Terramin Australia Limited (ASX: TZN) (Terramin or the Company) advises that it has sought and has been granted a waiver by ASX Limited (ASX) from listing rule 10.1 to the extent necessary to permit the Company to grant security over its Terramin Exploration Pty Ltd (TZNEX) assets (the Security) in favour of Asipac Group (Asipac).

The waiver relates to the Terramin Standby Term Facility and Bird-in-Hand (BiH) Facility (the Facilities). As advised to the ASX on 24 February 2022, the Standby Term Facility was increased to $20.54 million to accommodate general working capital commitments. The extension to the Facilities was secured on substantially the same terms.

The independent Non-Executive Directors considered the availability and conditions attached to alternative funding arrangements received over the last 12 months from alternative financial providers and determined, in the circumstances, that the changes to the Facilities were fair and reasonable whilst the Company continues to progress discussions with potential project financiers.

The terms of the waiver are attached to this announcement. The Company expects to be in a position to repay the outstanding debt owed to Asipac under the Facility in accordance with its terms.

Approved by the Board of Terramin, including separate approval by the independent Non-Executive Directors of Terramin to paragraph 3.

Contact:

Martin Janes

Tel: +61 8 8536 5950

Email: info@terramin.com.au

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