Terra Minerals is seeking N$16 million to fund an 18-month exploration programme aimed at advancing its Project Nantis licence in northwestern Namibia from early-stage target generation through drilling to an initial mineral resource and preliminary economic assessment.
The programme is designed as a phased exploration campaign that progressively tests the geological potential of the licence while managing investor risk through clearly defined decision points at each stage of work.
Project Nantis, held under EPL 10464, covers approximately 19,889 hectares in the Khorixas District of the Kunene Region and sits within the Damara Orogenic Belt, one of Namibia’s most mineralised geological provinces.
The licence lies close to the Belmont gold prospect and the Lofdal heavy rare earth deposit, a geological neighbourhood that Terra Minerals believes strengthens the potential for copper, gold and rare earth element mineralisation linked to global electrification and energy transition supply chains.
Although no mining has yet taken place on the licence, the company’s investment memorandum points to strong regional indicators supporting exploration.
Adjacent work has recorded copper mineralisation of up to 16.25% Cu at surface, while rock grab samples have returned values of up to 13.90% copper.
Drilling in nearby areas has intersected 18 metres at 1.72 g/t gold, while geochemical surveys have identified silver anomalies up to 66 ppm and unusually high cobalt values reaching 5,160 ppm. Pathfinder elements associated with rare earth systems — including niobium, tantalum, zirconium, yttrium and thorium — have also been detected, suggesting the possibility of a larger mineralised system.
The exploration concept builds on earlier regional work carried out between 2019 and 2022, during which more than 2,000 calcrete samples and nearly 1,000 soil samples were collected across the broader area.
Terra Minerals says these surveys helped identify anomalies that are now being followed up through more targeted exploration on EPL 10464.
According to the memorandum, the proposed exploration programme will combine modern exploration techniques with internationally recognised reporting standards.
The work plan includes the use of remote sensing, geophysical interpretation and data analytics alongside field mapping and drilling campaigns conducted in accordance with JORC-aligned exploration methodologies.
The company says the staged structure of the programme allows exploration capital to be deployed cautiously while ensuring that only the most promising targets advance to the more expensive drilling phase.
Under the proposed budget, approximately N$1 million will be allocated to the first stage of the programme, which focuses on target definition.
This phase will involve regional geological mapping, reprocessing of existing geophysical data and rapid geochemical screening using portable X-ray fluorescence equipment.
The next stage, estimated at N$2 million, will involve ground-truthing and sampling of priority targets. Activities in this phase will include detailed structural mapping, trenching over geochemical anomalies and systematic channel sampling of exposed mineralised zones.
Drone surveys and additional geochemical sampling are also planned to refine the geometry and grade potential of the targets.
The largest share of the budget — around N$10 million — has been allocated to drilling.
Terra Minerals expects to undertake between 2,000 and 3,000 metres of drilling across two or three priority targets identified during the earlier phases.
Initial drilling will be carried out using reverse-circulation methods to test mineralisation across broader zones. In contrast, diamond core drilling will be used where deeper or more precise geological information is required.
The final stage of the programme, with a projected cost of about N$3 million, will focus on converting exploration results into a formal mineral resource estimate and completing a preliminary economic assessment.
This phase will include three-dimensional geological modelling, metallurgical test work and independent technical evaluation of the project’s resource potential.
Permitting processes are being advanced in parallel with exploration planning. The EPL 10464 licence is currently held by Namibian entrepreneur Melvin Gawaseb, with Terra Minerals expected to earn a 15% equity stake once an Environmental Clearance Certificate is issued, targeted for May 2026.
Under the initial project structure outlined in the memorandum, Gawaseb would retain an 85% interest in the licence while Terra Minerals would hold 15%.
The structure anticipates that future financing could introduce additional investors, including private equity participants with about 25% ownership and retail or high-net-worth investors with roughly 60% equity.
In comparison, Pamwe Royalties would participate through a 3% gross revenue royalty.
The investment structure also allows external investors to participate through a special-purpose vehicle, a joint venture agreement, or an earn-in arrangement.
Beyond the initial exploration phase, the memorandum outlines a longer-term development pathway if results prove positive.
The indicative timeline points to a maiden mineral resource estimate in 2028, a preliminary economic assessment in 2029, a pre-feasibility study in 2030 and a definitive feasibility study in 2031, with potential mine construction between 2031 and 2032, subject to financing and regulatory approvals.
Terra Minerals says the funding proposal is being presented to investors as an opportunity to gain early exposure to Namibia’s emerging critical minerals sector. The company argues that the value of the project lies in converting surface indications of mineralisation into drill-tested targets and ultimately into a bankable technical resource.
If exploration proves successful, the company believes Project Nantis could emerge as either a new copper-gold discovery within the Damara Belt or an additional rare-earth-bearing system in a region already associated with heavy rare-earth mineralisation.
The exploration programme is intended to deliver the first major technical milestones within 18 months, potentially setting the stage for further investment, advanced feasibility studies and eventual mine development.
