Mr. Chris Pennimpede reports

CANTERRA MINERALS PROVIDES CORPORATE UPDATE FOR CRITICAL MINERALS PROJECTS IN NEWFOUNDLAND

Canterra Minerals Corp. has provided a corporate update for several of the company's critical minerals projects in central Newfoundland.

Canterra's property position in the central Newfoundland critical minerals and gold belts is approximately 684 square kilometres (km), allowing for the expansion of exploration efforts across these highly prospective districts. The company has begun targeting work on the properties with drilling scheduled to commence on the Lemarchant Project anticipated in the first quarter of 2024.

Corporate update highlights:

• Closed the Buchans Resources Ltd. acquisition and $1.53-million financing on Dec. 21, 2023;
• Drill targeting work complete at the Lemarchant high-grade zinc-copper (Zn-Cu) resource stage project;
• Drilling set to commence in February with 2,000 metres (m) planned drilling focused on resource expansion and testing new targets for a new massive sulphide discovery;
• Initiating planning for permitting and drill targeting for the Buchans project later in 2024. This project hosts a large bulk-tonnage mineral resource at the Buchans mine (Lundberg deposit) with substantial opportunity for new high-grade Zn-Cu VMS (volcanic massive sulphide) discoveries within the brownfields site;
• Completed a gravity survey at its Long Lake resource-staged Zn-Cu project in early 2024 (results pending);
• Option grant for directors, management, consultants and employees, including Paul Moore (vice-president of exploration), David Butler (exploration manager) and newly appointed director Michael Power Randy Turner appointed as technical adviser after not running for re-election as a director at the 2023 AGM.

Chris Pennimpede, chief executive officer and president of Canterra, commented: "With the acquisition of the Buchans Resource's properties behind us, and a newly bolstered exploration team onboard, Canterra is poised to do big things in 2024, starting with drilling at the high-grade Lemarchant project for expansion of the deposit and the identification of new massive sulphide discoveries. From there, our exploration efforts will turn to locating critical minerals in the shadow of a head frame by exploring at the brownfields site of the prolific Buchans mine. The Buchans project is ripe for a modern approach with significant exploration potential for high-grade VMS mineralization. With a strong cash position and dominant land position in the central Newfoundland critical minerals belt, we anticipate being strongly positioned to unveil the next mineral discovery in central Newfoundland."

Stock option grant

The company announces that it has granted a total of 2.77 million options to various employees, executives, directors and consultants pursuant to the terms of the company's share-based incentive plan and subject to regulatory approval. The options are exercisable at a price of eight cents per share for a period of five years from the grant date.

About Canterra Minerals Corp.

Canterra Minerals is a diversified minerals exploration company with a focus on critical minerals in central Newfoundland. Canterra's projects include seven mineral deposits located in close proximity to Teck Resources' past-producing Duck Pond mine and ASARCO's past-producing Buchans mine.

We seek Safe Harbor.