Terrain’s $450K Placement Fuels High-Stakes Exploration at Smokebush and Lort River

Strategic Placement to Fuel Exploration Momentum

Terrain Minerals Limited (ASX: TMX) has successfully secured approximately $450,000 through a placement of 150 million fully paid ordinary shares priced at $0.003 each. This capital injection, announced on 22 January 2025, is earmarked to advance exploration activities at the company’s flagship Smokebush Gold Project and the Lort River Nickel/Copper Projects in Western Australia.

The placement shares will settle in a single tranche around 28 January 2025, issued under the company’s existing placement capacity. Leeuwin Wealth acted as the lead manager for the placement, earning a 6% fee on the funds raised. Terrain’s board expressed appreciation for the support from new shareholders and key strategic investors who catalyzed the need for this funding round.

Focused Drilling Programs Target High-Value Prospects

The funds will primarily support additional drilling at the Smokebush Gold Project, where Stage 1 results are pending and Stage 2 drilling is scheduled to commence in late January 2025. This includes work at the Larin's Lane Gallium prospect, which has shown promising broad zones of gallium mineralisation over a substantial strike length, potentially positioning it as a significant clay/oxide-hosted gallium project.

At the Lort River Project, the capital will back ongoing drilling campaigns targeting high-priority sulphide bedrock conductors identified through Terrain’s aerial VTEM survey. These conductors, labelled Targets 1 and 2, are situated on the edge of a mafic or ultramafic intrusion, reminiscent of the geological setting of IGO’s Nova-Bollinger nickel deposits. Ground-based EM surveys have been completed, and drill results are expected by March 2025.

Broader Exploration and Pipeline Development

Beyond these core projects, Terrain plans to advance exploration across its broader portfolio, including other Western Australian assets and pending tenement applications in Queensland and the East Pilbara. The company remains open to commercial discussions regarding the sale or joint venture of non-core assets, signaling a strategic approach to portfolio optimisation.

Terrain’s diversified exploration focus spans gold, copper, nickel, and industrial minerals, with an eye on expanding into other jurisdictions such as Africa, Europe, and the Americas. This placement thus not only supports immediate drilling but also underpins the company’s longer-term growth ambitions.

Outlook and Market Positioning

As Terrain moves into this next phase of exploration, the market will be watching closely for the results of the upcoming drilling campaigns. Positive outcomes could materially enhance the company’s resource base and investor appeal, especially given the geological parallels to established nickel-copper mines in the Albany Fraser Belt.

While the placement is modest in size, it reflects a targeted and prudent capital raise designed to sustain momentum without significant dilution. Terrain’s ability to attract sophisticated investors and strategic partners will be critical as it seeks to convert exploration potential into tangible value.