Key highlights

  • RC drilling intersected thick PGM-Cu-Ni mineralisation from surface, including 194 m at 1.01 g/t 3E and 0.17% Ni in SWRC106.
  • Diamond drilling reported 181 m at 1.12 g/t PGE3 in SWRD078.
  • A maiden Southwest Mineral Resource Estimate is targeted for Q1 CY2027.

Terra Metals Limited (ASX:TM1) announced on 14 October 2026 results from reverse circulation (RC) and diamond drilling at the Southwest prospect within its Dante Project in the West Musgrave region of Western Australia. The company reports thick platinum group metal, copper and nickel mineralisation from surface.

RC drilling results

SWRC106 returned 194 m at 1.01 g/t 3E and 0.17% Ni from 15 m, including 24 m at 1.84 g/t PGE3, 0.19% Cu and 0.27% Ni from 43 m. SWRC105 returned 200 m at 0.75 g/t PGE3 and 0.16% Ni from surface, including 79 m at 1.08 g/t PGE3 from 83 m. SWRC107 returned 129 m at 0.98 g/t PGE3 and 0.15% Ni from 127 m. The company notes near-surface intervals are relatively platinum-enriched, with Pt:Pd ratios close to 1:1, compared with palladium-dominant mineralisation typically intersected at depth.

Diamond drilling

SWRD078 returned 181 m at 1.12 g/t PGE3, 0.12% Cu and 0.15% Ni from 144.13 m, including 56.87 m at 1.69 g/t PGE3. Wedge holes from SWDD011 returned 105.4 m at 1.03 g/t PGE3 from 200.5 m and 126 m at 0.98 g/t PGE3 from 200 m. The company says diamond drilling confirms consistency and continuity of high-grade reefs at depth within the central targeted resource area. RC drilling about 370 m east of SWDD011 has also intersected mineralisation.

Reporting basis

Significant intercepts are determined using a copper equivalent methodology in line with the previously reported Dante Basal Reefs Mineral Resource of August 2025. The company says the Southwest mineralisation comprises stacked sulphide zones, rather than only the Basal Reefs, and that assays remain pending for some intervals.

Risks shareholders may weigh

Southwest does not yet have a Mineral Resource, and widths are downhole. Assays are pending for the upper portion of SWRC107 and for SWRD095, and drill spacing remains variable. Metallurgical testwork is continuing, and economic extraction of low-grade bulk mineralisation depends on recoveries, metal prices and costs.

The company's low-strip open cut concept and selective processing of high-grade reefs are potential, not confirmed, outcomes, and Musgrave region access, approvals and funding apply.

What's next

Metallurgical testwork and resource definition drilling are continuing. The maiden Southwest Mineral Resource Estimate is targeted for Q1 CY2027, and a scoping study is planned after that, supported by testwork. Assay results from the wider Dante regional exploration program are also expected.