Tali Resources Ltd (ASX: TR2) – IPO Summary and Exploration Outlook - Copper, REE, Niobium, Gold
- Noel Ong
- Jul 11
- 6 min read
Announcement
Quick Look – Offer Terms and Project Focus
IPO Offer: $7.5 million at $0.20/share
Listing Date (expected): 21 July 2025
Market Capitalisation (Undiluted): $23.5 million
Project Focus: Copper, REE, Niobium, Gold
Flagship Project: West Arunta Project, Western Australia
ASX Code: TR2
The Tali Resources Story: Revisiting a Frontier for Copper, REE, Niobium and Gold.
There’s a quiet but growing narrative forming around Western Australia’s West Arunta region—one that has evolved significantly since the Luni carbonatite discovery by WA1 Resources (ASX: WA1). Tali Resources Ltd (ASX: TR2) now enters the market, aiming to contribute to that story in a meaningful way.
As a newly independent entity spun out from Niobium Holdings Pty Ltd and previously supported through a JV with Rio Tinto, Tali brings a well-sized tenement footprint of over 4,000km²—what they describe as Australia’s “last significant geological frontier under shallow cover.”
According to the prospectus, Tali’s 100%-owned West Arunta Project consists of 15 granted tenements and, post-IPO, will also include mineral rights to parts of three exploration licences held by Agrimin Potash Pty Ltd (referred to as the Galilee Prospect) (Figure 1). The Company believes this consolidated holding allows them to target a diverse suite of mineralisation types—from IOCG and sediment-hosted copper to REE-niobium carbonatites and orogenic-style gold.
Figure 1: Location of the West Arunta Project. (Source: Tali Resources Ltd Prospectus 2025)
IPO Highlights: Numbers and Strategy in Brief
IPO Size: $7.5M raised through 37.5M shares at $0.20
Cash Allocation:
$4.25M (57%) toward West Arunta exploration
$1.03M (14%) NHPL loan repayment
$1.50M (20%) for corporate/admin
$0.50M (6%) costs of the offer
Priority Offer: $2M reserved for eligible Agrimin Limited (ASX: AMN) shareholders
Capital Structure:
Post-listing shares on the issue: 117.5M
Options (unquoted): 5M @ $0.30 (exp. May 2028)
Free Float: ~32% on listing
It’s also worth noting that Agrimin remains a cornerstone shareholder post-offer, with its stake reducing from 40% to 27%.
Exploring the West Arunta: Where the Focus Lies
The West Arunta Project Tenements (Figure 2) are considered prospective for copper, critical, and precious metals, with geological indicators pointing toward multiple styles of
mineralisation—namely, IOCG systems, REE-Nb carbonatites, sediment-hosted copper, and orogenic gold.
Figure 2: Location of West Arunta Project Tenements (Source: Tali Resources Ltd Prospectus 2025)
Tali has inherited valuable datasets and drill insight from its earlier JV with Rio Tinto, which includes 24 RC holes and extensive geophysics over five core tenements.
With that groundwork in hand, their upcoming program will test what they describe as “a series of compelling drill targets” across key prospects, such as (Figure 3):
Chilka and Lonar – Strong magnetic/gravity signatures possibly linked to IOCG/carbonatite systems.
Maton A–C – EM anomalies that may point to sediment-hosted copper.
Don Juan and Alakol – Gravity/magnetic features thought to reflect IOCG and/or alkaline intrusions.
Kalybas and Selenca – Historic near-surface gold anomalism, suggestive of orogenic gold potential.
Colorada – Previous drilling has yet to explain these gravity and EM anomalies.
Figure 3: West Arunta Project, Priority Prospects and regional geophysical setting (Source: Tali Resources Ltd Prospectus 2025)
Drill testing is planned to commence in the second half of 2025. Importantly, Tali states that much of the region remains underexplored, and their geophysical strategy will expand alongside early drilling outcomes.
Management’s Strong Hand
Mark Savich – Non-Executive Chairman
Rhys Bradley – Managing Director
Thomas Lyons – Non-Executive Director
Paull Parker – Non-Executive Director
Each member of the board brings experience that spans corporate leadership, geological interpretation, and project execution. Notably, the team has a history of working with Indigenous stakeholders, having negotiated a new access agreement in late 2024 that now covers all 15 tenements within the Kiwirrkurra native title determination area.
Samso Concluding Comments
Tali Resources Ltd (ASX: TR2) is entering the market at a time when West Arunta is no longer just a remote region—it’s becoming a serious exploration frontier. Tali anchoring themselves in the emerging critical minerals conversation, particularly around REE and niobium potential, while keeping one foot grounded in copper and gold exploration logic.
There’s no overstatement in the prospectus because there is no need. Management is from the famous sister company, WA1 Resources Limited, which also means that the leadership team has a strong understanding of not just the geology, but also the local social landscape—something that’s crucial for long-term operational access in Aboriginal reserve lands.
The leadership of Tali is a mirror of WA1 Resources, and hence, the narrative of Tali will be the unfolding of the critical minerals narrative, especially around carbonatite-hosted REE-Nb systems or the renewed hunt for Tier-1 IOCG deposits in Australia.
For this reason, this is a company you might want to keep on your radar. The initial drill programs at Chilka, Lonar, and Maton prospects—planned for the second half of 2025—will be telling. These are the kinds of turning points where greenfield concepts either build momentum or quietly reset expectations.
From what I’ve seen, Tali isn’t trying to promise the world but you can escape the thought that they must know something the rest of the market does not about the potential of success with their understanding of the discovery with WA1 Resources.
They’re taking the right early steps, which could lay the foundation for something much bigger. This is not a near-term production story—it’s about positioning and patience. If that fits your lens as an investor, this is a name to follow closely.
As always, have a look at the full prospectus, study the geophysics, and pay attention when the drill rigs start turning. Because it’s often at this stage—quietly, away from the crowd—that some of the most compelling mineral stories begin to take shape.
A definite DYOR.
The Samso Way - Seek the Research
Here at Samso, we pride ourselves on delivering content for investors that is independent and informed by over three decades of experience in the industry. We are always asking the questions that may sound simple and irrelevant, but these are typically the ones that make sense to you, the one seeking the knowledge.
Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.
Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:
There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.
Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.
The Samso Philosophy:
Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value.
In Life there is no such thing as a Free Lunch.
Happy Investing and the only four letter word you need to know is DYOR.
To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au.
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.
Comments