Terra Metals Resource Upgrade Results Confirm World-Class Polymetallic Discovery

Terra Metals Limited (ASX: TM1) has reported outstanding Terra Metals resource upgrade results from its second round of drilling at Reef 2 (Hyperion), confirming the presence of a world-class, multi-metal deposit with exceptional continuity and grade consistency from surface.

Standout Results Confirm High-Grade Potential

The latest batch of assays from 16 drill holes has delivered some of the highest individual metal grades ever recorded at Reef 2, with standout intercepts including:

Key Intercepts:

• • 8m @ 1.73% CuEq from 47m (HDD001)

• • 42m @ 0.70% CuEq from 13m (HRC053)

• • 35m @ 0.72% CuEq from 23m (HRC055)

• • 55m @ 0.64% CuEq from 23m (HRC074)

Furthermore, the Terra Metals resource upgrade results consistently demonstrate thick, laterally continuous titanium-vanadium-platinum-copper-gold mineralisation commencing directly from surface. Multiple high-grade internal reef positions deliver exceptional metal concentrations across the deposit.

Management Commentary:

“These results continue to validate Reef 2 (Hyperion) as a large, high-quality, near-surface polymetallic reef system with genuine scale and consistency. What stands out in this second round of assays is not just the thickness and continuity of mineralisation from surface, but the repeated presence of high-grade internal reef positions carrying platinum, gold, copper, titanium and vanadium together.” – Thomas Line, Managing Director & CEO

Record-Breaking Individual Metal Grades

The infill drilling programme has returned some of the highest individual metal grades recorded to date at Reef 2, including:

These exceptional grades reinforce the upside potential from continued infill drilling and highlight the deposit’s capacity to deliver material resource upgrades as drilling density increases.

Understanding Copper Equivalent (CuEq): A Key Valuation Metric

Copper Equivalent represents the combined value of all metals in a deposit expressed as an equivalent copper grade. For Terra Metals’ polymetallic mineralisation, this calculation incorporates:

• • Copper (Cu)

• • Gold (Au)

• • Platinum (Pt)

• • Palladium (Pd)

• • Titanium dioxide (TiO₂)

• • Vanadium pentoxide (V₂O₅)

In addition, the CuEq calculation uses proven metallurgical recoveries from 2025 testwork at ALS Laboratories Perth, ensuring realistic valuations based on demonstrated processing capabilities. While titanium (48%) and vanadium (30%) contribute more to the copper equivalent than copper itself (~13%), the company reports CuEq% because copper provides the most widely recognised industry benchmark for polymetallic projects.

Why This Matters for Investors: CuEq grades allow direct comparison with other polymetallic projects and provide a single metric to assess the overall economic value of the complex mineralisation.

Rare Diversified Precious Metal Portfolio

The Dante Project offers investors exposure to a rare combination of high-value metal systems:

Reef 1 & Reef 2 (Platinum-Gold Dominant):

• • Strong dominance of platinum and gold (rather than palladium)

• • Consistent copper sulphides in the absence of nickel

• • Very high-grade titanium and vanadium

• • Stratiform, reef-layer-style deposit geometry

Southwest PGM-Cu-Ni Discovery:

• • High-grade palladium-rich sulphide systems

• • World-class grade potential

Consequently, this district-scale diversity positions Terra Metals with exposure to both large-scale titanium-vanadium-platinum-gold-copper reefs and high-grade PGM sulphides – a combination rarely found within a single project.

Systematic Resource Growth Strategy

The Terra Metals resource upgrade results continue to deliver on multiple fronts through their systematic drilling programme:

Current Progress:

• • Assays pending for more than 50% of resource upgrade drill holes

• • All Reef 1 (Crius) diamond and reverse circulation drill holes awaiting results

• • Multiple visual sulphide intercepts from Southwest PGM discovery zone pending

Drilling Characteristics Supporting Growth:

• • Mineralisation consistently starts from surface

• • Broad mineralised envelopes with higher-grade internal reef zones

• • Simple, predictable geometry supporting continuity confidence

• • Shallow dip (~30° southwest) ideal for systematic drilling definition

Strong Financial Foundation for Continued Growth

Contained Metals:

• • 22 Mt titanium dioxide

• • 800 kt vanadium pentoxide

• • 270 kt copper

• • 1.6 Moz platinum-palladium-gold

Investment Thesis: District-Scale Opportunity

Strategic Position: Terra Metals controls a globally significant multi-metal discovery within the Jameson Layered Intrusion, part of the Giles Complex comparable to South Africa’s Bushveld Complex.

Key Investment Drivers:

1. 1. Scale & Continuity: 20km+ strike length with mineralisation from surface

1. 1. Metal Diversification: Exposure to platinum, gold, palladium, copper, titanium, and vanadium

1. 1. Processing Pathway: Demonstrated potential for three high-grade concentrates

1. 1. Resource Growth: More than half of upgrade drilling results still pending

1. 1. District Potential: 80km+ of prospective stratigraphy across project footprint

Operational Advantages:

• • Surface accessibility with no pre-stripping requirements

• • Shallow dip geology supporting efficient extraction planning

• • Proven metallurgy with defined concentrate products

• • Strategic location in established mining jurisdiction

Why Should Investors Follow Terra Metals?

This latest drilling success reinforces Terra Metals as a major emerging force in the global polymetallic space. However, the combination of exceptional grade continuity, surface accessibility, and diversified metal exposure positions the company for substantial value creation as the resource upgrade programme advances.

Upcoming Catalysts:

• • Remaining 50% of resource upgrade assay results

• • Reef 1 (Crius) drilling results

• • Southwest PGM discovery additional results

• • Resource estimate updates incorporating new drilling

Furthermore, with multiple high-value metal systems, proven processing pathways, and significant drilling results still pending, Terra Metals offers investors exposure to a rare district-scale opportunity with substantial upside potential.

The Terra Metals resource upgrade results demonstrate the company’s growing significance in the sector, with continued exploration programmes yielding consistently positive outcomes across multiple mineralisation zones.

Key Investment Takeaway:

Terra Metals has positioned itself as a major player in the global polymetallic sector, with a world-class deposit offering diversified exposure to platinum, gold, copper, titanium and vanadium. With over 50% of resource upgrade drilling results still pending and multiple discovery zones advancing simultaneously, investors should monitor this rare district-scale opportunity closely.

Ready to Explore Terra Metals’ World-Class Multi-Metal Discovery?

Terra Metals’ exceptional drilling results at the Dante Project demonstrate the scale and quality of this rare polymetallic opportunity. With over 50% of resource upgrade assays still pending and multiple high-grade discovery zones advancing simultaneously, investors have a unique chance to position themselves ahead of significant upcoming catalysts. Don’t miss this district-scale opportunity offering diversified exposure to platinum, gold, copper, titanium, and vanadium through a single investment. Visit Terra Metals’ website to discover more about their world-class multi-metal project and upcoming development milestones.