Terrain Minerals has made significant progress across its gold, lithium, and rare earth projects during the December 2025 quarter, including drilling milestones and a successful $2.76 million capital raise. The company targets a maiden resource at its Lightning gold prospect by mid-2026.
- 34-hole, 6,800m RC drilling campaign underway at Smokebush gold and silver projects
- Mining lease granted for Lightning prospect; maiden JORC resource targeted mid-2026
- Metallurgical studies progressing at Larins Lane gallium and rare earth project
- Ultra-low-cost soil sampling completed at Carlindie lithium project with results pending
- Capital raised $2.76 million through placements, including director participation subject to approval
Exploration Momentum at Smokebush
Terrain Minerals Limited (ASX, TMX) has reported robust exploration activity during the December 2025 quarter, with a focus on advancing its flagship Smokebush project in Western Australia. The company commenced a substantial reverse circulation (RC) drilling campaign comprising 34 holes totaling approximately 6,800 metres, targeting gold and silver mineralisation across the Lightning and Wildflower prospects.
Drilling at Lightning, the most advanced gold target within the Smokebush tenement, began in late November 2025 with 12 holes completed before a seasonal pause. The company anticipates resuming drilling early in January 2026. Importantly, Terrain secured a mining lease over the Lightning area during the quarter, a critical step towards resource development. The team aims to deliver an initial JORC-compliant mineral resource estimate by mid-2026, supported by ongoing diamond drilling planned for the first quarter.
Emerging Targets and Geophysical Advances
Following Lightning, the exploration focus will shift to the Wildflower gold prospects, where a 13-hole RC drilling program is scheduled to test three priority targets identified by a recent induced polarisation (IP) geophysical survey. This survey successfully delineated large chargeability anomalies indicative of sulphide mineralisation, which often correlates with gold deposits. The Wildflower targets share geological similarities with Lightning, including proximity to the Mt Mulgine granite intrusion and structural corridors, suggesting promising potential for discovery. Results from this campaign are expected by April 2026.
Strategic Progress in Critical Minerals
Beyond gold, Terrain is advancing its Larins Lane project, focusing on gallium and rare earth elements (REE). The company is collaborating with the Minerals Research Institute of Western Australia and Curtin University on metallurgical studies to optimise extraction methods for these critical metals. These studies, part of a government-supported research initiative, are due to report by the end of the first quarter of 2026. Larins Lane hosts a substantial oxide-hosted regolith system, with a JORC exploration target covering just 5% of the prospective 27 square kilometre area, highlighting significant upside potential.
At the Carlindie lithium project in the Pilbara region, Terrain completed an ultra-low-cost soil sampling program covering a 15-kilometre strike length along structures analogous to those hosting the nearby Tabba Tabba lithium deposit. Results are pending, but the project benefits from strategic positioning adjacent to major lithium producers and recent regional discoveries, reinforcing its prospectivity.
Financial Position and Corporate Developments
Terrain successfully raised a total of $2.76 million through two placements during the quarter, ensuring full funding for its current exploration programs. Executive Director Justin Virgin committed $450,000 across these placements, subject to shareholder approval at a general meeting scheduled for late January 2026. The company ended the quarter with approximately $2.04 million in cash, positioning it well to execute its drilling and development plans.
Marketing efforts continued internationally, with Terrain presenting at key mining conferences in Germany and Australia, and engaging with industry stakeholders to promote its rare earth and gallium projects, which are critical to emerging technologies such as semiconductors and AI.
Outlook
Terrain Minerals is methodically advancing a diversified portfolio of exploration projects across gold, lithium, and critical metals. The upcoming months will be pivotal, with assay results from ongoing drilling campaigns and metallurgical studies expected to provide clarity on resource potential and development pathways. The company’s strategic positioning within established mineral belts and proximity to infrastructure further underpin its growth prospects.
Bottom Line?
With drilling underway and key studies progressing, Terrain Minerals is poised for a transformative year ahead as it moves closer to defining significant resources.
Questions in the middle?
- What will the assay results from the Lightning and Wildflower drilling campaigns reveal about resource size and grade?
- How will metallurgical study outcomes influence the development strategy for the Larins Lane gallium and REE project?
- What impact will shareholder approval of director participation in placements have on Terrain’s capital structure and future funding?