Terra Metals Confirms 1,350m Platinum-Copper-Nickel Reef With MRE Due Q1 2027

Southwest delivers its largest continuous high-grade reef yet

Diamond drilling has confirmed the largest continuous high-grade reef at Terra Metals (ASX: TM1)’s Southwest platinum group metal, copper and nickel discovery to date. The confirmed strike now extends to 1,350m and remains open in all directions, with extensional drilling continuing.

The system is not a single-metal story. Platinum group elements (3E, being the sum of platinum, palladium, and gold) pair consistently with copper and nickel credits from shallow depths through to more than 700m downhole, reinforcing Southwest’s potential as a multi-commodity mineralised system. Multiple high-grade reefs are stacked throughout the system from near surface, offering optionality to selectively process higher-grade material during potential future mining.

Thomas Line, CEO & Managing Director

“Southwest has given us its largest continuous high-grade reef to date, part of a stack of reefs that starts at shallow depth. Heritage clearance now covers the full footprint, first-pass drilling at Double Snag has hit sulfides 1.2 km from the current MRE target area, and more than 40,000 assays are still in the lab. With access now cleared across the Southwest Area and metallurgical testwork advancing, the maiden MRE is on track for Q1 CY2027. Geophysics and surface geochemistry continue to shine the way to further extensions along strike and across the broader project. Promising sulfide intersections identified recently in multiple new locations provide further encouragement that there is still a lot more to come.”

What the latest drill results show

Assay results from SWRD071, SWRD090, SWRD050, and SWRD077 include some of the thickest and highest-grade 3E-Cu-Ni intercepts drilled at Southwest to date, confirming a large, continuous, polymetallic mineralised system. The headline intercepts are summarised below.

The 448m PGE-Cu-Ni intercept drilled earlier in the campaign represented the broadest single intersection ever recorded at Southwest, and the current results from SWRD090 and SWRD071 now extend that picture with additional wide, continuous intervals across a larger portion of the system.

Why consistent metal diversity matters

Nickel and copper credits appear across virtually every intercept, from shallow depths through to more than 700m downhole, rather than as isolated exceptions. This persistent multi-commodity pairing underpins Southwest’s potential to deliver value across multiple commodity streams from a single mineralised system, reducing reliance on any single metal price.

Understanding PGMs and why Southwest’s metal mix is significant

Platinum group metals (PGMs) are a family of six rare metallic elements with critical industrial applications. Supply is highly concentrated globally: South Africa’s Bushveld Complex, estimated to contain 2.2 billion ounces of PGMs according to the announcement’s geological context, dominates world production. That supply concentration makes alternative PGM discoveries, particularly at scale, strategically significant.

At Southwest, 3E refers to the combined grade of platinum (Pt), palladium (Pd), and gold (Au) expressed in grams per tonne. This is the primary precious metal measure reported for the system.

What sets Southwest apart for investors is that PGM endowment is paired with base metal credits in virtually every drill intercept. That means multiple commodity price drivers sit within a single mineralised system, reducing single-commodity risk.

Access cleared, new targets hit, and the path to a maiden resource

Heritage and clearance surveys have been completed across the entire immediate Southwest footprint, covering not only the existing drilled strike length but also areas along strike targeted for further exploration. That clearance unlocks infill drilling across the full 1,350m strike for resource-definition drilling in support of a maiden Mineral Resource Estimate (MRE).

Double Snag and new prospect hits extend the story

First-pass drilling at the Double Snag prospect intersected sulfide mineralisation approximately 1,200m along strike from the previously confirmed Southwest Main Zone strike length, representing a potential significant extension to the Southwest mineralised system. Sulfide mineralisation was also intersected at the Area 1 and Area 2 prospects.

It is important to note that assay results are pending for all of these new holes. The intervals described from Double Snag, Area 1, and Area 2 are based on visual estimates of sulfide mineralisation from geological logging only, not laboratory assays. Visual estimates should not be considered a substitute for laboratory analyses, and no grade conclusions can be drawn from them at this stage.

Metallurgical test work advances in parallel

A bench-scale metallurgical test work programme for Southwest is underway to support the MRE. The programme includes mineral characterisation, grinding hardness assessment, and flotation trials conducted on a master composite from diamond drill core.

The three primary sulfide minerals being assessed are:

1. Chalcopyrite (Cu-sulfide)
2. Pentlandite (Ni-sulfide)
3. Pyrrhotite (Fe-sulfide)

Initial rougher trials were nearing completion at the time of the announcement, with cleaner flotation trials having commenced in late September 2026. The programme is assessing product options ranging from a single bulk sulfide concentrate through to split individual copper, nickel, and pyrrhotite concentrates, with the work conducted in parallel with early smelter engagement.

Maiden MRE targeted for Q1 CY2027

The maiden Southwest Mineral Resource Estimate (MRE) is on track for delivery in Q1 CY2027, following the enlarged drill programme. The MRE will provide the first formal estimate of mineralised tonnage and grade, and begin to quantify the distribution of different grade domains across Southwest.

With more than 40,000 assays still pending, excluding ongoing drilling, significant further news flow is anticipated ahead of that milestone. The indicative development roadmap from the announcement progresses as follows:

• Resource Definition Drilling
• Maiden MRE
• Scoping Study
• Prefeasibility Studies

For context on the broader Dante Project, the existing Basal Reef Mineral Resource Estimate stands at 148Mt @ 1.38% CuEq (as shown in Figure 6 of the announcement). Southwest sits alongside this as a separate, growing discovery within the same project area, with its own distinct mineralisation style and expanding footprint.

The Basal Reef Mineral Resource Estimate of 148Mt at 1.38% CuEq established the Dante Project’s initial scale and provided the foundation against which Southwest’s expanding footprint is now measured as a separate and complementary discovery within the same project area.

Ready to Explore the Full Scale of Terra Metals’ Southwest Discovery?

The Southwest system has now confirmed a 1,350m continuous high-grade reef, stacked with platinum group elements, copper, and nickel from near surface to over 700m downhole — with a maiden Mineral Resource Estimate targeted for Q1 CY2027 and more than 40,000 assays still pending.

Investors seeking to understand the full scope of this expanding multi-commodity discovery can explore Terra Metals’ project details and latest announcements on Discovery Alert, where the Southwest and Dante Project updates are tracked in depth.