Mr. Gerald Panneton reports

GOLD TERRA ANNOUNCES NEW DRILL TARGETS ON THE CAMPBELL SHEAR NORTH EXTENSION ON THE CON MINE, YELLOWKNIFE, NWT

Gold Terra Resource Corp. has completed its review of the Con mine 2002 historical resources of 650,000 ounces of gold at between 11 to 12 grams per tonne dated Jan. 1, 2003 (see Note 1 further in this news release). Based on the review, selected priority targets have been established for the upcoming drilling program scheduled to start before year-end 2025 that will focus on the past producing Campbell shear (CS) structure. The goal of this drilling program is to confirm portions of the historical resources and investigate additional potential resources at lower cut-off grades, reflecting the current higher gold prices of today. This confirmation drilling could contribute to further increases to the current resource base of the company prior to proceeding with economic studies.

Gold Terra has identified numerous historical targets within the Con mine underground infrastructure between 500 metres to 1,000 metres below surface. The Con mine produced a total of 6.1 million ounces between 1938 and 2003, and closed at a time when gold price averaged $340 (U.S.) per ounce and while using a cut-off grade (COG) of 10 g/t Au (refer to the Oct. 21, 2022, technical report).

The largest of these targets is an interpreted 1.4-kilometre-long northern extension of the Campbell shear structure between section 6600N and 8000N, and between 600 metres to 1,200 metres below surface, which was previously drilled in the 1990s from underground stations between level 1900 and 2900 (580 metres and 885 metres).

The proposed plan is to:

• Drill at 100 metres spacing to confirm the underground historical drill results which extend for more than one kilometre north of the Con mine;
• Test three other areas between 800 metres vertical to 1,400 metres within the Con mine main ore body that were not mined historically;
• Test and infill drill in the Con mine south area where the company has already outlined a National Instrument 43-101 resource on the Yellorex and Yellorex North deposits (see Note 2 further in the press release -- mineral resource estimate (MRE) dated September, 2022). This drilling is intended to bring this area up to a drill indicated confidence level and increase the size of the Yellorex and Yellorex North zones which remained open along strike and plunge following the October, 2022, NI 43-101 mineral resource estimate.

Chairman and chief executive officer Gerald Panneton commented: "In this current gold price environment, we have reviewed over the summer many additional targets at the Con mine well within reach of existing underground infrastructure. With gold price now well above $3,700 (U.S.)/oz; this is a game changer. We have 100-per-cent access to a district-scale prospective land position -- one of the largest past-producing high-grade gold belts in Canada along the prolific Campbell shear. Over the last few months, we have re-evaluated our options and are excited to start this drilling program which targets shallower gold mineralization along the past producing CS structure."

Following the completion of the 2025 to 2026 drilling program, the company is planning to update its 2022 mineral resources estimate (MRE) (see Note 2 further in this press release) which will include the new drilling results, a higher gold price and potentially a lower cut-off grade. It is anticipated that the updated MRE will be followed by a preliminary economic assessment (PEA).

Under the CMO agreement, the company has the right to acquire 100 per cent of the CMO property from a subsidiary of Newmont Corp., subject to the fulfilment of certain conditions set out in the agreement, as reported in the company's news release dated Nov. 22, 2021. Gold Terra's option on the CMO with Newmont is until Nov. 21, 2027, supporting continuing CS drilling and potential resource growth.

Notes

Note 1. Historical estimate

The Con mine closed in 2003 at a time when the gold price was around $340 (U.S.) per ounce, with approximately 650,000 ounces at 11 to 12 g/t Au in historical mineral resources and reserves (see attached table). The historical estimate was compiled and reported by Miramar Northern Mines Ltd. (MNML) during its operation and closure of the Con mine in 2003. There are no known more recent estimates.

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, PhD, PGeo, SGS Geological Services, which can be found on the company's website and on SEDAR+.

Note 2. October, 2022, mineral resource estimate

Indicated and inferred resources (MRE October, 2022 -- see Gold Terra's Oct. 21, 2022, technical report) near surface and south of the Con mine are shown in the attached table.

Yellowknife project 2021 MRE

The Yellowknife project has an extensive land position with over 836 square kilometres covering 70 kilometres of the CS and the previous exploration results indicate the potential to host multiple deposits. To date, the Yellowknife project's contiguous Northbelt property has a March, 2021, mineral resource estimate of 1,207,000 inferred ounces 15 kilometres north of the Con mine and the city of Yellowknife in four satellite deposits, with the Crestaurum open pit at six grams per tonne Au (see Gold Terra's Oct. 21, 2022, technical report).

For current resource estimates 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, PhD, 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, a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and senior technical adviser for the company.

About Gold Terra

The Yellowknife project (YP) encompasses 836 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 kilmetres 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 has been produced, and most recently on the Con mine option (CMO) property, immediately south of the past-producing Con mine which produced 6.1 Moz between the Con, Rycon and Campbell shear structures (1938 to 2003) (refer to Gold Terra Oct. 21, 2022, technical report).

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 which reinforces the company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

We seek Safe Harbor.