Mr. Chris Pennimpede reports

CANTERRA MINERALS ANNOUNCES $5.0 MILLION PRIVATE PLACEMENT TO FUND EXPLORATION IN NEWFOUNDLAND

Canterra Minerals Corp. has arranged a non-brokered flow-through private placement consisting of critical mineral flow-through shares and national flow-through shares for gross proceeds of up to $5.0-million.

Up to 10 million critical mineral flow-through shares will be offered at a price of 25 cents per share for gross proceeds of up to $2.5-million. Each CMFT share will comprise one common share of the company issued as a flow-through share designated as a critical mineral flow-through share within the meaning of the Income Tax Act (Canada).

Up to 10,869,565 national flow-through shares will be offered at a price of 23 cents per share for gross proceeds of up to $2.5-million. Each FT share will comprise one common share issued as a flow-through share designated as a flow-through share within the meaning of the Income Tax Act (Canada).

The gross proceeds from the issuance of the CMFT shares and FT shares will be used for Canadian exploration expenses and will qualify as flow-through critical mineral mining expenditures and flow-through mining expenditures, respectively, as defined in Subsection 127(9) of the Income Tax Act, which will be incurred on or before Dec. 31, 2026, and renounced to the subscribers of the CMFT shares and the FT shares with an effective date no later than Dec. 31, 2025, in an aggregate amount not less than the gross proceeds raised from the issue of the CMFT shares and the FT shares. If the qualifying expenditures are reduced by the Canada Revenue Agency, the company will indemnify each subscriber of CMFT shares and FT shares for any additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures as agreed.

The company intends to use the net proceeds from the private placement for the exploration of the company's projects in central Newfoundland, including its Wilding gold and Buchans projects.

In connection with the private placement, the company may engage certain arm's-length parties which may receive a cash finder's fee payment in consideration of securities that are sold to subscribers introduced by such parties. Any cash finder's fee payment will be subject to the approval of the TSX Venture Exchange.

The private placement is expected to close on Dec. 23, 2025, or on such other date as agreed to between subscribers and the company, and is subject to certain conditions, including, but not limited to, receipt of all necessary approvals, including the approval of the TSX-V. The CMFT shares and the FT shares will be subject to a hold period ending on the date that is four months plus one day following the closing date of the private placement under applicable Canadian securities laws.

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 Mineral Reserves. 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 Minerals, 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.