Terra Metals reports breakthrough high-grade platinum group metals discoveries at its Southwest Prospect and confirms resource growth at its Dante Project, backed by a robust $11 million cash position.
- Exceptional PGM-Cu-Ni sulfide grades up to 52.97 g/t at Southwest Prospect
- Phase 3 drilling confirms thick, continuous Bushveld-style reefs at Reef 2 (Hyperion)
- Resource expansion drilling extends mineralisation strike and depth
- Strong financial position with $11 million cash after $15 million placement
- New mineralisation styles discovered at SW3 and SW4 targets
Exploration Breakthrough at Southwest Prospect
Terra Metals Limited has delivered a compelling update in its December 2025 quarterly report, spotlighting significant exploration success at the Southwest Prospect within its flagship Dante Project in Western Australia's West Musgrave region. The standout highlight is the discovery of exceptionally high-grade platinum group metals (PGM) combined with copper and nickel sulfides, with assays revealing grades as high as 52.97 grams per tonne PGE3 (platinum, palladium, gold combined). This discovery positions the Southwest Prospect as a major emerging sulfide centre, potentially reshaping the project's resource profile.
Robust Drilling Program and Resource Growth
During the quarter, Terra Metals completed an extensive Phase 3 drilling campaign, comprising over 20,700 metres across 182 drillholes. Early assay results from 27 holes have confirmed multiple thick, continuous Bushveld-style reefs at Reef 2 (Hyperion), reinforcing the continuity and high-grade nature of the mineralisation. Notably, resource expansion drilling has extended the strike length of known mineralisation to over 6.2 kilometres, with mineralised reefs starting from surface and demonstrating consistent grades of titanium, vanadium, copper, PGMs, and gold.
Diverse Mineralisation Styles and New Targets
Beyond the Southwest Prospect, Terra Metals has identified new mineralisation styles at the SW3 and SW4 targets, where titanium–vanadium–gallium sulfide reefs have been confirmed. These discoveries add a fresh dimension to the Dante Project’s polymetallic portfolio, indicating a complex and richly endowed geological system. The company’s geological interpretation suggests that the high-grade PGM mineralisation at Southwest forms through magmatic sulfide segregation within layered mafic-ultramafic units, distinct from the oxide-rich reefs elsewhere in the project.
Financial Strength and Strategic Backing
Terra Metals ended the quarter with a strong cash balance of approximately $11 million, following a successful $15 million placement led by cornerstone investors Golden Energy and Resources (GEAR) and Tribeca Investment Partners. This financial position provides the company with the flexibility to advance ongoing drilling programs, including planned diamond drilling to better understand the structural and stratigraphic controls on mineralisation.
Looking Ahead
With assays pending for the majority of drillholes from the Phase 3 program, Terra Metals is poised for further announcements that could significantly enhance the Dante Project’s resource base. The company’s systematic approach to testing multiple parallel reef structures and newly identified targets underscores its commitment to unlocking the full potential of this large-scale polymetallic system.
Bottom Line?
Terra Metals’ latest results hint at a transformative phase for the Dante Project, with high-grade discoveries and resource growth setting the stage for future value creation.
Questions in the middle?
- How will pending assay results from the remaining 155 drillholes impact the overall resource estimate?
- What insights will diamond drilling provide on the geometry and continuity of the high-grade sulfide mineralisation?
- How might the recent $15 million placement influence Terra Metals’ exploration and development timelines?