Terra Metals Reports 28% Copper and 40% TiO2 Concentrates at Dante

Metallurgical Breakthroughs at Dante

Terra Metals Limited (ASX: TM1) has reported a productive March quarter at its Dante polymetallic project in Western Australia, showcasing promising metallurgical advancements. The company successfully produced three distinct high-grade concentrates, copper-gold-platinum group metals (Cu-Au-PGM), titanium-ilmenite, and vanadium-magnetite, using straightforward, cost-effective processing methods. Notably, the Cu-Au-PGM sulphide concentrate boasts an impressive 28.0% copper, 17 g/t gold, and 21.4 g/t PGMs, with recovery rates exceeding 74% across precious metals.

The titanium-ilmenite concentrate achieved a high purity grade of 40% TiO2 through magnetic separation, surpassing industry benchmarks for hard rock ilmenite concentrates. Meanwhile, the vanadium-magnetite concentrate graded 1.81% V2O5 with a 91% recovery rate, exceeding the typical 1.5% V2O5 industry standard for cost-effective vanadium production. These results underscore the Dante Reefs’ potential to deliver multiple commercially viable concentrates, enhancing the project's economic prospects.

Exploration Success and Resource Development

Exploration drilling during the quarter extended the mineralised strike at Reef 1 North by 1.2km, bringing the total strike length to approximately 4.2km. Infill drilling confirmed the continuity of high-grade polymetallic mineralisation from surface at Reef 1 and Reef 2, with notable grades including up to 23.7% TiO2, 1.07 g/t PGM, 0.36% copper, and 0.91% V2O5. These findings reinforce the potential for a large-scale, high-grade polymetallic deposit.

Building on this momentum, Terra has commenced its maiden Mineral Resource Estimate, leveraging extensive drilling data accumulated over recent campaigns. Concurrently, Phase 2 metallurgical optimisation work is underway to refine processing techniques and improve concentrate grades and recoveries, aiming to enhance the project's overall viability and readiness for future development stages.

Strategic Expansion via Tenement Acquisition Option

In a strategic move to bolster its footprint, Terra secured a 12-month exclusive option to acquire 100% of HRM Exploration Pty Ltd, which holds four exploration licenses covering 618 square kilometres contiguous with the Dante Project. This acquisition could significantly expand Terra’s presence within the highly prospective Jameson Layered Intrusion, a geological setting analogous to South Africa’s prolific Bushveld Complex, known for its rich polymetallic deposits.

The option agreement involved an initial non-refundable payment of over 8 million fully paid ordinary shares, with further shares payable upon exercise and subject to performance conditions. This deal positions Terra to potentially extend the Dante Reefs mineralisation and consolidate its regional dominance.

Focused Approach on Core Assets

While the Dante Project advances rapidly, Terra’s activities at its Southern Cross and Onslow projects remained limited to desktop studies and partnership discussions during the quarter. The company is actively seeking partnerships or divestments for these assets to concentrate resources and capital on the development of the Dante Reefs discovery.

Financially, Terra reported exploration expenditure of approximately A$831,000 for the quarter, with no mining or production costs incurred, reflecting its early-stage development status. The company continues to manage its cash prudently while planning to raise additional funding to support ongoing exploration and development activities.