Terrain Minerals Limited (ASX: TMX) (Company) advises that 12,600,000 fully paid ordinary shares (Shares) have been issued upon the exercise of unlisted options exercisable at $0.0117 each on or before 24 November 2020 raising a total of $147,420.

The options were exercised by present and past employees and Directors of the Company (including 10,000,000 options exercised by current Executive Director Justin Virgin).

In addition, the Company advises of the following securities movements: Expiry of 10,000,000 unlisted options exercisable at $0.0117 each on or before 24 November 2020 and Issue of 16,000,000 unlisted options exercisable at $0.0214 each on or before 25 November 2025 in respect to resolutions 4, 5 and 6 as resolved at the Company's Annual General Meeting held on 20 November 2020.

Notice Under Section 708A(5)(e) of the Corporations Act 2001

In respect of the Shares issued, Terrain gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) (Act) of the following: The Shares were issued without disclosure under Part 6D.2 of the Act; As at the date of this notice, the Company has complied with: (a) the provisions of Chapter 2M of the Act as they apply to the Company and (b) section 674 of the Act and As at the date of this notice, there is no information to be disclosed which is excluded information (as defined in section 708A(7) of the Act) that is reasonable for investors and their professional advisers to expect to find in a disclosure document.

Contact:

Melissa Chapman

Tel: +61 8 9381 5558

Email: terrain@terrainminerals.com.au

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 WA gold exploration Project 100% owned - Key strategic land holding recently secured know as Wilson Patch (WP). Wild-viper tenement package is strategically located and also surrounds Red5 Ltd - Great Western Project (GW) as well as being adjacent to Saracen's (ASX: SAR) Bundarra gold deposits. As of the date of this announcement Terrain held 3.5 million Red5 shares (ASX: RED) from the GW sale. Terrain is currently following up on the newly identified zones of mineralisation from its August 2020 RC program. Terrain has recently competed at 2,400 meters air core program following up on recent RC drilling. Samples are currently at the laboratory awaiting processing.

Smokebush - WA gold exploration Project JV to earn 80% - Terrain has identified multiple drill targets along with several other prospective areas that require additional work. Terrain executed its maiden RC drill program in August 2020, which followed up on historic drilling, that Terrain believes failed to comprehensibly test these targets. Terrain is excited from the results of this successful drill program. A large ground mag and mapping program is due to commence early December 2020 around the Monza prospect and over the greater Smokebush area.

Project Review - Terrain Minerals is currently searching and has been assessing potential projects: Gold, Copper, Nickle and industrial minerals in Australia. Due to COVID-19 travel restrictions all regions outside of WA as well as foreign jurisdictions are still being considered but are becoming more problematic as due diligence cannot be carried out and staff safety cannot be guaranteed. All economic commodities are being considered as indicated in previous Quarterly reports.

Due to the COVID-19 Situation - Terrain has been concentrating on WA based opportunities, due to the current travel restrictions that are in place. The board will continue to monitor advice from the relevant authorities (WHO and Australian Government) about the virus and the factors effecting the health and safety of all Terrain's stake holders, as well as the current travel restrictions

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