Terra Metals Limited (ASX: TM1) (“Terra” or “the Company”) has reported a highly successful March 2025 quarter, driven by outstanding advancements at its flagship Dante Project in Western Australia. The Company achieved significant milestones across exploration, metallurgy, and tenement expansion, positioning itself as a serious emerging player in the global polymetallic resource space.
Located in the richly endowed Jameson Layered Intrusion, the Dante Project continues to reveal strong mineralisation over wide zones and across multiple commodities, including copper, gold, platinum group metals (PGMs), titanium, and vanadium. The March quarter highlights include the production of three high-grade concentrates, a significant step forward in confirming the Project’s processing potential using simple and low-cost methods.
Figure 1: Dante Project location map showing nearby company tenures and significant mineral deposits.
Exceptional Metallurgical Results Validate Commercial Viability
Terra completed its Phase 1 metallurgical testwork during the quarter, successfully producing three high-grade, commercially attractive concentrates using straightforward processing flowsheets. This work provides a clear pathway to low-cost production across multiple metal streams:
1.High-Grade Copper-Gold-PGM Sulphide Concentrate
- Contained grades: 28.0% Cu, 17g/t Au, 21.4g/t PGMs
- Recovery rates: 95.8% Cu, 75.8% Au, 74.4% PGMs
2.High-Purity Titanium-Ilmenite Concentrate
- Grade: 40% TiO₂
- Produced using magnetic separation
- Comparable or superior to leading global producers of hard rock ilmenite
3.High-Grade Vanadium-Magnetite Concentrate
- Grade: 1.81% V2O5
- Recovery: 90.9%
- Exceeds industry benchmark of 1.5% V2O5
- required for economical flake production
These results confirm that the Dante Reefs can generate multiple revenue streams via well-established and low-cost beneficiation methods. Terra has now commenced Phase 2 optimisation testwork, aiming to further improve concentrate grades and recoveries in preparation for potential feasibility studies.
Strong Exploration Results Extend High-Grade Mineralisation
Infill and extensional drilling at both Reef 1 and Reef 2 returned strong results throughout the quarter, confirming the continuity and scalability of high-grade mineralisation. At Reef 1 North, the Company extended the known mineralised strike by 1.2km to a total of 4.2km. This significant growth supports the geological model of a laterally extensive, high-grade polymetallic system.
Notable intersections from the drilling campaign included:
- 4m @ 21.3% TiO₂, 0.82g/t PGM, 0.14% Cu, and 0.93% V2O5(URC045)
- 5m @ 19.4% TiO₂, 0.83g/t PGM, 0.29% Cu, and 0.83% V2O5(URC058)
- 9m @ 17.6% TiO₂, 0.62g/t PGM, 0.24% Cu, and 0.64% V2O5 (URC062)
Infill drilling at Reef 2 North also returned excellent results, such as:
- 15m @ 12.89% TiO₂, 0.28% CuEq, and 0.54% V2O5(HRC029)
- 9m @ 14.46% TiO₂, 0.29% CuEq, and 0.48% V2O5(HRC021)
These results strengthen the case for a large-scale, shallow, and high-value polymetallic deposit. In response, Terra has commenced work on a Maiden Mineral Resource Estimate using the expanding drill database.
Strategic Expansion Builds Exploration Upside
To secure long-term growth and regional dominance, Terra signed a 12-month exclusive option to acquire 100% of HRM Exploration Pty Ltd. HRM holds four exploration licences covering 618km² directly adjacent to the Dante Project. This acquisition significantly expands Terra’s landholding within the Jameson Layered Intrusion, an area considered geologically analogous to the world-class Bushveld Complex in South Africa.
Terra paid the option fee with 8.33 million shares and can exercise the option at any time within 12 months. Based on milestone conditions, the Company would issue 7.5 million more upfront shares and up to 11.25 million deferred shares upon completion of the acquisition.
This move reinforces Terra’s commitment to long-term district-scale exploration and value creation, with the potential to uncover extensions to the Dante Reefs or entirely new targets.
Corporate and Financial Overview
Disciplined Capital Management in Focus
During the quarter, Terra managed operating expenditures closely while progressing critical technical work. Exploration and development expenditure totalled $831,000, including drilling, assay, and metallurgical costs. Additional outlays included $209,000 in staff costs and $93,000 in administration and corporate expenses.
The Company ended the quarter with $1.22 million in cash, down from $2.48 million in the previous quarter. Although the cash balance fell, this reflected the final costs from drilling programs completed in the prior period. With drilling paused and the focus now on resource estimation and metallurgical optimisation, future exploration expenditure is expected to decrease temporarily.
Terra acknowledged the need for future capital and confirmed it is actively evaluating options to raise funds through equity or other financing channels. Management is assured that the Company can obtain further funding to advance its business objectives and project development plans.
Progress at Non-Core Assets
Work at the Southern Cross and Onslow Projects remained limited during the quarter. Terra continues to explore partnership or divestment opportunities for these projects, allowing it to prioritise resources on Dante, which offers the most significant near-term value.
Outlook: Building Momentum Toward Resource Definition
Looking ahead, Terra aims to deliver key outcomes over the next two quarters. These include:
- Completion of the Maiden Resource Estimate for the Dante Project
- Results from Phase 2 metallurgical optimisation
- Assessment and potential exercise of the HRM acquisition option
- Strategic funding initiatives to support continued growth
These milestones will lay the groundwork for long-term project advancement and enhanced investor confidence. The Company plans to maintain a strong operational focus while seeking to unlock further value from the broader Jameson Layered Intrusion.
Investor Outlook: Momentum Builds on Strong Fundamentals
Stock Price
Terra Metals (ASX: TM1) has demonstrated a clear upward trend in market performance, supported by significant technical achievements and strategic expansion at its Dante Project. Investors have responded positively to the Company’s recent progress, with share price appreciation reflecting growing confidence in the asset and management’s execution strategy.
As of the latest trading session, Terra’s share price stands at $0.029, representing a market capitalisation of $11.82 million. The Company has 407,635,062 shares on issue and is trading well above its recent lows, indicating increasing market interest.
Performance Snapshot
- 1 Week: +11.54%
- 1 Month: +45.00%
- 2025 Year-to-Date (YTD): +3.57%
- 52-Week Trading Range: $0.017 – $0.105
This upward movement in share price aligns with the delivery of key milestones, including the production of high-grade concentrates, expanded mineralisation at Reef 1 and Reef 2, and the initiation of a maiden Mineral Resource Estimate. Terra’s ability to progress exploration and metallurgical work efficiently—while managing capital conservatively—has started to build investor confidence and attract new market attention.
Copper Market Outlook: Positive Momentum Supports Project Economics
Copper Price
Copper prices continue to show strength, providing a favourable backdrop for Terra Metals as it advances its copper-bearing Dante Project. As of the most recent update, copper trades at USD 4.79/lb, maintaining its position near multi-month highs despite minor short-term fluctuations.
Recent Copper Price Performance
- 3 Month: +11.80%
- 6 Month: +9.71%
- 1 Year: +2.42%
This sustained price growth reflects robust underlying demand, driven by global infrastructure programs, the clean energy transition, and rising electric vehicle production—all of which heavily rely on copper. Market fundamentals remain strong, with supply disruptions in key producing regions and limited new project development contributing to tightening global inventories.
