Terra Metals Confirms 172-Metre Continuous PGM Copper Nickel Zone at Southwest

Why Investors Should Pay Attention

Terra Metals Southwest 172 metre continuous PGM copper nickel zone drilling results represent a meaningful step-change in the understanding of the Southwest system. This is not an incremental update — it is a fundamental reinterpretation that transforms two separate intercepts into a single, unbroken 172.4-metre mineralised corridor with bonanza grades inside it.

Furthermore, the system remains open along strike and at depth, with SWDD011 visual sulfides still awaiting assay. In addition, pending PGE7 results could further uplift the total metal endowment across the Southwest Prospect.

Consider the key reasons this result matters:

• A continuous 172.4-metre zone grading 1.11 g/t PGE3 — one of the most substantial intervals defined at Southwest to date
• Bonanza-grade hits of 31.11 g/t PGE3 (approximately 1 oz/t) confirming ultra-high-grade concentrations within the broader corridor
• Mineralisation confirmed to end-of-hole, with the system structurally open below current drill depths
• Polymetallic upside from titanium and vanadium at SW5, adding further commodity diversity
• A 148 Mt existing resource base across five metals, with Southwest mineralisation sitting entirely outside this inventory

The Broader Investment Context

Terra Metals is advancing the Southwest Prospect within a geological setting frequently compared to the Bushveld Complex — the world's single largest repository of platinum group metals. The Dante Project's strike potential now extends to over 80 kilometres, with hundreds of kilometres of prospective stratigraphy remaining largely untested.

However, it is worth noting that the Southwest discovery is exploration-stage, and investors should consider that drill results do not guarantee the definition of a formal mineral resource. Nonetheless, the consistency, continuity, and grade of intervals returned across the 2025 maiden drilling programme are genuinely exceptional for this stage of exploration.

What Makes This System Structurally Compelling?

The presence of iridium-group PGMs, confirmed through partial PGE7 assays, strongly supports a high-temperature magmatic feeder origin for the system. This style of mineralisation — where sulfide liquid concentrates metals during repeated magma recharge — is historically associated with the world's largest and richest PGM deposits.

Consequently, the structural complexity observed at Southwest, including local dip variations interpreted as folding or syn-magmatic deformation, further supports proximity to a feeder conduit. These are precisely the geological conditions that, in analogous systems globally, have yielded thick, high-grade sulfide accumulations at depth.

How Does Southwest Fit Within the Broader Dante Project?

The Southwest Prospect is entirely separate from the existing 148 Mt Mineral Resource Estimate, which already contains a meaningful polymetallic inventory of PGMs, copper, titanium, vanadium, and gold. Southwest, therefore, represents genuine exploration upside — a discovery layer sitting on top of an already defined resource base.

For instance, the SW5 zone's elevated titanium and vanadium readings, alongside its PGM-Cu-Ni grades, suggest that Southwest may itself evolve into a similarly polymetallic system at scale. This multi-commodity dimension adds resilience to the project's economics in a range of commodity price environments.

Frequently Asked Questions

What Does the 172-Metre Zone Mean for the Project?

The confirmation of a single, continuous 172.4-metre zone grading 1.11 g/t PGE3, 0.11% Cu, and 0.15% Ni is significant because it demonstrates both the vertical extent and the internal grade consistency of the Southwest system. A mineralised zone of this thickness, remaining open at depth, is a strong indicator of a large and potentially resource-grade magmatic sulfide system.

Is the Southwest Mineralisation Included in the Existing Resource?

No. The Southwest Prospect mineralisation is entirely separate from and additional to the existing 148 Mt Mineral Resource Estimate at the Dante Project. This means that any future resource definition at Southwest would represent a direct addition to the project's current inventory.

What Are the Next Catalysts to Watch?

The most immediate upcoming catalysts include:

• Assay results from SWDD011, which intersected visual sulfides down-dip of the SW6 section
• Full PGE7 assay results across additional intervals, expected to uplift the recognised metal suite
• Step-out drilling results targeting lateral and down-plunge extensions of the known mineralised corridors
• Results from downhole geophysical surveys and three-dimensional model refinements

Terra Metals Southwest 172 metre continuous PGM copper nickel zone drilling results have set a compelling foundation for the next phase of exploration. With assay results pending, the system open at depth, and a world-class geological address in Western Australia's West Musgrave region, the Southwest Prospect remains one of the more closely watched early-stage PGM discoveries on the ASX.

This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult a qualified financial adviser before making investment decisions.

Ready to Dig Deeper Into Terra Metals' Southwest Discovery?

With a continuous 172.4-metre PGM-copper-nickel zone confirmed, bonanza-grade hits approaching 1 oz/t, and multiple near-term catalysts still to come, Terra Metals is shaping up as one of the more compelling early-stage PGM stories on the ASX. The Southwest Prospect sits entirely outside an already-defined 148 Mt resource base — meaning any future resource definition here represents direct upside for investors. To learn more about the Dante Project, the Southwest discovery, and what's coming next for Terra Metals, visit the company's official website at terrametals.com.au.