Terra Metals Dante Project Southwest Strike Extends Beyond 1,100 Metres

Terra Metals Extends Southwest PGE-Cu-Ni Strike to Over 1,100 Metres, System Remains Open

Terra Metals (ASX: TM1) has reported a further extension to its Southwest discovery at the Dante Project in Western Australia, with the Terra Metals Dante Project Southwest strike extension drilling results showing diamond drilling pushing the Main Sulfide Corridor out by an additional 150 metres, taking total defined strike length beyond 1,100 metres. According to the announcement dated 20 August 2026, the mineralised system remains open along strike and at depth, indicating the full extent of the discovery has not yet been established.

The results add to a growing body of evidence that Southwest represents a distinct mineralised corridor separate from the company's existing 148 million tonne Dante Mineral Resource Estimate (MRE), offering what the company describes as a substantial opportunity for future resource growth.

"The standout in this batch is SWDD017. It's put the northern edge of the Southwest Main Sulfide Zone at least 150 metres further out than we'd mapped it before. For a deposit of this size, pushing the footprint out by that much in one hole tells you we're nowhere near the edges of this system yet," said Barry Jones, General Manager – Exploration and Operations.

What Has the Drilling Confirmed?

Three key drill holes anchor this release, each contributing a different dimension to the developing Southwest picture.

SWRD052 delivered the broadest mineralised intervals reported in the program to date, expanding on results previously announced on 21 July 2026. The hole returned two substantial composite zones of sustained reef mineralisation, reported using the PGE3 measure, which combines platinum, palladium and gold grades.

Within these broader zones, several higher-grade sub-intervals were identified, pointing to a stacked, layered style of mineralisation.

The peak sub-intercept of 2 metres at 4.82 g/t PGE3 from 488 metres reflects concentrated high-grade reef mineralisation sitting within the broader disseminated envelope, according to the company.

How Did SWDD017 Drive the Strike Extension?

SWDD017 generated the headline strike extension result. The hole extended the interpreted northern limit of the Southwest Main Sulfide Zone by approximately 150 metres, intersecting 41 metres at 0.34 g/t PGE3, 0.09% Ni and 0.11% Cu from 195 metres, including 2 metres at 2.18 g/t PGE3, 0.36% Ni and 0.27% Cu from 210 metres.

Furthermore, one drill hole has added roughly 15% to the total defined strike length of the corridor, with the system reportedly still open. This result alone demonstrates just how much of the Southwest package remains unexplored.

What Did SWRC083 Reveal About Near-Surface Mineralisation?

SWRC083 supported the previous interpretation that mineralisation extends close to surface, dipping shallowly to the west, and completed the largest cross-section drilled at Southwest to date. The hole returned 73 metres at 0.66 g/t PGE3, 0.13% Ni and 0.12% Cu from 12 metres, including 4 metres at 1.88 g/t PGE3, 0.19% Ni and 0.22% Cu from 21 metres.

Mineralisation beginning at just 12 metres depth may carry implications for future mining economics, although the project remains at an early exploration stage.

An Additional Layer: Gold and Cobalt at Shallow Depths

Hole SWRC059 identified shallow oxide-gold and cobalt mineralisation, adding a further dimension to the Southwest story. The hole returned 3 metres at 0.83 g/t Au, 0.21 g/t Pt, 0.21 g/t Pd and 862 ppm Co from 15 metres, including 1 metre at 1.75 g/t Au, 0.24 g/t Pt, 0.26 g/t Pd and 1,160 ppm Co from 16 metres.

This represents a single intersection at this stage, and the company has indicated that further investigation will be required to assess its broader significance.

"On top of that, we're picking up encouraging shallow oxide-gold and cobalt mineralisation, which adds a new layer to the story here," said Jones.

Understanding PGE3: What Do the Grade Figures Represent?

For investors less familiar with platinum group element exploration, understanding the grade terminology used in this release is helpful.

PGE3 refers to the combined grade of platinum (Pt), palladium (Pd) and gold (Au), expressed in grams per tonne (g/t). It provides a single composite figure capturing total precious metal content across these three elements, which commonly occur together and are typically processed and sold as a suite.

A grade of 2.0 g/t PGE3 or higher is generally regarded as high-grade for this style of mineralisation. Multiple intercepts within SWRD052 exceeded 2 g/t PGE3, with the peak reported value reaching 4.82 g/t PGE3, indicating meaningful precious metal concentrations within the broader corridor.

The Southwest Discovery in Context

Southwest is described by the company as an entirely separate mineralised corridor to the existing Dante MRE, sitting outside the known 148 Mt resource base and reflecting a different style of mineralisation.

Drilling has now defined the Southwest package over more than 1,100 metres of strike, approximately 700 metres in across-strike width, and at least 750 metres down-dip from surface. Consequently, all reported infill and extensional holes have intersected sulfide mineralisation. The first diamond-tail assays, announced 21 July 2026, confirmed mineralised thicknesses of up to 448 metres downhole, interpreted as approximately 400 metres of true thickness of continuous mineralised mafic-ultramafic rock.

This interpretation remains preliminary and subject to further drilling. Further diamond tail results from depths up to 918 metres remain pending.

The Dante Project is hosted within the Jameson Layered Intrusion, part of the broader Giles Complex in Western Australia's West Musgrave region. The company describes this geological setting as comparable to South Africa's Bushveld Complex, which hosts multiple PGM, nickel, copper and chromite deposits and is estimated to contain approximately 2.2 billion ounces of PGMs.

"These results reinforce Southwest as a growth engine for Terra Metals. Extending the mineralised strike by a further 150 metres to more than 1,100 metres, a roughly 15% strike extension, entirely outside our existing 148 million tonne Dante Reefs Resource, speaks to the scale of what we are uncovering, and the system remains open along strike and at depth, including down dip," said Thomas Line, CEO and Managing Director.

Scale of the Drilling Campaign

The operational commitment behind the discovery reflects the scale of the ongoing program. According to the announcement:

• Five drill rigs are currently operating at Southwest
• More than 52,000 metres of combined diamond and RC drilling have been completed across the project to date
• 22,612 metres have been formally reported, meaning a substantial volume of assay results remains pending
• Ground and downhole electromagnetic (EM) surveys are identifying high-conductance anomalies that may represent massive-sulfide accumulations, generating priority drill targets
• Newly commenced downhole televiewer surveys are adding structural measurements from both RC and diamond holes

The majority of holes completed during the 2026 program remain pending assays, with further results from deep diamond tails expected throughout the remainder of the calendar year.

Heritage Clearance Opens New Ground

An operationally significant development in this release is the completion of heritage surveys over a substantial new area within the Southwest project. This clearance has enabled drilling to commence within the newly accessible zones, expanding the potential footprint for exploration and resource definition activity.

Heritage survey access is a prerequisite for drilling in this region of Western Australia. Progressive clearance of additional areas is expected to support the grid-spaced resource drilling required ahead of a maiden Southwest MRE.

Planned Work Ahead

Terra Metals has outlined a program of work intended to advance Southwest from active discovery toward maiden resource status:

1. Continued diamond drilling targeting extensions to the mineralised ultramafic package along the Southwest Main Sulfide Zone
2. Receipt and interpretation of deep diamond tail assays from depths of up to 918 metres
3. Ground and downhole EM surveys to identify conductive sulfide bodies, with several new targets identified since the program began in March to be tested progressively
4. Structural interpretation using downhole televiewer survey data to refine the geological model
5. Progressive heritage surveys to expand drill access across the broader Southwest area
6. Regional exploration testing Southwest-style mineralised systems across the broader Dante Project and Jameson Layered Intrusion
7. A maiden Southwest MRE targeted for late 2026, followed by metallurgical testwork and flowsheet development, with the stated aim of progressing toward a Pre-Feasibility Study

Why Investors May Keep Watching Terra Metals

The Southwest discovery has expanded with each successive drilling campaign, with no boundary yet identified. Terra Metals holds 100% ownership of the Dante Project, covering approximately 80 km of strike within the Jameson Layered Intrusion, consolidated over the past three years. With five rigs currently operating and a substantial backlog of pending assay results, news flow is expected to remain active through the remainder of the calendar year.

The multi-metal nature of the mineralisation, spanning platinum, palladium, gold, nickel, copper and cobalt, provides commodity diversification within a single project. Platinum group elements, nickel, copper and cobalt are each recognised as critical minerals in Australia, the United States, Japan, South Korea and the European Union, reflecting their relevance to advanced technologies and supply chains.

The established 148 Mt Dante MRE provides a foundation of known mineralisation, while Southwest represents an additive growth opportunity separate from that resource base. Near-term catalysts include deep diamond tail assays from holes reaching 918 metres depth, continued strike and depth extension results from five active rigs, ongoing EM target testing, and the targeted maiden Southwest MRE in late 2026.

In summary, the Terra Metals Dante Project Southwest strike extension drilling results continue to reshape the scale of what is emerging in Western Australia's West Musgrave region. With the Southwest Main Sulfide Corridor now extending over 1,100 metres of open, growing strike — entirely outside the company's existing 148 Mt Dante resource — and five drill rigs active alongside a substantial volume of pending assay results, the company's news flow and resource growth potential through the remainder of 2026 warrant continued investor attention.

Want to Know More About Terra Metals and the Dante Project?

With the Southwest discovery now extending beyond 1,100 metres of open strike, five rigs turning, and a maiden Southwest Mineral Resource Estimate targeted for late 2026, Terra Metals (ASX: TM1) represents a compelling exploration story unfolding in real time. To learn more about the company, the Dante Project, and the Southwest discovery, visit terrametals.com.au.