Terrain Minerals : 5/10/2020 - Quarterly Activities and Cashflow Report

ASX Announcement

5 October 2020

ABN: 45 116 153 514

ASX: TMX

Quarterly Activities Report: September 2020

Terrain Minerals Limited (ASX: TMX) (Terrain) is pleased to provide the following update on its activities for the September quarter.

HIGHLIGHTS:

• Wild-viper- Gold Exploration Project - Result Pending

1. First Pass (& widely spaced) Drill Program - Total of 18 holes for 1,302 meters:
2. • Wilson Patch RC (Newly acquired) drilling- 7 holes for ~605 meters
   • Wild-viperRC drilling 5 holes for ~560 meters
   • Black Cat South Air-core 6 holes for ~137 meters

• 1. SPL application withdrawn after strong defence by Terrain
• Smokebush - Gold Exploration Project - Drilling Result Pending
• 1. Maiden drill program - Total of 12 RC holes for 981 meters:
  2. • Monza RC drilling 11 holes for ~893 meters
     • T13 - 1 RC hole for ~88 meters
     • Additional samples now being analysed
• Corporate Update
• • Ongoing Project Generation & Review Studies
  • Annual Report Finalised & Released
  • Terrain held 3.5 million RED5 Ltd shares at end of September Quarter

Address: Suite 2, 28 Outram Street, West Perth WA 6005 Postal: PO Box 79, West Perth, WA 6872

T: [phone] E:[e-mail]:www.terrainminerals.com.au

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Wildviper Gold Exploration Project

RC & Air-core drill program completed - Result Pending

• First Pass (& widely spaced) Drill Program - Total of 18 holes for 1,302 meters o Wilson Patch RC (Newly acquired), 7 holes for ~605 meters

1. Wild-viperRC, 5 holes for ~560 meters

• 1. Black Cat South Air-core, 6 holes for ~137 meters
• SPL application withdrawn after strong defence by Terrain

Last Quarter Terrain secured the mineral rights over the tenement know as Wilson Patch (WP) P37/8521 (refer to Diagram 1). This area is situated almost in the middle of the Wild-viper project tenement package. Recent soil sampling between Great Western (GW) now owned by RED5 & Wilson Patch returned elevated gold in the soil samples along strike from GW, including rock chip samples of 9.92g/t and 0.88g/t (refer to Diagram 2). The sampling highlighted the potential for mineralised extensions along the same geological structure that runs through GW, Wild-viper & Wilson Patch (refer to Diagram 3).

Terrain has now completed its first pass of the maiden drilling program. Four lines/fences of RC drilling, the fences were widely spaced 480m to 500m apart. The drill fences where not drilled top to tail so there were up to 35 to 40 meter gaps between drill lines. This is a very wildly spaced first pass program designed to secure valuable geological information and assist with future exploration and more precise drill targeting, as there is no drilling over this area.

A small first pass Air core program was also conducted over the Black Cat south area to the north of the tenement (refer to Diagram 4).

The first drilling program commenced and unfortunately halted on day 3 due to mechanical issues, and a a new contractor was secured, and the program was completed several weeks later after the drilling at Smokebush gold exploration project was completed.

The board is pleased to announce that the whole program was executed safely and professionally with no safety incidents being recorded. The results are currently being assessed and the market will be notified in due course.

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Picture 1: Start of drilling program at Wild-viper Gold Exploration Project.

Diagram 1: Wilson Patch P37/8521 can be seen in red out line in the middle of Wild-viper E37/1214. The most recent Soils program is delineated in green dots between Great Western M37/54 (now owned by RED5 Ltd) and Wilson Patch (WP). Terrain has secured minerals rights at WP.

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Picture 2: Orlando Drilling Rig completing the drilling program at Wild-viper Gold Project.

Diagram 2: Recent Soils geochemistry plotted onto magnetics TMI and Magnetic interpretation. The large black circle outline highlights a demagnetised structure that was recently identified and straddles over the western boundary of Wilson Patch and Wild-viper and along structural contacts.

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