Terrain Minerals : 14/04/2020 - Final $2,200,000 Received for the Sale of Great Western

ASX RELEASE

14 April 2020

Final $2,200,000 Payment Received

for the Sale of Great Western

ABN: 45 116 153 514

ASX: TMX

Terrain Minerals Limited (ASX: TMX) is pleased to announce that the sale of Great Western has now been successfully completed.

Terrain has received the full second tranche payment of $2,200,000 paid by way of an issue of Red5 Ltd shares. The shares were calculated using a five-day VWAP calculation of 19.06c and Terrain was issued 11,542,498 fully paid ordinary shares in Red5 Ltd.

Terrain has retained 6,042,498 shares and intends to hold these for investment purposes for the time being.

A total of 5,500,000 shares have been sold, realising approximately $1.2 million in cash.

The Board is pleased with the finalisation of this transaction. Funds will be used to advance works at both the Wild-viper and Smokebush Gold projects here in WA as well as being used for new project generation.

Wild-viperGold Project; which encompasses all the land area around Great Western. As announced on the ASX on the 30 March 2020 Terrain intends to shortly commence a large soil sampling program over three highly prospective areas (Refer to Diagram 1 & 2).

Smoke Bush Gold Project; Funds will also be used to expediate exploration and drilling over five advanced targets at the Company's new Smokebush gold project (refer Diagram 3 & 4).

Note: For additional information refer to ASX announcement: 11 November 2019 - Execution of Option Agreement for the Sale of Great Western Gold 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|

Diagram 1. Proposed soils program over Wild-viper. Due to ground condition some of the proposed grid lines may not be receptive to soil sampling, the geologist will make that call during the program. Terrain estimates between the three target areas that up to ~500 sample could be collected and tested.

The three key target areas have been identified from past studies and field obviations conducted during the last two work programs (drilling and trenching program's) at Wild-viper. The soil sample program will be taken over grid lines of 200m by 50m over each area and subject to the geologist discretion according to local ground conditions.

The aim of the program is to identify possible in-soil gold anomalies, what highlight potential drill targets. If successful Terrain intends to fast track the works over these targets, with an aim of conducting a first pass drill campaign later this year (Refer to Diagrams 1).

| 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 2. Great Western Tenements M37/54 and Wild-Viper E37/1214 and other adjacent deposits within this highly prospective area.

Note: For additional information refer to ASX announcement: 27/03/2017 - JORC 2012 Resource Upgrade at Great Western

| 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|

Smokebush Exceptional Historic Drilling Results Identified During Project Due Diligence

The data review has identified extensive untested surface gold geochemical anomalies as well as highlighting significant RC and RAB gold drilling intersections from sparse first pass drilling.

The best historical results include:

Monza:

• 2m @ 11.3g/t Au from 70m (MMRC162 - RC)
• 2m @ 9.2g/t Au from 24m (MMRC154 - RC)

Hurley & T17:

• 10m @ 1.4g/t Au from 15m (MM084 - RAB)
• 2m @ 2.5g/t Au from 51m (MMRC074 - RC)

Wildflower:

• 15m @ 1.4g/t Au from 10m (MM110 - RAB)

The historic drilling is considered sparse and requires follow up exploration activities to property test these significant results. Terrain is now planning a site visit to gain a better understanding of the possible controls of mineralisation before designing the next stage of exploration activities.

Location & Access

The Smokebush Project Area is located approximately 85 kilometres east northeast of the Perenjori township and 65 kilometres west of Paynes Find within the Yalgoo Mineral Field.

The project is contained within four contiguous Prospecting Licenses (P59/2125, P59/2126, P59/2127 & P59/2128) and one Exploration Licence (E59/2234) enclosing a total area of approximately 1,254 hectares (Figure 1).

| 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|

The tenements can be accessed via the unsealed Perenjori - Warriedar Road, and thence via extensive historical exploration grid lines, station tracks and fences lines.

Diagram 3: SmokeBush Project Location (Tenements outlines in Red)

| 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|

Smokebush Project

Diagram 4: Interpreted Geology Mt Mulgine with the Smokebush tenements in blue outlines

| 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|

Refer to ASX release:

02 December 2018 - Farm-in Agreement for the Smokebush Gold Project at Mt Mulgine, 65km West of Paynes Find WA.

18 December 2019 - Smokebush Exceptional Historic Drilling Results Identified During Project Due Diligence

Justin Virgin

Executive Director

For further information, please contact:

Justin Virgin - Executive Director

Email: [e-mail]

Phone: [phone]

ABOUT TERRAIN MINERALS LIMITED:

Terrain Minerals Limited (ASX:TMX) is a minerals exploration company with a Western Australian based asset portfolio consisting of:

• Wild-Viper Exploration continues to increase Terrain knowledge of this highly prospective gold exploration property. Terrain will shortly commence a large soil sampling program over three key areas with the aim of identifying further drill targets, if successful Terrain intends to drill test them later this year.
• Red Mulga Project has areas have been relinquished after rehabilitation was completed.
• Project Review: Terrain Minerals is currently searching and has been assessing potential projects: Gold, Copper, Nickle and industrial minerals in Australia, Africa, North & South America and Asia, other regions are also being considered. Several jurisdictions of interest have now been identified. All economic commodities are being considered as indicated in previous Quarterly reports.

Compliance Statement:

The Company notes that within the announcement all the information is referenced directly to the relevant original ASX market releases of that technical data.

Terrain would like to confirm to readers that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of the estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Disclaimer:

Information included in this release constitutes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect",

| 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|

"intend", "plan", "estimate", "anticipate", "continue" and "guidance" or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate environmental conditions including extreme weather conditions, staffing and litigation.

Forward looking statements are based on the company and its management's assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and effect the company's business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or advise of any change in events, conditions or circumstances ono which such statement is based.

Competent Person Statement:

Smokebush & Wild-viper:

The information in this report that relating to the exploration activities are based on information compiled by Mr. S Nicholls, who is a Member of the Australian Institute of Geoscientists and full time employee of Apex Geoscience Australia Pty Ltd. Mr Nicholls has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Nicholls consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Great Western:

The information in this report that relates to Exploration Results is based on information compiled by Mr. T Bradley, who is a Member of the Australian Institute of Geoscientists and a Non-Executive Director of Terrain Minerals Limited. Mr Bradley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Bradley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

End.

| 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|