Mr. Marc-Andre Pelletier reports

BONTERRA ANNOUNCES START OF 2026 EXPLORATION PROGRAM AT PHOENIX JV WITH GOLD FIELDS, HIGHLIGHTED BY DEEP-DRILLING AT BARRY DEPOSIT

Bonterra Resources Inc. has released details of the 2026 exploration program, which includes deep drilling at Barry, being led by a 100-per-cent indirect subsidiary of Gold Fields Ltd. at the Phoenix JV (joint venture). The project is under a definitive earn-in and joint venture agreement (the JV agreement) with Gold Fields. Under the JV 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 press release dated Nov. 28, 2023, for more details). To date, over 79,000 metres have been drilled and approximately $25-million invested on the project under the JV agreement.

Marc-Andre Pelletier, president and chief executive officer, commented: "The 2026 exploration program proposed by Gold Fields, particularly the deep drilling at the Barry deposit, aimed at testing mineralization at depth and along the eastern down plunge, represents an important next step for the Phoenix JV. Together with the planned Barry camp upgrades, these initiatives highlight a commitment to unlocking the full potential of the assets within the JV. With a valid mining lease, historical production and existing underground infrastructure, Barry is well positioned to drive continued progress with our partner, Gold Fields. We look forward to building on this momentum as Gold Fields progresses toward completing its earn-in by mid-2026."

2026 Phoenix JV plans

Gold Fields is preparing an 8,000-metre drill program and has mobilized two drill rigs at the Barry deep drilling target early in the new year. The 2026 exploration program will test targets located to the north and east of the Barry deposit, and will include deep drilling to evaluate the down-plunge extension of the mineralization at depth from approximately 750 to 850 m vertical depth, as well as the eastern down-plunge extension. Final target selection will be subject to internal review and prioritization. The 2026 budget is approximately $4-million, and Gold Fields expects to complete the full $30-million earn-in work expenditures under the JV agreement by mid-2026.

In addition to the deep drilling campaign at Barry, plans are under way -- in collaboration with Gold Fields -- to upgrade and expand the JV's Barry camp to provide additional accommodation capacity in support of the project and other regional initiatives.

Barry project highlights

The Barry deposit is characterized by three dominant sets of structures, all dipping to the southeast. The subvertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50 to 65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulphides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 m vertically and remains open for further expansion.

The latest mineral resource estimate (the 2021 MRE, press release dated June 23, 2021) contains 0.7 million ounces of measured and indicated and 0.7 million ounces of inferred mineral resources at Barry. Historical drilling provides additional support for ongoing resource growth, particularly at depth. Drill hole MB-21-416 returned 10.8 grams per tonne Au (gold) over 5.1 metres, including 23.1 g/t Au over 1.4 m, while drill hole MB-22-420 returned 12.1 g/t Au over 6.1 m, including 73.5 g/t Au over 0.5 m. Additionally, drill hole MB-21-417 intersected 7.1 g/t Au over 7.6 m, including 20.1 g/t Au over 1.4 m and 13.2 g/t Au over 1.4 m, demonstrating strong potential for resource expansion along the eastern portion of the Barry deposit (see press release dated April 7, 2022).

The Barry mine was in production between 2008 and 2010, during which time it yielded approximately 44,000 ounces of gold. In 2018, Bonterra constructed an underground exploration ramp extending to 100 m below surface. The company currently maintains a mining lease for 1.2 million tonnes, permitting extraction by both open pit and underground methods. The project is supported by established infrastructure and essential permits required to facilitate a restart of operations.

Qualified person

M. Donald Trudel, PGeo (OGQ No. 813), director geology for the company, has reviewed and approved the technical information contained in this press release. Mr. Trudel is a qualified person as defined by National Instrument 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 Inc. for the Urban-Barry properties (the JV agreement), 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 on or before 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 toward development.

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