Key Highlights

  • Barys Resources announced two Kazakh exploration licences, 4238-EL and 4412-EL, covering about 335 square kilometres in the North Balkhash region.
  • The Agadez uranium project in Niger has an inferred resource of about 31.2 million tonnes at 315 parts per million U3O8, but exploration is on hold.
  • Cash was about A$2.55 million at 31 March 2026, with the Appendix 5B estimating about five quarters of funding.

Barys Resources (ASX:BRY), formerly ENRG Elements Limited, has changed its name, share structure and strategy within a year, and now pairs gold licences in Kazakhstan with uranium and copper interests in Africa. Its newest project is at an early stage, while its older Assets are either partly stalled or held as minority stakes.

Corporate changes

The company changed its name from ENRG Elements Limited to Barys Resources in early 2026. It subsequently lodged a "Consolidation/Split" notice on 9 June 2026 and released meeting results on 8 July 2026. The consolidation ratio has not been detailed here.

Kazakhstan gold

The company announced its first Kazakh exploration licence, 4238-EL, on 23 April 2026, and a second, 4412-EL, on 28 May. Both are held through the Subsidiary Steppe Rock Resources and cover areas in the North Balkhash region, which the company says lie in a volcanic belt hosting epithermal gold and porphyry copper deposits, with operating gold mines nearby. Together they cover about 335 square kilometres, although company documents give the first licence's area as either 165 or 171 square kilometres. Barys reports reconnaissance observations of "intense alteration", which is a geological description rather than a drilling result or a resource. The company announced on 5 August 2026 that fieldwork had commenced, and on 24 August 2026 that soil sampling had been completed on the Kazakhstan gold projects.

African assets

The Quarterly Report for the three months to 31 March 2026, released on 30 April, describes three other holdings. The wholly owned Agadez uranium project in Niger has permits of about 726 square kilometres renewed to October 2027 and an inferred resource of about 31.2 million tonnes at 315 parts per million U3O8, or 21.5 million pounds, from surface to about 37 metres. Further exploration is on hold because of political instability, and the company is weighing whether to continue or divest. Barys also holds 10 per cent of Ghanzi West, a copper-silver project in Botswana's Kalahari Copper Belt in which Kavango Resources holds the remaining 90 per cent, and 25 per cent of the Virgo project.

Cash, spending and funding

Cash was about A$2.55 million at 31 March 2026, down from A$3.06 million at December. Operating outflow was A$500,000 for the quarter and A$1.24 million for nine months, with administration and corporate costs of A$447,000 outweighing exploration spending of A$65,000. The company's Appendix 5B estimated about five quarters of funding at the current rate of spending, and it reported no debt. Equity raised over the nine months was A$2.03 million before A$241,000 of costs. Management said it was reviewing exploration spending and assessing sales of non-core assets. A further quarterly report was lodged on 29 July 2026; its figures are not covered here, so the cash position after March is not stated.

Key Insights

Early-stage exploration in Kazakhstan carries licensing, access and country risks, and no exploration results have been reported beyond initial observations. The Niger project faces political risk, and the Botswana interests are minority stakes where the company does not control activity. Any new funding would dilute existing holders. A substantial holder notice last dated 28 October 2025 shows Jiadong He with 18.84 per cent, a figure that may since have changed.