Mr. Christopher Pennimpede reports

CANTERRA MINERALS ANNOUNCES FINANCING OF UP TO $800K NON-BROKERED PRIVATE PLACEMENT

Canterra Minerals Corp. has arranged a proposed non-brokered private placement financing of up to a maximum of 12,307,692 shares comprising critical mineral exploration tax credit (CMETC) flow-through (FT) common shares at a price of 6.5 cents per flow-through share for a maximum aggregate proceeds of up to $800,000. Subject to compliance with applicable securities laws and the approval of the TSX Venture Exchange, finders' fees may be payable to eligible arm's length persons with respect to certain subscriptions accepted by the Company.

President and CEO, Christopher Pennimpede, commented, "After analyzing the extensive historic exploration data for Lemarchant, and generating new drilling targets, we are excited to get out and commence drilling. This drill program is designed with the intention of intersecting massive sulfide and high-grade zinc equivalent, which this project is renowned for, in 2024."

The proceeds of the Financing will be used to fund further exploration programs including drilling on the Company's resource stage critical minerals deposits in central Newfoundland, including drilling at its Boomerang and Lemarchant projects. Closing of the Offering is subject to receipt of applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities issued will be subject to a four month hold period.

About Canterra Minerals

Canterra Minerals is a diversified minerals exploration company with a focus on critical minerals (zinc and copper) in central Newfoundland. Canterra's critical metals projects include four deposits which host compliant resources with considerable exploration potential. The deposits are located in close proximity to Teck Resources' past producing Duck Pond mine and the past producing Buchans Mine. The deposits host a combined complaint resource of 4.1 million tonnes of Indicated Resources and 1.2 million tonnes of Inferred Resources. See the NI 43-101 Technical Report "Lemarchant and South Tally Project, Technical Report and Updated Mineral Resource Estimate" effective September 20, 2018. In addition, Canterra holds exploration stage gold properties that cover 80 km of strike length of the regional gold bearing Rogerson Lake structural corridor which hosts Marathon Gold Corporation's feasibility stage Valentine Lake Gold Project. The gold projects have been subject to four drilling campaigns, demonstrating many gold occurrences and warranting further exploration. In Alberta, Canada, Canterra also holds a 50% interest and is operator of the Buffalo Hills diamond project, with Star Diamond Corporation holding the remaining interest. The Buffalo Hills diamond project has been subject to considerable exploration expenditures, including a bulk sample, which has identified 38 kimberlites.

The Company would like to thank the Government of Newfoundland and Labrador for past financial support of exploration work through the Junior Exploration Assistance Program.

We seek Safe Harbor.