MELBOURNE: Terra Uranium Limited (ASX: T92) announced today it has entered a binding agreement to acquire Dundee Resources Pty Ltd, securing 100% ownership of the Glen Eden Tungsten-Molybdenum Project in New South Wales, the largest undeveloped tungsten project in the region.
The acquisition includes tenements hosting the Glen Eden, Bald Nob, and Deepwater projects, which contain tin, tungsten, molybdenum, silver, and base metals. The deal comes as tungsten prices hit 12-year highs, exceeding $450 per metric ton unit (MTU), driven by demand from military, aerospace, and industrial sectors.
Project Highlights:
- Historic drilling indicates extensive mineralization, with intercepts including 282 meters at 0.28% tungsten equivalent (WO₃) and 392 meters at 0.14% WO₃.
- Exploration target estimates 20–30 million tons at 0.18–0.29% WO₃ equivalent to depths of 100–150 meters.
- Strategic location: The site is 50 kilometers from critical mineral mines at Taronga and Hillgrove Antimony.
Terra Uranium Chairman Andrew Vigar called the acquisition a “transformational opportunity,” noting plans to develop Glen Eden alongside the company’s nearby Ottery Tin Deposit. The company also raised $865,000 through a share placement to fund the acquisition and exploration.
Terms of the Deal:
- Issuance of 10 million shares and 3 million performance rights tied to resource milestones.
- A 1.25% net smelter royalty granted to sellers.
Completion is expected within 4–8 weeks, pending regulatory approvals. Terra Uranium retains its uranium projects in Canada’s Athabasca Basin, positioning for growth in both critical minerals and clean energy markets.