Project

Ownership: 100% Terrain Minerals Limited

Location: 350 kilometres north of Perth, within the Murchison Gold Province of Western Australia. The project is contained within contiguous Licenses enclosing a total area of approximately ~170 square kilometres. Additional areas have also been pegged and granted and are 100% owned. The tenements can be accessed via the unsealed Perenjori - Warriedar Road, and thence via extensive historical exploration grid lines, station tracks and fences lines.

Background: Terrain's Smokebush Gallium Project is positioned between granites and ~8km to the east of the project's advanced gold targets.

Strategic Opportunity: While the Larin's Lane 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 conducted an extensive MMI soil geochemical campaign, identifying three polymetallic anomalies that were subsequently drill tested with 102 air-core holes. The drilling confirmed the presence of rare earth elements (REE) and gallium and supported the definition of a JORC-compliant Exploration Target at Larin’s Lane. Covering approximately 27 km², the target represents a potentially large-scale opportunity, with mineralisation identified at surface in several locations across the broader target area.

The Company believes this style of deposit presents a significant opportunity; however, the key to unlocking its potential is establishing a metallurgical process that can compete economically. Specialty metals projects are typically advanced through strategic partnerships or joint ventures, often involving an end user.

Terrain has been working with MRIWA through a Curtin University study funded by the WA Government and industry, aimed at extracting REEs and specialty metals. Metallurgical test work evaluating eight separate and available organic solvents as potential processing pathways is now complete, with Terrain awaiting WA Government approval before results can be released.

Once this work is completed, Larin's Lane, alongside the Lort River REE Project, provides Terrain with an opportunity to advance two 100%-owned REE projects. Larin's Lane includes a JORC-compliant Exploration Target established through Terrain's exploration and discovery work, providing a basis for carefully targeted follow-up studies and future advancement, strategic partnership, joint venture or divestment opportunities.

Larin's Lane: Unlocking Gallium Potential

• JORC Exploration Target: Released November 2024, covering just 5% of the 27km² target area—significant opportunity remains with the 9km x 3km zone still open.
• Promising Geological Findings: 
  • High-grade Gallium Oxide/Clays overlying a layer of Rare Earth Elements (REE).
  • 70% of drill holes delivered impressive Gallium intersections, up to 64m wide.
  • Multiple high-grade zones identified, with values up to 53.74 g/t (ppm) Ga₂O₃.

  Selected holes include:

  Applying: Gallium Oxide (Ga0) cut-off 40.32 g/t (ppm)

  • 16m @ 53.74 g/t Ga203 from 64m - (23SBAC035)
  • 20m @ 48.33 g/t Ga203 from 4m - (23SBAC045)
  • 30m @ 40.32 g/t Ga203 from 24m - (23SBAC071)
  • 24m @ 46.34 g/t Ga203 from 32m - (23SBAC077)
  • 8m @ 52.62 g/t Ga203 from 20m - (23SBAC080)
    For additional results data including JORC see ASX release 27 May 2024.
    
  
  
• Current and Future Initiatives: 
  • Metallurgical study underway, via MRIWA study with results expected late December 2026.
  • Minerals Research Institute of WA (MRIWA) is an Industry and WA Government funded initiative with studies being conducted jointly with RSC and Curtin University of WA.
  • Ongoing discussions with industry and offtake partners to advance project opportunities.
    
  
  
• What is Gallium?
  • Gallium is classified as a critical metal by the USA, United Kingdom, Japan, European Union and Australia.
  • Main applications are in defence, semi-conductors and computer chips, electronic circuitry and photovoltaic cells. lasers, NdFeB magnets and Light Emitting Diodes (LED’s).
  • Presently 98% of global supply is ex-China. USA, Japan and European semi-conductors manufacturers are actively encouraging a more geographically balanced supply chain.
  • Terrain is rapidly expanding its Gallium focus to dovetail with the exponential growth of quantum computing and generative AI (and the associated demand for semi-conductors).
  • Gallium chips and other electrical components draw less power, switch faster and operate at higher temperatures. 

• Gallium is also the hidden metal powering blockchain and cryptocurrencies: further details here

For addition information and references, refer to ASX releases:

• 16 August 2023 - Gallium (Ga) Discovered at Smokebush RC drilling campaign.
• 31 October 2023 – Quarterly Activities Report:  September 2023.
• 23 October 2023 – Gallium Clays in drilling at Lort River.
• 11 March 2024 - Highly encouraging REE & Gallium results at Larins Lane Project, only ~25% of samples assayed to date.
• 27 May 2024 - Exciting Gallium & REE drilling results at Larin’s Lane.
• 06 November 2024 - Larin’s Lane Phase One JORC Exploration Target Outlines Potential.
• 05 December 2024 - Larin’s Lane Gallium Project Metallurgical Studies Underway MRIWA Research Project M10528.

Diagram 1: The Smokebush project area map showing gold targets and the Larins Lane gallium project.

Diagram 2: The Smokebush project area map showing the Larins Lane gallium project and current drill targets and hole density.

Diagram 3: The Smokebush projects location to other critical mineral projects.