Terra Metals Confirms Thick, Extensive PGE-Cu-Ni Mineralisation at Southwest Discovery, Dante Project

Record Thickness Confirms Southwest as Major New Mineralised System

Terra Metals Limited (ASX:TM1) has delivered a game-changing update from its Dante Project in Western Australia, confirming a colossal 448-metre thick interval of continuous platinum-group metals (PGE3), copper and nickel mineralisation at the Southwest Discovery. This intercept, the broadest reported to date on the project, validates one of the thickest sulfide packages within the Southwest Main Sulfide Corridor and signals a new scale of opportunity beyond the existing 148 million tonne Dante Mineral Resource.

The standout hole, SWRD051, intersected 448m at 0.87g/t PGE3 and 0.15% nickel from 102m depth, including multiple higher-grade zones such as 36.6m at 2.00g/t PGE3. Complementary results from SWRD052 and SWRD055 reinforce the continuity and grade of this polymetallic magmatic sulfide system. With mineralisation starting at shallow depths and remaining open along strike and at depth, Southwest is shaping up as a major standalone development prospect within the Jameson Layered Intrusion.

Expanding Footprint Across a Broad Mafic-Ultramafic Sequence

Drilling to date has defined the Southwest Main Sulfide Corridor over a strike length exceeding 950 metres, a width of roughly 700 metres, and at least 750 metres down-dip from surface, with numerous assays pending that could extend these dimensions further. Unlike the existing Dante resource, which is dominated by stratiform reefs, Southwest mineralisation is distributed across a broader mafic-ultramafic package, hosting multiple mineralised horizons rather than a single reef.

Terra Metals’ General Manager – Operations and Exploration, Barry Jones, highlighted the system’s complexity and scale, noting that mineralisation is hosted within a layered troctolite-pyroxenite-gabbro sequence, with evidence of repeated injections of primitive magma. Elevated iridium-group PGEs indicate a chemically evolved and long-lived magmatic system, consistent with repeated magma recharge events. This geological setting underpins the potential for stacked higher-grade reef-style zones within the thick mineralised package.

Aggressive Drilling and Geophysics Drive Target Generation

Terra Metals is pressing ahead with an aggressive exploration program, employing five drill rigs alongside ground and downhole electromagnetic (EM) surveys and downhole televiewer structural studies. These geophysical tools are identifying high-conductance anomalies interpreted as potential massive sulfide accumulations, generating priority drill targets that will be progressively tested. The company expects to receive further assay results from diamond tails drilled to depths up to 918 metres in the coming weeks.

CEO Thomas Line emphasised that the broad mineralised intervals and multiple high-grade zones reinforce the interpretation of Southwest as a large, long-lived magmatic system. The discovery's scale and continuity, combined with shallow mineralisation and ongoing drilling success, support the view that Southwest could become a significant standalone development opportunity within the Jameson Intrusion.

Southwest Discovery Unlocks New Growth Potential Beyond Dante Resource

The Southwest Discovery marks a distinct style of magmatic sulfide mineralisation compared to the existing Dante Mineral Resource. It is not confined to a single horizon but spans multiple ultramafic units, offering substantially greater exploration upside. This polymetallic system includes platinum-group metals, nickel, copper, and cobalt, with mineralisation styles ranging from stratiform reef-hosted to disseminated and feeder-style massive sulfides.

With the Dante Project already hosting a 148 million tonne resource containing significant PGM, copper, and other critical minerals, Southwest represents a major new growth corridor outside this resource envelope. The company is targeting a maiden Mineral Resource estimate for Southwest by late 2026, which could materially enhance the project's scale and economic potential.

Next Steps Focus on Resource Definition and Metallurgical Studies

Terra Metals plans to continue diamond drilling to extend the mineralised ultramafic package and test newly identified EM targets. Structural interpretation will be refined using downhole televiewer data, while heritage surveys are underway to facilitate expanded drilling access. The company also intends to pursue metallurgical testwork and flowsheet development to support a Pre-Feasibility Study following the maiden Southwest resource estimate.

The Dante Project’s geological setting within the Jameson Layered Intrusion, part of the world-class Giles Complex, positions Terra Metals to potentially develop a globally significant critical minerals province. The Southwest Discovery’s scale and polymetallic nature add a compelling new chapter to this story, with the potential to reshape the project’s development trajectory.