Response to ASX Price Query

• Company not aware of any undisclosed information to explain recent trading
• Phase 3 drilling program has commenced at Dante Project
• Company confirms compliance with Listing Rules

Terra Metals Ltd has responded to an ASX price query regarding an increase in the company's share price. The company stated that it is not aware of any information that has not been announced which could explain the recent trading in its securities. The company noted that the Phase 3 drilling program has now commenced at its Dante Project, as previously announced. The company confirmed that it is in compliance with the Listing Rules, particularly Listing Rule 3.1. The company's responses have been authorized and approved in accordance with its published continuous disclosure policy or by its board or an officer with delegated authority.