Mr. Marc-Andre Pelletier reports

BONTERRA HIGHLIGHTS INITIAL DRILL RESULTS FROM GLADIATOR SW TARGET; ANNOUNCES 2025 EXPLORATION PROGRAM AT PHOENIX JV WITH GOLD FIELDS

Bonterra Resources Inc. has released the first assay results from the Gladiator Southwest (SW) target and the details of the 2025 exploration program being led by a 100-per-cent indirect subsidiary of Gold Fields Ltd. (the operator) at the Phoenix JV (joint venture). The project is under a definitive earn-in and joint venture agreement with Gold Fields (previously Osisko Mining Inc.). Under the aV Agreement, Gold Fields has the right to acquire a 70-per-cent interest in the project by spending $30-million in work expenditures, with a minimum spending commitment of $10-million per year over a three-year period (see news release dated Nov. 28, 2023, for more details).

Marc-Andre Pelletier, president and chief executive officer, commented: "Gold Fields has achieved significant progress in exploration near their high-grade Windfall project, identifying multiple promising targets for further drilling. With over half of the planned joint venture expenditures already completed in the first year, we look forward to continued collaboration to advance Quebec's newest emerging gold camp."

First assay results from the Gladiator SW target

To date, over 65,000 metres (m) have been drilled, with approximately $18-million invested in the project under the JV agreement. This includes 5,700 m (13 drill holes) completed at the Gladiator SW target along the Barry shear zone by the end of 2024. Additionally, a detailed review of core samples from both the Barry and Gladiator deposits was conducted to improve geological understanding. These deposits contain a combined 1.08 million ounces of measured and indicated mineral resources, and 1.68 million ounces of inferred mineral resources, as reported in the 2021 mineral resource estimate (MRE).

Highlight at the Gladiator SW target:

• 20.3 grams per tonne (g/t) gold (Au) over 1.5 m in hole PHX-24-0119.

2025 Phoenix JV exploration program updates by Gold Fields

Gold Fields is currently preparing a potential 15,000 m drill program, with final target selection subject to internal review and prioritization. Several promising targets have already been identified, based on historical gold showings, previous drill results and geophysical survey data.

Gold Fields intends to deploy three to four drill rigs, primarily focused along the Barry shear zone at the Gladiator Northeast (NE) and Titan targets. The program will also explore additional areas such as Duke NE, Chanceux, the Tourmaline Ridge extension and Rouleau Till. Diamond drilling is expected to commence later this year upon approval. Additionally, a gravity airborne survey and associated fieldwork are being planned for the upcoming summer.

Quality control and reporting protocols (adopted by Gold Fields)

NQ core assays were obtained by either one-kilogram (kg) screen fire assay or standard 50-gram (g) fire-assaying-AA (atomic absorption) finish or gravimetric finish at ALS Laboratories in Val d'Or, Que., or Vancouver, B.C. The one-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. All samples are also analyzed for multielements, including silver, using four-acid digestion-ICP-MS (inductively coupled plasma mass spectrometry) method at ALS Laboratories. Drill program design, quality assurance and quality control (QA/QC), and interpretation of results are performed by qualified persons employing a QA/QC program consistent with National Instrument 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by Gold Fields, as well as the lab.

Qualified person

M. Donald Trudel, PGeo (OGQ No. 813), director, geology, for the company, has reviewed and approved the technical information contained in this news release. Mr. Trudel is a qualified person as defined by NI 43-101 on standards of disclosure for mineral projects.

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 for the Urban-Barry properties, which include the Gladiator and Barry deposits. In October, 2024, Gold Fields, through a wholly owned Canadian subsidiary, completed the acquisition of Osisko Mining for $2.16-billion. Gold Fields is now the counterparty to the JV agreement and can continue to earn a 70-per-cent interest in the joint venture by incurring $30-million in work expenditures until November, 2026 (including expenditures incurred by Osisko Mining prior to October, 2024). This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.

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