Trigg Minerals [ASX:TMG] Update May 2025
Metals & Mining
Trigg Minerals: Building a Critical Minerals Platform with Scale, Strategy, and Capital
We are revising our Target Share Price for Trigg Minerals (TMG) upwards to $0.192, representing a substantial total upside potential of 317% from the current share price of $0.046 and a significant 18% increase from our target share price from our last report from November 2024. This re-rating reflects Trigg Minerals' achievement of key milestones, including compelling MRE upgrades for the Wild Cattle Creek deposit, strategic new high-grade antimony and gold deposit acquisitions in the New England Orogen, and positive corporate changes such as the appointment of a seasoned Managing Director. These advancements significantly de-risk the company's growth trajectory and enhance its value proposition in the strengthening critical minerals market.
Updated MRE Boosts Wild Cattle Creek Antimony Resource by 92%
The Mineral Resource Estimate for Trigg Minerals' Wild Cattle Creek (WCC) antimony deposit has been updated to JORC (2012) standards, resulting in a reported 92% increase in contained metal. The updated estimate is 1.52Mt at 1.97% Sb, containing 29,902 tonnes of antimony. This revision of the resource estimate provides new data for future project evaluations and exploration programs within the Achilles project area and the company's wider portfolio.
Antimony Portfolio Expanded with Australian & US Acquisition
Trigg Minerals has acquired 49 unpatented lode claims at the Antimony Canyon Project in Utah, USA, which hosts a substantial historical resource of 12.7 Mt at 0.79% Sb, equating to over 100,000 tonnes of contained antimony. This strategic move expands Trigg’s footprint into the world’s top-ranked mining jurisdiction and strengthens its critical minerals portfolio. In Australia, Trigg has also added three new tenements in the New England Orogen, increasing its landholding to 1,026 km². The acquisition includes the high-grade Bukkulla Mine, with antimony grades historically exceeding 25% and recent assays up to 22.9% Sb. Exploration across both regions will define drill targets and position Trigg as an emerging supplier of critical minerals.
Leadership Change and $5M Raise Set Stage for Trigg’s Next Growth
Trigg Minerals has strengthened its position with two key moves: appointing experienced antimony executive Andre Booyzen as Managing Director, effective May 1, 2025, to drive the advancement of its antimony portfolio, including the Wild Cattle Creek project. Additionally, the company secured a $5 million capital injection through a well-supported share placement, reinforcing market confidence and providing funds to accelerate exploration, resource upgrades, and future growth in the critical minerals sector.
Stock Rerating Driven by New Discoveries and Upside Potential
We have revised our target price to $0.192, reflecting a Price/NAV multiple of 0.24x, following recent milestones and a portfolio reassessment. This re-rating reflects the strategic acquisition of the high-grade Bukkulla Antimony Project, alongside the Wild Cattle Creek (29,902 tonnes Sb) and Nundle Antimony-Gold Projects. With a strengthened balance sheet and a focused exploration strategy led by experienced executive Andre Booyzen, TMG is positioned to advance exploration and unlock significant shareholder value.