Terrain Minerals Limited (ASX: TMX) ('Terrain' or the 'Company') is pleased to inform shareholders that its first pass, reconnaissance scale air core drill program across its Lort River Project near Esperance in Western Australia has successfully intersected rare earth element (REE) mineralisation within a number of zones across the Company's (100% owned) 320 square kilometre tenement package.

Remarkably High Magnetic Rare Earth Oxide (MREO) content that include the in-demand permanent magnetic metals of Neodymium (Nd) and Praseodymium (Pr), which were encountered during the drill program and run as high as 43% of the Total Rare Earth Oxide F/Note1 (TREO) grade.

To put these grades into some context, Ionic Rare Earths (ASX:IXR with an approximate market capitalisation of A$90 million), who appears to be one of the more advanced clay hosted REE developers listed on the ASX (with a Mineral Resource Estimate of 532 million tonnes @ 640ppm TREO F/note2) considers notable (or important) intersections being that are 4 metres or greater in thickness and/or grade above 600ppm TREO F/note3). Adopting Ionic Rare Earths' classification, seven (7) of the sixteen (16) first pass reconnaissance scale air core holes drilled by Terrain across its Lort River tenement area successfully returned 'notable intersections' for rare earth mineralisation. This is an impressive hit rate for Terrain considering that the drill holes are separated by approximately three (3) kilometres and that the drilling was limited to roadside verges. (The Company could only drill where there were public roads and not, necessarily, where the highest priority REE targets are interpreted to be located).

The high percentage of Magnetic Rare Earth Oxide (as a function of the overall TREO grade) together with the notable thickness and/or grade of the rare earth element mineralisation returned from this reconnaissance scale roadside drilling program makes the Lort River Project, in Terrain's eyes, a highly prospective (and valuable) project and will be one of the core projects around which Terrain aims to build its exploration success going forward. Consequently, the Company is continuing conversations with the relevant landowners across the Lort River project area in relation to a targeted (and staged) exploration drilling campaign commencing in January 2024, that is designed to culminate in the release of a JORC Exploration Target1 by the start of the second quarter of 2024.

Contact:

Justin Virgin

Tel: +61 8 9381 5558

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 has recently executed a roadside air core drilling program. Drill results are pending. 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. Smokebush (SB): 100% owned gold, copper gallium and lithium exploration project located within the prospective Yalgoo Mineral Field of Western Australia. The Company's Smokebush Project neighbours Warriedar Resources Limited's (ASX: WA8) (formally Minjar, Golden Dragon Project), The Company's exploration campaigns are targeting both gold, lithium, and new Copper/Ni targets across the tenement package: SB - Gold IP Survey - IP survey program identified multiple drill targets, now drill tested with results pending - expected late October 2023. SB - Lithium - 20+ pegmatites identified, ranging up 20m wide and up to 200m long before appearing to go under cover. The pegmatite swarms run along a 4 km long zone with the most prospective targets around the Monza and Hurly areas. Results expected late October 2023. SB - Larin's Lane - MMI soil sampling results have identified potential polymetallic drill targets. Refer to above ASX realise on the 18 October 2023. Targeting maiden drill program in November 2023. Wild Viper Project: 100% owned gold exploration project, located 70 kilometres north of Leonora, Western Australia, and incorporates the strategic land holding known as Wilsons Patch. The Company's Wild Viper Project is strategically located and surrounds Red5 Limited's (ASX; RED) Great Western Mine as well as being adjacent to Northern Star Resources Limited's (ASX: NST) Bundarra gold deposits. Project Review: Terrain Minerals Limited continues to investigate potential projects across various commodities including gold, copper, nickel, rare earth elements, and other industrial minerals. Western Australian based projects are the Company's current focus, but other parts of Australia are being seriously examined and considered as are other jurisdictions like Africa, Europe, and the Americas. Several Canadian Lithium opportunities are currently being reviewed. Pending Applications: Terrain has several pending tenement (packages) applications across Western Australian and now Queensland. These applications include: Biloela Copper & Gold Project located along strike of the Cracow Gold Mine in Qld (ASX release 21 June 2023); Carlindie Lithium Project located near Lithium Power International's Tabba Tabba Lithium Project in the Pilbara WA; Mukinbudin (WA) Rare Earths and Lithium Project which neighbours Rio Tinto's landholding in the region. Note: The Company does not incur any holding or ongoing costs in relation to pending applications. It should be noted that there is no guarantee that pending application will be granted.

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. Mr Bell is an options holder of Terrain Minerals. 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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