Multiple Reefs & Magmatic Sulfides Intercepted at Southwest

• First assays confirm multiple new, near-surface Bushveld-style Fe-Ti-V-Cu-PGE reef layers
• Newly identified magmatic Cu-Ni-PGE-Co sulfide zone with net-textured to semi-massive accumulations
• Sulfides occur at bases of mafic cycles, consistent with immiscible sulfide melt segregation

Terra Metals Limited (ASX:TM1) is pleased to report new assay results from RC drilling at the Southwest Prospect as part of the Phase 3 program. The first assays from the SW1 area confirm magmatic Cu-Ni-PGE-Co sulfide mineralisation developed at the bases of mafic cycles -- a style that is distinct from the titanomagnetite-dominant mineralisation within the current Mineral Resource Estimate. Textures and metal associations indicate immiscible sulfide melt pooling during magma recharge, a process recognised in large, layered intrusions globally, including the Sudbury Igneous Complex. Multiple new Bushveld-style Fe-Ti-V-Cu-PGE reefs were also intersected downhole, highlighting several stacked mineralised horizons extending from near surface to depth. The SW1 sulfides differ fundamentally from the oxide reefs, forming through sulfur saturation and sulfide immiscibility and occurring as primitive Mg-Cr-rich, net-textured to semi-massive sulfides, rather than stratiform magnetite-ilmenite cumulates. With the 2025 drill program now complete (totalling 21,678m) and assays pending for approximately 106 drillholes, momentum continues to build across the district-scale polymetallic system.

The company has not provided any high-importance, price-sensitive forward-looking financial metrics or guidance.

The company has not provided a specific forward-looking outlook statement, but has indicated that metallurgical testwork, downhole electromagnetic surveys, gravity and heritage programs underway will support targeted drilling across high-priority positions in 2026.