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

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

Wild-viper RC drilling 5 holes for 560 meters

Black Cat South Air-core 6 holes for 137 meters

SPL application withdrawn after strong defence by Terrain

Smokebush - Gold Exploration Project - Drilling Result Pending o Maiden drill program - Total of 12 RC holes for 981 meters

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

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

Wilson Patch RC (Newly acquired), 7 holes for 605 meters

Wild-viper RC, 5 holes for 560 meters

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SPL application withdrawn after strong defence by Terrain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). 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. The sampling highlighted the potential for mineralised extensions along the same geological structure that runs through GW, Wild-viper & Wilson Patch.

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.

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.

SPL Application at Wild-viper

SPL application applied for by one of the neighbouring tenement holders, this application was strongly opposed by Terrain and its legal team. The strong defence resulted in the application being withdrawn.

About Wildviper Gold Project

The 100% owned Gold exploration project is located 68 km north of Leonora and adjacent to the Goldfields Highway and is situated on the Weebo pastoral leases and forms part of the historic Wilsons Patch mining area (now 100% Terrain). Terrain considers this project an exciting exploration opportunity that has seen limited modern exploration. This Strategically located package is surrounds the Great Western Gold Project (now owned 100% Red5 Ltd) and is also adjacent to Saracen's (ASX: SAR) Bundarra gold deposits as well the historic Black Cat workings. The newly secured Wilson Patch tenement is also under explored and is highly prospective due to being held in private hands for several decades.

About SmokeBush Gold Project

Terrain has the right to earn up to 80% of the Smokebush tenements via expenditure of $250,000 over 2 years, refer to ASX release reference below for further details. The Smokebush Project Area is located approximately 85 kilometres east northeast of the Perenjori township and 65 kilometres west of Paynes Find within the Yalgoo Mineral Field. The project is contained within four contiguous Prospecting Licenses (P59/2125, P59/2126, P59/2127 & P59/2128) and one Exploration Licence (E59/2234) enclosing a total area of approximately 1,254 hectares (Diagram 8). The tenements can be accessed via the unsealed Perenjori - Warriedar Road, and thence via extensive historical exploration grid lines, station tracks and fences lines.

Contact:

Justin Virgin

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 secured know as Wilson Patch (WP). Wildviper 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. During the quarter a 1,300m, maiden first pass RC drill program was carried out which included a small air core program over several workings around the Black Cat South area. Results are pending.

Smokebush - WA gold exploration Project 100% owned - Terrain has identified multiple drill targets along with several other prospective areas that require additional work. Terrain executed its maiden 981m RC drill program at Smokebush, that followed up on historic drilling which Terrain believes failed to comprehensibly test these targets. Results are pending.

Project Review - Terrain Minerals is currently searching and has been assessing potential projects: Gold, Copper, Nickle and industrial minerals in Australia. Due to Corvid19 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 WA travel restrictions.

Disclaimer

Information included in this release constitutes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'continue' and 'guidance' or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate environmental conditions including extreme weather conditions, staffing and litigation

Forward looking statements are based on the company and its management's assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and effect the company's business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or advise of any change in events, conditions or circumstances on which such statement is based.

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