Mr. Marc-Andre Pelletier reports

BONTERRA ANNOUNCES APPOINTMENT OF MATTHEW HOUK TO BOARD OF DIRECTORS

Matthew Houk has joined Bonterra Resources Inc.'s board of directors as an independent non-executive director, effective immediately. Mr. Houk will serve as a member of the audit committee and technical, safety and sustainability committee of the board. Following the appointment of Mr. Houk, the board will now consist of seven directors, four of whom are independent.

Since 2008, Mr. Houk has served as a portfolio manager and research analyst at Horizon Kinetics LLC, where he is involved in the identification, analysis and monitoring of certain investment opportunities for the firm. Mr. Houk is also the chairman, chief executive officer and chief financial officer of Winland Holdings Corp. Mr. Houk also serves on the board of directors of Lamington Road DAC, an Irish-designated activity company focused on managing a portfolio of life settlements. Previously, Mr. Houk was with Goldman, Sachs & Co. He received a BA in economics and political science from Yale University.

"We feel privileged to have Horizon Kinetics, a New York-based asset manager, as a shareholder and to welcome Matt Houk to the board," said Cesar Gonzalez, executive chairman of Bonterra. "Our initial connection with Matt dates back to early 2023 when he reached out to the company, seeking a deeper understanding of our fundamentals. Throughout this period, Matt has not only acquired shares of the company but has also shared valuable insights from his experiences as an investor in other publicly traded companies that he believes are deeply undervalued. We look forward to working with Matt and Horizon Kinetics."

"I am excited to be joining the board at this time," said Mr. Houk. "Horizon Kinetics not only excels in identifying deeply discounted companies for investment but also distinguishes itself by occasionally joining the boards of certain companies. This active engagement serves to deepen our understanding of fundamentals and fosters collaboration with management teams."

In conjunction with Mr. Houk's appointment to the board, he is being granted incentive stock options to acquire a total of 300,000 common shares of the company pursuant to the company's stock option plan and subject to any regulatory approval. Additionally, Paul Jacobi, who joined the board in October, 2023, is also being granted incentive stock options to acquire a total of 300,000 common shares of the company. Each stock option vests immediately and is exercisable at a price of 20 cents per share for a period of five years from the grant date.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The company's assets include the Gladiator, Barry, Moroy and Bachelor gold deposits, which collectively hold 1.24 million ounces in measured and indicated categories and 1.78 million ounces in the inferred category.

In November, 2023, the company entered into an earn-in and joint venture agreement with Osisko Mining Inc. on the Urban-Barry property, which includes the Gladiator and Barry deposits. Over the next three years, Osisko can earn a 70-per-cent interest by incurring $30-million in work expenditures. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step toward development.

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