ASX RELEASE

15 November 2019

$300,000 Option Fee Received

ABN: 45 116 153 514

ASX: TMX

For the Sale of Great Western Gold Project

Terrain Minerals Limited (ASX: TMX) is pleased to announce that in accordance with the Option Agreement for the sale of its Great Western gold project, it has received the $300,000 plus GST cash payment for the non-refundable option fee.

Please refer to ASX release on the 11th November 2019 for further details.

Justin Virgin

Executive Director

For further information, please contact:

Justin Virgin - Executive Director

Email: terrain@terrainminerals.com.au

Phone: +61 8 9381 5558

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.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:

  • Great Western - Option Agreement executed with Red5 Limited (ASX:RED) (includes a $300,000 non- refundable option fee, now received). Option period is for 5 months and allows for Red5 to conduct due diligence drilling. If exercised Terrain will receive $2,200,000 worth of Red5 shares issued at a 5-day VWAP. If not exercised all expenditure and data will become the property of Terrain. Refer to the first page of this announcement for further details.
  • Wild-Viper Exploration continues to increase Terrain knowledge of this highly prospective gold exploration property. A six-hole RC drill program and trenching has been recently conducted at different locations and further follow up work on newly identified areas will continue into the next field season.
  • Red Mulga Red Mulga project is situated ~170km NNE of Geraldton in the Yilgarn Craton, Western
    Australia's Murchison region located on Yallalong station. An RC drill program as conducted in 2018 which identified the presence of mineralisation. Desk top studies continue.
  • Project Review: Terrain Minerals is currently searching and has been assessing potential projects: Gold, Copper, Nickle and industrial minerals in Australia, Africa, North & South America and Asia, other regions are also being considered. Several jurisdictions of interest have now been identified. All economic commodities are being considered as indicated in previous Quarterly reports. Currently Terrain is assessing an exciting WA based gold project.

| Terrain Minerals Limited | ASX:TMX | ABN 45 116 153 514 |

|Registered Office: S2, 28 Outram Street, West Perth, WA, 6005|

|Mail: PO BOX 79, West Perth, WA, 6872|Ph: +61 8 9381 5558|www.terrainminerals.com.au|

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Terrain Minerals Limited published this content on 15 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2019 01:39:02 UTC