Lort River Project - REE
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Lort River Project: Rare Earth Elements (REE) and Nickel/Copper

Ownership: 100% Terrain Minerals Limited

Size: 81km2

Location: 650 kilometres southeast Perth (or 50 kilometres northwest of Esperance) within the Albany-Fraser Belt of Western Australia.

Background: The Lort River Project is located within the Albany-Fraser Belt of Western Australia. This region is home to two important mining operations: AngloGold Ashanti’s Tropicana Gold Mine and IGO’s Nova-Bollinger Nickel-Copper Mine.  Lort River benefits from this proximity to mining infrastructure and is also located in lightly explored, arable farming land.

Strategic Opportunity: While the Lort River Project is not Terrain’s flagship project, it represents a potentially large-scale opportunity for shareholders. Terrain is advancing this 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 and originally drill tested three nickel sulphide targets before identifying high-grade REE intersections within the sample results. Based on this observation, a 35-hole air-core program identified further REE mineralisation and potentially a large REE system.

Lort River (alongside Larin's Lane REE/Gallium at Smokebush) is an opportunity to refine the geological model and carefully guide subsequent investment while building a stronger understanding of the project’s mineral potential with the view of future advancement or possible divestment of the two 100% owned REE opportunists the company currently holds.

Rare Earths Discovery: Confirmed potential for high-demand magnet Rare Earths Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb) critical for global industries.

Promising Geological Findings:

  • January 2025 RC drilling revealed significant results (see ASX: 26/03/2025):
    • 8m @ 4,049ppm TREO from 23m (incl. 1m @ 9,840ppm and 1m @ 9,026ppm TREO).
  • March 2026 Air-core drilling - Rare earths confirmed in 25 of 35 holes – identifying a broad clay-hosted system from surface to 87 metres downhole (see ASX: 01/07/2026):
    • 8m @ 3,349ppm TREO from 27m (33% HREO), including:
      • 6m @ 4,230ppm TREO and a peak of 3m @ 5,568ppm TREO (37% HREO), 227ppm dysprosium (Dy­O‑) and 39ppm terbium (Tb2O3) - (LTAC028).
  • Neodymium (Nd) and Praseodymium (Pr) grades at this level compare extremely favourably to existing Australian and Brazilian clay-hosted Rare Earth projects.
  • Dysprosium/Terbium: critical rare earth elements essential for future facing technologies, also experiencing supply constrains outside of China.
  • Balanced light-and-heavy basket – Neodymium (Nd) and praseodymium (Pr) together represent approximately 23% of the basket (24.6% MREO overall); the heavy fraction averages 12–15% of TREO and reaches 28–33% in discrete zones, led by yttrium (Y) and dysprosium (Dy) (see ASX: 01/07/2026).
  • Reprocessed VTEM Airborne electromagnetic survey Terrain completed over the Lort River Project successfully mapped the extent, thickness and depth of the conductive regolith horizons (see ASX: 28/10/2025).
    • Scale of interpreted basin exceeds 12 kilometres in length and 5.5 kilometres in width (66 square kilometres).

Accelerated Exploration Proposed:

  • Further metallurgical testing.
  • Follow-up air-core drilling program in planning.

Global Interest: Positioned to attract investment from USA, EU, and Northeast Asia (Japan and Korea) seeking secure, ex-China supply of critical minerals.

Diagram: Terrain Minerals’ 100% owned Lort River Project located in the Albany Fraser belt and is located 50 kilometres northwest of Esperance.

 Diagram: Histogram colour image of the depth to the basement within the Lort River Project based on inversion modelling of company-acquired airborne electromagnetic data with 25 metre depth contours highlighted (white area due to power lines) see ASX: 28/10/2025.

Diagram: Cross section of drill hole LTRC03 as reported by Terrain Minerals via the ASX Market Announcements Platform on 26 March 2025.