Mr. Lewis Lawrick reports

MAGNA TERRA ACQUIRES THE SHELLBIRD GOLD PROJECT IN WESTERN NEWFOUNDLAND VIA STAKING; IDENTIFIES OROGENIC GOLD POTENTIAL ALONG MAJOR FAULT SYSTEM

Magna Terra Minerals Inc. has acquired the Shellbird gold project, located in western Newfoundland. The project is located along the projection of the regional-scale Doucer's Valley fault zone (DVFZ) and comprises five mineral licences (1,226 claims) totalling 30,650 hectares. The DVFZ and the underlying proterozoic plutonic rocks are a favourable environment for hosting orogenic gold mineralization, similar to the Thor and Rattling Brook deposits of the Great Northern gold project located 30 kilometres to the northwest of Shellbird.

"We are very pleased to have acquired the Shellbird gold project, via staking, in a region that has known gold deposits along a fertile regional-scale fault system. This acquisition furthers Magna Terra's strategy of identifying early stage, low cost of acquisition, generative projects that provides the company and our shareholders optionality, excellent value, and exposure to discovery. Historic, early stage prospecting for precious metals on the property led to some encouraging grab sample results of up to 2.33 g/t gold that were never followed up on, and our team is excited to complete this essential generative work this spring. Importantly, the Shellbird gold project offers regional operational synergies for the company being proximal to the communities of Deer Lake and Corner Brook, as well as our 100-per-cent-owned Humber project and the Great Northern gold project, which is currently under option to Gold Hunter Resources."

- Lew Lawrick, president and chief executive officer, Magna Terra Minerals

Shellbird project highlights

• The project covers a 35-kilometre extent of the regional-scale Doucer's Valley fault zone and associated fault splays.
• Strategically positioned 30 kilometres along strike from the Great Northern gold project in the same geological environment known to host orogenic gold mineralization.
• Historic (ca. 1997) rock grab samples from grassroots prospecting assaying up to 2.33 grams per tonne gold with no follow-up.
• Government lake sediment samples with assays up to nine parts per billion gold marking a strong regional geochemical anomaly.
• Largely road accessible and 10 kilometres north of the town of Deer Lake.
• Located adjacent to the Magna Terra's Humber copper-cobalt project providing operational efficiencies.

Shellbird project geology

The project is largely underlain by proterozoic rocks of the Long Range Inlier, a suite of felsic to mafic intrusive rocks that include the Long Range Gneiss complex and younger Grenville-aged granitoids, that are bound by the regional-scale DVFZ and unconformably overlain by Carboniferous sedimentary rocks of the Deer Lake basin to the east. To the southwest, the Long Range Inlier is overlain by Cambrian clastic sedimentary rocks of the Labrador Group (Bradore, Forteau and Hawke Bay formations) and Ordovician carbonate sedimentary rocks of the Port Au Port group (March Point and Petit Jardin formations). The rocks are variably deformed and there is evidence from satellite imagery of multiple fault splays affecting rocks of the Long Range Inlier (Owen, 1990, 1991).

This geological environment is known to host gold mineralization along strike to the northeast at the Great Northern gold project and Fishhawk Gold Corp.'s Gold Valley project, where gold mineralization is present in several deposits including the Thor and Rattling Brook (Beaver Dam, Road and Apsy zones) deposits, and the Ladyslipper zone, respectively. These mesothermal orogenic gold deposits are hosted within rocks of the Long Range Inlier or overlying Labrador Group sedimentary rocks adjacent to the DVFZ and up to several kilometres from the DVFZ along secondary or tertiary fault splays.

Historical exploration results at Shellbird

There has been little exploration for gold within the area surrounding the Shellbird gold project, despite successful discovery of gold mineralization along strike at the Thor and Rattling Brook deposits on the Great Northern gold project. Much of the previous exploration on the project has focused on uranium exploration in the adjacent Carboniferous Deer Lake basin and, more recently, exploration for magmatic Ni-Cu sulphides by Churchill Resources Inc. within the Long Range Inlier.

Prospecting and rock sampling

A limited amount of prospecting and rock sampling has been completed on the project with a total of 93 rock float and outcrop grab samples collected during 1996, 1997, 2007 and 2009. Rock sampling by prospectors in 1997 discovered gold mineralization assaying up to 2.33 g/t and 0.61 g/t gold in the central part of the property. All other samples assayed less than 100 parts per billion gold. There are several pathfinder elements within the sample data set of significance for gold exploration with copper assays ranging from less than one ppm to 2,320 ppm copper with five of the samples assaying over 500 ppm copper; and silver assays ranging from less than 0.1 g/t up to 8.6 g/t silver with five of the samples assaying over 2.5 g/t silver. Rock samples on the property were typically of granite float with variable amounts of quartz veining and disseminated pyrite mineralization.

The results of limited prospecting to date support the potential of the area to host orogenic gold mineralization and follow-up prospecting and exploration is warranted.

Lake sediment sampling

The Shellbird gold project was initially acquired based on the results of regional lake sediment sampling by the government, where lakes within the property have regionally anomalous gold values up to nine ppb gold. Of the 39 lake sediment samples within the property area gold values range from less than one part per billion to nine ppb gold with six of the 39 samples assaying over four ppb gold (Davenport et al., 1996).

Stream sediment sampling

Stream sediment sampling (106 samples) by Churchill Resources Inc. in 2022, resulted in the identification of five locations with one gold grain in each sample (two pristine, two reshaped and one modified). Although the sampling method was designed to focus on identification of Ni-Cu-related sulphide mineralization, the identification of these gold grains, particularly pristine grains, in the southwest corner of the property is encouraging for the area to host orogenic gold mineralization.

Adjacent properties and mineral resources

The adjacent Great Northern gold project is host to significant current and historical mineral resources, including:

• ^ At the Thor deposit an updated open-pit constrained indicated mineral resource estimate of 817,000 tonnes at an average grade of 1.70 g/t gold for 45,000 ounces and open-pit constrained inferred mineral resources of 44,000 tonnes at an average grade of 1.27 g/t gold for 1,800 ounces at a cut-off grade of 0.46 g/t gold at the Thor deposit. The Thor deposit also includes underground constrained indicated mineral resources of 62,000 tonnes at an average grade of 2.98 g/t gold, containing 5,900 ounces and underground constrained inferred mineral resources of 23,000 tonnes at an average grade of 3.31 g/t gold, containing 2,400 ounces at a cut-off grade of 2.14 g/t gold.
• ^^ At the Rattling Brook deposit an historic inferred mineral resource estimate of 5.46 million tonnes at an average grade of 1.45 g/t gold containing 255,000 contained ounces at a cut-off grade of 1.0 g/t gold at the Rattling Brook deposit.

Qualified person and technical notes

This news release has been reviewed and approved by David A. Copeland, PGeo, a non-independent consultant to the company, and qualified person under National Instrument 43-101 -- Standard for Disclosure for Mineral Projects.

All quoted historic rock samples results were compiled from historic assessment and government reports obtained from the government of Newfoundland and Labrador. The qualified person has not completed sufficient work to validate these historic results.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resources were prepared in accordance with the Canadian Institute of Mining Definition Standards (May, 2014) and the CIM MRMR Best Practice Guidelines (November, 2019).

About Magna Terra Minerals Inc.

Magna Terra Minerals is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging the company's ability to explore, grow and transact projects. The company is focused on exploring the company's 100-per-cent-owned Humber copper-cobalt project in Newfoundland and Labrador; the company's 100-per-cent-owned Rocky Brook gold and critical metals project in the historic Bathurst mining camp of New Brunswick; the recently acquired prospect Or's Dream gold project, and the company's 100-per-cent-owned Cape Spencer gold project in New Brunswick. In addition, the company has optioned the Great Northern project in Newfoundland to Gold Hunter Resources Inc. for total cash and share consideration of $10,075,000 over a four-year period, and currently holds an approximate 19-per-cent equity interest in Gold Hunter. The company has also optioned the Luna Roja project in Argentina to Lunex Metals Corp (formerly Andean Metals Corp.) for total cash and share consideration of $2,375,000 over a four-year period. Further, the company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina, which includes its large 100-per-cent-owned Boleadora project, as well as several additional district-scale, drill-ready projects available for purchase or option/joint venture.

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