Terrain Minerals Limited (ASX: TMX) (Terrain) is pleased to announce that it has commenced drilling at its 100% owned Lort River rare earth elements (REE) project.

Lort River covers an area of 320km2 and is located within the heart of the Esperance REE province of Western Australia (refer to diagrams 1 to 7). The proof-of-concept air core drilling campaign is being conducted along the road vergers and has been designed to test REE grades and thickness of the clay zones. Drilling is following up from the positive historic 1m deep auger sampling results (F/note 1) over the road network at Lort River, exploration project

Highlights:

Raglan Drilling air-core rig has commenced drilling (refer to picture 1).

Air-core program 10 hole for 600m.

Drilling will take 3 to 4 days to complete & samples results are expected in October 2023.

Bulk sample material will be submitted for the MRIWA district study for analysis.

Commodities focused study: Terrain is proud to be part of a study by The Minerals Research Institute of WA (MRIWA) project M10500: Characterisation of clay-hosted rare-earth element (REE) deposits in Western Australia (WA). The study is a part WA government and industry funded study which has nine WA exploration companies participating. The study is aimed at advancing the WA REE sector forward. Other Esperance based companies also participating include Mt Ridley Mines Ltd and MTM Critical Metals Ltd.

News Highlights: Given the large number of promising exploration targets across its current flagship projects 'Smokebush' and Lort River, and with Terrains commitment of fully testing all targets in a rapid, methodically, and systemically manner, the Board anticipates exciting and regular news flow throughout the rest of 2023 and beyond.

Lort River - Location & Access

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 new tenements are all situated between other ASX explorers who have already demonstrated the existence of clay hosted REE within the region (refer to Diagram 1). The project areas are predominately situated over free hold agricultural land and located within 50km (northwest) radius of the town and port of Esperance and easily accessed by an extensive network of gazetted agricultural service roads.

Contact:

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 a Western Australian based asset portfolio consisting of: Trade Opportunities: Terrain is always open to commercial discussions of full/partial sales and or JV of assets. Lort River - WA Rare Earth Elements Exploration Project 100% owned. Covering 320km2 of highly prospective exploration acreage for REE within the now tightly held and emerging southern Esperance clay hosted REE province of Western Australia. Terrain is currently planning to execute a smaller proof of concept roadside (air core) drilling campaign before embarking on a larger wide spaced 8,500m 1600m by 1600m, 60m deep air core program over tenement package. Heritage clearance for roadside drilling now approved. Secondly: Bottom of hole samples will also be separately testing for Tropical style gold and Nova style base metal targets. The Company's Lort River Project immediately adjoins Meeka Metals Limited's (ASX: MEK) Cascade REE Project and OD6 Metals Limited's (ASX: OD6) Grass Patch REE Project.

Competent Person's Statement

The information in this report that relates to Exploration Results are based on information compiled by Mr. B. Bell, who is a Member of the Australian Institute of Geoscientists and is a consultant retained by Terrain Minerals Ltd. 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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