Terra Metals Limited (ASX: TM1) presented a corporate update at the Swiss Mining Institute Conference in March 2026, outlining rapid exploration progress at its flagship Dante Project in Western Australia’s West Musgrave region. High-grade platinum group metal (PGM) intercepts have placed the Company firmly on the radar of investors following Australian mining stocks.
Figure 1: Active drilling underway at the Dante Project [Courtesy: Terra Metals]
Terra Metals project progress has been defined by discovery-scale drilling results at the Southwest Prospect, alongside a 148 million metric ton (Mt) existing Mineral Resource Estimate. With a phase 4 drilling program now underway and a maiden Southwest resource targeted for the second half of 2026, the Company is advancing toward a clear development pathway in the critical minerals space.
A District-Scale Discovery Gains Momentum
Terra Metals Project Progress Defined by High-Grade Southwest Intercepts
Terra Metals project progress at the Southwest Prospect has delivered some of the highest PGM grades reported globally. Drill hole SWT008 at SW5 returned the following results:
- 35 metres at 2.90g/t PGE3 from 48 metres
- 14 metres at 6.71g/t PGE3 from 68 metres
- 3 metres at 27.78g/t PGE3 from 68 metres
- 1 metre at 52.97g/t PGE3 from 69 metres
Figure 2: SW5 discovery highlighting high-grade PGE intercepts from drill hole SWT008 [Courtesy: Terra Metals]
Chief Metallurgist Dr Evan Kirby stated: “I’ve worked on major platinum deposits around the world and never seen a hard rock drill intersection with PGM grade anywhere close to this SWT008 intersection.” He described these grades as comparable only to dunite pipes mined in South Africa during the mid-20th century.
The SW6 discovery, located 850 metres north of SW5, further confirmed the lateral extent of the system. Key intercepts from SW6 include:
- 61 metres at 1.41g/t PGE3, 0.13% copper and 0.19% nickel from 172 metres
- 35 metres at 1.59g/t PGE3
- 1.1 metres at 12.67g/t PGE3
- 0.3 metres at 31.1g/t (1 oz/t) PGE3, 0.55% copper and 1.31% nickel
- 82.4 metres at 1.14g/t PGE3 from 262 metres to end-of-hole
Figure 3: Southwest cross-section highlighting SW6 PGE intercepts [Courtesy: Terra Metals]
The Dante Project and Its Significance for Australian Mining Stocks
A Multi-Commodity System Across a District-Scale Tenure
The Dante Project is located in the West Musgrave region, with a footprint comparable in scale to Singapore. The Project hosts exposure to PGEs, copper, gold, vanadium, titanium and gallium within a single connected mineral system.
Figure 4: Dante Project footprint (~1,210 km²) and key targets [Courtesy: Terra Metals]
For investors tracking ASX mining updates, these commodities are directly aligned with global critical minerals demand. The Dante Project, located in a Tier-1 Western Australian jurisdiction, is positioned as a potential long-term strategic supplier outside of China-dominated supply regions.
Exploration Timeline and Key Milestones
From Discovery Hole to Phase 4 Campaign
The Southwest discovery began with drill hole SWT008, which intersected the high-grade PGM sulphide zone from 48 metres depth and returned the peak result of 52.97g/t PGE3, as reported in the ASX announcement dated 27 Jan 2026.
Figure 5: SW5 discovery cross-section with high-grade PGE intercepts [Courtesy: Terra Metals]
This was followed by the SW6 discovery intercept confirmed in the announcement dated 17 Feb 2026. The phase 4 drilling program, targeting 30,000 metres of diamond and RC drilling at Southwest, commenced in H1 2026 and represents the largest exploration campaign in the Company’s history.
Terra Metals project progress toward resource definition follows a clear sequence of ASX mining updates. The next milestones in order of indicative timing are:
- Upgraded Mineral Resource Estimate for Dante Reefs — H1 2026
- Downhole EM on phase 4 drilling and multi-electrode EM on deeper holes — H1 2026
- Regional ground and airborne EM and soil geochemistry to identify concealed targets — H1 2026
- Maiden Mineral Resource Estimate for the Southwest Prospect — H2 2026
- Phase 5 drilling — H2 2026
- Metallurgical studies — Continuous
- Pre-Feasibility Study — 2027
Drilling Strategy and Geological System Behind the Results
A Magmatic System One Billion Years in the Making
The Dante Project hosts a rare district-scale magmatic mineral system characterised by multiple reef packages, feeder pipes, sulphide melt pools and layered cumulates across the Jameson Range geology.
Figure 6: Aerial view of SW5–SW6 discovery area [Courtesy: Terra Metals]
The Southwest Prospect represents the feeder pipe and chonolith zone, where concentrations of PGMs and base metals are highest. The phase 4 campaign confirmed net-textured to semi-massive sulphides at shallow depths between 60 and 80 metres, dominated by pyrrhotite, pentlandite and chalcopyrite.
Figure 7: Conceptual model of the Dante magmatic system [Courtesy: Terra Metals]
Five drill rigs comprising three diamond and two RC units are progressively mobilising, with downhole EM surveys already identifying large off-hole conductors adjacent to the 1 oz/t PGE3 massive sulphide zone at SW6. The program targets nine defined areas at Southwest spanning SW1 through SW9.
Dante Reefs Mineral Resource and Metallurgical Results
148Mt Resource Supporting a Low-Cost Processing Pathway
The Dante Reefs MRE stands at 148Mt at 1.38% copper equivalent (CuEq), covering the Crius, Hyperion and Oceanus reef zones. The resource contains 22Mt of titanium dioxide, 800 kilotonnes of vanadium pentoxide, 270 kilotonnes of copper and 1.6 million ounces of PGE3. Less than 5% of the outcropping strike has been drilled, pointing to significant exploration upside. Metallurgical testwork has demonstrated the potential for three distinct high-grade concentrate streams:
- High-grade copper-gold-PGM concentrate
- High-purity titanium heavy mineral concentrate
- High-grade vanadium concentrate
The resource is laterally extensive, shallow dipping and outcrops from the surface, characteristics that the Company notes present the potential for open-pit mining. These results form an important part of the ASX mining updates, continuing to attract institutional interest in the Terra Metals project progress.
Terra Metals Share Price
Terra Metals Limited (ASX: TM1) is currently trading at A$0.280 per share. The Company carries a market capitalisation of A$306.09 million. The 52-week range stands at A$0.017 to A$0.470 per share.
Figure 8: Terra Metals (ASX: TM1) 12-month share price trend [Courtesy: ASX]
Industry Outlook
Global demand for platinum group metals, copper, vanadium and titanium is projected to grow materially through the coming decades, driven by the clean energy transition, defence procurement and advanced manufacturing requirements. Australia’s position as a Tier-1 mining jurisdiction makes it a preferred destination for critical mineral project development by institutional capital.
ASX mining updates from multi-commodity explorers like Terra Metals are drawing growing interest from investors seeking exposure to secure, non-China supply chains for these strategic materials.
Future Direction and Impact
Terra Metals project progress through 2026 will be defined by the phase 4 drilling results at Southwest, the upgraded Dante Reefs MRE and the maiden Southwest resource estimate targeted for H2 2026. Each milestone represents a step toward the Pre-Feasibility Study planned for 2027.
For those following Australian mining stocks in the critical minerals sector, the Company’s combination of an existing 148Mt multi-commodity resource and high-grade feeder pipe sulphide discoveries at Southwest presents a development narrative that few ASX-listed explorers can match at this stage.
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Frequently Asked Questions
Q1. What is the Dante Project?
Ans. The Dante Project is Terra Metals’ flagship district-scale PGM and critical minerals system in Western Australia’s West Musgrave region, hosting a 148Mt MRE and a high-grade Southwest sulphide discovery.
Q2. What grades has Southwest returned?
Ans. The SW5 discovery hole SWT008 returned a peak of 52.97g/t PGE3, described by the Company’s Chief Metallurgist as comparable to the highest-grade hard rock PGM intersections ever recorded globally.
Q3. When is the maiden Southwest resource expected?
Ans. Terra Metals has targeted a maiden MRE for the Southwest Prospect in H2 2026, with a Pre-Feasibility Study to follow in 2027.
Q4. Is Terra Metals relevant to Australian mining stocks?
Ans. Yes. Terra Metals project progress positions TM1 as a multi-commodity critical minerals explorer in a Tier-1 jurisdiction.
Q5. What is the current share price and market cap?
Ans. Terra Metals (ASX: TM1) is trading at A$0.280 per share with a market capitalisation of A$306.09 million.
Sources
Terra Metals Limited (ASX: TM1) — Corporate Presentation: World Class PGM Discovery, Swiss Mining Institute Conference, March 2026 —https://data-api.marketindex.com.au/api/v1/announcements/XASX:TM1:6A1317086/pdf/inline/corporate-presentation-swiss-mining-institute-conference?_gl=1*afzqbw*_ga*MTcwODQzODA4Ni4xNzYyMjUxMTk2*_ga_R504V9JPBH*czE3NzM4ODExMTIkbzk2JGcxJHQxNzczODgxMTE1JGo1NyRsMCRoMA..
Terra Metals Limited — ASX
https://www.asx.com.au/markets/company/TM1
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