Mr. Joness Lang reports

CANTER ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND SECURES WATER RIGHTS FOR THE COLUMBUS PROPERTY

Canter Resources Corp. will proceed with a non-brokered private placement of eight million units of the company at 50 cents per unit for gross proceeds of $4-million. Each unit will consist of one common share in the capital of the company and one-half of one transferrable common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at a price of 70 cents for a period of 24 months from the closing of the offering.

In the event that the closing price of the shares of the company on the Canadian Securities Exchange (or such other stock exchange on which the shares are traded) is equal to or greater than 95 cents per share for a period of five consecutive trading days during the warrant exercise period, the company may, at its option, elect to accelerate the expiry of the warrants by providing notice to the holders thereof within 10 calendar days following the end of such five-consecutive-trading-day period, in which case the warrants will expire on the date specified in such notice, which shall be not less than 30 calendar days following delivery of such notice.

The company may pay finder's fees on the offering within the amounts permitted by the policies of the Canadian Securities Exchange. The company may issue additional units for total gross proceeds of up to approximately $6-million in the event the offering is oversubscribed. The company will use the net proceeds from the offering to complete phase 1 drilling at the Columbus lithium-boron project, evaluate and stake additional claims prospective for critical metals, and for general corporate purposes.

Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the CSE. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The offering is not subject to a minimum aggregate amount of subscriptions.

Water right appurtenance agreement

In addition, the company is pleased to announce that, further to its news release dated Nov. 13, 2023, the company's indirect wholly owned Nevada subsidiary, Altitude Lithium USA Corp., has entered into a water right appurtenance agreement dated Nov. 27, 2023, to acquire a 100-per-cent interest in certain water rights permits applicable to the Columbus lithium-boron property.

Joness Lang, chief executive officer and director, commented, "Securing an option to purchase water rights with this agreement marks an important milestone for the company, as it establishes future cost certainty for a critical component required to bring a project from successful discovery to a future mining operation."

NevadaCo currently holds the sole option to acquire a 100-per-cent ownership position in the Columbus lithium-boron property, through its option agreement with the property's optionors. Further details regarding the option agreement and the Columbus lithium-boron project are provided in the company's news release dated Nov. 13, 2023, and available on the company's SEDAR+ profile.

The optionors are the owners of two applications, soon to become permits to appropriate the waters of the State of Nevada filed with the Nevada Division of Water Resources, applications 90140 and 92509, for a total amount of groundwater of 2,235.64 acre-feet per annum from the Columbus Salt Marsh Valley basin, 118. There are currently no water rights appurtenant to the Columbus lithium-boron property, except the permits which the optionors own, which are intended to be used for potential future mining activities at the Columbus lithium-boron project.

Pursuant to the terms of the water right agreement, in order to acquire a 100-per-cent interest in the permits, the company (through NevadaCo) must complete payments to the optionors as shown in the associated table.

On completion of the above payments as prescribed in the water right agreement, the optionors shall convey the permits to NevadaCo.

About Canter Resources Corp.

Canter Resources is a Canadian junior mineral exploration company advancing the Columbus lithium-boron project in Nevada, United States, the Beaver Creek lithium property in Montana, U.S., and the Puzzle Lake property in Saskatchewan, Canada. The company is preparing for a phase 1 drill campaign at Columbus to test a highly prospective lithium-brine target and plans to leverage the company's critical metals targeting database to generate a portfolio of high-quality projects with the aim of defining mineral resources that support the domestic clean energy supply chain in North America.

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