Terra Metals (TM1) Q1 2027 TU earnings summary

Executive summary

• Dante is 100%-owned and the sole active project; Southwest PGM-Cu-Ni remained the primary focus, with a maiden Mineral Resource Estimate (MRE) targeted for Q1 CY2027.

• Southwest mineralisation extends ~1,350 m along strike, 700 m across strike and at least 750 m down dip; the corridor remains open along strike and down dip.

• Cash at 30 September was $57.9m, funding the MRE, Scoping Study and further development studies.

Financial highlights

• Exploration and evaluation expenditure was $16.761m for the quarter; total exploration-related payments included $7.547m for drilling and $3.106m for sample analysis.

• Operating cash outflow was $17.120m, including $16.761m for exploration and evaluation, $871k for administration and corporate costs, and $184k for staff costs.

• Cash and cash equivalents declined from $75.112m at 30 June to $57.884m at 30 September; interest received was $696k.

Outlook and guidance

• First metallurgical results are targeted for Q4 CY2026; the maiden Southwest MRE is on track for Q1 CY2027, with assays and geological modelling continuing through January-February.

• The Scoping Study is targeted for mid-2027 after the MRE, with a Pre-Feasibility Study to follow.

• Near-term work includes completing 2026 assays, finalising MRE geological and structural modelling, reporting metallurgy results and advancing technical studies drilling.

• Drilling is concentrated on the MRE footprint to preserve cash for development studies; strike extensions continue in parallel at a measured pace.