Terrain Minerals Limited (ASX: TMX) (Terrain) is very excited to announce that recent field mapping has identified up to twenty (20) pegmatites at the now 100% owned Smokebush gold exploration project. Pegmatites are the preferred host lithology of lithium mineralisation across Western Australia (refer foot note 1). Terrains geological team are taking rock chip samples from these pegmatites which will be tested for lithium mineralisation (refer to diagram 1 & foot note 2). Assay results from this sampling program are anticipated to be received by Terrain in February 2023. Terrain is encouraged that the Smokebush pegmatites are located within the so-called 'goldilocks zone' being the distance between two and six kilometres from a granite intrusive (in this case, the Mt Mulgine granite intrusive (refer to diagram 3) immediately west of the Smokebush tenements), which is interpreted as being the most prospective zone within a pegmatite for lithium mineralisation (refer to foot note 3).

Location & Access

The Smokebush Project area is located approximately ~350km from Perth Western Australia and 85 kilometres east northeast of the Perenjori township and 65 kilometres west of Paynes Find within the Yalgoo Mineral Field. The tenements can be accessed via the unsealed Perenjori - Warriedar Road, and thence via extensive historical exploration grid lines, station tracks and fences lines. The now 100% owned project consist of Prospecting Licenses (P59/2125, 2126, 2127, 2128 & 2774) and Exploration Licence E59/2234, 2435, 2482 & 2700 (refer to diagram 2). The geology of the area consists predominantly of a complexly folded, regionally metamorphosed Archaean greenstone sequence at the southern end of the Yalgoo Singleton Greenstone Belt that has been subjected to multi-phase granitoid intrusion. Located adjacent to a large tungsten resource at Mt Mulgine (Tungsten Mining NL) and a number of recently developed gold open pit mines (Minjar Gold Pty Ltd).

Contact:

Justin Virgin

Executive Director

Email: terrain@terrainminerals.com.au

T: +61 8 9381 5558

ABOUT TERRAIN MINERALS LIMITED:

Terrain Minerals Limited (ASX:TMX) is a minerals exploration company with a Western Australian based asset portfolio consisting of: * Investments: As of the date of this announcement Terrain held 650,000 Red 5 Limited shares (ASX: RED) from the GW sale. * 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 (refer to above announcement). Cube Consulting has been appointed to ensure that all exploration drilling is compliant with JORC code. * Smokebush - WA gold exploration Project Now 100% - Terrain has identified multiple drill targets along with several other prospective areas. Terrain executed its extraordinarily successful maiden RC drill program in August 2020, following up on historic drilling. The second phase of drilling has extended minerals a further 400m to 700m long and a has also identified a new zone Monza Norths that appears to be on a different orientation. Further follow up work is also required over the 100% Rabbit Warren and Larin's Lane areas which will be the focus of the next exploration campaign. Paradise City & Wildflower is also of interest. * Wild-viper - WA gold exploration Project 100% owned - which incorporates the strategic land holding known as Wilson Patch (WP). Wild-viper tenement package is strategically located and surrounds Red5 Ltd - Great Western Project (GW) as well as being adjacent to Saracen's (ASX: SAR) Bundarra gold deposits. * Calytrix Exploration Project - Base metals and gold Exploration project, first pass filed exploration program was conducted and results are cruelty being assessed. * Project Review - Terrain Minerals continues to investigate potential projects across various commodities including Gold, Copper, Nickel, and other industrial minerals, REE and the platinoids groups of metals in Australia and in other jurisdictions like Africa, Continental Europe, and the Americas.

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