Terramin to raise A$38.3m for project development and debt repayment

Terramin Australia Limited (ASX:TZN) announced a pro-rata non-renounceable entitlement offer to raise up to approximately A$38,299,706 before costs. The offer entails issuing 1,007,887,010 new shares at an issue price of A$0.038 per share, representing a 20.2% discount to the 15-day VWAP as of 28 October 2025. Shares are offered on a one-for-2.1 basis. Asipac Group Pty Ltd, a substantial shareholder with 39.09% voting power, will partially underwrite up to A$15,000,000 of the shortfall.

The proceeds will primarily fund a A$15,000,000 partial repayment of Asipac loan facilities, which will be satisfied through the discharge of an equivalent amount of debt owed by Terramin Exploration to Asipac. Other allocations include A$10,000,000 for the Tala Hamza Zinc Project, A$1,500,000 for Bird in Hand Gold Project legal and holding costs, A$1,500,000 for the Kapunda Copper Project, A$3,000,000 for future Australian exploration, A$4,000,000 for new project development in Algeria, and A$3,199,386 for working capital. The total estimated expenses for the offer are A$100,320.

The offer period commences on Friday 7 November 2025, with the offer closing on Thursday 27 November 2025. Non-participating shareholders face a potential dilution of approximately 32.26%. Asipac's underwriting commitment is capped to prevent its voting power from exceeding 45.0%.