Terra Metals Ltd (ASX:TM1, OTC:PNGZF) Ltd has secured A$4 million in strategic funding to expedite the exploration and development of its 100%-owned Dante Project in Western Australia. The capital raising was backed by strategic investors Golden Energy and Resources Pte Ltd (GEAR) and Matthew Latimore, Founder and President of M Resources Pty Ltd, alongside existing major shareholder Tribeca Investment Partners.
The funding will support extensional and resource drilling across the Dante Project, where over 17,000 metres of drilling has defined laterally extensive, reef-style mineralisation over 10 kilometres of strike.
The company is also progressing toward a maiden Mineral Resource Estimate.
Chief Executive Officer and Managing Director Thomas Line described the funding as “a major milestone” and “significant validation” for the Dante Project.
“Dante has proven exceptional metallurgical performance from first-pass testwork, with optimisation continuing,” Line said. “This investment from strategic investors is a clear validation for the immense scale potential of the Dante Project.”
Strategic investment from GEAR and M Resources
GEAR, a major Asia-Pacific mining group and part of Indonesia’s Sinar Mas conglomerate, and Matthew Latimore’s M Resources have committed to the A$4 million placement. GEAR’s portfolio includes ASX-listed Stanmore Resources and a 50% stake in Queensland’s Ravenswood gold mine. M Resources holds significant interests across metallurgical coal, mining services, and critical minerals assets, including copper and vanadium projects.
GEAR’s Executive Director Mark Zhou said, “The Dante Project is clearly a standout district scale opportunity for a globally significant critical minerals resource.”
Latimore added, “This investment is aligned with M Group’s long-term growth strategy in minerals essential to the energy transition and future economy.”
Proceeds to fund Dante drilling and resource estimation
The funds will primarily support further drilling at the Dante Project, targeting both infill and extensional zones, along with testing broader exploration potential across a district-scale landholding. The company has already mapped mineralisation to 250 metres depth, and new tenement acquisitions suggest the system may extend for hundreds of kilometres.
A maiden Mineral Resource Estimate is underway, with South African consultants scheduled for a mid-June site visit.
Placement terms and structure
The placement was priced at A$0.035 per share, representing a 16.7% discount to the last closing price and a 1.6% premium to the 30-day volume-weighted average price (VWAP). The offer was made to strategic, institutional, and sophisticated investors in Australia and Singapore.
It will proceed in two tranches:
- 62,761,904 shares to be issued under ASX Listing Rules on or around 19 June 2025
- 51,523,811 shares subject to shareholder approval at an upcoming general meeting
Tribeca Investment Partners will maintain its 15% stake by participating in the second tranche, pending approval.
The company views Dante as a potentially multigenerational resource with consistent, coal seam-style mineralisation and critical mineral credentials aligned with global energy transition trends.