Terrain Minerals Limited (ASX: TMX) (Terrain) is pleased to announce that it has dispatched its share purchase plan (SPP) offer documentation to all eligible shareholders today in accordance with the details of the SPP offer announced to the ASX on 20 December 2022.

A copy of the SPP offer document setting out the terms and conditions of the offer and a sample application form are attached to this announcement.

The directors of the Company who are eligible shareholders are intending to participate in the SPP and the board encourages all shareholders to participate in the offer and feel free to contact the board if you have any questions (contact details below). The Board advises that it will be monitoring any selling of shares by existing shareholders during the period to the SPP closing date and the Board will exercise its discretion to not accept allocations from holders that participate in selling.

The timetable is indicative only and remains subject to change at TMX's discretion, subject to compliance with applicable laws and the ASX Listing Rules.

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 Cube Consulting has been appointed to ensure that all exploration drilling is compliant with JORC code. Terrain is currently planning for a large wide spaced 8,500m 1600m by 1600m, 60m deep air core program over tenement package under way all holes will be drill so to be Jorc compliant. Drill will aim to test two targets: Firstly: Shallow clay REE and Secondly: Bottom of hole samples will be testing for Tropical style gold and Nova style base metal targets. * Smokebush - WA gold exploration Project 100% owned - 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. Planning is underway for an air core drill program at Larin's Lane, with Paradise City & Wildflower also being considered for drilling. * SB - Lithium: ~20+ pegmatites identified to date, ranging from 5 to 30m wide and up to 200m long until going under cover. Rock chip sampling has been done and results are expected first Q 2023. Terrain intends to drill these Pegmatites if rock ship sampling identified Lithium mineralisation. * 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 currently 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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