Project

Carlindie Project: Lithium and Gold

Ownership: Several applications still pending grant

Size: ~735km²

Location: 90 kilometres southeast of Port Hedland, Western Australian along the strike of Wildcat Resources Bolt Cutter Lithium Project and neighbouring SQM and Kali Metals Pilbara Lithium Project.

Background: Terrain is seeking to fast track granting of several pending areas and currently has two tenements granted.

• Terrain has completed a highly successful 200m x 200m maiden soil sampling program along 15km corridor (~60km2) E45/6524, with stage 2 infill soil sampling campaign targeting new priority target covering a 12km commencing in Q3/2026 (see ASX: 01/10/2025 & 04/06/2026).
• Terrain’s Carlindie Project is under 3m of soil cover and in a favourable geological setting within WA’s premier Lithium district.
• A Machine Learning study has identified three priority targets as seen in diagram 1.
• Infill soil sampling program now designed and ready to commence in the second half of 2026.
• Additional field work to commence as tenements are granted.

Maiden Soil Sampling Program: defines Lithium-caesium target (see diagrams) along the interpreted extension of the tectonic structure that hosts Wildcat Resources’ Tabba Tabba lithium deposit, within ground independently ranked Priority 1 by RSC’s machine-learning prospectivity study over the Carlindie Project.

Gold Pathfinder Response: soil grid returned a multi-element gold pathfinder response (As-Mo-Sb-Cr-Ni), an element suite recognised in published Pilbara practice for intrusion-hosted and shear-hosted gold styles in greenstone settings, providing an early indication of gold prospectivity also aligning with Priority RSC’s machine-learning prospectivity study.

Strategic Opportunity: While the Carlindie Project is not Terrain’s flagship project, it represents a potentially large-scale opportunity for shareholders. Terrain is advancing the Project through its proven, disciplined and staged exploration approach, designed to deliver cost-effective value creation while progressively de-risking the potential for future development.

Terrain applied for these exploration areas, with approximately half now granted. Much of the ground had remained in application status since around 2008 and, as a result, largely missed the recent surge in exploration activity across the East Pilbara region of Western Australia. This region has attracted significant exploration investment and delivered multiple new discoveries, including both gold and lithium mineralisation.

Importantly, the Carlindie Project is located beneath relatively shallow soil cover and has received very limited systematic on-ground exploration to date. This provides Terrain with an opportunity to apply modern exploration techniques, including regional geophysics, machine-learning targeting and targeted geochemical sampling, to an underexplored area with established regional geological potential.

Terrain’s strategy is to advance the Project progressively testing the highest-priority targets first, using each stage of exploration to refine the geological model and guide subsequent investment. This approach is intended to maximise the effectiveness of exploration expenditure while building a stronger understanding of the Project’s mineral potential.

Diagram 1: Terrain Minerals Carlindie Project is located within the Pilbara region of Western Australia. The region is arguably Australia’s premier address for lithium mineralisation and hosts significant deposits including Pilbara Minerals’ Pilgangoora lithium operation and Mineral Resources’ Wodgina lithium mine as well as Northern Star’s Hemi gold deposit. The Company’s Carlindie Project is positioned along an interpreted extension of the tectonic structure that hosts Wildcat Resources’ Tabba Tabba lithium deposit and the recently discovered Bolt Cutter Central lithium mineralisation.

Diagram 2: Terrain Minerals’ E45/6524 tenement, contains one of three newly identified machine-learning targets, shown in purple. This target is the only one of the three to have undergone soil sampling, which has identified new overlapping geochemical targets and further strengthened its prospectivity.

Terrain Minerals has also processed open-file Western Australian Government aeromagnetic data, highlighting a significant tectonic structure associated with Wildcat Resources’ Tabba Tabba lithium deposit that extends into Terrain Minerals’ 100%-owned Carlindie Project.

These desktop activities identified a 15 kilometre long corridor of prospective geology within tenement E45/6524. The prospectivity of this tectonic structure (corridor) was further strengthened following Wildcat Resources’ ASX announcement dated 4 August 2025, which reported multiple lithium-bearing pegmatite swarms at Bolt Cutter Central. Bolt Cutter Central represents the western extension of the same tectonic structure that extends into Terrain Minerals’ Carlindie Project.

The combination of the interpreted regional tectonic structure, machine-learning targets and overlapping soil geochemical anomalies provides multiple exploration vectors for lithium-bearing pegmatite mineralisation, as well as gold within E45/6524.

Diagram 3: Above plan of antimony (Sb) in soils across the surveyed grid at Carlindie, showing the coherent multi-kilometre antimony response coincident with the arsenic anomaly in the south-eastern part of the surveyed area, and
consistent with an Archaean orogenic gold pathfinder signature (see ASX: 01/10/2025 & 04/06/2026).

Diagram 4: Above plan image of arsenic (As) in soils across the surveyed grid at Carlindie, showing the coherent multi-kilometre arsenic response defining the south-eastern part of the gold-pathfinder anomaly footprint (see ASX: 01/10/2025 & 04/06/2026).