Terra Critical Minerals has closed the acquisition of the True American tungsten project in Nevada, U.S. as part of the company’s strategic shift towards the North American market.
Terra agreed in November 2025 to acquire the project from NorthEx Capital Partners and 1218016 BC Ltd. for AU$60,000 on closing and 1.25 million Terra shares.
Terra also agreed to pay AU$950,000 in milestone payments and royalties from any future production of minerals from the project.
Terra said the acquisition positions the company for a transformative 2026, with a sharpened focus on North America and access to potential U.S. government funding packages.
Terra Chairman Andrew Vigar said: “Our proactive entry into the U.S. space positions us exceptionally.
“As one of the few ASX companies to act, our 100 per cent acquisition of the True American Tungsten Project in the U.S.’s premier jurisdiction creates a powerful launching pad for the company.
“Backed by Nevada’s mining heritage and strong federal support under the current administration, the timing is ideal.
“Next step for us is deploying boots on the ground as early as February 2026 to validate higher grades with a modern, systematic approach.”
The True American tungsten project, discovered in 1940 and operational until 1945, has not undergone any modern exploration since then, presenting a notably under-explored opportunity.
Historic samples have highlighted high-grade tungsten mineralisation, with documented values ranging from 4.2 per cent to 11.1 per cent of tungsten trioxide.
Terra noted that tungsten prices are at multi-decade highs, with ammonium paratungstate now trading in the range of US$950 to US$1,050 per metric ton unit.
The high trading prices come amid supply disruptions from China and growing demand from defence, aerospace, alloys and data centre applications.
This bullish macroenvironment strongly supports the strategic timing of the acquisition.
Terra will now conduct detailed geological mapping of the project, as well as systematic soil and rock-chip sampling.
