Terra Metals Ltd (ASX:TM1, FRA:21V) has released its quarterly report for the period ending December 31, 2025, highlighting new discoveries at the Southwest Prospect within the Dante Project, continued resource upgrade and infill drilling at Reefs 1 and 2, and a strengthened balance sheet following a placement.
Southwest Prospect discoveries expand Dante potential
Initial assay results from the SW5 target returned high-grade PGE3 mineralisation of up to 52.97g/t PGE3, which the company says supports the Southwest Prospect emerging as a significant PGM–copper–nickel sulfide centre within Dante.
Terra highlighted drillhole SWT008, which intersected 35 metres at 2.90 grams per tonne (g/t) PGE3 from 48 metres, including 3 metres at 27.78g/t PGE3 and 1 metre at 52.97g/t PGE3. The company noted mineralisation in SWT008 begins from near-surface.
Assays from the SW6 target also confirmed a new PGM–Cu–Ni sulfide discovery at the Southwest Prospect, with Terra reporting multiple zones of PGM mineralisation.
Meanwhile, first assays from SW3 and SW4 outlined what Terra described as multiple, thick Ti–V–Cu–Co–PGM sulfide reefs, representing a new style of mineralisation identified within the Dante Project.
Reefs 1 and 2 drilling supports continuity
At Reefs 1 and 2, resource upgrade and infill drilling continued to intersect multiple high-grade Ti–V–Cu–PGM–Aureefs, with Terra pointing to results that reinforce continuity and improve confidence in the mineralised system.
The company said first assays from resource expansion and upgrade drilling at Reef 2 (Hyperion) continued to confirm thick Ti–V–Cu–PGM–Au reefs from surface across areas that were previously undrilled.
Cash position lifted after placement
Terra ended the quarter with about $11 million cash on hand following completion of a $15 million placement. The raising was led by cornerstone shareholders Golden Energy and Resources (GEAR) and Tribeca Investment Partners.