Terra Metals (TM1) H2 2026 earnings summary

Executive summary

• Southwest discovery rapidly shifted activity toward resource definition; drilling indicates a large, laterally extensive PGM-Au-Cu-Ni-Co sulphide system with recurring higher-grade intervals.

• FY2026 closed with $75.1m cash and no material external debt, funding expanded drilling and technical studies.

Financial highlights

• Net loss was $27.95m vs $5.94m in FY2025, reflecting exploration and evaluation, corporate, business development, employee and share-based payment costs.

• Income was $1.06m, mainly interest income; exploration and evaluation expense rose to $23.84m from $4.37m.

• Cash and cash equivalents were $75.11m vs $3.27m; net assets were $76.36m vs $7.51m at 30 June 2026.

• Operating cash outflow was $22.31m vs $5.87m in FY2025; financing cash inflow was $94.58m.

Outlook and guidance

• FY2027 priorities include Southwest infill, resource-definition and extension drilling, metallurgical work, and a maiden Mineral Resource Estimate targeted for Q1 2027.

• A Southwest Scoping Study is targeted for mid-2027; further infill and extension drilling is planned to inform future resource updates and a Pre-feasibility Study.

• Southwest remains early-stage; no Mineral Resource, Ore Reserve, production target, mine plan or economic assessment has been established for the discovery.