Terra Metals (TM1) H1 2026 earnings summary

Executive summary

• Advanced exploration at the 100%-owned Dante polymetallic project in Western Australia, targeting platinum, palladium, copper, gold, titanium, and vanadium.

• Phase 3 drill program completed with 20,755m drilled across 182 holes, confirming large-scale mineralisation.

• Significant new discoveries at the Southwest Prospect, with high-grade PGM-Cu-Ni sulfide mineralisation confirmed.

• Ongoing resource growth and confidence at Dante Reefs, with mineralisation extending over 6.2km strike.

• Onslow Project drilling revealed high-grade silver mineralisation.

Financial highlights

• Net loss for the half-year ended 31 December 2025 was $9,439,143, up from $3,935,977 in the prior year period.

• Exploration and evaluation expenses rose to $7,672,655 from $3,237,077 year-over-year.

• Cash reserves at 31 December 2025 were $10,864,962, up from $3,271,260 at 30 June 2025.

• Net assets increased to $14,625,988 from $7,506,344 at 30 June 2025.

• Basic and diluted loss per share was 1.5 cents, compared to 1.1 cents in the prior year period.

Outlook and guidance

• Ongoing drilling and exploration at the Dante Project, with assays pending for approximately 110 drillholes.

• Significant capital raised post-period to fund continued exploration and development.