Terra Uranium to Acquire NSW’s Largest Undeveloped Tungsten Project.
- Noel Ong
- Jul 3
- 6 min read
Announcement
Terra Uranium Limited (ASX: T92) is stepping beyond its uranium roots and into the high-stakes world of critical minerals. The latest move—acquiring the Glen Eden Tungsen and Molybdenum Project in New South Wales—signals more than just portfolio diversification. It’s a calculated entry into a sector underpinned by global strategic demand, rising prices, and tightening supply chains. With tungsten now flagged by NATO and major economies as a critical input for defence, aerospace, and electronics, this acquisition comes at a time when jurisdictional security and technical scale are driving investment narratives. For Terra Uranium, Glen Eden could well be the catalyst that elevates the story from explorer to emerging critical minerals player.
Figure 1: Location of T92 tin, tungsten, molybdenum and precious metal projects in NE NSW (source: T92)
🔷 Key Highlights
1. Acquisition of Dundee Resources Pty Ltd: Terra Uranium Limited (ASX: T92) has entered into a Binding Term Sheet to acquire 100% of Dundee Resources Pty Ltd, owner of EL9764, covering the Glen Eden, Bald Nob, and Deepwater projects in New South Wales (Figure 1).
2. Glen Eden is NSW’s largest undeveloped tungsten-molybdenum project, boasting historic intercepts such as:
282m @ 0.11% MoS₂, 0.08% WO₃, and 0.02% SnO₂ (0.28% WO₃ equivalent) from 7m (GENSW80-1)
392m @ 0.06% MoS₂, 0.025% WO₃, and 0.01% SnO₂ (0.14% WO₃ equivalent) from 3m (GENSW81-5)
3. Exploration Target: 20–30Mt @ 0.18–0.29% WO₃ equivalent to 150m depth, with potential for deeper high-grade “Henderson-style” Mo-W ore shells.
4. Market Conditions: Tungsten prices at 12-year highs (USD$450/MTU) amid global supply constraints and export controls, particularly from China.
5. Funding Support: $865K raised via placement to sophisticated investors at $0.03/share, including 1-for-1 options at $0.09 (expiry 31 Dec 2026).
6. Strategic Location: ~50km from the Taronga Tin (First Tin) and Hillgrove Antimony (Larvotto Resources) projects, with access via sealed road.
7. Metallurgical Recovery (Amoco 1981): Recovery of 86% Mo, 66% W, and 58% Sn into potentially saleable concentrates.
Terra Uranium Chairman, Andrew Vigar, commented:
“T92 is delighted to have taken the opportunity to acquire the largest undeveloped Tin Tungsten Molybdenum deposit in NSW. This is an exciting addition to the nearby Ottery Tin Deposit and we will be looking to develop these together. We thank new and existing shareholders for their continued support and look forward to keeping all shareholders informed of the development of our NSW Tin Tungsten Moly strategy to add to our Canadian Uranium portfolio”
🔷 Project Overview – Glen Eden, NSW
Glen Eden presents a large, hydrothermally altered rhyolitic volcanic system, characterised by a 500m-diameter greisen and breccia complex. Mineralisation occurs in multiple phases, hosted in stockworks and breccias, with strong geochemical signatures across W, Mo, Sn, and Bi (Figures 2 and 3). Significant intercepts from historical drilling include :
💠GENSW80-1
Interval: 282m
WO₃ Equivalent: 2,826 ppm
MoS₂: 1,126 ppm
SnO₂: 236 ppm
WO₃: 774 ppm
💠GENSW80-2
Interval: 235m
WO₃ Equivalent: 2,527 ppm
MoS₂: 1,029 ppm
SnO₂: 327 ppm
WO₃: 580 ppm
💠GENSW81-5
Interval: 392m
WO₃ Equivalent: 1,369 ppm
MoS₂: 619 ppm
SnO₂: 123 ppm
WO₃: 245 ppm
A conceptual Exploration Target of 20–30Mt @ 0.18–0.29% WO₃ equivalent is based on historic data and endorsed by a JORC Competent Person. Depth remains open below 385m, and modelling by Amoco (1981) suggests potential for deeper Henderson-style deposits.
Figure 2: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92)
Figure 3: Glen Eden Project Overview Map with drilling and soil geochemistry (source: T92)
🔷 Acquisition and Funding Details
Under the agreed terms, Terra Uranium will acquire Dundee Resources via:
10M new T92 shares, each with 1:1 free attaching option (exercise $0.09, expiry 31 Dec 2026)
3M performance rights, converting upon achieving >2M MTU of WO₃ in JORC M&I resource
$20,000 cash for expense reimbursement
1.25% NSR Royalty to vendors, with a buy-back right
In parallel, T92 secured $865,000 in new funding through a placement to sophisticated investors, including participation from Non-Executive Director Niv Dagan ($100,000, subject to shareholder approval). The funds will support acquisition costs, exploration programs, and general working capital.
🔷 What’s Next for T92? - A Tungsten Resource.
A focused exploration program at Glen Eden is set to commence following site access, expected within 4–6 months:
Re-assay of historic core for complete elemental suite
Integration of legacy geophysics (Auzex 2008) with modern geochem
Soil and rock sampling using ICP-MS to vector toward high-grade zones
Targeted drilling to define extensions and test deeper mineralised zones
Meanwhile, the Company continues to hold its Canadian uranium assets in the Athabasca Basin—retaining exposure to uranium upside through Joint Ventures and existing projects.
Samso Concluding Comments
This announcement from Terra Uranium (ASX: T92) is a step into a sector with strategic importance and tight global supply. The acquisition of Glen Eden puts T92 squarely in the tungsten conversation, a market now shaped by geopolitics, not just economics.
From a Samso perspective, this project ticks several key boxes. It’s underpinned by historical drilling and metallurgical work, already pointing to bulk-minable widths and compelling grades. More importantly, the mineral system is still open, large, and structurally complex—exactly the type of project that can surprise on the upside with targeted modern drilling.
Investors watching T92 for its uranium exposure may now find themselves with a dual-pronged story. On one side, high-grade uranium targets in Canada; on the other, a polymetallic tungsten-moly system in NSW with near-term exploration catalysts.
The raise at $0.03 provides runway to move quickly, and the critical minerals thematic adds tailwinds. It’s still early days, but Glen Eden could be one of those projects that finds renewed relevance—technically and geopolitically—in 2025 and beyond.
As I have mentioned, I like Tungsten and Molybdenum, and I think this is a great acquisition for T92. Uranium is a great commodity, and I am a uranium bull too, but to be honest, the projects for T92 in Canada are not going to be cheap. Working in Canada is not a cheap replacement for projects in Australia. I am not sure why there is s rush for Canada unless you have commodities like Champion Iron and Cyclone Metals.
I think this is a great project, as today, Molybdenum and Tungsten are highly prized metals, and I am looking forward to writing on what is to come for T92.
The Samso Way – Seek the Research
This is a project grounded in deep technical pedigree and historical data. Terra Uranium’s acquisition of the Glen Eden Tungsten and Molybdenum Project is not just opportunistic—it’s strategic. The system has scale, grade, and geological continuity with 3,388m of historic drilling supporting a robust breccia and greisen-hosted model. The inclusion of molybdenum, tin, and tungsten—with bismuth credits—adds to the project’s polymetallic upside. With tungsten now recognised as a critical mineral by NATO, the EU, the US, and Australia, and with Chinese export restrictions tightening the market, Glen Eden stands as a highly prospective project in a geopolitically significant commodity class. The Glen Eden story aligns with the current global urgency to secure strategic resources outside of dominant supply chains.
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