Please bear in mind that I’m writing this from the perspective...

Please bear in mind that I’m writing this from the perspective of a non-geo; someone with many years of market experience, but with limited geological experience.

Terra has had a stellar run since its 1 April ’24 low of 1.7c (yes, it really was April Fools), 4-bagging in less than 4 months.

Anyone who has been on this forum for any length of time knows my conviction re TM1 & would know that in my (biased) opinion, 1.7c was a level I never would’ve contemplated reaching, the same way that I feel the stock’s current is still ridiculously cheap. I will be using the following analysis of Petratherm (ASXTR) as a comparison to prove my point.

On 15 Nov. ’24, PTR went into TH with a MC of about $15m (EV $12m).

On 19 Nov., PTR reported its met work & the stock closed the day with a MC of ∼$36m.

Why am I using PTR as a comparison for TM1? Because PTR is developing the Muckanippie Critical Minerals Project, which it described in its 21/11/24 slide deck as a, “Major layered intrusive complex prospective forBushveld ‘Reef’ Style – Gold-Platinum Group Metals and Titanium-Vanadium” with “Explorationtargeting • Stage 1 - Vanadium-Titanium-Iron-Phosphate • Stage 2 -Gold-Platinum Group Metals”.

That description should sound somewhat familiar to those with an interest in TM1.

Muckanippie is located in Sth. Aust. & Dante in Western Aust. I won’t go into the relative merits of each state or who the immediate neighbours are of each of these tenements; however suffice to say you can guess which I prefer on each of these considerations.

Metallurgy

To be totally honest with you, met work ain’t my strong point. However, I hang my hat on the fact that Evan Kirby is one of the best met metallurgists on the planet, and when he states the following (24 March ’25 report) I believe him:

“These preliminary results are extremely encouraging andsuggest the Dante Reefs has potential to produce multiple commercialconcentrate products using low-cost and simple processing techniques. Themineralogy has favourable properties compared to some other known deposits inproduction.

The initial results demonstrate a potential pathway toproduce a high-grade saleable copper-precious metal sulphide concentrate, ahigh-grade vanadium concentrate suitable for producing high-purity vanadiumpentoxide flake, and a high-quality commercial titanium-ilmenite concentrate,using simple and low-cost processing methods. Given these initial promisingresults, and the size of the Dante Reefs discovery defined thus far byexploration drilling, the Dante Reefs has potential to be a globallysignificant and highly competitive source of a range of commercially attractiveproducts.”

BTW, what did Terra’s MC do on the back of this report –it went from a MC of ∼$8m (EV - $6m) toa MC of ∼$8.8m.

Phase 2 met work is due any tick of the clock. Now that GEAR & Matt Latimore have joined the register as strategic investors, I doubt the market will be as dismissive when these results are reported.

Assays

To cut a long story short, I believe you don’t need to be a geo to make the following statement: any objective comparison between the PTR assays reported on 11 Sep. 24 for Muckanippie & 4 Dec. ’24 for Rosewood & assays reported for Dante between 13 May ’24 & 2 April ’25 will confirm that on the basis of both grade & intercept, Dante has it all over Muckanippie & Rosewood. In terms of depth, they’re probably much of a muchness.

Oops, there’s just a small matter I almost forgot to factor in. In the 12 June ’25 PTR slide deck, the description for Muckanippie was changed from that quoted above, to “• High-grade titanium rich heavy mineralsands discovered over a 15km2 area at Rosewood and remains open to the north. •Exceptional Valuable Heavy Mineral Content, rich in rutile products and High Timinerals.”

What happened to the, “…Gold-Platinum Group Metals and Titanium-Vanadium” from the slide deck just 7 months prior? I’ll tell you what – they don’t have it!

Now don’t get me wrong, until a deposit is drilled, every theory is just that, a theory. I don’t suggest for a second the PTR directors/management were doing anything untoward by stating the above, however drilling proved they got it wrong. It happens. That’s the game of exploration.

However, I do know of a company that does have Gold, PGMs, Titanium-Vanadium, as well as Copper.

In the recent S***head article, there was a quote from TL that I thought brilliantly & succinctly listed one of the major advantages of Dante: “So it’s a diversified critical metals portfolio in a singleresource, and each of those commodities and concentrate products are in totallydifferent commodity cycles, so it provides hedging upside and exposure todifferent markets and different cycles which should pay dividends over time.”

Share Register

The only substantial shareholder I see on the PTR register is the fund, Acorn Capital, with about 8% of the register.

In comparison, TM1 has Tribeca with 15%, Glenn Whiddon should still have just over 5%, GEAR/Latimore should have close to 20% between them.

Although it’s great to have a fund like Acorn on the register of a junior, GEAR/Latimore bring mining expertise, deep contacts for marketing the TiO2 & V2O5, as well as potential funding for any mine going forward. This is of enormous advantage to a junior explorer.

Imminent Catalysts

The Phase 2 met work & the MRE – both of which are highly significant; should be hitting any tick of the clock.

Thomas mentioned rock chips from new areas are in the lab. Similarly, the company should be drilling again soon enough. Given the scope of TM1’s tenure, I’d be shocked if different types of mineralisation aren’t encountered. Any higher grade zones would lead to a major rerating, IMHO.

Conclusion

I wrote this piece for a couple of reasons. Firstly, to clarify my own thoughts about TM1 & Dante. Secondly, not as a hatchet job on PTR, but rather to show (with my very limited geological understanding) the potential for TM1 to reach a MC many multiples of its current level, notwithstanding the recent price appreciation.

At yesterday’s close, PTR was capped at ∼$130m (EV - $121m). In comparison, TM1 is capped at ∼$35m (EV - $32m. This figure includes the 2^nd placement tranche.)

This can mean one of four things: PTR is overvalued; TM1 is undervalued; PTR is overvalued & TM1 is undervalued; PTR is undervalued & TM1 is really undervalued.

Either way, I know in which of these companies I’ve put my hard earned and why.

DYOR.