Terra Metals Delivers Exceptional Dante Reefs Drilling Results

Terra Metals Limited (ASX:TM1) has delivered outstanding results from its 2025 resource upgrade drilling program at the Dante Reefs Mineral Resource, confirming one of Australia's largest titanium-vanadium-copper-PGM systems. The latest Dante Reefs drilling results from Terra Metals Ltd. demonstrate exceptional geological continuity across multiple stratigraphic horizons, with thick, predictable mineralisation that reinforces the district-scale potential of this remarkable deposit.

The results showcase laterally extensive upper reefs and basal reefs from surface, with robust copper-PGM sulfide mineralisation that supports the systematic repetition of the Dante mineralised sequence across the broader project area.

Outstanding Results Across Multiple Reef Systems

Reef 1 North (Crius) – Delivering Consistent High-Grade Zones

The Crius drilling has returned some of the most impressive intercepts to date, demonstrating exceptional geological continuity across the deposit. Furthermore, the results continue to confirm the presence of broad, laterally continuous Ti-V-Cu-PGM mineralisation from surface across the Crius stratigraphy.

Key Highlights:

• URC084: 47m @ 9.8% TiO₂, 0.27% V₂O₅, 0.11% Cu, 0.18 g/t PGE3 from surface
  • Including 7m @ 20.7% TiO₂, 0.82% V₂O₅, 0.25% Cu, 1.05 g/t PGE3 (Basal Reef)

• URC103: 6m @ 20.7% TiO₂, 0.91% V₂O₅, 0.21% Cu, 0.87 g/t PGE3 from surface
• URC089: 51m @ 9.3% TiO₂, 0.28% V₂O₅, 0.12% Cu, 0.14 g/t PGE3 from 62m
  • Including 6m @ 22.1% TiO₂, 0.92% V₂O₅, 0.27% Cu, 0.82 g/t PGE3

Additional significant results include URC112 with 71m @ 8.7% TiO₂, 0.23% V₂O₅ from 29m and URC072 with 50m @ 8.6% TiO₂, 0.20% V₂O₅ from 5m, each containing high-grade basal reef zones with elevated precious metal values.

Reef 2 (Hyperion) – Confirming Second Major System

Hyperion has demonstrated comparable thickness and grade to Crius, reinforcing the predictable, high-tonnage nature of mineralisation within the Dante intrusive complex. The drilling confirms the presence of broad mineralised intervals commonly 30 to 55 metres thick.

Notable Results:

• HRC079: 7m @ 19.3% TiO₂, 0.66% V₂O₅, 0.22% Cu, 0.56 g/t PGE3 from 8m
• HRC076: 3m @ 19.9% TiO₂, 0.88% V₂O₅, 0.25% Cu, 1.17 g/t PGE3 from 66m
• HRC083: 28m @ 9.2% TiO₂, 0.29% V₂O₅, 0.10% Cu, 0.16g/t PGE3 from 86m

Legacy and Reef 5 – Expanding the Resource Base

First-pass reconnaissance drilling has confirmed additional high-grade oxide reefs higher in the stratigraphy, demonstrating significant upside for further resource expansion beyond the current Crius-Hyperion corridor.

Legacy Results:

• LRC002: 7m @ 15.4% TiO₂, 0.34% V₂O₅ from surface
  • Including 2m @ 21.0% TiO₂ from 1m

Reef 5 Results:

• R5RC003: 4m @ 19.4% TiO₂, 0.30% V₂O₅ from 11m
• R5RC001: 85m @ 5.8% TiO₂, 0.16% V₂O₅ from 12m

Management Commentary on Dante Reefs Performance

Thomas Line, Managing Director & CEO:
"Dante continues to demonstrate the scale and strength of a truly district-scale magmatic system, rich in multiple commodities. What the latest round of results continues to show, is that the Dante Reefs contain large, laterally extensive and predictable mineralised layers, with strong metallurgical performance and significant exploration upside across the Dante Project."

These comments highlight how the Dante Reefs drilling results from Terra Metals Ltd. continue to validate the company's strategic approach to resource development.

Understanding Stratiform Reef Systems: A Key Investment Concept

Stratiform reef systems represent layered mineral deposits formed through magmatic differentiation in large intrusive complexes. As molten rock cools and crystallises, heavier minerals like magnetite and ilmenite settle to form concentrated layers or "reefs" within the intrusion.

Why This Matters for Investors:

• Predictable geometry: Stratiform reefs maintain consistent thickness and grade over large areas, enabling reliable resource modelling
• Multiple commodities: Single processing operations can extract titanium, vanadium, copper, and precious metals from the same ore body
• Surface access: Shallow-dipping reefs beginning at surface reduce mining complexity and development costs
• Proven analogues: Similar systems like South Africa's Bushveld Complex host some of the world's largest metal resources

In addition, the Dante system exhibits these characteristics across multiple reef horizons, with the latest drilling confirming lateral continuity over tens of kilometres of strike length.

Metallurgical Advantages Drive Economics

The 2025 metallurgical testwork revealed excellent metallurgy with the ability to produce three high-grade concentrates using simple, low-cost processing techniques.

Processing Advantages:

• Simple flowsheet: Crush, grind, float and magnetic separation using standard industry equipment
• Low-cost tools: Standard industry processing equipment reduces capital requirements
• Multiple revenue streams: Three separate saleable products diversify commodity exposure
• High recoveries: 60-90% recovery rates across target metals reduce processing waste

Resource Foundation and Future Expansion

Current Dante Reefs Mineral Resource (August 2025)

Contained Metal Inventory:

• 22 million tonnes TiO₂
• 800,000 tonnes V₂O₅
• 270,000 tonnes Cu
• 1.6 million ounces PGE3 (Pt+Pd+Au)

The resource demonstrates substantial scale, with the indicated category representing 26% of total tonnage at higher grades, providing a foundation for development studies. Consequently, these figures establish Dante as a major resource in the Australian critical minerals sector.

Strategic Next Steps and Upcoming Catalysts

Terra Metals has outlined a comprehensive development pathway focused on resource expansion and classification upgrades.

Immediate Priorities (Q2 2026)

1. Full MRE re-estimation incorporating 2024-2025 drilling datasets
2. Resource expansion drilling targeting Hyperion reef extensions
3. Integrated analytical program including metallurgical studies

Medium-term Objectives (2026-2027)

• Resource classification upgrades to support development studies
• Strike and dip extension drilling across the Crius-Hyperion corridor
• Upper reef evaluation at Legacy and Reef 5 prospects
• Multi-element deportment studies for process optimisation

Key Technical Programs

• SEM-EPMA mineralogical analysis for ore characterisation
• Ti-V deportment studies for metallurgical optimisation
• Structural correlation analysis between reef systems
• Resource domaining refinement for geological modelling

Investment Thesis: Australia's Emerging Critical Minerals Champion

District-Scale Opportunity

The latest drilling results reinforce Dante's position as a district-scale opportunity with over 80km of prospective strike length across expanded tenure. Furthermore, the systematic repetition of mineralised reef packages across multiple prospects demonstrates the potential for substantial resource growth.

Critical Minerals Exposure

Terra Metals offers investors exposure to critical minerals essential for renewable energy infrastructure and industrial applications.

Competitive Advantages

• Simple processing: Standard industry equipment reduces capital expenditure requirements
• Multiple products: Diversified revenue streams lower commodity risk exposure
• Shallow resources: Surface-starting mineralisation enhances project economics
• Proven metallurgy: De-risked processing through successful testwork campaigns

Why Investors Should Follow Terra Metals

Terra Metals has positioned itself as a major player in Australia's critical minerals sector, with significant upside potential driven by multiple compelling factors.

Unique Value Proposition

1. Scale: One of Australia's largest Ti-V-Cu-PGM systems with 148Mt total resource
2. Quality: Exceptional metallurgy with simple processing requirements
3. Growth: Substantial exploration upside across 80km+ of strike length
4. Timing: Critical minerals increasingly essential for energy transition infrastructure

Near-term Catalysts

• Updated MRE incorporating substantial new drilling data from 2024-2025 programs
• Resource expansion results from ongoing March 2026 drilling program
• Classification upgrades supporting development studies
• Southwest prospect results from high-grade PGM-sulfide discovery

Investment Tracking Rationale:
Terra Metals combines district-scale resources, proven metallurgy, and critical minerals exposure in a single investment opportunity. With upcoming resource updates and continued drilling success, the company represents compelling value in the growing critical minerals sector.

Key Takeaway: Terra Metals has demonstrated exceptional geological continuity and metallurgical performance across one of Australia's largest titanium-vanadium-copper-PGM systems. However, with substantial exploration upside, proven processing capabilities, and exposure to critical minerals essential for the energy transition, investors should closely monitor upcoming resource updates and drilling results as the company advances toward development studies. The latest Dante Reefs drilling results from Terra Metals Ltd. continue to validate this investment thesis.

Could Terra Metals Be Your Next Critical Minerals Investment?

With exceptional drilling results confirming one of Australia's largest titanium-vanadium-copper-PGM systems and a clear pathway to resource expansion, Terra Metals presents a compelling opportunity in the rapidly growing critical minerals sector. The company's proven metallurgy, district-scale potential, and exposure to essential energy transition metals position it uniquely in today's market. Don't miss the upcoming resource updates and development milestones that could reshape this investment story. Discover more about Terra Metals' strategic advantages and project pipeline.