Terra Metals Unveils 448-Meter Thick PGE-Nickel-Copper Mineralized Zone at Southwest Discovery, Dante Project

Flagship Drill Hole SWRD051 Reveals Exceptional Mineralization Thickness

Hole SWRD051 stands out as the highlight from Terra Metals’ recent drilling at the Southwest Discovery. The drill hole intersected 448 meters grading 0.87 g/t PGE3 and 0.15% nickel starting at 102 meters depth. This continuous zone is considerably thicker than individual reef horizons within the existing 148-million-tonne Dante Mineral Resource, underscoring the scale of this newly identified mineralized system.

Within this 448-meter envelope, multiple higher-grade zones were identified, including a 90.92-meter interval grading 1.18 g/t PGE3, 0.19% nickel, and 0.14% copper from 282.74 meters depth. Nested inside is a 6.17-meter high-grade section with 2.31 g/t PGE3, 0.23% nickel, and 0.30% copper. Another 101-meter interval from 427 meters depth returned 1.46 g/t PGE3 and 0.2% nickel, containing a 36.55-meter zone at 2.00 g/t PGE3, 0.24% nickel, and 0.11% copper. This nested arrangement indicates multiple mineralized horizons within a broad corridor rather than a single reef.

Additional Diamond-Tail Assays Confirm Continuity Across Southwest Corridor

Hole SWRD052 further supports the continuity and quality of mineralization, returning 370 meters grading 0.90 g/t PGE3 and 0.17% nickel from 170 meters depth to the extent of assays received. This includes a 68-meter interval at 1.25 g/t PGE3, 0.19% nickel, and 0.15% copper, plus a 15-meter high-grade zone grading 2.21 g/t PGE3, 0.22% nickel, and 0.13% copper from 480 meters depth.

Hole SWRD055, reported on a pre-collar basis, intersected 78 meters grading 1.08 g/t PGE3, 0.17% nickel, and 0.09% copper from 174 meters to the end of the pre-collar. Within this, a 12-meter zone graded 2.02 g/t PGE3, 0.24% nickel, and 0.17% copper. Assays for the diamond tail drilled to 618.3 meters in SWRD055 and other diamond tails along the Southwest Main Sulfide Corridor are pending, expected throughout the remainder of the year, highlighting ongoing expansion efforts.

Southwest Discovery Located Outside Existing Dante Resource, Offering Significant Growth Potential

The Southwest Discovery lies completely outside the footprint of the existing 148-million-tonne Dante Mineral Resource, making it an additive growth opportunity rather than a reinterpretation of current resources. This positions the discovery as a major new growth avenue within the Jameson Layered Intrusion.

Terra Metals’ management interprets the Southwest system as a large, coherent polymetallic magmatic sulfide deposit enriched in the full platinum-group-element suite alongside copper, nickel, and cobalt. The mineralization is hosted within mafic-ultramafic cyclic units of a layered troctolite-pyroxenite-gabbro sequence. The company highlights significant enrichment in iridium-group PGEs, consistent with a long-lived magmatic system formed by repeated magma recharge events, indicating Southwest’s potential as one of Australia’s most significant polymetallic magmatic sulfide systems.

Southwest Main Sulfide Corridor Extends Across Large Lateral and Vertical Dimensions

Drilling has defined the Southwest Main Sulfide Corridor over extensive three-dimensional distances: more than 950 meters along strike, about 700 meters across strike, and at least 750 meters down-dip, remaining open at depth. Every reported hole has intersected broad, consistent PGE-Cu-Ni mineralization within a shallowly west-dipping ultramafic unit, confirming a continuous mineralized system rather than isolated pods.

Diamond-tail assays confirm true mineralized thicknesses up to 448 meters beneath reverse-circulation pre-collars, with interpreted true thickness around 400 meters of continuous mineralized mafic-ultramafic rock. Pending assays suggest even thicker intervals may exist. Mineralization starts at shallow depths, potentially allowing development of a shallow starter pit transitioning into a large mineralized system at depth, which could impact future mine planning and capital efficiency.

Geological Evidence Indicates Repeated Magmatic Recharge and Multiple Reef-Style Zones

Terra Metals’ geological interpretation points to a complex magmatic depositional history. Elevated magnesium-oxide (MgO) levels and sulfide textures—disseminated, net-textured, and semi-massive—suggest repeated injections of primitive magma and formation of stacked higher-grade reef-style zones within the broader mineralized package. This model differentiates Southwest from simpler stratiform horizons, indicating multiple grade concentration mechanisms.

Mineralization occurs throughout a broader mafic-ultramafic sequence rather than a single stratigraphic level. Drill results reveal multiple discrete higher-grade zones separated by lower-grade intervals within the 400-meter-thick package. Southwest is interpreted as a large mineralized corridor with multiple horizons, impacting resource estimation and mine design by enabling mining of multiple zones with varying ore qualities and processing characteristics.

Active Drilling and Geophysical Surveys Accelerate Discovery Expansion

Terra Metals is advancing the Southwest Discovery with five drill rigs currently operating across the Dante Project. Alongside core drilling, the company is conducting ground electromagnetic, downhole electromagnetic, and downhole televiewer surveys to extend the discovery and identify new drill targets. Drilling confirms the Southwest sulfide system remains open along strike and at depth, with numerous diamond assays pending from ongoing exploration.

The rapid drilling pace reflects management’s confidence in the discovery’s scale and potential. Geological logging, structural data, and geophysical responses are being integrated to refine the system’s geometry and controls. Frequent assay results from additional diamond tails along the Southwest Main Sulfide Corridor are expected through the rest of the year, progressively clarifying the mineralized system’s extent and grade.

Maiden Mineral Resource Estimate Planned for Late 2026

Terra Metals aims to deliver a maiden mineral resource estimate for the Southwest Discovery by late 2026. This timeline indicates plans to complete sufficient drilling, assaying, and geological modeling to support a formal JORC Code-compliant resource estimate within roughly 18 months of this announcement. Achieving this milestone would mark significant progress in project development and provide investors with quantified tonnes and grades underpinning the Southwest system.

Completion of current drilling, receipt and interpretation of pending assays, and construction of a 3D geological model incorporating drilling, assay, and geophysical data are required. Management believes Southwest could become a major standalone development opportunity within the Jameson Layered Intrusion, contingent on further drilling and evaluation. A robust maiden resource estimate would be pivotal in validating this potential and unlocking shareholder value.

Management Expresses Strong Confidence in Southwest’s Scale and Potential

Barry Jones, Terra Metals’ General Manager of Operations and Exploration, described Southwest as a significant PGE, copper, nickel, and cobalt mineralized system. He highlighted the discovery’s scale, continuity, and thickness, noting mineralization throughout a broad mafic-ultramafic sequence enriched across the full PGE suite. Jones affirmed the company’s view of Southwest as a large polymetallic magmatic sulfide system with potential to rank among Australia’s most significant.

CEO and Managing Director Thomas Line stated that the initial diamond-tail results greatly enhance confidence in Southwest’s scale and geological potential. He emphasized the 448-meter continuous mineralization within a primitive troctolite-pyroxenite package demonstrates lateral extent and exceptional thickness. Line noted the mineralized corridor contains multiple horizons, offering significant scope for resource growth as drilling continues. He reiterated that mineralization starts at shallow depth and remains open along strike and at depth, supporting Southwest’s potential as a major standalone development opportunity within the Jameson Layered Intrusion.

Investor Insights on Southwest Discovery and Jameson Layered Intrusion Asset

Terra Metals’ Southwest Discovery announcement marks a material development for shareholders. The 448-meter continuous intersection, multiple nested higher-grade zones, extensive footprint exceeding 950 meters strike length, and location outside the existing Dante Mineral Resource collectively underscore management’s view of Southwest as a significant new growth opportunity. The deployment of five drill rigs affirms the company’s strong commitment.

The late 2026 target for a maiden mineral resource estimate offers a near-term catalyst for market evaluation of Southwest. Investors should watch for pending assay releases throughout the year, which will validate or refine the system’s continuity and grade profile. Additionally, results from ground and downhole electromagnetic surveys may reveal new drill targets or enhance mineralization models. Ongoing geological and geophysical data integration will provide an increasingly detailed understanding of Southwest’s character and development potential as further information emerges.