Terra Metals Confirms Thick PGM-Cu-Ni Mineralisation Extending Southwest Discovery

Southwest Discovery Breaks New Ground with Thick Mineralised Intervals

Terra Metals Limited (ASX:TM1) has pushed the boundaries of its Dante Project by confirming one of its thickest ever platinum group metals (PGM), copper, and nickel mineralised intervals. Diamond drilling during the June 2026 quarter revealed a staggering 448 metres of continuous PGM-Cu-Ni mineralisation, reinforcing the scale and continuity of the Southwest Discovery. This mineralised corridor now stretches over 950 metres in strike, spans approximately 700 metres in width, and extends at least 750 metres down dip, remaining open in all directions.

These results underscore the Southwest Discovery as a single, laterally extensive layered magmatic sulphide system. Consistent grades of palladium, platinum, nickel, and copper across multiple principal intersections support the notion of a coherent mineralised intrusive complex rather than isolated pockets of mineralisation. High-grade internal reefs within this broad envelope offer potential for selective open-cut mining, a scenario that could optimise extraction economics.

Accelerated Exploration Supported by Advanced Geophysics and Drilling

Terra’s exploration strategy has matured from initial discovery to systematic resource delineation. Five drill rigs operated continuously throughout the quarter, linking the SW5 and SW6 discovery areas and expanding the mineralised footprint. Downhole Electromagnetic (DHEM) surveys have proven invaluable, repeatedly identifying conductive anomalies that drilling subsequently confirmed as massive and semi-massive sulphides. This feedback loop between geophysics and drilling has materially improved targeting accuracy and confidence.

The company is now progressing towards a maiden Southwest Mineral Resource Estimate, a key milestone anticipated later in 2026. The scale and thickness of mineralisation, combined with the repeatability of drilling and geophysical results, position the Southwest Discovery as a significant growth opportunity beyond the existing 148 million tonne Dante Mineral Resource.

Corporate Strengthening and Capital Raise Fuel Growth Ambitions

Alongside exploration progress, Terra Metals has fortified its governance and leadership ranks. The quarter saw the appointment of Debra Bakker as Non-Executive Chair, with Jeff Quartermaine and Dr Jennifer Purdie joining as Independent Non-Executive Directors. These additions bring decades of international mining, infrastructure, and financial expertise, aligning with Terra’s transition from exploration to development.

Subsequent to quarter-end, the executive team was further bolstered by Ben Hammond as Chief Development Officer and Barry Jones as General Manager – Exploration & Operations, the latter bringing recognised expertise in layered mafic PGE-Cu-Ni systems including experience from South Africa’s Bushveld Complex.

Financially, Terra secured approximately $20.8 million through the second tranche of its March 2026 placement, supplementing its cash reserves to $75.1 million at quarter-end. This robust balance sheet fully underwrites the company’s largest-ever exploration program, supporting ongoing drilling, geophysical surveys, and resource growth initiatives.

Market Recognition and Outlook

Terra Metals’ inclusion in the MSCI Australia Micro Cap Index during the quarter signals growing institutional interest and broader market recognition. This enhanced visibility may attract further capital and investor engagement as the company advances its exploration and development agenda at Dante.

With a substantial mineralised system now defined and a strong leadership team in place, Terra is poised to deliver a maiden Southwest Mineral Resource Estimate. The market will be watching how this resource shapes up and what it means for the project’s development trajectory amid ongoing drilling and geophysical efforts.