Smokebush Project - Gold
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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 Gold Project is positioned within the same geological corridor that hosts the Rothsay gold mine, as well as the historic Golden Dragon and Minjar gold mining operations.

Strategy: Terrain’s strategy is to grow the gold and silver resource base at its flagship Smokebush Project through targeted exploration and drilling.

The maiden Inferred Mineral Resource Estimate at Lightning provides an initial foundation for further growth. The resource extends from surface and remains open along strike and at depth, with known mineralisation currently sitting outside the MRE.

Terrain plans to undertake infill and expansion drilling to grow the resource and support the potential upgrade of Inferred resources to the Indicated category. The Company will also continue advancing Wildflower area, which covers the Wildflower prospect, T16 and Cota targets, as well as it other emerging prospective targets across the broader Smokebush Project, including Paradise City and Hurley.

The maiden MRE provides a basis for continued technical and economic evaluation of Lightning. Terrain will assess potential development pathways, including possible toll-milling and strategic-partner opportunities, subject to further exploration, metallurgical test work, economic studies, regulatory approvals and other relevant considerations.

Lightning Highlights:

The maiden Inferred Mineral Resource Estimate announced on 27 July 2026 comprises:

  • 677,000 tonnes at 2.5g/t gold for 54,000 ounces of gold; and
  • 156,500 ounces of contained silver at an average grade of 7.2g/t. 

The resource extends from surface and remains open along strike and at depth

Significant Dilling Results Include: (see ASX Announcements: 27/07/2026, 31/03/2025, 29/09/2025 & 13/10/2025)

  • 11 metres @ 6.03 g/t Gold + 43.5 g/t silver from 75 metres down hole (SBRC063).
  • 22 metres @ 2.71 g/t Gold, + 21m @ 15.79 g/t Silver from 105 metres down hole (SBRC074).
  • 17 metres @ 3.43 g/t Gold + 17.88 g/t Silver from 147 metres down hole (SBRC080).
  • 13 metres @ 8.13 g/t Gold from 122 metres down hole (SBRC087).

Mining Lease M59/0796, which contains the Lightning deposit, was granted in December 2025.

Future Exploration Focus:

  • Infill and expansion drilling to upgrade the Inferred MRE to Indicated and capture mineralisation currently sitting outside the resource.
  • First pass metallurgical test work results due Q3 2026.
  • New IP survey results over M59/0796 and Paradise City are currently being processed, any new targets identified to be be ranked and drill tested accordingly.
  • Evaluating the silver potential of the Monza structure, where only 28% of historical drill holes were tested for multi-elements including silver.
  • Continued testing of new priority targets and numerous look-alike gold targets identified across the broader project area.

Wildflower Gold: Unlocking Promising Potential

Highly Successful IP Survey (dipole-dipole) & Drill Testing (see ASX: 10/11/2025).

  • Identified 3 large +800m targets, over structures & under gold soil anomalies.
  • Strong similarities to the Lightning discovery – proven gold controls.
  • Gold mineralisation found in 8 of the 13 holes drilled.

First Pass Drilling (wide spaced) Targeted Large Geophysical Anomalies:
 Wildflower

  •  1m @ 6.05 g/t Gold from 171m (SBRC132).

T16

  • 1m @ 1.8 g/t Gold from 94m (SBRC126).
  • 1m @ 1.7 g/t Gold from 53m (SBRC131).

Cota

  • 1m @ 4.38 g/t Gold and 20.34 g/t Silver from 140m (SBRC122).
  • 1m @ 3.99 g/t Gold and 5.17 g/t Silver from 148m (SBRC123).

System remains open (Wildflower) – the IP chargeability anomaly is open at depth and along strike to the
NE & SW, extending into granted tenement E59/2435; the full extent of the system is untested.

 

Diagram 1: Highly prospective target locations within the Smokebush project.

Diagram 2: All gold targets appear to be driven by fluids pushing into basalt structures from the Mt Mulgine Granite intrusion. The white boundary lines indicate Terrains 100% owned tenement package, and the Yellow shaded area identifies the recently granted mining leases M59/0796, which houses the Lightning target.


Diagram 3: Plan View of Lightning Inferred Mineral Resource Estimation.

Diagram 4: Lightning Inferred Mineral Resource Estimation long section.

Diagram 5: Lightning transform cross section - SBRC095 to SBRC105 (+/-12.5m).

Diagram 6: Location of Terrain’s Lightning Gold Prospect in the Smokebush Project area, within the Murchison gold region of Western Australia.