Terra Metals Limited has announced the completion of its maiden Mineral Resource Estimate at the Dante Project in Western Australia’s West Musgrave region. The estimate, delivered just 12 months after discovery, identifies a total resource of 148 million tonnes grading 14.8% titanium dioxide, 0.54% vanadium pentoxide, 0.18% copper and 0.33 g/t 3PGE (a combination of platinum, palladium and gold) – equivalent to about 1.38% copper equivalent. Within this, a higher-grade indicated resource was delineated over 38 million tonnes, with grades of 18.4% titanium dioxide, 0.73% vanadium pentoxide, 0.23% copper and 0.71 g/t 3PGE (or 1.87% copper equivalent). The resource, prepared independently by a recognized expert from Pivot Mining Consultants, is notable for its near-surface, laterally extensive nature, achieved at a very low discovery cost of roughly A$0.07 per tonne. The Dante Project stands out due to its polymetallic mineralisation hosted within a layered mafic-ultramafic intrusive complex, analogous to the Bushveld Complex. The magnetic and geological mapping reveals that the current resource covers less than 10% of the total mapped mineralised trend, suggesting significant potential for future expansion. Metallurgical test work, conducted by an experienced consultant and ALS Laboratories, demonstrated excellent recovery rates – for example, copper at 95.8%, titanium dioxide at 65.6%, vanadium pentoxide at 90.9%, and substantial recoveries for platinum group metals and gold. This promising test work produced high-grade concentrate products, underlining the asset’s potential to yield competitive strategic mineral products from a single source. The announcement details plans for Phase 3 drilling to begin imminently, targeting both infill and extensional growth at multiple reef corridors across the Dante Project. Additional reconnaissance exploration and high-resolution airborne magnetics are set to further delineate the resource. With strategic funding secured via a $4 million placement, Terra Metals Limited is well positioned to pursue these exploration and optimisation programs in the near term. Market sentiment from the news is largely positive. Bullish indicators include the rapid delineation of a large-scale, near-surface resource, low discovery costs, excellent metallurgical performance, and significant upside potential given that less than 10% of the mapped trend has been tested. On the bearish side, risks remain inherent to early-stage exploration projects, such as uncertainties around resource continuity, the need for further drilling to transition inferred resources to indicated status, and the absence of an independent audit at this preliminary stage. Overall, while technical challenges persist, the announcement positions the Dante Project as a compelling strategic asset for potential long-term value creation.