• First assays from SW5 target confirm a second new platinum group metal (PGM)-copper-nickel sulfide discovery
• The first drillhole SWT011 intersected a 69m continuously mineralized interval containing multiple high-grade PGM zones
• SW5 is located approximately 800m south of the SW6 discovery, confirming PGM sulfide mineralization across multiple locations

Terra Metals Limited (ASX:TM1) is pleased to report that initial assay results from first-pass reconnaissance drilling at the SW5 target have confirmed a second PGM-copper-nickel sulfide discovery at the Southwest Prospect located within the Dante Project. The first shallow RC drillhole reported from SW5 has intersected multiple broad zones of high-grade PGM mineralisation, with consistent associated copper and nickel. Importantly, SW5 is located more than 800 metres from the recently reported SW6 PGM discovery, confirming that high-tenor PGM sulfide mineralisation occurs across multiple, spatially distinct centres within the Southwest area. Drilling at SWT011 has delivered long, near-surface intervals of PGE-rich mineralisation, including high-grade internal zones exceeding 2.00 g/t PGE3 (individual meter assay) demonstrating both thickness and grade continuity. These results are in addition to previously reported visual sulfide intercepts, which did not include SWT011, and further strengthen the interpretation that Southwest hosts a large, multi-centre PGM sulfide system with significant scale and growth potential.

The Company is deliberately advancing both the systematic growth and de-risking of the existing Dante resource, as well as methodically assessing new high-impact targets such as Southwest that have the potential to add further scale, optionality and long-term value to the project.