Terra Metals has secured financial commitments of A$4m ($2.6m) from strategic investors through the issuance of 114.2 million new ordinary shares at A$0.035 each.
The proceeds will support the exploration and development of the company’s wholly owned Dante copper-gold-platinum group metal project in Western Australia (WA).
The strategic investors include Golden Energy and Resources (GEAR), an Asia-Pacific resources company, and Matthew Latimore, a notable figure in the Australian resources sector.
GEAR operates through various coal and gold mining subsidiaries including Stanmore Resources and Illawarra Coal Holdings.
GEAR executive director and chief investment officer Mark Zhou said: “The Dante Project is clearly a standout district-scale opportunity for a globally significant critical minerals resource. GEAR is pleased to take up a shareholding in Terra Metals and to be partnering with and supporting Terra Metals in this exploration journey.”
Latimore, founder and president of M Resources, holds stakes in several resource companies.
Latimore said: “This investment is aligned with M Group’s long-term growth strategy in minerals essential to the energy transition and future economy. It also complements our existing Queensland-based vanadium and graphite assets held through M Critical Minerals.”
Terra Metals’ largest shareholder, Tribeca Investment Partners, has also pledged to maintain its 15% stake under the placement, subject to shareholder approval.
The proceeds from the placement will be used for drilling activities and general corporate purposes.
The placement will be completed in two tranches, with the second contingent on shareholder approval at an upcoming General Meeting.
Terra Metals has already conducted more than 17,000m of drilling, revealing a laterally extensive reef-style system with potential across hundreds of kilometres.
An independent South African resource consultancy is scheduled to visit the site in mid-June in preparation for the company’s maiden mineral resource estimate.
In January 2025, Terra Metals announced an option to acquire HRM Exploration, which holds four exploration licences covering 618km², contiguous with the Dante project.
“Terra Metals secures investment to fund Dante project in Australia” was originally created and published by Mining Technology, a GlobalData owned brand.
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