Tribeca takes 6.72% stake in Terra Uranium

Asia Pacific-based asset management and advisory firm Tribeca Investment Partners has become a substantial shareholder in Terra Uranium (ASX:T92). 

Tribeca has taken a 6.72% stake in the uranium explorer, which has a $9.14-million market capitalisation. 

According to the latest ASX filings, Tribeca is now Terra’s second-largest shareholder, behind private company 10 Bolivianos’ 9.84% stake.   

This follows Terra Uranium tapping investors for $500,000 through a placement to advance its acquisition of the 15.3-million-pound Amer Lake Uranium Project in Nunavut, Canada.  

Prior to that capital raise, Terra bolstered its Canadian uranium portfolio by securing a 100% interest in the Yurkowski Lake and Engler Lake projects in the prolific Athabasca Basin.

In a wide-ranging interview with Terra Uranium Executive Chairman Andrew Vigar earlier this year, Vigar explained that the company does not want to take away the focus from its Athabasca projects, which remain the company’s main target. 

“Our belief is still that deep, large, high-grade deposits in the Athabasca offer value, but there are other types of deposits that do make money, and we’ve said this all along, these are shallow, bulk, low-grade deposits,” he said. 

Tribeca has taken the 6.72% interest at a time when the uranium market is continuing to witness positive sentiment. As of 19 April 2024, uranium was trading at just below US$90 per pound, according to Trading Economics.  

Terra Uranium is a mineral explorer with an existing position in the Athabasca Basin in Canada — a uranium province hosting some of the world’s largest and highest-grade uranium deposits. 

Terra’s core projects include the HawkRock, Parker Lake, and Pasfield Lake projects, which, along with the Rapid River and Yurkowski projects, sit in the Cable Bay Shear Zone.

Write to Adam Drought at Mining.com.au

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.