Terramin Australia Ltd (ASX:TZN) Reports December 2024 Quarterly Activities

Project Advancements

Terramin Australia Ltd (ASX:TZN) has made substantial progress in its key projects during the December 2024 quarter. The Tala Hamza Zinc Project reached a significant milestone with the completion of land acquisition for 234 hectares, granting unrestricted access for future mining operations. Additionally, an Engineering, Procurement, and Construction (EPC) contract was signed with Sinosteel Equipment & Engineering Co. Ltd. for US$336 million, covering the development of a process plant and essential infrastructure.

On-site construction activities have commenced, including the mobilization of geotechnical drilling equipment and installation of administrative facilities.

Legal and Regulatory Developments

In the Bird in Hand Gold Project, Terramin faced a setback as the Supreme Court of South Australia dismissed its application for judicial review regarding the refusal of a mining lease. The company plans to appeal the decision, anticipating further updates on this matter.

In the Kapunda In Situ Copper Recovery Project, the company commissioned a new series of injection, extraction, and monitoring bores, completing the construction of plant and equipment for test extraction of copper. Regulatory approvals are expected soon for the use of lixiviant in operations.

Exploration Activities

Exploration drilling was conducted in October 2024 under a $10.5 million agreement with JOGMEC at the South Gawler Ranges Project, targeting IOCG and skarn-hosted copper-gold mineralisation. The company continues to explore promising results from this initiative.

Financial Performance and Corporate Updates

Terramin’s cash balance at the end of the quarter was $0.2 million. The company extended key loan facilities with Asipac to 30 June 2025, increasing its standby term facility to $2.425 million. Martin Janes has been appointed as Executive Director, succeeding Kevin McGuinness, who stepped down to pursue other interests.

The commitment to operational safety and environmental compliance remains strong, with no recorded injuries or non-compliance events during the quarter.

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Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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