Terrain Minerals : 12/02/2021 - Ground Geophysics & Mapping Refines Targeting Matrix

ASX RELEASE

ABN: 45 116 153 514

ASX: TMX

12 February 2021

Ground Geophysics & Mapping Refines Targeting

Matrix at Smokebush Gold Project

Terrain Minerals Limited (ASX: TMX) is pleased to announce that it has analysed the results from the ground-based geophysics program conducted in December 2020 over the Smokebush gold project.

The geophysics concentrated on 3 key areas; Monza, Wildflower and Paradise City. All data has been merged with the existing data to create an advanced data base for precise drill targeting (refer to Diagram 1 and 2).

The program also consisted of a very detailed mapping program which extended beyond the key areas. This has identified several new areas that now require further investigation. One of these new areas is situated along the newly identified Monza corridor.

The Survey Covered:

• • Monza (TMX earn in 80%) 700 by 1000-meter area was covered by 50m spaced north-south ground magnetic lines. The information will assist with preparation for drilling which will be targeting depth and strike extents, as well as testing new areas along the ~800m plus strike (refer to Diagram 3).

• • Wildflower (TMX earn in 80%) 650 by 1000-meter area was covered by 50m spaced north-south ground magnetic lines. This prospect requires further investigation to understand structural controls on gold mineralisation due to transported cover, an air core program is currently being designed (refer to Diagram 4).

• • Paradise City (100% TMX) 600 by 1200-meter area was covered 50m spaced east-west ground magnetic lines. Planning is now underway for the maiden drill program which follows up on an exceptional historic first pass RC program (refer ASX announcement 3 December 2020). This target shares similarities to Monza prior to Terrain's successful maiden drilling program (refer to Diagram 5). The structure appears to head north towards other known mineralisation some ~3km to the north.

Preparation for drilling is underway which is following on from the highly successful maiden drill program at Monza Gold prospect conducted in August 2020 (refer ASX announcement 12 October 2020).

Terrain has submitted program of works (POW) applications to the Department of Mines to conduct maiden drilling at Wildflower and Paradise City. The market will be updated regarding the progress of permitting and plans for drilling.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|

Diagram 1: Map of Terrain Minerals Smokebush tenements. Tenements in bold are 100% Terrain.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|

Ground Geophysics results;

Ground geophysics was undertaken on 3 selected grids, data was collected with a geometrics 858 magnetometer at 50m line spacing, processed and gridded (Diagram 2).

Diagram 2: Gridded RTP (Reduced to Pole) ground magnetic data sets in the context of the Smokebush Project.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|

Monza Prospect

Ground Magnetic data over the Monza Prospect has revealed a break in the stratigraphic magnetic feature (trending E-W), corresponding with the location of the shear zone hosting mineralisation at Monza. There is also a subdued Magnetic feature trending north-south along the Monza corridor.

Terrain geologists have interpreted an 800m corridor of potential gold mineralisation along the northern extension of this structure based on the magnetics and locations of 2020 Rock Chips taken from historic workings. Drilling undertaken by Terrain in 2020 has defined 200m strike extent of gold mineralisation along this structure. 2021 drill planning will look to extend known mineralisation to the north and down dip.

Diagram 3: Gridded AS (Analytical Signal) ground magnetic data set over the Monza Prospect.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: [phone]|www.terrainminerals.com.au|