Mr. Gerald Panneton reports

GOLD TERRA ANNOUNCES START OF 2025 DRILLING PROGRAM TARGETING HIGH-GRADE GOLD IN THE CAMPBELL SHEAR, CON MINE OPTION PROPERTY, NWT

Gold Terra Resource Corp. has started its 2025 wedge hole drilling program that will continue targeting the prolific Campbell shear (CS) from master hole GTCM24-056 on the Con mine option (CMO) property. Hole GTCM24-056 was drilled to a depth of 3,002 metres and will serve as a master hole from which to branch off with as many wedges as possible to evaluate the CS 600 metres below the current Robertson shaft depth (1,900 metres), up dip and laterally. The wedge hole drilling program allows for a more efficient and cheaper evaluation of the CS rather than drilling holes from surface.

The objective of the 2025 wedge hole drilling program is to continue testing for high-grade gold in the CS (past production of 5.1 million ounces at 16 grams per tonne; refer to the Oct. 21, 2022, technical report) on the Con mine below the historic Con mine underground workings. The CMO property is under option from a subsidiary of Newmont Corp. and is 100 per cent acquirable by the company upon fulfilment of certain conditions set out in the CMO property option agreement, as reported in the company's news release dated Nov. 22, 2021. The target is located downdip from the 5.1 million ounces mined gold deposit plunging steeply to the south between elevation of 1,900 metres (Robertson shaft depth) and 2,600 metres.

Chairman and chief executive officer Gerald Panneton commented: "Building on our work in 2024, we are pleased to start our 2025 wedge hole drilling program to assess the high-grade gold potential of the Campbell shear below the Robertson shaft. This approach is a very efficient and cost-effective way to assess the CS at depth. We anticipate that the wedge holes will open a large, underexplored area downplunge from the prolific CS that is 600 metres to 800 metres below the existing infrastructure. Our aim is to eventually add additional high-grade gold ounces to our next MRE (mineral resource estimate)."

2025 wedge hole drilling program highlights

The wedge hole drilling program is starting on Jan. 10, 2025. The 2025 drilling program will consist of an initial plan of wedge holes (five to seven) with an approximate estimate drilling length of 3,000 metres.

The first wedge is planned to start at 2,000 metres to 2,100 metres downhole with a CS target of 2,700 metres, or 800 metres below the Robertson shaft. Wedge holes are designed to target the CS at depth first, and then up-dip with each successive wedge being higher up the master hole. The CS was initially intersected at depth in deep hole GTCM23-055, which intersected 12.63 grams per tonne over 1.7 metres in the CS structure approximately 150 metres below the Con mine workings, demonstrating the potential of the CS at depth.

The 2025 deep drilling program aims to expand the September, 2022, initial mineral resource estimate (see Sept. 7, 2022, press release) of 109,000 indicated ounces of contained gold and 432,000 inferred ounces of contained gold between surface and 400 metres below surface along a two-kilometre corridor of the Campbell shear (Oct. 21, 2022, MRE titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada," by qualified person Dr. Allan Armitage, PhD, PGeo, SGS Geological Services, which can be found on the company's website and on SEDAR+).

Corporate update -- shares for debt transaction

The company has entered into a debt conversion agreement dated Dec. 18, 2024, between Newmont FN Canada Holdings Ltd. and Miramar Northern Mining Ltd. (collectively, the creditors), Goldcorp Inc. (the subscriber), and the company to settle a debt in the amount of $89,364.75 pertaining to the maintenance costs paid on the Con mine properties between 2020 and 2023. To settle the debt, the company has agreed to issue 1,625,000 common shares to the subscriber at 5.5 cents (being the 20-day volume-weighted average trading price ending on the last trading day before the company entered into this agreement).

Upon issuance of the shares to the subscriber, the outstanding liability shall be deemed fully satisfied.

The transaction remains subject to the final approval of the TSX Venture Exchange. All securities issuable in connection with the transaction are subject to a hold period expiring four months and one day after the date of issuance.

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 (YP) 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 million ounces of gold have been produced (refer to Gold Terra's Oct. 21, 2022, technical report) and most recently on the Con mine option (CMO) property claims immediately south of the past-producing Con mine, which produced 6.1 million ounces 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 successfully identified significant zones of gold mineralization and multiple targets that remain to be tested; this reinforces the company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

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