Terra Metals Ltd Platinum Group Metal Discovery Delivers Exceptional Results

Terra Metals Ltd platinum group metal discovery continues to expand at the company's Dante Project, delivering exceptional new drilling results from its Southwest (SW6) prospect. The latest results confirm what appears to be a globally significant platinum group metal (PGM) sulfide system, with mineralisation now defined over an apparent thickness exceeding 200 metres and remaining open at depth beyond 348 metres.

Terra Metals (ASX: TM1) has demonstrated remarkable continuity and scale through its systematic exploration programme. The highlight intercept delivered an extraordinary 31.1g/t PGE3 (1 ounce per tonne) over 0.3 metres, representing some of the highest-grade PGM mineralisation reported globally. Furthermore, the exceptional discovery sits within broader zones of substantial mineralisation, including 61m @ 1.41g/t PGE3 and 82.4m @ 1.14g/t PGE3, demonstrating both exceptional grades and substantial widths.

Outstanding High-Grade Results Confirm System Scale

The SW6 drilling programme has intersected multiple wide zones of high-grade mineralisation, with all holes returning significant PGM intercepts to end-of-hole. These results showcase the scale and consistency of the mineralised system across the prospect area.

SSWRC031 + SWDD006 (Combined Results):

• 61m @ 1.41g/t PGE3, 0.13% Cu, 0.19% Ni from 172m

  • Including 35m @ 1.59g/t PGE3 from 198m
  • Including 1.1m @ 12.67g/t PGE3 from 226.6m
  • Including 0.3m @ 31.1g/t (1 oz/t) PGE3 from 226.6m

• 82.4m @ 1.14g/t PGE3, 0.11% Cu, 0.11% Ni from 262m to end-of-hole

  • Including 25.88m @ 2.25g/t PGE3 from 267.12m

SSWRC029 + SWDD007 (Combined Results):

• 89m @ 0.96g/t PGE3, 0.09% Cu, 0.14% Ni from 144m
  • Including 29.9m @ 1.20g/t PGE3 from 152m
  • Including 9m @ 2.01g/t PGE3 from 152m
  • Including 1m @ 8.76g/t PGE3 from 190m

The consistency of mineralisation across multiple drill holes, combined with the substantial widths and high grades, confirms the presence of a major magmatic sulfide system. Consequently, these results establish the Southwest prospect as a potentially world-class PGM discovery.

Platinum-Rich Zones Add New Dimension

A significant development in the latest results is the identification of platinum-rich zones, contrasting with the predominantly palladium-dominant mineralisation previously reported at Southwest. The highest-grade intercept contained 17.8g/t platinum, demonstrating the diversity of the precious metals system.

The platinum enrichment adds an important strategic dimension to Terra Metals' discovery, as platinum typically commands premium pricing and industrial demand. In addition, the presence of both platinum and palladium-rich zones suggests a complex, multi-phase magmatic system capable of hosting diverse precious metal endowments.

Managing Director Thomas Line commented: "The platinum-rich character of some of the highest-grade zones adds an important new dimension to the Southwest story, complementing the strong palladium endowment we have already demonstrated, and the existing 1.6Moz Pt-Au dominant Reef1 + Reef 2 resource base."

Understanding PGM Sulfide Systems: A Primer for Investors

PGM (Platinum Group Metal) sulfide systems represent some of the most valuable mineral deposits globally. These systems form when magmas become saturated with sulfur, creating sulfide liquids that concentrate precious metals including platinum, palladium, and gold.

Key characteristics that make these systems valuable:

• High metal grades: PGMs are naturally concentrated in sulfide liquids
• Multiple metals: Systems typically contain platinum, palladium, gold, copper, and nickel
• Industrial demand: PGMs are essential for automotive catalysts, electronics, and hydrogen technology
• Supply constraints: Global PGM production is dominated by a few major deposits

The Southwest discovery exhibits classic features of world-class PGM systems, including thick mineralised zones, high metal grades, and evidence of a large-scale magmatic plumbing system. However, what sets this Terra Metals Ltd platinum group metal discovery apart is the exceptional continuity and scale demonstrated across multiple drill holes.

How Magmatic Sulfide Systems Develop

Magmatic sulfide systems develop when molten rock becomes saturated with sulfur compounds. During this process, sulfide liquids separate from the main magma and concentrate precious metals. The sulfide liquid acts like a metal collector, gathering platinum group elements from large volumes of magma before crystallising into ore deposits.

For instance, the Southwest system appears to represent a vertically connected position within this type of magmatic plumbing system. The consistent mineralogy and metal ratios across different drill holes support this interpretation.

Scale Potential Demonstrated Across 850m Strike

The SW6 prospect sits approximately 850 metres north of the previously announced SW5 discovery, which reported exceptional grades up to 53g/t PGE3 (1.70 oz/t). The separation demonstrates the scale potential of the Southwest system, with high-grade mineralisation occurring across multiple centres within a broader intrusive complex.

System Scale Indicators:

• Mineralised strike length: >850m (and growing)
• Vertical extent: >200m (open at depth)
• Multiple high-grade centres: SW5 and SW6 confirmed
• Consistent mineralogy: Sulfide-rich magmatic system
• Electromagnetic targets: Large conductor plates identified

Chief Geologist Dr. Solomon Buckman noted: "This proximal-distal palladium-platinum zonation is characteristic of large, long-lived layered mafic intrusions and suggests that Southwest occupies a vertically connected position within a magmatic plumbing system."

Furthermore, the expanding scale of mineralisation indicates that Terra Metals Ltd platinum group metal discovery may be part of an even larger system than initially anticipated.

Compelling Electromagnetic Targets Drive Next Phase

Downhole electromagnetic (EM) surveying has identified a large off-hole conductor (>100m x 150m modelled plate) positioned directly beneath the 31.1g/t PGE3 intercept. The conductor represents a high-priority follow-up target, potentially indicating additional sulfide accumulation at depth.

The conductor's size and position provide compelling evidence for continued mineralisation below current drilling, supporting the interpretation of a vertically extensive feeder system. Consequently, the electromagnetic target will be prioritised in the upcoming Phase 4 drilling programme.

Major Drilling Campaign Set to Commence

Terra Metals has announced its largest ever drilling programme, with four drill rigs being mobilised for up to 30,000 metres of diamond and reverse circulation drilling commencing in March 2026. According to the announcement, the programme will focus immediately on expanding the Terra Metals Ltd platinum group metal discovery.

Immediate Priorities:

1. Vertical extensions of SW5 and SW6 high-grade discoveries
2. Lateral extensions along the 850m mineralised corridor
3. Electromagnetic conductor testing beneath SW6
4. Resource definition drilling across priority zones

Strategic Objectives:

• Define the full extent of the Southwest sulfide system
• Test for additional mineralised centres along strike
• Establish geometric controls on high-grade zones
• Advance towards maiden resource estimation

The scale of the drilling commitment demonstrates management's confidence in the system's potential and their commitment to rapidly advancing the discovery. In addition, this aggressive exploration approach positions the company to capitalise on the momentum from recent exceptional results.

Investment Thesis: World-Class Discovery Potential

Terra Metals' Southwest discovery exhibits characteristics consistent with world-class PGM sulfide systems. The combination of exceptional grades (up to 1 oz/t PGE3), substantial widths (>200m mineralised thickness), and system scale (>850m strike length) positions this as a potentially globally significant discovery.

Key Investment Drivers:

Existing Resource Foundation:
The Southwest discoveries complement Terra Metals' existing 1.6 million ounce Pt-Au resource base from the Dante Reefs, providing a substantial foundation for potential development scenarios.

Market Context:
Global PGM markets face supply constraints, with approximately 70% of platinum and 40% of palladium production concentrated in South Africa and Russia. Australian PGM discoveries of this scale are rare, potentially positioning Terra Metals as a strategic supplier to growing hydrogen and automotive catalyst markets.

Why Investors Should Follow Terra Metals

The Southwest discovery represents a potential paradigm shift for Terra Metals, transitioning from a promising resource company to potentially hosting a globally significant PGM sulfide system. Several factors make this a compelling investment story, particularly as the Terra Metals Ltd platinum group metal discovery continues to expand.

Discovery Momentum

The company has demonstrated consistent delivery of exceptional drilling results, with each phase revealing new aspects of the mineralised system. The expanding mineralised footprint with each drilling phase creates a clear trajectory of discovery success.

• Consistent delivery of exceptional drilling results
• Expanding mineralised footprint with each drilling phase
• Clear geological model supporting continued exploration success
• Largest ever drilling programme commencing to accelerate discovery

Strategic Position

Terra Metals benefits from several strategic advantages that enhance the value proposition of its discovery. The location in stable Western Australian jurisdiction provides regulatory certainty for development.

• Location in stable Western Australian jurisdiction
• Existing resource base providing development optionality
• Multi-metal system reducing commodity risk
• Growing PGM demand from energy transition trends

Execution Track Record

The company's systematic exploration approach has consistently delivered results, building confidence in management's ability to advance the discovery. However, the technical expertise and adequate funding position the company well for continued success.

• Systematic exploration approach delivering consistent results
• Strong technical team with relevant magmatic sulfide experience
• Adequate funding for aggressive exploration programmes
• Clear communication of progress and strategic direction

Key Takeaway:
Terra Metals has positioned itself as a major discovery story in the global PGM sector, with the Southwest system demonstrating world-class characteristics across grade, width, and scale. With 30,000 metres of drilling commencing and multiple high-priority targets identified, investors should closely monitor developments as this potentially transformational discovery story unfolds.

The combination of exceptional discovery results, systematic exploration approach, and substantial upcoming drilling programmes positions Terra Metals among the most compelling PGM discovery stories in the current market. Furthermore, the Terra Metals Ltd platinum group metal discovery represents a rare opportunity to participate in the early stages of what could become a globally significant resource.

Why Should You Consider Terra Metals for Your Portfolio?

Terra Metals' Southwest discovery represents a rare opportunity to invest in what could become a globally significant platinum group metal system. With exceptional grades up to 31.1g/t PGE3, mineralised thickness exceeding 200 metres, and an upcoming 30,000-metre drilling programme set to commence in March 2026, the company is positioned to rapidly advance this potentially transformational discovery. The combination of world-class characteristics, systematic exploration success, and substantial upcoming catalysts makes Terra Metals a compelling investment proposition in the growing PGM sector. Discover more about Terra Metals' exceptional Dante Project discovery and explore the investment opportunity by visiting terrametals.com.au.