Terrain Minerals : Quarterly Activities and Cashflow Report

ASX Announcement

14 April 2022

Quarterly Activities Report: March 2022

ABN: 45 116 153 514

ASX: TMX

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

HIGHLIGHTS:

Wild-viper - Gold Exploration Project

• • Eastern Quartz Veins - Rock Chip Samples:

  • o 13.6 g/t Au - Sample description: Pyritic Quartz vein, from old mineshaft

  • o 7.7 g/t Au - Sample description: Fe-stained quartz vein

  • o 6.0 g/t Au - Sample description: Old diggings 50m NW of old shaft. High Fe

• • Wilson Arc Structure - Rock Chip Samples:

  • o 2.6 g/t Au - Sample description: Vein in shallow pit, strike 280 dips subvertical

  • o 0.4 g/t Au - Sample description: Vein in coarse granite, strike 280 dips 85 Nth

• • Planning for the next stage of exploration under way

Smokebush - Gold Exploration Project

• o Desk top review to revisit base metal potential over the area

• o Terrain is exploring several options regarding the project

Corporate Update

• • Terrain currently holds One million Red5 Ltd shares

  • o Valued at $420,000 AUD at a 42c per share price (close 13 April 2022)

• • One million shares in RED5 Ltd sold during the Quarter

  • o Sale proceeds $370,000 AUD

• • Half Yearly report released on the 14 March 2022

• • New opportunities continue to be reviewed

Address: Suite 2, 28 Outram Street, West Perth WA 6005

T: [phone]

Postal: PO Box 79, West Perth, WA 6872

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

Wild-viper Gold Exploration Project

Recent filed results returned the following results during the Quarter:

Eastern Quartz Veins - Rock Chip Samples:

• o 13.6 g/t Au - Sample description: Pyritic Quartz vein, from old mineshaft. Strike 100 dip subvertical

• o 7.7 g/t Au - Sample description: Fe-stained quartz vein

• o 6.0 g/t Au - Sample description: Old diggings 50m NW of old shaft. High Fe. Strike 300 dip 80S

Note: Table one for the above results can be found in ASX release: 02 February 2022 - High Grade Rock Chips from New Areas at Wild Viper Gold Project

During last quarter, Terrain geologists mapped and sampled the Wild-viper Gold Project to improve the geological understanding of the area. A total of 51 rock chip samples were collected covering an area of approximately 400m as part of this work (refer to Diagram 1).

The high-grade rock chips were taken from a zone of patchy subcrop near the eastern margin of Terrains tenement E 37/1214, in an area termed, "Eastern Quartz Veins" (refer to Diagram 2). The high-grade rock chips are associated with a steeply dipping quartz vein array within host granitoid of the Bundarra batholith. Sub vertical vein sets occur in at least two strike orientations interpreted as a conjugate set.

The vein array occurs on the far east of the tenement in an area where sparse prior exploration has occurred, and only patches of previous RAB drilling. Historical RAB holes that transect parts of this newly identified area were limited in effectiveness because they were drilled vertically.

Wilson Arc Structure - Rock Chip Samples:

• o 2.6 g/t Au - Sample description: Vein in shallow pit, strike 280 dips subvertical

• o 0.4 g/t Au - Sample description: Vein in coarse granite, strike 280 dips 85 Nth

Note: Table one for the above results can be found in ASX release: 02 February 2022 - High Grade Rock Chips from New Areas at Wild Viper Gold Project

In addition to high grade rock chips identified in the East of Terrain tenement, Terrain has identified a new anomalous area with rock chips up to 2.6 g/t Au which has been named, "Wilsons Arc".

Mineralisation in this area occurs within quartz veins in the southern portion south of the Great Western deposit and over the historic Wilson Patch area.

There is a moderate level of historic exploration that corroborates these results and consist of small historic workings and patches of vertical RAB drilling (refer to Diagram 3 and 4).

Additional work is warranted over both areas, with more field exploration work is currently being planned, and may include a small drill program. The market will be updated accordingly.

Diagram 1: Wild Viper Project

About Wild-viper 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. Terrain considers this project an exciting exploration opportunity that has seen limited modern exploration. This Strategically located package is surrounded by the Great

Western Gold Project (now 100% owned by 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.

Diagram 2: Geological Field Map Eastern Quartz Veins with recent rock chip results.

Diagram 3: Geological Field Map of Wilsons Arc with recent rock chip results.

Diagram 4: Geological Interpretation of Wilsons Arc.

Note: For additional information refer to ASX announcement:

• • 22 June 2020 - Wild-viper & Smokebush Gold Projects Update.

• • 29 June 2020 - Strategic Acquisition at Wild-viper Gold Project "The Missing Piece of the Puzzle" & New Targets.

• • 07 October 2020 - Wild-viper Gold Exploration Project Update.

• • 05 November 2020 - Commencement of 2,650m drill program at Wild-viper Gold Project & Smokebush Gold update.

• • 02 February 2022 - High Grade Rock Chips from New Areas at Wild Viper Gold Project.