Terra Critical Minerals has completed a key acquisition in Nevada and boosted its Canadian uranium investment, positioning itself to capitalise on soaring tungsten and uranium prices.
- Acquisition of 100% True American Tungsten Project in Nevada
- Amended option agreement to increase investment in Pasfield Lake uranium project
- Active exploration across multiple Australian critical and precious metals projects
- Tungsten prices hitting record highs amid supply constraints and demand growth
- Uranium market buoyed by global energy transition and government support
Strategic North American Expansion
Terra Critical Minerals (ASX, T92) marked a transformative quarter with the successful acquisition of full ownership of the True American Tungsten Project in Nevada, USA. This move, coupled with the establishment of T92 USA Inc, signals a sharpened focus on North America, a region rich in critical minerals and supported by potential US government funding initiatives. The True American project, a high-grade, past-producing tungsten site, sits in a prolific mining district alongside notable peers, offering significant exploration upside given its under-explored status since the 1940s.
Expanding Uranium Footprint in Canada
In Canada, Terra amended its definitive option agreement with ATHA Energy Corp to double its minimum expenditure commitment to CAD$2 million on the Pasfield Lake uranium project, aiming to secure a 30% interest. This increased investment aligns with the rising uranium prices driven by global decarbonisation efforts and renewed interest in nuclear energy, including the development of Small Modular Reactors. Terra’s portfolio in the Athabasca Basin, a world-class uranium province, is supported by strategic partnerships and a pipeline of drill-ready targets.
Robust Exploration Activity in Australia
Back home in Australia, Terra continues to advance exploration across its New England projects, targeting critical and precious metals such as tungsten, tin, molybdenum, silver, and gold. Noteworthy projects include the Glen Eden prospect, where historical drilling and geological modelling suggest a sizeable mineralised system, and the Ottery Tin Mine, which has returned significant shallow intercepts of tin, silver, and gold. The company is progressing permitting and planning drilling programs to validate and expand these targets.
Market Dynamics Supporting Growth
Tungsten prices have surged to all-time highs, driven by Chinese supply restrictions and heightened demand from sectors like AI infrastructure, data centres, and defence. Similarly, uranium prices have climbed, supported by government policies favouring nuclear power as a clean energy source and supply chain realignments away from Russia. Terra’s strategic positioning across these commodities places it well to benefit from these favourable market trends.
Financial Position and Outlook
As of 31 December 2025, Terra held a cash balance of A$0.239 million, with ongoing exploration and corporate expenditures. While the company’s cash runway is limited, it has recently raised funds through the issue of listed share options and plans further capital raising to support its ambitious exploration agenda. Investors will be watching closely as Terra advances drilling programs and leverages its North American expansion to unlock value.
Bottom Line?
Terra’s bold North American moves and active Australian exploration set the stage for a pivotal 2026 amid soaring critical mineral prices.
Questions in the middle?
- Will upcoming drilling at Glen Eden and Ottery deliver a defined JORC resource?
- How will Terra fund its exploration ambitions given its current cash position?
- What impact will US government funding and policies have on the True American Tungsten Project’s development?