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Highlights:

  • Terra Uranium enters agreement to acquire 100% of Dundee Resources Pty Ltd
  • The company’s acquisition includes Glen Eden, Bald Nob, and Deepwater tin-tungsten-molybdenum assets
  • T92 Placement raises AUD 865,000 to support new exploration and development initiatives

Terra Uranium Limited (ASX:T92) has signed a Binding Term Sheet to acquire 100% of the issued capital of Dundee Resources Pty Ltd, securing ownership of a portfolio of polymetallic projects located in New South Wales (NSW), Australia. The assets include the Glen Eden, Bald Nob, and Deepwater projects, which are prospective for tin, tungsten, molybdenum, silver, and other base metals.

The acquisition is intended to complement Terra Uranium’s existing holdings, particularly its Ottery Tin Project located approximately 100km away, and marks an expansion into non-uranium critical mineral assets amid rising demand and prices for tungsten and molybdenum.

The Glen Eden Project is considered the centrepiece of the acquisition and is reported to be the largest undeveloped tungsten project in New South Wales. The tenement includes significant zones of mineralisation containing tungsten (WO₃), molybdenum (MoS₂), tin (SnO₂), bismuth (Bi), and silver, hosted within a multi-phase brecciated greisen and stockwork complex.

Diamond drilling data from historical programs completed in the 1980s by Carpentaria Exploration and Amoco Minerals has shown persistent mineralisation at depths up to 385 metres, with mineralisation remaining open in all directions. Notable intersections include:

  • Hole GENSW80-1: 282m @ 0.11% MoS₂, 0.02% SnO₂, 0.08% WO₃
  • Hole GENSW80-2: 235m @ 0.10% MoS₂, 0.03% SnO₂, 0.06% WO₃
  • Hole GENSW81-5: 392m @ 0.06% MoS₂, 0.01% SnO₂, 0.025% WO₃

These results also showed elevated bismuth concentrations, with averages around 150 ppm.

Historic metallurgical testing by Amoco indicated potential for recovery rates of 66% tungsten, 86% molybdenum, and 58% tin into saleable concentrates. Geochemical and alteration patterns suggest a large hydrothermal system, with a 500m diameter mineralised core surrounded by broader alteration halos. 3D modelling of the area indicated potential for deeper, higher-grade molybdenum-tungsten zones, similar to known Henderson-style deposits.

The Glen Eden licence (EL9764) is located approximately 50km by sealed road from developing critical mineral mines at Taronga (First Tin, AIM: 1SN) and Hillgrove Antimony (Larvotto Resources, ASX LRV), placing the acquisition in a known mining corridor.

An initial conceptual exploration target has been defined to a depth of 100–150m, with a range of:

  • 20–30 million tonnes grading
  • 0.05–0.08% WO₃
  • 0.02–0.04% SnO₂
  • 0.06–0.10% MoS₂

This equates to a potential grade range of 0.18–0.29% WO₃ equivalent. The company notes that this target is conceptual in nature, and there has been insufficient modern exploration to define a Mineral Resource. Infill drilling over the next two years is planned to test the model and evaluate economic potential.

To support the acquisition and planned exploration, Terra Uranium has secured firm commitments to raise AUD 865,000 via a placement at AUD 0.03 per share. Each share will include a listed option exercisable at AUD 0.09, expiring 31 December 2026. The capital raised is expected to fund early-stage work across the new NSW projects.

As of 2 July 2025, Terra Uranium shares were trading 34.48% higher at AUD 0.039 per share.