Terrain Minerals Secures $1.5M Placement to Advance Resource Targets

Capital Injection Targets Upcoming Resource Estimates

Terrain Minerals (ASX:TMX) has secured firm commitments to raise approximately $1.5 million through a placement of 375 million shares at $0.004 each. This injection aims to underpin the company’s push towards a maiden Mineral Resource Estimate (MRE) and mining studies at its flagship Smokebush Lightning gold project, alongside progressing exploration at its Lort River rare earths and Carlindie lithium/gold projects. The placement shares are set to settle in a single tranche on or around 8 May 2026, issued within existing placement capacity.

The Smokebush project, situated in the Yalgoo Mineral Field, has been a focal point for Terrain with recent drilling campaigns delivering high-grade gold and silver assays. The Lightning prospect within Smokebush is on track for its first MRE targeted for mid-2026, supported by a recently granted mining lease and substantial drilling data. This capital raise directly supports further infill and exploration drilling critical to refining resource estimates and advancing mining studies. The company’s recent major drilling campaigns have laid the groundwork for this next phase.

Advancing Critical Metals and Exploration Pipeline

Beyond Smokebush, Terrain is channeling funds into the Lort River Rare Earths Project, located in Western Australia’s Albany-Fraser Belt. Early drilling has confirmed high-grade clay-hosted rare earth elements, including neodymium and praseodymium, with pending air-core assay results expected to clarify the deposit’s scale and grade consistency. This follows the commencement of targeted air-core drilling earlier this year to expand on previously identified mineralisation zones. The capital raise will support ongoing drilling and exploration activities at Lort River, maintaining momentum in this strategically important critical minerals asset.

The Carlindie Lithium and Gold Project in Western Australia is also earmarked for advancement, with a recent 15-kilometre soil sampling program completed and results pending. Terrain’s focus on battery and critical metals through Carlindie aligns with broader market interest in lithium, a key component of electric vehicle batteries. The placement proceeds will fund further exploration and administrative costs across these projects, sustaining Terrain’s diversified portfolio and growth strategy.

Placement Details and Strategic Support

Sharewise Capital Pty Ltd acted as Lead Manager for the placement and will receive a 6% fee on the direct funds raised. Terrain’s board expressed appreciation for Sharewise’s ongoing support and welcomed new shareholders, including investors from Europe, reflecting growing international interest in the company’s exploration assets. The placement follows a trading halt requested on 30 April 2026 and lifts it with this announcement.

Terrain’s diversified project portfolio spans gold, copper, gallium, rare earths, lithium, and other critical metals across Western Australia and Queensland, with ongoing reviews of opportunities in base and specialty metals globally. The company’s strategy to build value through discovery, resource growth, and strategic partnerships is supported by this timely capital raise as it approaches key technical milestones, including the imminent MRE at Lightning and assay results from Lort River and Carlindie. The company remains subject to the usual exploration risks and uncertainties inherent in early-stage resource development.