Terrain Minerals Limited (ASX: TMX) ('Terrain' or the 'Company') is pleased to advise that the airborne electromagnetic (AEM) survey has now commenced over the distinctive 'EYE' feature located at its 100% owned Lort River Project, 50km NW of Esperance, Western Australia

Key Investment Points: Helicopter AEM Survey (VTEM Max) has now commenced. Survey will take 3 weeks to complete - Plus 3 weeks data processing. Survey aims to better define the New Conductor, recently identified by Terrain & test the whole 'EYE' feature & tenement

Terrain's exploration team has prioritised this new target at the Lort River exploration project from the beginning. Within ten and a half (10.5) weeks of announcing the discovery of the priority 'EYE' feature and with a newly identified conductor sitting within the 'EYE', Terrain has now commenced the AEM survey using UTS Geophysics (which operates the VTEM Max Time Domain Electromagnetic System or VTEM for short) refer to ASX release on the 22 February 2024. The discovery of the Nova-Bollinger nickel-copper deposit, which is located approximately 300 kilometres north of Terrain's Lort River, Fraser Range Project, was a direct result of Sirius Resources recognising the importance of an 'EYE' feature within the aeromagnetic images over their Fraser Range tenement. This 'EYE' feature at Nova-Bollinger proved to be the geophysical signature of the intrusion associated with the nickel-copper ore bodies (refer to diagram 2 and ASX release 22 February 2024). AEM survey offers a proven, fast, and inexpensive method for detecting potential nickel-copper ore bodies across the Albany-Fraser belt, with Sirius Resources repeatedly expressing a view that electromagnetics continued to be a reliable exploration tool during their exploration and development of the Nova-Bollinger nickel-copper deposit. The now scheduled helicopter borne AEM survey over the Lort River 'EYE' feature, will take approximately three (3) weeks to completely (subject to weather). The interpretation and modelling of the existing and additional conductors identified from the survey is estimated to take a further three (3) weeks to complete. In addition to detecting nickel sulphide mineralisation, the AEM survey has been designed to also map zones of potential clay-hosted rare earth elements (REEs) across the tenement. By targeting two styles of mineralisation (being Nickel and REE), Terrain aims to optimise the outcome of the survey and maximize value-per-dollar. Terrain is committed to fast-tracking exploration of this potential repetition of the Nova-Bollinger style magnetic nickel-copper at Lort River (E63/2447). This strategy is consistent with Terrain's goal of adding value to shareholders through advancing exploration with the aim of making a company making discovery. Terrain will update the market accordingly as information becomes available.

Contact:

Justin Virgin

Executive Director

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 an asset portfolio that includes: Trade Opportunities: Terrain is open to commercial discussions in relation to the full or partial sale, and/or joint venture of the Company's non-core assets. Smokebush Exploration Project 100% owned exploration project located within the prospective Yalgoo Mineral Field of Western Australia and which neighbours Warriedar Resources Limited's (ASX: WA8) Golden Dragon Project. The Company's previous exploration campaign have targeting gold, and other commodities across the tenement package: Larin's Lane - REE & Gallium Project: Larin's Lane project located within the emerging mid-west clay-hosted rare earth elements (REE) district of Western Australia, which is quickly earning a reputation as Australia's premier destination for REE mineralisation. The Company's maiden drilling program in late 2023 intersected broad zones of high-grade REE mineralisation over 9 kilometres of interpreted strike. This mineralisation remains open in all directions and has the potential to grow into a significant clay hosted REE project. The project area benefits from yearround access and within close proximity to established mining infrastructure. A Stage One Mineral Resource definition drill program is presently being contemplated for this project with a currently proposed April 2024 commencement date. Currently results from 5,000m of drill are due mid-May 2024.

Competent Person's Statements

The information in this report that relates to gold and base metal Exploration Results are based on information compiled by Mr. Benjamin Bell, who is a Member of the Australian Institute of Geoscientists and is a consultant retained by Terrain Minerals Ltd in the position of Head of Exploration. Mr Bell is a shareholder and options holder of Terrain Minerals Ltd. Mr Bell has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Bell consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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