Mr. Marc-Andre Pelletier reports

BONTERRA ANNOUNCES THE INCLUSION OF THE BARRY MINING LEASE IN THE PHOENIX JV WITH GOLD FIELDS

Bonterra Resources Inc. has included mining lease 886 (the Barry mining lease) in the Phoenix JV (joint venture). The project is under a definitive earn-in and joint venture agreement with a subsidiary of Gold Fields Ltd. (see press release dated Nov. 28, 2023). The Barry mining lease has been included in the project following an election by Gold Fields for no additional consideration pursuant to the provisions of the JV agreement.

Cesar Gonzalez, executive chairman, commented: "The inclusion of the Barry mining lease marks another important milestone for the Phoenix JV and supports the continued advancement of the Barry project under the leadership of our partner, Gold Fields. Since the start of the year, the Barry site has seen significant activity, including camp upgrades and expansion, as well as the launch of the 2026 drilling campaign targeting deeper mineralization at the Barry deposit."

Mining lease 886

The company currently maintains the mining lease 886 for the extraction of 1.2 million tonnes by open pit and/or underground methods with existing infrastructure and an underground exploration ramp to 100 metres below surface pursuant to previous workings. The mining lease 886 is valid until 2028 and is renewable for 10 years subject to certain conditions.

Barry project highlights

The mineral resource estimate (the 2026 MRE, press release dated Feb. 23, 2026) contains open pit resources of 7,794,000 tonnes at 1.67 grams per tonne Au for 417,000 ounces (koz) of measured and indicated and 125,000 tonnes at 2.32 g/t Au for nine koz of inferred mineral resources. The Barry underground contains 4,092,000 tonnes at 3.47 g/t Au for 457 koz of measured and indicated and 8,789,000 tonnes at 3.41 g/t Au for 962 koz Au of inferred mineral resources.

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.

Phoenix JV

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).

This news release, including the mineral resource estimates disclosed herein, has been prepared solely by the company and is based on information available to the company as of the date hereof. Neither Gold Fields Ltd. nor its affiliate Windfall Mining Group Inc. has verified, approved, or endorsed the mineral resource estimates or the content of this news release, and no representation or warranty is made by Gold Fields or Windfall Mining Group with respect thereto. References to the Phoenix JV are provided for contextual purposes only and should not be construed as statements made by, or on behalf of, Gold Fields or Windfall Mining Group.

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 16.8 million tonnes (Mt) at an average grade of 3.02 g/t Au for 1.63 million ounces (Moz) of measured and indicated mineral resources, plus 15.6 Mt at an average grade of 4.32 g/t Au for 2.17 Moz Au of inferred mineral resources.

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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