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2026-11-06
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Terra Metals Limited

Resource Stage · Others · Copper · Platinum Group Metals · Nickel · Gold · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.145
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$149.5M
EV
A$74.4M
Cash
A$75.1M
Debt
A$0
5 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$75.1M Finite
Debt A$0 Net cash A$75.1M
Basic shares 1B 2026-07-30
Runway 7.2 quarters Issuer Appendix 5B item 8.7, based on A$75.112 million cash and A$10.439 million quarterly relevant outgoings.

Liquidity

Financial position

The March placement leaves a strong exploration runway, but the company has no operating receipts and future development funding remains unquantified.

Capital structure

Ownership and dilution

Ordinary shares
1B
Fully diluted
1.2B

The latest amended Appendix 2A reports 1,030,886,292 ordinary shares. Fully diluted shares add all quoted and unquoted options, 20.0 million performance shares, 8.0 million director rights and 11.25 million contingent HRM deferred shares; no exercise proceeds are credited in the valuation.

Security classes12
ClassTypeQuantityStrikeExpiry
Quoted options expiring 16 June 2027 exercisable at A$0.07Option31MA$0.072027-06-16
Unquoted options expiring 16 June 2027 exercisable at A$0.07Option30MA$0.072027-06-16
Unquoted options expiring 30 June 2028 exercisable at A$0.14Option3.8MA$0.142028-06-30
Unquoted options expiring 27 May 2027 exercisable at A$0.07Option10MA$0.072027-05-27
Unquoted options expiring 27 May 2027 exercisable at A$0.09Option10MA$0.092027-05-27
Unquoted options expiring 16 June 2027 exercisable at A$0.09Option5MA$0.092027-06-16
Unquoted options expiring 16 June 2027 exercisable at A$0.25Option2MA$0.252027-06-16
Unquoted performance sharesPerformance Right20M——
Director share rights subject to service through June 2027Performance Right1.6M—2027-09-30
Director share rights subject to service through June 2028Performance Right2.4M—2028-09-30
Director share rights subject to service through June 2029Performance Right4M—2029-09-30
Contingent unissued deferred shares for the HRM acquisitionOther11.2M—2028-08-28

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
OtherDanteJune 2026 quarterQuarter9,556,000 AUD exploration expenditureReported
OtherDanteAs reported 30 July 2026Point In Time950 m minimum mineralised strikeReported
OtherDanteAs reported 8 September 2026Point In Time1,100 m minimum interpreted strikeReported
Company guidance2
MetricProjectPeriodLowHighStatus
Maiden Southwest Mineral Resource EstimatedanteH2 2026—— milestoneCurrent
Pre Feasibility Studydante2027—— milestoneCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-03-31RaisingOrdinary Fully Paid SharesA$85M229.7MA$0.37CompletedTwo-tranche institutional placement completed after shareholder approval of the second tranche.Max 229.7M · Period 2026-03-05 to 2026-06-30 · Holder approval required
2025-12-31Ann. 2025-08-28RaisingOrdinary Fully Paid SharesA$15M214.3MA$0.07CompletedTwo-tranche placement completed in the December 2025 quarter after shareholder approval.Max 214.3M · Period 2025-09-01 to 2025-12-31 · Holder approval required

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Annual report, December quarterly and later issuer updates identify the HRM contingent shares and a retained royalty over disposed Higginsville tenements. The Higginsville royalty rate, calculation base and counterparty were not disclosed in the available source set; no current Dante offtake, JV or hedge is reported.

Contingent deferred ordinary shares form part of the consideration for the 100% HRM tenement acquisition; dilution is included in the fully diluted share inventory.

Other · Conditional
Counterparties
Former HRM Exploration owners
Applies to
Dante Project · Others · Copper · Platinum Group Metals · Nickel · Gold
Economic direction
Burden
Period
2025-05-08 to 2028-08-28
Key terms
Maximum contingent ordinary shares: 11,250,000 shares
How it affects our valuation

No valuation treatment is available for this arrangement.

Terra sold Higginsville tenements P15/6723-6726 for nominal cash and a retained royalty; rate, base and payer are undisclosed.

Royalty · Active
Applies to
Company-wide · Gold · Nickel
Economic direction
Benefit
Period
Dates not stated
Key terms
Royalty rate and calculation base: —
How it affects our valuation

No valuation treatment is available for this arrangement.