Mr. Lew Lawrick reports

MAGNA TERRA PARTNER NEWMONT OUTLINES LARGE EPITHERMAL GEOCHEMICAL TARGET AT BOLEADORA, ARGENTINA

Through Magna Terra Minerals Inc.'s 100-per-cent-owned Argentine subsidiary, Atala Resources SA, Oroplata SA, a subsidiary of Newmont Corp., has provided a detailed summary report of its 2023 exploration program undertaken to date on the Boleadora project. In addition, Oroplata has made the third anniversary option payment of US$150,000 to Atala under the option agreement (see details below). Boleadora encompasses ~55,000 hectares in 12 exploration licenses located 17 kilometres southeast along strike from Newmont's Cerro Negro mine along the Margaritas-Boleadoras Corridor, the host to both projects located in Santa Cruz Province, Argentina. (Figure 1).

Based on 2023 fieldwork, Newmont has identified a 10 by 8 kilometre priority target area, corresponding with previously identified zones 1, 2 and 3 along the Margaritas-Boleadoras Corridor (Figure 2). Assay results from 2023 drainage sediment and rock-chip samples show that anomalous precious metals (Au, Ag) and pathfinder elements (As, Sb, Hg, Tl, Li, Ba and Se) are associated with silica alteration, host fault zones, sinter structures and subtle hyperspectral responses that are indicative of deeper hydrothermal activity and gold mineralization at the Cerro Negro mine (Table 1). Based on the recent field work, Newmont plans further follow-up exploration activities for 2024.

Boleadora Project Highlights

Large land package comprising ~55,000 hectares;17 kilometres along strike from Newmont's Cerro Negro Mine and associated with the Margaritas-Boleadoras Corridor;

Located in a geological environment that is host to large low-sulphidation epithermal gold deposits like Cerro Negro as well as other large precious metals deposits in the prolific yet underexplored Deseado Massif region of Santa Cruz Province;

Recognition of a large 10 by 8 km exploration target based on 2023 geochemical sampling and hyperspectral surveying; and

Significant ongoing financial and exploration commitment by Newmont with exploration plans for 2024.

"We are very pleased to see Newmont, using their proprietary exploration techniques and expertise, continue to refine exploration targets on the Boleadora Project with recent work outlining a large 10 by 8 kilometre zone of anomalous precious-metal and pathfinder elements. This work supports the potential existence of a low-sulphidation epithermal environment associated with the Margaritas-Boleadoras Corridor along strike from the Cerro Negro mine. We look forward to Newmont's continued exploration work on the property in 2024 as they advance the project towards drill testing of the highest priority targets. The US$150,000 payment will allow Magna Terra to sustain all property maintenance obligations on our Argentinian portfolio outside of Boleadora as we continue to seek strategic partners to advance these other assets."

~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.

2023 Exploration Results

According to Newmont geologists, Boleadora is underlain by extensive Jurassic volcanic sequences that include welded pumice crystal-rich rhyolitic ignimbrites cut by bimodal subvolcanic domes. Main structural trends include northwest, north-northwest, and east-west corridors with chalcedonic and opaline silica veins with massive textures up to one-metre wide, and silica sinter in up to 50 metre by 50 metre exposures that might correspond to shallower levels of a low-sulphidation epithermal system (Figure 2). This geology is favourable for hosting low-sulphidation epithermal gold mineralization similar in style to the nearby Cerro Negro and Cerro Vanguardia deposits.

Since first assessing the project in 2019, Newmont subsidiary Oroplata has collected 233 rock-chip samples (surface float and outcrop), 134 drainage sediment samples for analysis via Bulk Leach Extractable Gold ("BLEG"), 526 Terrain Mapping Geochemistry ('TMG') soil samples and completed a hyperspectral survey covering the main geological areas of interest. This includes 526 TMG samples and 35 rock-chip samples collected in 2023 that have further refined and supported the 10 exploration targets identified on the property to date.Figure 1: Location of Magna Terra exploration projects in Santa Cruz Province, Argentina including the Boleadora Project outlined in red in the northwest of the map near the San Jose and Cerro Negro mines.

Table 1: Geochemical maximum and statistical threshold values for precious metal and pathfinder elements from drainage sediment BLEG samples at the Boleadora Project. Figure 2: Boleadora generalized geology, gold from sediment samples and with structural interpretation at district scale (courtesy Newmont).

Boleadora Purchase Agreement

Newmont entered into an Option to Purchase Agreement with Magna Terra (see press release dated June 9, 2020) that will pay Magna Terra US$1 million as follows: US$25,000 on signing and six installments totalling US$975,000 payable within six years from the date of the Agreement, with US$325,000 paid to date. In addition, Magna Terra retains a 2% NSR ("Royalty") on the Boleadora Project. The Royalty can be reduced to 1% by payment of US$2.5 million to Magna Terra at anytime, and is capped at US$20 million.

Qualified Person

This news release has been reviewed and approved by David A. Copeland, P. Geo., Chief Geologist with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.

About Magna Terra

Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, resource stage gold exploration projects in the top-tier mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its Boleadora Project being advanced by Newmont Corp. under an option to purchase agreement; a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project, as well as several additional district scale drill ready projects available for purchase or option/joint venture.

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