Mr. Gerald Panneton reports

GOLD TERRA ANNOUNCES CLOSING OF C$1,314,000 CHARITABLE FLOW-THROUGH AND FLOW-THROUGH NON-BROKERED PRIVATE PLACEMENT

Gold Terra Resource Corp. has closed its flow-through and charitable flow-through portions of the non-brokered private placement previously announced on Dec. 11, 2024, and Oct. 30, 2024. The company raised gross proceeds of $180,000 from the issuance of three million flow-through common shares of the company at an issue price of six cents per FT share, and gross proceeds of $1,134,000 from the issuance of 16.2 million charitable flow-through common shares of the company at an issue price of seven cents per CFT share, for total gross proceeds from the offering of $1,314,000. The FT shares and CFT shares will both qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)).

The offering is in addition to the previously announced closings of non-brokered non-flow-through private placements for gross proceeds of $572,500 as announced on Oct. 23, 2024, and for gross proceeds of $510,000 as announced on Dec. 4, 2024, for total gross proceeds of $1,082,500. The total gross proceeds from the non-brokered private placement of FT shares, CFT shares and non-flow-through common shares are $2,396,500.

Insiders of Gold Terra participated in the offering by purchasing FT shares and will be issued an aggregate of 600,000 FT shares. Such participation in the offering constitutes a related-party transaction as defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities issued to related parties, nor the consideration for such securities exceeds 25 per cent of the company's market capitalization. The company did not file a material change report 21 days prior to closing of the offering as the participation of insiders of the company in the offering had not been confirmed at that time.

All securities are subject to a four-month hold period from the date of closing.

The company will use an amount equal to the gross proceeds from the offering, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada) related to the company's projects in the Northwest Territories on or before Dec. 31, 2025, and to renounce all the qualifying expenditures in favour of the subscribers of the FT shares and CFT shares, effective Dec. 31, 2024.

Gerald Panneton, chairman and chief executive officer, commented: "We are pleased with our successful financing for a total of $2,396,500 through the continued support of existing shareholders such as Eric Sprott and Mackenzie Fund and many others. The proceeds raised will allow us to kick-start our wedging program in early January to test the Campbell shear structure below the existing workings of the Con mine. The former Con mine produced 5.1 Moz of gold at an average grade of 16 g/t and was historically one of the richest high-grade gold mines in Canada."

The current drill program at the Con mine is aimed at increasing the company's current indicated and inferred resource (mineral resource estimate, October, 2022) near surface and south of the Con mine, targeting the prolific Campbell shear structure, which produced 14 million ounces of gold at an average grade of 16 to 22 grams per tonne gold. The current drilling is targeting below the existing underground workings, where the potential exists to add significant free milling high-grade ore. The Con mine property has excellent infrastructure, including the Robertson shaft, the water treatment plan (2015), and warehouse and offices. The Con mine closed in 2003, with approximately 650,000 ounces at 11 to 12 g/t Au in historic reserves and combined resources. Please refer to the Oct. 21, 2022, technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada," with an effective date of Sept. 2, 2022, by qualified person Allan Armitage, Ph D, PGeo, SGS Geological Services, which can be found on the company's website and on SEDAR+.

The technical information contained in this news release has been reviewed and approved by Joseph Campbell, chief operating officer, a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Gold Terra Resource Corp.

The Yellowknife project encompasses 918 square kilometres of contiguous land immediately north, south and east of the city of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the city of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydroelectric power and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell shear, where approximately 14 Moz of gold has been produced (refer to Gold Terra's Oct. 21, 2022, technical report) and most recently on the Con mine option property claims immediately south of the past-producing Con mine, which produced 6.1 Moz between the Con, Rycon and Campbell shear structures (1938 to 2003).

The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines. The company's exploration programs have identified significant zones of gold mineralization and multiple targets that remain to be tested, which reinforces the company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

We seek Safe Harbor.