Terrain Minerals Limited (ASX: TMX) ('Terrain' or the 'Company') is pleased to advise that it has entered into a binding Sale and Purchase Agreement with Northern Star Resources Limited (ASX:NST) (Northern Star) to divest its 100% interest in the Wildviper exploration license E37/1214 for $300,000 (plus GST) cash.

The Wildviper exploration license is proximate to Northern Star's Bundarra gold deposit

Key Points of Agreement: 100% sale of E37/1214 - Wildviper to Northern Star. Terrain will receive $300,000 (plus GST) in cash upon Completion of the Sale and Purchase Agreement (Completion) for its 100% interest in the Wild Viper tenement. Completion will take place within ten (10) business days.

Current Exploration Activities and Project updates: Lort River: Nickel & Copper - Airborne VTem survey has commenced, over a Nova-Bollinger nickel-copper style 'EYE' feature, the tenement is located within the highly prospective Albany-Fraser Belt. The survey is targeting new conductors (drill targets) and better defining the recently discovered conductor, located along the southern edge of the EYE feature (refer to ASX release on the 07 May 2024). Smokebush (Larin's Lane): Gallium & REE - The batch of outstanding Gallium & REE samples are due for release soon. These samples (5,000m) are the zones above the first batch of highly encouraging samples, which tested the interface zones between the hard rock and regolith (refer to ASX release on the 11 March 2024). Carlindie: Lithium Project (pending) 850 km2 area - Terrain is also highly encouraged with the recent advancements made towards moving these priority tenements towards being granted. The area is strategically located between Wildcat Resources (ASX: WC8) and Kali Metals (ASX: KM1) tenements in the East Pilbara of Western Australia (90km South of Port Headland). The area sits under an estimated 3m of cover and has had little to no exploration. It is also prospective for Gold and Iron Ore, along a 20km band ore formation (BIF) which hosts and existing iron ore operation (ASX presentation 5 February 2024 - page 11). Biloela: Copper & Gold Project (pending) 2,500 km2 area - Located along strike from the Cracow Gold Mine in Queensland (refer to ASX release on the 21 June 2023 for more information on the rationale, geological setting and walk-up drill targets already identified within this key project area).

ABOUT TERRAIN MINERALS LIMITED:

Terrain Minerals Limited (ASX: TMX) is a mineral exploration company with an asset portfolio that includes: Trade Opportunities: Terrain is open to commercial discussions in relation to the full or partial sale, and/or joint venture of the Company's non-core assets. Smokebush Exploration Project 100% owned exploration project located within the prospective Yalgoo Mineral Field of Western Australia which neighbours Warriedar Resources Limited's (ASX: WA8) Golden Dragon Project. The Company's previous exploration campaign have targeting gold, and other commodities across the tenement package: Larin's Lane - REE & Gallium Project: Larin's Lane project located within the emerging mid-west clay-hosted rare earth elements (REE) district of Western Australia, which is quickly earning a reputation as Australia's premier destination for REE mineralisation. The Company's maiden drilling program in late 2023 intersected broad zones of high-grade REE mineralisation over 9 kilometres of interpreted strike. This mineralisation remains open in all directions and has the potential to grow into a significant clay hosted REE project. The project area benefits from yearround access and within close proximity to established mining infrastructure. A Stage One Mineral Resource definition drill program is presently being contemplated for this project with a currently proposed July 2024 commencement date. Currently results from 5,000m of drill are due mid-May 2024. Lightning/Monza Gold Prospect: In 2023, a series of induced polarisation (IP) geophysical surveys identified multiple chargeability anomalies within the bedrock geology. These anomalies were interpreted to be related to sulphide mineralisation associated with gold bearing structures. The Lightning IP target was subsequently drill tested by the Company in late 2023, which appears to have confirmed the presence of gold mineralisation. Further details are available in the company's ASX release dated 14 November 2023. In light of the results described in the Company's 14 November 2023 ASX release, Terrain proposes to undertake a targeted 4-hole reverse circulation (RC) drill program at its Lightning Gold Prospect during 2024 to determine if gold grade and thickness increases at depth, as appears to be the case at the neighbouring Warriedar Resources project area

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance, and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate environmental conditions including extreme weather conditions, staffing and litigation. Forward looking statements are based on the company and its management's assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and effect the company's business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or advise of any change in events, conditions or circumstances on which such statement is based

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