Terra Metals’ Dante Reef Drilling Lifts Scale and Confidence

Highlights

• Reef 2 drilling returned thick, continuous reef-style intercepts from surface

• A large assay pipeline remains, with many drillholes still pending

• Metallurgical and geophysical work is advancing alongside resource studies

Terra Metals reported thick reef intercepts at Dante, strengthening continuity across Reef 2 and setting up potential resource confidence uplift. With many assays pending, the next releases and testwork will be pivotal.

When drilling fills in gaps and confirms continuity, it can change how a mineral system is understood. Terra Metals (ASX:TM1), a multi-commodity explorer, has reported multiple thick, continuous reef-style intercepts at its Dante Project, including results from previously undrilled areas of Reef 2 (Hyperion). The update frames Dante as a large-scale stratiform reef sequence, with new assays adding confidence in mineralisation continuity and supporting the case for potential resource growth as broader datasets continue to come in.

What has Terra Metals reported from Reef 2?

The company has outlined multiple thick, continuous reef intercepts from surface across areas of Reef 2 that had not been drilled previously. The main significance here is not only the presence of mineralisation, but the confirmation that mineralisation persists through gaps in earlier drill coverage.

In exploration terms, filling those gaps can be decisive because it helps establish whether a system is:

• continuous rather than patchy, and

• repeatable across distance and depth.

Why are “reef-style” intercepts important?

Reef-style stratiform layers are typically valued for their potential continuity. The company is describing a sequence of mineralised reef layers that appear to extend along strike and at depth. If continuity continues to be supported by drilling, it can help:

• strengthen geological confidence,

• tighten the model used for resource estimation,

• improve confidence in planning further step-out work.

What does the company say about the current resource base?

Terra Metals has referenced an existing mineral resource estimate and suggests the latest work may improve confidence and potentially support growth. In plain terms, that implies the newer drilling is being used to:

• upgrade confidence in parts of the known mineralised footprint, and

• test whether the system extends beyond what is already captured.

Where does the mineralisation sit and what metals are involved?

The update describes a stratiform sequence with multiple reef layers and consistent mineralisation signatures across the system. It references a multi-commodity mix across the reef packages, noted as a combination of titanium and vanadium oxides alongside copper and precious metal associations.

For readers, the key takeaway is that Dante is being positioned as a district-scale magmatic system with multiple metal streams rather than a single-commodity story.

What is still pending, and why does it matter?

A major feature of the update is the remaining assay pipeline. The company has indicated assays are still pending for a large number of drillholes, including holes across:

• Reef 1 and Reef 2 upgrade and expansion drilling,

• newly mapped reef extensions,

• additional zones where sulphides were visually logged.

Pending assays matter because they can materially change the picture of continuity, thickness, and grade distribution across the intrusive complex. In an active program, the first batch of results is often just the opening chapter.

What did the completed drilling program include?

The company outlined a substantial drilling effort across different objectives:

• resource upgrade and expansion drilling at Reef 1 and Reef 2, targeting both confidence uplift and step-out testing,

• a diamond drilling component designed to collect significant metallurgical core,

• separate drilling at the Southwest Prospect aimed at testing additional reef-style mineralisation and sulphide zones.

This mix indicates the program is addressing both “how big is it” and “how does it process,” which are the two questions that become increasingly important as a project evolves.

Why is metallurgical work being emphasised now?

Metallurgical and beneficiation testwork is often the bridge between a geological discovery and a development pathway. Terra Metals has highlighted the collection of a large volume of metallurgical core to support optimisation, ore upgrading trials and geotechnical studies.

In practical terms, these datasets can help clarify:

• how the mineralised material responds to processing,

• whether targeted upgrades are achievable,

• what design considerations may matter for future studies.

What role do geophysics and other datasets play next?

The update references additional technical work such as downhole electromagnetic surveys and gravity data acquisition. These tools can support exploration planning by:

• mapping conductive sulphide zones,

• refining the position and continuity of reef horizons,

• identifying targets beyond drilled areas.

When combined with drilling, they help convert “possible extensions” into “priority targets.”

What should readers watch next?

Key watchpoints for Dante following this update include:

• the next wave of assays and whether they reinforce continuity across drill spacing gaps,

• whether newly mapped extensions translate into consistent reef horizons,

• how metallurgical outcomes shape the interpretation of potential processing pathways,

• the timing and content of the planned resource update work.