Mr. Chris Pennimpede reports

CANTERRA MINERALS ANNOUNCES CLOSING OF $2.0 MILLION PRIVATE PLACEMENT LED BY MICHAEL GENTILE AND OTHER STRATEGIC INVESTORS TO FUND GOLD EXPLORATION IN NEWFOUNDLAND

Canterra Minerals Corp. has closed its previously announced non-brokered private placement led by strategic investors, including Michael Gentile, one of Canterra's largest shareholders and a leader in Canadian resource investing (see news release dated Oct. 7, 2025). Pursuant to the private placement, the company issued 16.7 million units at a price of 12 cents per unit for gross proceeds of $2,004,000.

Each unit consists of one common share and one-half of one common share purchase warrant of the company. One warrant entitles the holder to purchase one share of the company at a price of 20 cents for 12 months following the closing date of the private placement.

The company intends to use the net proceeds from the private placement to drill its exploration-stage Wilding gold project in the central Newfoundland mining district adjoining Equinox Gold's Valentine mine and for general working capital purposes.

"The closing of this financing positions Canterra to immediately mobilize a drill rig to the Wilding gold project, where we have multiple high-grade, drill-ready gold targets. With three rigs active across two flagship projects in the central Newfoundland mining district, we're maximizing our discovery potential and accelerating our exploration momentum," said Chris Pennimpede, chief executive officer of Canterra Minerals.

No finders' fees were paid on the private placement. The unit shares and warrant shares are subject to a hold period ending on March 1, 2026, pursuant to applicable Canadian securities laws.

Cairn Merchant Partners LP, a company controlled by Canterra chairman and director Andrew Farncomb, purchased 1,294,999 units in the private placement. As such, the private placement constitutes a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Securityholders). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the shares subscribed for by insiders, nor the consideration for the shares paid by such insiders would exceed 25 per cent of the company's market capitalization.

About Canterra Minerals Corp.

Canterra is a diversified mineral exploration company focused on critical minerals and gold in central Newfoundland. The company's projects include six mineral deposits located in close proximity to the world-renowned, past-producing Buchans mine and Teck Resources' Duck Pond mine, which collectively produced copper, zinc, lead, silver and gold. Several of Canterra's deposits support current and historical mineral resource estimates prepared in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Minerals. Canterra's gold projects are located on trend of Equinox Gold's Valentine mine currently under construction and cover an approximately 55-kilometre extension of the same structural corridor that hosts mineralization within Equinox Gold's mine project. Past drilling by Canterra and others within the company's gold projects intersected multiple occurrences of orogenic-style gold mineralization within a large land position that remains underexplored.

Qualified person

Chris Pennimpede, PGeo, chief executive officer of Canterra, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this press release.

We seek Safe Harbor.