Terra Metals uncovers a high-grade core inside Southwest’s expanding PGM system

Project-best PGM grades at Southwest

Terra Metals Limited (ASX:TM1) has produced its most eye-catching assay yet from the Southwest PGM-copper-nickel discovery, with diamond hole SWDD133 returning 1.1 metres at 72.71 grams per tonne 3E. The narrow high-grade zone sits within 4.7 metres at 17.90g/t 3E, itself part of a 31.9-metre interval grading 3.96g/t 3E.

“Cross section A-A' (looking north) through the central-northern end of Southwest, showing the thick mineralised package and stacked high-grade reefs, including the newly…”

“Southwest Location Map showing SWDD133 in relation to the MRE drilling program, with other selected key intersections (previously released) shown.”

Caption and image © Terra Metals Limited. From “TERRA INTERCEPTS PROJECT BEST PLATINUM GROUP METAL GRADES”, 10 Nov 2026.

The result was not an isolated spike in an otherwise barren hole. SWDD133 intersected 67 metres at 2.07g/t 3E from 332 metres, including the high-grade section, alongside nickel grading 0.13% across the broader interval. Above it, the hole returned 97.8 metres at 1.18g/t 3E, with 0.13% copper and 0.17% nickel. A deeper 21-metre zone at 1.02g/t 3E included 0.93 metres at 8.92g/t 3E and 2.02% nickel.

Stacked reefs extend through the central block

“Diamond drill core from SWDD133 which returned 8.9m @ 11.85 g/t 3E from 389m including a projectrecord high-grade zone of 1.1m @ 72.71 g/t 3E from 396.8m (annotated with…”

Terra said the hole cut four stacked mineralised zones across 452 metres of drilling, providing further evidence that the reef system identified in eastern holes continues through the central block and at depth. The company describes the mineralisation as a magmatic nickel-copper-PGM sulfide system, with massive and semi-massive sulfides and faulting that has concentrated metal in parts of the package.

The new intercept adds a deeper dimension to the near-surface results reported in the surface mineralisation results, which included broad PGM-copper-nickel zones beginning at or near surface. It also follows the earlier 336.9m high-grade reef, reinforcing the company’s emerging picture of a large system containing both broad mineralised packages and higher-grade internal reefs.

Outstanding assays set up the resource estimate

More than 35,000 metres of drill samples remain to be reported, while four rigs continue drilling at Southwest. Terra said the outstanding results will feed into a maiden Mineral Resource Estimate targeted for the first quarter of 2027, followed by a Scoping Study scheduled for mid-2027. Metallurgical results are expected this quarter.

Terra reported $57.9 million in cash at 30 September 2026 to fund the resource and study work, as well as technical work towards a potential Pre-Feasibility Study. The Dante Project covers more than 3,000 square kilometres in Western Australia’s West Musgrave region, with Southwest held within Terra’s 100%-owned project portfolio.

Grade headline comes before economic proof

The numbers are exploration results, not an economic assessment. Reported widths are downhole lengths and true widths have not yet been established; the company also says current drill spacing is insufficient to demonstrate the geological and grade continuity required for a Mineral Resource classification.

Terra’s 3E figure combines platinum, palladium and gold. Its platinum-equivalent screening calculation for selecting significant intervals assumes 100% recovery of the included metals and is not presented as a recoverable or economic value. Actual recoveries, mineralogy and processing performance will depend on metallurgical testwork still under way. The company also disclosed an unresolved dispute with GIB Mining over additional rights and a caveat affecting one tenement, although it said exploration can continue.