Mr. Chris Pennimpede reports

CANTERRA MINERALS COMMENCES PHASE 2 DRILL PROGRAM TO ADVANCE DISTRICT-SCALE COPPER-ZINC GROWTH STRATEGY AT BUCHANS, NEWFOUNDLAND

Canterra Minerals Corp. has commenced its approximately 8,000-metre phase 2 diamond drill program in the Buchans copper-zinc district of central Newfoundland.

The program is designed to demonstrate the scale of Canterra's consolidated position in one of Canada's premier VMS (volcanogenic massive sulphide) camps. The Buchans district, controlled by Canterra, hosts a substantial and growing resource base, multiple satellite deposits, extensive historical data, established infrastructure, and a pipeline of high-priority copper-zinc targets across a historically prolific mining district.

Canterra's 2026 program is focused on advancing the Lundberg deposit as the district's anchor resource while testing satellite deposits and new targets that the company believes can support long-term resource growth across the broader Buchans district. The phase 2 program is expected to generate a steady flow of results through the remainder of 2026.

Highlights:

• Phase 2 drilling now under way: Approximately 8,000 metres of diamond drilling have commenced in the Buchans district, including approximately 2,000 metres at the Lundberg deposit, the largest copper-zinc resource in the district.
• Lundberg resource growth and definition: Drilling is focused on potential extensions to the Lundberg deposit southwest of recently completed drilling, including 57.15 metres grading 0.57 per cent copper equivalent, as reported in the company's June 3, 2026 news release. The program will also further delineate the high-grade Two Level zone, where previous drilling returned 5.35 metres grading 6.77 per cent CuEq, as reported in the company's May 20, 2025, news release.
• Maiden resource estimate remains on track: Results from phase 2 are expected to contribute to Canterra's maiden mineral resource estimate for the Lundberg deposit, targeted for Q4 2026, representing a key near-term milestone in establishing the scale of the Buchans district.
• Minimum 6,000 metres allocated to district growth pipeline: In addition to drilling at Lundberg, Canterra plans to complete at least 6,000 metres of exploration drilling across satellite deposits and high-priority copper-zinc targets, including Lemarchant, Boomerang, Long Lake and Tulks. These targets represent multiple opportunities to add tonnes beyond Lundberg and demonstrate broader district-scale growth.
• Vrify AI-assisted (artificial intelligence) targeting across satellite deposits: Canterra has integrated district-wide historical drilling, geophysical, geochemical and lithogeochemical data with Vrify's DORA AI-assisted prospectivity modelling to prioritize new drill targets around its resource-stage VMS deposits and along the same mineralized trend as the former Buchans and Duck Pond mines.
• Insider and shareholder alignment strengthened: Canterra has received approximately $1.13-million from the exercise of warrants and options, including approximately $961,336 from the exercise of common share purchase warrants by directors, insiders and major shareholders, and a further $168,498 from option exercises by consultants and contractors.

Chris Pennimpede, president and chief executive officer of Canterra, commented: "Phase 2 drilling in the Buchans district comes at an important time for Canterra as we work to demonstrate that Buchans is a growing critical minerals district. Lundberg is our anchor deposit, and our immediate objective is to continue adding scale and definition as we advance toward a maiden mineral resource estimate targeted for Q4 2026.

"At the same time, the broader Buchans district gives us a pipeline of satellite deposits and high-priority exploration targets that we believe can drive long-term resource growth beyond Lundberg. The historical Buchans mines produced extraordinary grades, but much of the area was explored using techniques that are now decades old. With modern geophysics, integrated historical data, AI-assisted targeting through Vrify, and a highly experienced VMS technical team, we believe there is a significant opportunity to re-evaluate through a modern exploration lens.

"Our thesis is simple: The market has historically viewed Buchans as a collection of past-producing deposits. We believe it should be viewed as an underexplored, district-scale copper-zinc camp in a Tier 1 Canadian jurisdiction with established mining infrastructure.

"We are not trying to prove that mineralization exists at Buchans. That has already been established through decades of mining and exploration. We are trying to demonstrate that the camp is larger, more scalable and more valuable than the market currently recognizes.

"Over the next six to 12 months, Canterra has the opportunity to execute on multiple fronts: advancing a maiden resource at Lundberg, testing a pipeline of satellite deposits, applying modern targeting across a consolidated district package and demonstrating the potential for Buchans to emerge as one of Canada's next significant copper-zinc districts."

Satellite deposits and exploration discussion

Beyond Lundberg, the Buchans district includes several resource-stage VMS deposits within the same mineralized belts that host the former Buchans and Duck Pond mines, including Lemarchant, Boomerang-Domino, Bobby's Pond and Daniels Pond, all 100 per cent owned by Canterra.

In 2026, the company completed a comprehensive district-wide integration of historical drilling, geological, geophysical, geochemical and surface exploration data into a single exploration platform. In collaboration with Hard Rock Geophysics and technical advisers Steve Piercey and Rodney Allen, Canterra combined this data set with historical lithogeochemical data and Vrify's DORA AI-assisted prospectivity modelling to identify and prioritize new drill targets around the satellite deposits. This integrated approach provides a systematic framework for targeting new discoveries across the Buchans district.

Warrant and option exercises

Since September, 2025, the company has received total gross proceeds of $1,129,834.51 from the exercise of common share purchase warrants and stock options. This consists of $961,336.25 from warrant exercises, including exercises by directors, insiders and major shareholders, and $168,498.26 from option exercises by consultants and contractors. This strengthened treasury provides the company with additional flexibility to execute its exploration and development programs in the Buchans district in Newfoundland.

Newfoundland and Labrador junior exploration assistance

Canterra would like to acknowledge financial support it received from the government of Newfoundland and Labrador's Junior Exploration Assistance Program related to completion of its 2025 programs and may receive in support of its 2026 exploration programs in the Buchans district.

About Canterra Minerals Corp.

Canterra is a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. The company's projects include seven 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 and cover an approximately 55-kilometre extension of the same structural corridor that hosts the gold mineralization within Equinox Gold's mine. 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

Paul Moore, MSc, PGeo (Newfoundland), vice-president of exploration for Canterra Minerals and a qualified person within the meaning of NI 43-101, has reviewed and approved the technical disclosure in this news release.

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