C29 Metals (ASX:C29) Signs Binding HOA to Drive Growth in Kazakhstan

Jane Morgan Management

Perth, Australia – 5 May 2025 | C29 Metals Limited (ASX: C29) (“C29” or the “Company”) is pleased to announce it has entered into a legally binding Heads of Agreement (HOA) with Kazakhstan-based Bask International Group Ltd, marking a pivotal step in C29’s expansion.

The HOA, executed through C29’s wholly owned Kazakhstani subsidiary C29 Metals Limited (“C29 Kazakhstan”), establishes the framework for an incorporated Joint Venture (JV) to identify and develop advanced copper and gold exploration projects across Kazakhstan.

HIGHLIGHTS

• Binding HOA signed with Bask International Group Ltd, based in Astana, Kazakhstan.

• Formation of an incorporated JV to focus on copper/gold exploration projects with Tier-1 potential.

• JV ownership structure: C29 Metals (75%), Bask International (25%).

• C29 will provide 100% of initial funding to progress projects through the Final Investment Decision (FID).

• Joint venture company to be governed by the Astana International Financial Centre (AIFC) legal framework.

• JV to operate independently of C29’s existing project portfolio and capital structure.

• A formal joint venture agreement is expected within four (4) weeks.

This initiative is part of C29’s forward-looking strategy to rapidly scale and diversify its portfolio while capitalising on global energy transition demand for critical minerals.

Commenting on the HOA, C29 Metals Managing Director, Mr Shannon Green, stated: “The execution of the HOA as a precursor to the incorporated joint venture marks another significant milestone in our strategic growth plans. Partnering with Bask International Group in Kazakhstan will grant us access to opportunities that would not typically be within the Company’s’ scope and Bask International Group Ltds’s network and capabilities will enable us to move at an unprecedented pace as we work to rapidly scale the Company.”

Commenting on the HOA, Founder and Head of Bask International Group Ltd, Mr Yerlan Issekeshev, stated: “Kazakhstan stands at the threshold of a new era in resource development. While the post-Soviet period saw a slowdown in geological exploration, the potential beneath Kazakhstan’s soils remains vast—and largely untapped. Kazakhstan is endowed with nearly every type of critical mineral essential for the global energy transition and industrial innovation. 

At the core of our partnership with C29 lies a clear vision: to ensure that these resources benefit our people and fuel Kazakhstan’s sustainable growth. We’re not just seeking capital—we’re bringing in world-class expertise and best practices to unlock value responsibly and transparently. This is only the beginning. We’re building a long-term partnership that will redefine how Kazakhstan’s subsoil potential is realized.”

The parties are working collaboratively in good faith and are actively progressing due diligence on multiple projects. No assets have been formally acquired at this stage, and the final terms of the incorporated JV will be documented in a definitive agreement to be executed within four weeks.

Shannon Green
Managing Director
[email protected]

Jane Morgan
Investor & Media Relations
[email protected]

Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]