Terra Uranium Limited (ASX:T92) is set to acquire 100% of LCT Metals Pty Ltd, gaining access to high-grade tin, silver, and gold projects in the New England Tin Province of New South Wales, Australia. The acquisition includes the historic Ottery Tin Mine, the Castle Rag Silver project, and the Mole River Silver and Tin project. T92 highlights the strategic significance of this move, expanding beyond uranium into other critical minerals in a favorable Australian jurisdiction, while still retaining its Canadian uranium assets.
The Ottery Tin Mine, a historically significant producer in the region, yielded approximately 2,700 tonnes of SnO2 at 2% Sn. Mineralization occurs across five lodes within an intrusive porphyry unit, exhibiting zones with >5% sulphides. The Ottery mineralized zone spans 500m in length, 30m in width, and extends vertically for at least 120m. The Castle Rag Silver project boasts high-grade surface samples including 1,670 g/t Ag, 445 g/t Ag with 1.12% Cu, and 210 g/t Ag with 1.19% Cu. Mole River shows a 13km strike length with 6km of known mineralization, including surface samples of 64% Sn and 12% Sn. The acquisition terms include the issuance of 2,444,444 fully paid ordinary shares, 1,222,222 unlisted options, and $40,000 in cash.
To support the acquisition and ongoing exploration, T92 has secured firm commitments to raise $500,000 through a placement of new shares at $0.04 per share. The funds will also be directed towards exploration costs and general working capital. Executive Chairman Andrew Vigar expressed enthusiasm for the expanded exploration strategy, thanking shareholders for their support. The company plans a detailed analysis of historical exploration data and follow-up exploration in the second quarter of 2025, including field mapping and sampling.
The company will also issue 1 free unquoted option for each New Share issued under the Placement. Each Option may be exercised by the holder at any time on or before 5pm (Sydney time) on 31 December 2026 for $0.09 per Option. Leading Melbourne boutique and long-term supporter of the Company, Peak Asset Management (Peak) alongside Sydney-based brokerage GBA Capital (GBA and together with Peak, the Joint Lead Managers) managed the Placement on behalf of the Company.
