Terrain Minerals Limited (ASX: TMX) (Terrain) is pleased to announce that it has received heritage approval to drill at its 100% owned, Lort River rare earth elements (REE) project.

Lort River covers an area of 320km2 and is located within the heart of the Esperance REE province of Western Australia (refer to diagrams 1 to 7). Terrain is excited to have secured all of the required clearances to commence its maiden proof of concept air core drilling campaign. The program will be conducted along the roadside and has been designed to test REE grades and thickness of the clay zones and is following up from the positive historic REE soil sampling results (F/note 1) over the Lort River exploration project

Highlights: Drill Rig secured from Kalgoorlie based drillers - Raglan Drilling. Heritage clearance approvals now in place. Program of Works (POW) applications approved along roadway. Internal exploration program design refinement underway. Targeting start of drilling during August 2023

Commodities focused study: Terrain is proud to be part of a study by The Minerals Research Institute of WA (MRIWA) project M10500: Characterisation of clay-hosted rare-earth element (REE) deposits in Western Australia (WA). The study is a part WA government and industry funded study which has nine WA exploration companies participating. The study is aimed at advancing the WA REE sector forward. Other Esperance based companies also participating include Mt Ridley Mines Ltd and OD6 Metals Ltd.

Larins Lane Extension Program - 9km2 MMI extension soils program, now completed with assays pending. The extension program was designed to define the southern boundaries of the emerging 600m by 350m open Copper/Nickel anomaly. An excitingly gold anomaly 700m by 250m was also identified during the initial program. Larins Lane, is located in the southeast of the Smokebush Project and interpreted as an Archean greenstone unit, potentially part of the Yalgoo-Singleton greenstone belt, host of 29Metals (ASX: 29M) Golden Grove Copper + Gold + Silver + Zinc + Lead Mine (refer to diagram 8 to 10

Smokebush - Location & Access

The Smokebush Project area is located approximately 350km from Perth Western Australia and 85 kilometres east northeast of the Perenjori township and 65 kilometres west of Payne's Find. Located within the Yalgoo Mineral Field. The tenements can be accessed via the unsealed Perenjori - Warriedar Road, and via extensive historical exploration grid lines, station tracks and fences lines. The now 100% owned project consist of Prospecting Licenses (P59/2125, 2126, 2127, 2128 & 2774) and Exploration Licence E59/2234, 2435, 2482, 2700 & 2822 (refer to diagram 2). The geology of the area consists predominantly of a complexly folded, regionally metamorphosed Archaean greenstone sequence at the southern end of the Yalgoo Singleton Greenstone Belt that has been subjected to multi-phase granitoid intrusion. Located adjacent to a large tungsten resource at Mt Mulgine (Tungsten Mining NL) and a number of historic gold open pit mines (Minjar Gold Pty Ltd).

Contact:

Tel: +61 8 9381 5558

Email: terrain@terrainminerals.com.au

ABOUT TERRAIN MINERALS LIMITED

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

Lort River - WA Rare Earth Elements Exploration Project 100% owned. Covering 320km2 of highly prospective exploration acreage for REE within the now tightly held and emerging southern Esperance clay hosted REE province of Western Australia. Terrain is currently planning to execute a smaller proof of concept roadside (air core) drilling campaign before embarking on a larger wide spaced 8,500m 1600m by 1600m, 60m deep air core program over tenement package. Heritage clearance for roadside drilling now approved. Secondly: Bottom of hole samples will also be separately testing for Tropical style gold and Nova style base metal targets. The Company's Lort River Project immediately adjoins Meeka Metals Limited's (ASX: MEK) Cascade REE Project and OD6 Metals Limited's (ASX: OD6) Grass Patch REE Project.

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 Minerals 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

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