Terrain Minerals Reports 13m at 8.13 g/t Gold and Advances Gallium Studies

Strong Drilling Results at Smokebush

Terrain Minerals Limited (ASX – TMX) has delivered a robust update for the September 2025 quarter, highlighting significant progress across its diversified exploration portfolio. The standout news comes from the Smokebush Project in Western Australia, where the Lightning Gold Prospect continues to impress with high-grade gold and silver intercepts. Recent reverse circulation (RC) drilling of 22 holes totaling nearly 5,000 metres returned multiple thick zones of gold mineralisation, including 13 metres at 8.13 grams per tonne (g/t) gold and 17 metres at 3.43 g/t gold, alongside notable silver grades. These results reinforce the prospect’s potential and underpin Terrain’s plan to release an initial Mineral Resource Estimate (MRE) by mid-2026.

Expanding Exploration and Geophysical Surveys

Building on the success at Lightning, Terrain has commenced an induced polarisation (IP) geophysical survey at the nearby Wildflower Gold Prospect to identify new drill targets. The company’s integrated approach combining drilling and geophysics is refining its geological model, revealing multiple mineralised domains and structural controls that could support a broader resource base. Meanwhile, the company has lodged a mining lease application for the Lightning area, signaling its intent to advance towards development.

Advancing Critical Minerals with Gallium and Lithium

Beyond gold, Terrain is making strides in critical minerals. At the Larin’s Lane Gallium and Rare Earth Elements (REE) Project, metallurgical studies are underway in collaboration with the Minerals Research Institute of Western Australia (MRIWA) and Curtin University. These studies aim to optimise extraction techniques and assess the project’s economic potential, with results expected by year-end. The project covers a substantial 27 square kilometre regolith zone, with only a fraction explored to date, highlighting significant upside.

In parallel, the Carlindie Lithium/Gold Project in the Pilbara region has launched a maiden ultra-low-cost soil sampling program covering a 15-kilometre strike length. This program targets lithium-bearing pegmatites along the extension of known structures controlling deposits nearby, such as Wildcat Resources’ Tabba Tabba. The sampling results are pending, but the strategic location and early indications position Carlindie as a promising addition to Terrain’s portfolio.

Corporate and Market Engagement

On the corporate front, Terrain successfully completed a shortfall placement raising $450,000 at $0.003 per share with attaching options, following a rights issue earlier in the year. Post-quarter, the company received firm bids for an additional $1.17 million placement, reflecting investor confidence. Terrain also maintained an active marketing presence, presenting at key investor conferences in Sydney and Melbourne, and expanding its profile with a Frankfurt listing (FRA – T4Y). The company ended the quarter with a cash balance of approximately $759,000, supporting ongoing exploration activities.

Strategic Positioning in Established Mineral Belts

Terrain’s projects are strategically located within prolific mineral regions. Smokebush sits in the Yalgoo-Singleton Greenstone Belt, near established operations like Capricorn Metals’ Mt Gibson and 29Metals’ Golden Grove. Carlindie benefits from proximity to major lithium producers and emerging discoveries in the Pilbara. This positioning, combined with encouraging exploration results and advancing metallurgical work, sets Terrain up for potential value creation in the critical minerals and gold sectors over the coming 12 to 18 months.