Lightning Gold Project Progresses with DGPS Survey and Haul Road Application

Steady March to Maiden Resource Estimate

Terrain Minerals Limited (ASX:TMX) is methodically advancing its Lightning Gold Project towards a maiden Mineral Resource Estimate (MRE) slated for July 2026. This milestone will mark a critical shift from exploration to resource definition, supported by a suite of technical and regulatory achievements. The company has completed Differential GPS (DGPS) surveys of drill collars, ensuring centimetre-level accuracy of drill hole locations; a crucial input for reliable resource modelling.

Complementing this, a topographic drone survey over the key mining lease area M59/0796 is underway this quarter to precisely map surface features and elevation. These efforts dovetail with ongoing metallurgical sampling, recently initiated to characterise ore processing parameters. This systematic approach reflects Terrain’s commitment to de-risking the project ahead of the resource statement.

Infrastructure and Environmental Foundations

On the approvals front, Terrain has submitted a haul road application to link the mining lease to the gazetted Warriedar Coppermine Road. This roughly 7-kilometre corridor will facilitate ore haulage as well as the installation of gas, power, and water lines; essential infrastructure for future mining operations. Meanwhile, a flora and fauna survey is in progress across the tenements housing the Lightning Project and the nearby Wildflower target, expediting subsequent drilling approvals and programs of work.

Project Positioned in a Proven Gold District

The Lightning Gold Project sits within the Smokebush Gold & Silver Project in the Yalgoo Mineral Field, a region with a strong gold endowment. It neighbours Capricorn Metals’ Golden Range Project to the north and Vault Mining’s Rothsay Gold Mine just 10 kilometres south. This proximity to established operations underscores the district’s prospectivity and provides a geological backdrop that supports Terrain’s exploration success.

Recent diamond drilling campaigns have delivered critical density and orientation data, confirming continuity of high-grade gold mineralisation. These results underpin the upcoming resource estimate and reflect the project's growing maturity. The mining lease for Lightning was granted in December 2025, clearing a significant regulatory hurdle and enabling Terrain to focus on resource definition and development studies.

Capital and Survey Momentum

Backing these technical advances, Terrain Minerals secured a $1.5 million placement earlier in May 2026 to accelerate drilling and resource studies at Lightning and other projects. This funding boost supports the company’s broader strategy of resource growth and strategic partnerships. Additionally, a major induced polarisation (IP) survey at Smokebush is underway, targeting parallel gold-bearing structures akin to the Lightning discovery. Results from this survey are expected alongside the maiden resource estimate, potentially expanding the project’s resource base beyond the current drilling footprint.

With DGPS collar surveys completed and a topographic drone survey in progress, Terrain is systematically ticking boxes towards its July resource target. The haul road application and environmental survey further demonstrate the company’s integrated approach to advancing Lightning from promising exploration to a defined resource ready for development consideration.