Terrain Minerals Advances Multiple Gold and Rare Earth Projects with $1.5M Placement

High-Grade Gold Mineralisation Strengthens Smokebush Project

Terrain Minerals (ASX:TMX) has reinforced its position in Western Australia’s Murchison Gold Region with a series of compelling drill results across its flagship Smokebush Gold & Silver Project. The recent reverse circulation (RC) drilling at the Lightning prospect delivered standout intercepts including 8 metres at 6.87 g/t gold from 76 metres and 7 metres at 7.08 g/t gold from 217 metres, with high-grade shoots up to 21.8 g/t gold identified within broader mineralised zones.

These results confirm continuity of mineralisation along strike and at depth, while the identification of a potential third mineralised structure adds a new dimension to the project’s geological model. The adjacent Wildflower prospect also returned encouraging gold and silver intersections across all three induced polarisation (IP) targets, with the strongest gold intercepts occurring below 130 metres, mirroring Lightning’s depth profile.

Advancing Maiden Mineral Resource Estimate at Lightning

Terrain is on track to release its maiden 'Starter' Mineral Resource Estimate (MRE) for the Lightning prospect in July 2026, a key milestone for the company. The recent diamond drilling program supplied critical structural and density data, underpinning the resource modelling. Complementary activities such as differential GPS collar surveys, topographic drone mapping, and metallurgical test work have been completed or are underway to support the MRE and future mining studies.

The company also submitted a haul road application to connect the mining lease to existing infrastructure, facilitating ore haulage and utility access. The ongoing IP survey is targeting potential repeats of the Lightning-style gold mineralisation across untested ground within the granted mining lease, including historic prospects with significant past drill results.

Broad Rare Earth and Gallium Potential at Lort River and Larin’s Lane

Outside gold, Terrain’s Lort River Rare Earth Elements (REE) Project is shaping up as a significant clay-hosted rare earth system. Recent air-core drilling confirmed mineralisation in 25 of 35 holes, with a high-grade zone delivering 8 metres at 3,349 ppm total rare earth oxides (TREO) including 33% heavy rare earth oxides; a proportion well above the Australian average. This heavy rare earth enrichment, including critical elements dysprosium and terbium, is vital for emerging technologies and supply-constrained globally.

Meanwhile, metallurgical studies at the Larin’s Lane Gallium and REE Project have been completed, awaiting government approval before results release. The project’s maiden air-core drilling identified multiple high-grade gallium oxide intersections, supporting a JORC Exploration Target covering 5% of the prospective geology. Gallium’s strategic importance in semiconductors and defence applications adds to Terrain’s portfolio value.

Carlindie Lithium and Gold Project Defines Large Anomaly

At Carlindie, approximately 90 kilometres southeast of Port Hedland, a first-pass conventional soil survey revealed a large, coherent multi-element gold-pathfinder anomaly spanning roughly 4 by 3 kilometres. The anomaly is spatially coincident with a concealed greenstone belt identified independently by machine-learning bedrock mapping, providing two converging lines of evidence for prospective mineralisation.

A high-intensity bismuth-tungsten point-source within the anomaly was identified, with concentrations an order of magnitude above background levels, earmarked for follow-up field reconnaissance commencing July 2026. A cover-adapted UltraFine+™ soil program is planned to sharpen anomaly footprints and extend exploration coverage, with results expected in the fourth quarter.

Capital Raising and Investor Engagement Sustain Momentum

To support its aggressive exploration and development agenda, Terrain completed a $1.5 million placement in May 2026, issuing approximately 375 million shares at $0.004 each. Funds are earmarked for advancing the Lightning MRE, mining studies, and exploration at Lort River and Carlindie projects, alongside general working capital.

Marketing efforts included presentations at major investor conferences such as the RIU Sydney Resources Round-Up and Gold Coast Investor Conference, as well as the 121 Mining Investment conference in New York. Terrain also engaged with brokers, institutional investors, and family offices, maintaining strong visibility in both domestic and international markets.