Terramin Australia (ASX: $TZN) progresses Tala Hamza zinc project

Terramin Australia Limited (ASX: $TZN) has reported progress in its Tala Hamza Zinc Project, one of the largest undeveloped zinc & lead deposits in the world. The project, located in Algeria, contains 3.5 million tonnes of zinc plus with a resource of 53.0 million tonnes at 6.6% zinc plus lead. Terramin holds a 49% shareholding in Western Mediterranean Zinc Spa (WMZ) and manages Tala Hamza. The company has achieved a major project milestone with the issuance of the Mining Permit for Tala Hamza, allowing for the mining and processing of 2.0mtpa of ore. Terramin is also making significant progress in negotiations with major construction groups regarding the funding and construction of the project. The zinc price has remained strong, trading above US$3,000 per tonne, supporting the project's returns.

Executive Commentary on Project Progress

Terramin is pleased to report the significant progress made in the Tala Hamza Zinc Project. The issuance of the Mining Permit marks a major achievement, allowing for expanded mining and processing capacity. We are also advancing negotiations with key construction groups for project funding and construction. The strong zinc price further supports the project's financial outlook, and we are optimistic about the project's enhanced returns over its anticipated mine life. We look forward to the continued development of the Tala Hamza project and the positive impact it will have on our operations.

Summary of Quarterly Activities and Outlook

Terramin Australia (ASX: $TZN) has made substantial progress in its Tala Hamza Zinc Project, securing the Mining Permit and advancing negotiations for project funding and construction. The strong zinc price provides additional support for the project's financial outlook. Additionally, the company continues to pursue its safety and environmental goals, with no recordable injuries or instances of non-compliance reported. Looking ahead, Terramin aims to continue its operations and meet its business objectives, with ongoing discussions with potential financiers and investors for financing options. The company's total cash balance was reported at $1.1 million as at 30 June 2024.