Terrain Minerals : 7/10/2020 - High Grade Rock Chips at Smokebush Gold Project

ASX RELEASE

8 October 2020

ABN: 45 116 153 514

ASX: TMX

High Grade Rock Chips at Smokebush Gold Project

Terrain Minerals Limited (ASX: TMX) (Terrain) is very excited to update the market regarding recent findings from field observations and corresponding rock chip sample results taken whilst undertaking the September 2020 RC drill program (results pending).

The recently identified historic workings are located some ~500m away from Terrains Maiden RC drilling program at Smokebush Gold Project. These impressive rock chip results highlight the potential for an additional ~500m of untested strike extension along trend from the current drilling activity (refer to Diagram 1 & 2).

Rock Chip Samples (refer to Table 1):

• 3.41 g/t Au - Sample description: Glassy quartz vein in working
• 7.09 g/t Au - Sample description: Felsic with fine stockwork veining
• 100 g/t Au - Sample description: Glassy quartz vein in working

Diagram1: High grade results from historic workings ~500m away from current drilling approximately on trend of mineralisation. Red lines are drill hole traces of 11 recently drilled RC holes (results pending), black lines represent historic drill holes (refer to Diagram 2).

| 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 Drilling Update: Drill samples were selectively sampled in the field by the onsite geologist. Partial results have been received back and the data has been merged with the historic drilling data set over Monza. It was decided that all outstanding samples needed to be processed. These samples where submitted on the 28th of September 2020 with laboratories currently experiencing high demand and sample turnover has been slower than normal. Terrain geologist is now back from four weeks of annual leave and is currently reviewing the combined data.

Diagram 2: Red lines are drill hole traces of the 11 recently drilled RC holes (results pending), black lines represent historic drill holes (refer to Diagram 1 to see location of the recent rock chip results).

The Best Historical Drilling Results Include:

Monza:

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

Hurley & T17:

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

Wildflower:

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

| 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 3: Target Identification Map & Locations & Results from January 2020 Site Visit.

Findings from Maiden Smokebush Project Site Visit Findings

The observations and results from sampling activities have confirmed that the area is highly prospective for gold exploration.

The best rock chip samples over the priority targets include (refer to Diagram 3):

Monza: 3.1 g/t Au, & 0.61g/t Au & 0.37g/t Au

Target 13: 11.1g/t Au with 0.27% Pb and, 17.2 g/t Au with 2.3% Pb

Wildflower: 1.2 g/t Au

| 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 4: Interpreted Geology Mt Mulgine with the Smokebush tenements in red outline.

| 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|