Massive Sulfides Intercepted at Southwest SW6 DHEM Target

• First 2026 diamond hole (SWDD011) intercepted multiple zones of massive sulfides based on visual observations
• Modelled DHEM conductor sits 60m off-hole from previous high-grade PGE-Ni-Cu intersection in SWDD006
• Confirms DHEM as an effective tool for targeting massive sulfide accumulations

Terra Metals Limited (ASX: TM1) is pleased to report visual geological observations from ongoing diamond drilling at the Southwest SW6 Prospect within the Dante Project, located in the West Musgrave Province of Western Australia. The first 2026 diamond hole (SWDD011) drilled at the Southwest SW6 PGM-sulfide discovery has intercepted multiple zones of massive sulfides based on visual observations, proximal to the modelled SWDD006 off-hole downhole electromagnetic (DHEM) conductor. The modelled conductor sits approximately 60m off-hole from the zone of massive sulfide at SWDD006 which reported 31.1g/t PGE3, 1.31% Ni, and 0.55% Cu from 226m, within a 200m thick mineralised zone with multiple high-grade zones to end-of-hole. This represents a major exploration success for Southwest, confirming the development of richer massive sulfide mineralisation, and confirming the effectiveness of DHEM to target massive sulfide accumulations associated with the feeder pipe. The newly discovered semi-massive to massive sulfide layers are hosted within a 320m zone of dominantly disseminated to net-textured sulfides. DHEM will be completed on SWDD011, and all other Southwest drillholes upon completion, with modelled DHEM conductors to be used in further targeting.

The result provides compelling evidence that Terra Metals is vectoring into a richer massive sulfide component within the broader Southwest magmatic PGM-Cu-Ni sulfide system, and confirms DHEM as a highly effective tool for identifying concealed massive sulfide accumulations associated with the feeder pipe, which will play a key role in unlocking further high-grade zones across the system.