The former Stockport County forward, 22, joined the Terriers in August and has found the net twice in his five appearances for the club.
"Liam's been a real asset to us during his time here and I'm delighted to have him for another month, although Derby have a 24-hour recall clause now," Ternent said.
"He's done well for us and we're more than happy to keep him. He was short of games when he first came here and there's still more to come from him, there's no question about that. He adds real competition for places up front as well."