Terramin Australia Ltd - June 2024 Quarterly Activities Report
TERRAMIN AUSTRALIA LIMITED. (TZN) Share Update July 2024 Monday 29th
Terramin Australia Ltd Reports Significant Progress in Key Projects
Terramin Australia Ltd (ASX: TZN) has released its June 2024 quarterly activities report, highlighting significant advancements in its key projects and providing an update on its financial status.
Instant Summary:
- Significant progress in negotiations for the Tala Hamza Zinc Project.
- Legal proceedings for Bird in Hand Gold Project to be heard in October 2024.
- Preparations for a new lixiviant trial at Kapunda In Situ Copper Recovery Project.
- Extensive exploration drill program planned for South Gawler Ranges Project.
- Total cash balance of $1.1 million at the end of the quarter.
Tala Hamza Zinc Project
Terramin Australia Ltd is making significant progress in its negotiations with major construction groups regarding the funding and construction of the Tala Hamza Zinc Project. The acquisition of the project land by the Algerian Government is proceeding satisfactorily.
The Tala Hamza Zinc Project, one of the largest undeveloped zinc and lead deposits in the world, is located on the Mediterranean coast of Algeria. The project has a resource of 53.0 million tonnes at 6.6% zinc plus lead. The project is close to major rail, road, and energy infrastructure, and the mining permit issued in May 2023 allows for the mining and processing of 2.0mtpa of ore instead of the 1.3mtpa anticipated in the 2018 Definitive Feasibility Study.
Bird in Hand Gold Project
Legal proceedings in the Supreme Court of South Australia seeking judicial review of the South Australian Government decisions continue to progress. The matter is expected to be heard on 14 October 2024. The Bird in Hand Gold Project has a high-grade resource of 650,000 tonnes at 12.6g/t for 265,000 ounces of gold.
Kapunda In Situ Copper Recovery Project
Following the successful completion of the first stage of its Site Environmental Lixiviant Test trial, preparations are being made for a further lixiviant trial later this year. The project is focused on the recovery of copper and gold from a historical mining area through the use of in situ recovery.
South Gawler Ranges Project
Planning for an extensive exploration drill program scheduled for October is well underway. All approvals have been obtained, and the project comprises a group of eleven exploration licenses totaling 4,524km².
Corporate Update
The company’s total cash balance was $1.1 million at the end of the quarter. Terramin continued to pursue its safety and environmental goals during the quarter, with no recordable injuries and no instances of non-compliance with relevant safety or environmental regulations.
The progress in negotiations for the Tala Hamza Zinc Project and the upcoming legal proceedings for the Bird in Hand Gold Project are likely to have a positive impact on Terramin's stock. The successful completion of the lixiviant trial at the Kapunda In Situ Copper Recovery Project and the planned exploration drill program for the South Gawler Ranges Project indicate strong future potential for the company.
Investor Reaction:
Analysts are likely to view the progress in the Tala Hamza Zinc Project and the upcoming legal proceedings for the Bird in Hand Gold Project positively. The company's financial status and ongoing projects suggest potential growth, which could attract investor interest.
Conclusion:
Investors should closely monitor the developments in Terramin's key projects and the outcome of the legal proceedings in October 2024. The company's strategic initiatives and financial health indicate promising prospects for future growth.