ASX RELEASE

ABN: 45 116 153 514

ASX: TMX

17 March 2021

Drilling & Project Update - Smokebush Gold Project

Terrain Minerals Limited (ASX: TMX) is pleased to announce that it has finalised the design work and all approvals have now been granted for the phase 2 RC drill program at Smokebush Gold Project located at Mt Mulgine, 65km West of Payne's Find WA.

Terrains geologists are currently on site continuing the detailed mapping and ground based geophysical surveys work between Paradise City (PC) up to the Hurley/T17 area and between PC and Wildflower (refer to Diagram 1). The team will also revisit several areas of interest which were identified from the December mapping program; rock chip samples are still pending from these areas.

The team is also preparing both sites for the commencement of drilling, ensuring that the sites are ready once a contractor has been secured. The industry is currently experience high demand for drill rigs.

Drill Program Summary:

The RC drill program consists of 17 holes (~2,100m) and will be undertaken at both Monza and Paradise City.

Monza, Prospect (P59/2128 - 80% TMX), This drilling program is following on from the maiden, and highly successful drilling campaign, completed in 2020. A total of 13 holes are planned, 4 holes to test down dip extensions and 9 holes stepping out along the northern structural corridor to test scale and continuity. The drilling will end close to the historic working (shafts) which recently returned spectacular high-grade mineralisation from rock chip sampling. These old workings are located ~800m away from the maiden drill program (refer to Diagram 2 and ASX release: 3 March 2020 - Exciting Results from Smokebush Gold Project).

  • • 1,610m RC program for 13 holes

Paradise City Target (E59/2435 - 100% TMX), Terrain's maiden RC drilling program over this area will consist of 4 holes. The targeting review process has identified promising historic drill results. It is believed that historic drilling may not have adequately tested the target area. This program aims to step out from the known areas of mineralisation, testing scale and continuity of the historic mineralisation (refer to Diagram 3 and ASX release: 3 December 2020 - New Application Granted with Exciting Historic Results at the Paradise City Gold Prospect - Smokebush Gold Project).

  • • 490m RC program for 4 holes

The findings from the recent ground based geophysical and mapping programs have been invaluable and has upgraded Monza project to a very high priority target for Terrain. The market will be updated upon the commencement of 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: +61 8 9381 5558|www.terrainminerals.com.au|

Smokebush Gold Project Map

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: +61 8 9381 5558|www.terrainminerals.com.au|

Monza RC Drilling Plan 2021

Terrain have planned a total of thirteen (13) holes at Monza for 1,610m. Four of these holes are designed to test deeper extension of drilling completed in 2020 that successfully intercepted multiple intercepts of significant gold mineralisation. The remaining nine (9) holes are planned to test northern strike continuity of mineralisation up to the historic workings that have returned high grade gold mineralisation from sampling undertaken by Terrain in 2020.

Diagram 2: Planned 2021 Monza drilling relative to Terrain 2020 announced drilling with selected significant intervals identified.

| 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: +61 8 9381 5558|www.terrainminerals.com.au|

Paradise City RC Drilling Plan 2021

Terrain have planned a total of four (4) holes at Paradise City for 490m. These holes are designed to test the main potential northern extension orientations from mineralisation identified in historic drilling. These are the northern extension, the down plunge extension and the potential eastern extension. The aim of this drilling is to give us an idea of the continuity and scale potential of the mineralisation as defined by historic drilling.

Diagram 3: Planned 2021 Paradise City drilling relative to historic drilling with selected significant intervals identified.

| 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: +61 8 9381 5558|www.terrainminerals.com.au|

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Terrain Minerals Limited published this content on 17 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 01:03:05 UTC.