Mr. Chris Pennimpede reports

CANTERRA MINERALS ANNOUNCES INCREASE OF NON-BROKERED PRIVATE PLACEMENT

Canterra Minerals Corp. has increased the size of its previously announced non-brokered private placement financing (see news release dated Nov. 29, 2023, and Dec. 12, 2023) of up to a maximum of 23,846,153 shares composed of critical mineral exploration tax credit (CMETC) flow-through (FT) common shares at a price of 6.5 cents per FT share for maximum aggregate proceeds of up to $1.55-million. 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.

The proceeds of the financing will be used to finance further exploration programs, including drilling on the company's resource-stage critical mineral 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 Corp.

Canterra is a diversified mineral exploration company with a focus on critical minerals (zinc and copper) in central Newfoundland. Canterra's critical metal 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 compliant resource of 4.1 million tonnes of indicated resources and 1.2 million tonnes of inferred resources. See the National Instrument 43-101 technical report "Lemarchant and South Tally Project, Technical Report and Updated Mineral Resource Estimate," effective Sept. 20, 2018. In addition, Canterra holds exploration-stage gold properties that cover 80 kilometres of strike length of the regional gold-bearing Rogerson Lake structural corridor, which hosts Marathon Gold Corp.'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-per-cent interest and is operator of the Buffalo Hills diamond project, with Star Diamond Corp. 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.