Name of the Project
Tala Hamza zinc/lead project.

Location
Wilaya of Bejaia, in north-east Algeria.

Project Owner/s
The project is being advanced through Bejaia Zinc & Lead (BZL), the management vehicle for the Oued Amizour Joint Venture (JV). BZL is held by Terramin Australia (49%), Entreprise Nationale des Produits Miniers Non Ferreux et des Substances Utiles (48.5%), and Office National de Recherche Géologique et Minière (2.5%). Terramin retains management rights in respect of the JV.

Project Description
Tala Hamza is recognised as one of the largest undeveloped zinc and lead deposits in the world.

Terramin announced on March 30, 2026, that it had completed a revised two-million-tonne-a-year mining study for the project. The project contains a total mineral resource of about 53-million tonnes grading 5.3% zinc and 1.3% lead. This includes an indicated resource of about 44-million tonnes. The latest mining study is based on total material mined of about 37-million tonnes at an estimated 6% zinc and 1.6% lead.

The 2018 definitive feasibility study proposed a mining and processing throughput of 1.32-million tonnes of ore a year to produce an average of 129 300 t/y of zinc concentrate and 26 000 t/y of lead concentrate using block caving.

The revised March 2026 mining study is based on a two-million-tonne-a-year underground operation using a mechanised underhand drift-and-fill mining method.

The project includes a two-million-tonne-a-year process plant using a conventional crush, grind and flotation flowsheet, together with dry-stacked tailings and associated surface infrastructure.

Average production after ramp-up is estimated at about 178 000 t/y of zinc concentrate at 51% zinc and 33 000 t/y of lead concentrate at 58% lead, peaking at about 215 000 t/y and 40 000 t/y respectively over the 20-year life-of-mine.

The Tala Hamza deposit remains open to the east and south-east, providing scope for a possible mine-life extension and future production growth.

Potential Job Creation
At full production, the project is expected to employ 786 people, of whom more than 650 are expected to be Algerian.

Net Present Value/Internal Rate of Return
The revised mining study indicates a pretax nominal net present value, at an 8% discount rate, of about $790-million and an internal rate of return of 24%. Payback from first concentrate is estimated at about four years.

Capital Expenditure
Preproduction capital expenditure is estimated at about $415-million.

Planned Start/End Date
Not confirmed.

Latest Developments
Terramin reported on March 30, 2026, that early works were under way, with all relevant approvals in place, including the mining permit.

Land acquisition has been completed and affected residents have been relocated.

Current early works activities include site access, clearing works and geotechnical drilling.

Tala Hamza has been formally registered with the Algerian Investment Promotion Agency, securing access to investment incentives and government support measures, including tax and customs exemptions during construction, infrastructure support and concessional financing frameworks.

Arrangements for a significant debt funding package from a major Algerian government bank are nearing completion.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Terramin Australia, tel +61 8 8536 5950 or email info@terramin.com.au.