Terrain Minerals Limited - Quarterly Activities Report, September 2022

Terrain Minerals Limited (ASX: TMX) (Terrain) is pleased to provide the following update on its activities for the September 2022 quarter:

HIGHLIGHTS:

Calytrix - New Exploration Project

Package comprises of 222 block and covers ~668 square km - now granted

Large first pass geological program executed o 240 soil & rock samples submitted o Mapping data review currently being complied

Smokebush - Gold Exploration Project

Site visited during the Calytrix field program

Two areas have been sampled and mapped, results pending

Further work currently being planning, including drilling Lort River Project - Rare Earth Elements (REE)

Three tenements covering a total of 320km2

Drilling POW has been approved

Gold and base mental potential being assessed

Corporate Update

Terrain currently holds 650,000 shares in Red5 Ltd (ASX:RED)

New senior geologist appointed

New opportunities continue to be assessed

The market will continue to be updated on the development of all of Terrain's projects.

Calytrix Exploration Project

The now fully granted Calytrix exploration package comprises of four tenements comprising 222 blocks and covers ~668 square km. The tenements are prospective for base metals and gold and located to the north of Terrain's Smokebush project. Calytrix is located approximately 40km south-east from the township of Yalgoo, 50km north of the Smokebush project and 500km north-east of Perth and is accessible by local roads. It is geologically situated within a large structurally complex igneous area amongst historic gold prospects with large areas undercover. Calytrix has seen little to no exploration activities for an area that is located near to historic goldfields and operating major base metals mines including Golden Grove and 29 Metals. (Refer to Diagram 1). Terrain's geological team recently spent two weeks on site conducting first pass mapping and sampling activities, with 240 samples collected and submitted (Refer to Diagram 2). Terrain initially identified multiple areas of interest from the very limited data and geophysics available over the area. Terrain has flown an EPR aerial survey over the Calytrix and Smokebush projects, after the quarters end, results are pending. The market will be updated subject to the interpretation of the mapping and soil results.

Smokebush Gold Project

Terrain geological team visited two areas at Smokebush during the quarter as part of the Calytrix field trip and conducting further sampling and mapping over two areas. Following the Quarter end, Terrain's new senior geologist also visited site and is currently prioritising existing and new targets for the next stages of exploration as follows. Firstly, the Rabbit Warren structure was visited and re-examined. The maiden single drilling hole failed to test the fresh rock target zone, which remains an untested and valid target. Secondary, Larin's Lane - Tenement E59/2482 (Refer to Diagram 3). Terrain believes that the circular 4.5km long and 300m wide south-east striking Archean greenstone mapped as metabasalt (A_mbb_YYO) which is coincident with a number of magnetic high responses warranted investigation and sampling. Both areas appear to run along an exposed iron cap structure. Terrain has now identified the magnetic anomaly appears to be situated some 200m away and remains untested, several soil samples were taken during the recent site trips. Terrain has flown an EPR aerial survey over the Calytrix and Smokebush projects, after the quarters end, results pending. Interestingly, the structure appears to be heading towards the Surefire Resource, Yibdy Gold project tenements (Refer to diagram 3 & 4).

About Lort River Project:

The new tenements cover a total area of 320km2 of highly prospective exploration acreage for REE within the now tightly held and emerging southern Esperance clay hosted REE province of Western Australia. The project areas are predominately situated over freehold agricultural land and located within 50km of the town and port of Esperance and located between other ASX explorers who have already demonstrated the existence of clay hosted REE within the region (Refer to Diagram 6). Companies operating within the region are having success with identifying clay hosted rare earth mineralisation within this newly emerging rare earth mineral province.

These exciting results are from historic shallow auger samples taken ~1m below surface and appear to have been taken along road reserves relating to early-stage gold exploration activities. Terrain will target the more prospective underlying clay horizon where it is hoped that grades will improve within larger zones. The high-grade soil results span Terrains two western tenements (E63/2208 and E63/2209), over 300km2 . The Company's eastern tenement (E63/2207) has never been explored for rare earth mineralisation and is also considered prospective for further REE soil anomalies (Refer to Diagram 8). In addition to the high-grade rare earth soil anomalism spread across large areas of the Lort River Project, the tenure covers significant sections of major regional shear zones. This includes the Kateup Creek and Helms Shear Zone, the Bishops Hat Shear Zone and the Lauriana Shear Zone, positioned on the western side of a major bifurcation in the red island shear zone where both the Belgian and Lauriana Shears splay off to the west. In addition to rare earth targets, these shear zones present significant untested and highly prospective targets, for gold and base metals.

These exciting results are from historic shallow auger samples taken ~1m below surface and appear to have been taken along road reserves relating to early-stage gold exploration activities. Terrain will target the more prospective underlying clay horizon where it is hoped that grades will improve within larger zones. The high-grade soil results span Terrains two western tenements (E63/2208 and E63/2209), over 300km2 . The Company's eastern tenement (E63/2207) has never been explored for rare earth mineralisation and is also considered prospective for further REE soil anomalies (Refer to Diagram 8). In addition to the high-grade rare earth soil anomalism spread across large areas of the Lort River Project, the tenure covers significant sections of major regional shear zones. This includes the Kateup Creek and Helms Shear Zone, the Bishops Hat Shear Zone and the Lauriana Shear Zone, positioned on the western side of a major bifurcation in the red island shear zone where both the Belgian and Lauriana Shears splay off to the west. In addition to rare earth targets, these shear zones present significant untested and highly prospective targets, for gold and base metals.

Contact:

Justin Virgin

Executive Director

Email: [e-mail]

Phone: [phone]

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