Terra Uranium Grows Land by 33%, Plans Multi-Project Drilling Campaign in 2025

Strategic Expansion through ATHA Partnership

Terra Uranium (ASX:T92) has taken a decisive step forward in its uranium exploration ambitions with the signing of definitive option agreements with TSXV-listed ATHA Energy Corp. These agreements grant ATHA the option to acquire up to 60% of Terra Uranium's Pasfield Lake Project, while Terra Uranium gains the option to acquire up to 70% of ATHA's Spire & Horizon Projects. This reciprocal arrangement effectively expands Terra Uranium's land holdings in the highly prospective Athabasca Basin by approximately 33%, underscoring the company's commitment to scaling its footprint in one of the world's premier uranium provinces.

Importantly, ATHA has the option to commence drilling at Pasfield Lake in 2025, leveraging Terra Uranium's established base camp facilities. This collaboration not only optimizes resource utilization but also accelerates exploration timelines, positioning both companies to capitalize on identified drill-ready targets.

Focused Exploration and Project Advancement

During the December 2024 quarter, Terra Uranium initiated ground reconnaissance and airborne geophysical surveys on the Spire & Horizon Projects, targeting shallower uranium deposits. These early-stage activities are designed to refine exploration targets ahead of a planned drilling campaign. Concurrently, Terra Uranium continued advancing its core Athabasca Basin projects, HawkRock, Pasfield, and Parker, where 18 drill-ready targets have been delineated through sophisticated geophysical techniques including ZTEM, VTEM, and Ambient Noise Tomography.

Further bolstering its portfolio, Terra Uranium is progressing the acquisition of the Amer Lake Uranium Project in Nunavut, with completion anticipated in the first quarter of 2025. Amer Lake offers immediate value through existing NI 43-101 compliant resources and significant exploration upside, strategically complementing Terra Uranium's Athabasca assets.

Capital and Operational Positioning

Financially, Terra Uranium closed the quarter with a cash balance of A$621,000, supported by a recent placement raising A$320,000 and proceeds from a Share Purchase Plan. Operating expenditures remained disciplined, with approximately A$273,000 spent on administration and corporate costs, and A$200,000 on exploration activities. The company holds a robust capital structure with nearly 87 million shares on issue and a suite of listed and unlisted options.

Looking ahead, Terra Uranium has secured permits for a focused and efficient drill program across multiple projects in 2025. The company is actively negotiating with third parties to fund these drilling initiatives, reflecting a strategic approach to capital management and risk mitigation.

Market Context and Outlook

The uranium market is at a pivotal juncture, with nuclear energy increasingly recognized as essential to global decarbonization efforts. Despite a recent dip in uranium futures below US$69 per pound, long-term demand drivers remain intact, fueled by the growth of Small Modular Reactors and renewed governmental support in North America and Europe. Terra Uranium's North American project portfolio and strategic partnerships position it well to benefit from an anticipated uranium price recovery and expanding nuclear infrastructure.

Executive Chairman Andrew Vigar highlighted the significance of the ATHA agreements, stating that Terra Uranium is "well established and looking forward to taking the company to the next level in 2025." The company’s extensive land holdings, combined with advanced exploration techniques and collaborative ventures, set a promising stage for discovery and value creation in the coming year.