Mr. Darren Blaney reports

NEWTERRA RESOURCES INC. CLOSES INITIAL PUBLIC OFFERING AND LISTS ON THE CSE

Newterra Resources Inc. has closed its initial public offering of an aggregate of 4,294,000 common shares of the company at a price of 10 cents per common share for aggregate gross proceeds of $429,400.

Pursuant to an agency agreement dated Sept. 26, 2023, Echelon Wealth Partners Inc. acted as agent on a commercially reasonable efforts basis in respect of the offering and received a cash commission in the amount of $34,352, a corporate finance fee comprising 150,000 common shares and a cash advisory fee of $15,000 plus applicable taxes in consideration for its services. As well, the company issued to the agent an aggregate of 343,520 common share purchase warrants. Each agent's warrant is exercisable until Dec. 15, 2026, at an exercise price of 10 cents per common share. The company also issued 100,000 common shares to the agent's legal counsel as partial payment for legal expenses incurred in connection with the offering.

Proceeds of the offering will be applied to finance the company's exploration work, for working capital purposes, and for general and administrative costs.

As partial consideration for the company's acquisition of the Iron Horse project located on the west side of the Okanagan Valley near Kelowna, B.C., pursuant to a purchase and sale agreement entered into between the company and Laurel Lynn Wong (the vendor) dated Sept. 22, 2021, the company issued the vendor 250,000 common shares.

Newterra is also pleased to announce that it has received approval of its application to list its common shares on the Canadian Securities Exchange. The company's common shares are expected to commence trading on the exchange on or about Dec. 18, 2023, under the trading symbol NT.

Additional information on the company and the offering can be found in the company's final prospectus dated Sept. 26, 2023, as filed on SEDAR+.

About Newterra Resources Inc.

Newterra Resources is a mineral resource exploration company with a concentration in precious metals. The company's material property is the Iron Horse project, comprising nine mineral title claims covering 2,439.5 hectares on the border of Osoyoos and Similkameen mining divisions, located on the west side of the Okanagan Valley near Kelowna, in the province of British Columbia.

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