Terra Metals (TM1) Q4 2026 TU earnings summary

Executive summary

• Southwest Discovery expanded to over 950m strike, 700m width, and 750m down dip, remaining open in all directions.

• Drilling confirmed exceptional mineralised thickness, with up to 448m of continuous PGM-Cu-Ni mineralisation.

• Five drill rigs active, transitioning from discovery to systematic resource delineation and advancing towards a maiden Mineral Resource Estimate.

• Board and executive team strengthened with key appointments to support project development.

Financial highlights

• Ended the quarter with $75.1 million in cash and cash equivalents, fully funding the largest exploration program to date.

• Net cash used in operating activities for the quarter was $10.4 million, primarily for exploration and evaluation.

• Raised $20.8 million from equity placement and $17,000 from option exercises during the quarter.

• Total exploration expenditure for the quarter was $9.56 million.

Outlook and guidance

• Exploration continues with focus on expanding the Southwest Discovery and progressing towards a maiden Mineral Resource Estimate.

• Strong cash position provides an estimated 7.2 quarters of funding at current expenditure rates.