Namibia, targeting highly prospective copper and gold projects in one of Africa’s more established mining jurisdictions.
Average Trading Volume: 584,048
Technical Sentiment Signal: Hold
Current Market Cap: A$5.57M
Learn more about C29 stock on TipRanks’ Stock Analysis page.