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 1,254 hectares. 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 historic Golden Dragon and Minjar gold mining operations.

Incorporates the following sub-projects:

Gold Targets: Lightning & Monza, Wildflower and area, including Cota, W3, and T16 targets.
Gallium Project: Larin’s Lane, Gallium oxide (sand/regolith) Project – Refer to other project tab. 

Lightning and Monza: Unveiling Exceptional Gold and Silver Potential

• Lightning Highlights (see ASX: 31/03/2025): 
  • Parallel structures yield impressive results: 
    • 11m @ 6.03 g/t gold + 43.5 g/t silver from 75m (SBRC063).
    • 3m @ 6.12 g/t gold from 26m (SBRC064).
• Monza Highlights (see ASX: 31/03/2025): 
  • Down-plunge exploration uncovers high-grade mineralisation: 
    • 5m @ 3.77 g/t gold from 180m (SBRC065).
  • Strike length over 700m, remaining open along strike and at depth.
  • Potential for new parallel structures and shear zones.
• Future Exploration Focus: 
  • Initial metallurgical studies underway.
  • Large RC drilling program in design, targeting high-grade zones (>20g x m) with a northward plunge.
  • Investigating style of mineralisation and the potential for a new discovery.

Wildflower Gold: Unlocking Promising Potential

 Exciting Targets Identified: Cota, W3, T16, and Wildflower, all concealed under ~30m of soil cover.

• Successful Drilling Results (see ASX: 12/11/2024): 
  •  9m @ 1.17 g/t gold from 30m (including 3m @ 2.61 g/t gold from 33m) - (24WFAC062).
  • Broad zones of lower-grade supergene gold anomalies.

• Future Exploration Focus:
  • Targeting high-priority NW-trending structures that may replicate the shear zones of the Rothsay Deposit.
  • These structures align with historic gold-in-soil anomalies and recent drill findings.
    

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

Diagram: Showing the 3,550m 17-hole RC expansion drilling program commenced 20/05/2025. The goal of the program is to start to drill out the 600m long Lighting IP anomaly that runs 50 meters parallel to the 700m long mineralised Monza structure.  Many of the holes have been designed to drill through both Monza and Lightning and continue to test for potential other parallel targets that may also exist (ASX release 31/03/2025).

Diagram: Drill collar location plan showing the reverse circulation (RC) holes completed by Terrain over its 100%-owned Wildflower Gold Prospect during the Company’s February 2025 drilling campaign. The collar information and assay results related to these five RC holes are described in Tables 3 and 4 see ASX 12/11/2024 & 10/03/2025. The Wildflower Gold Prospect is located southwest of the Company’s Monza Gold Prospect.

Diagram: Location of Gold mines/pits around the area of Terrain’s Monza Gold Prospect (Smokebush Project) within the Murchison gold region of Western Australia.

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

Diagram: Location of Terrain’s Monza Gold Prospect within the Murchison gold region of Western Australia.