Mr. Carl Hansen reports

ATERRA COMMENCES DRILLING AT THE TOTORA COPPER-GOLD PROJECT, CHILE

Aterra Metals Inc. has commenced a 3,000-metre (m) phase I drill program on its 1,811-hectare Totora copper-gold project, located in Chile's Region III, 60 kilometres (km) south of Vallenar. The Totora project hosts four near-surface, copper-gold porphyries with the phase I drill program focusing on the Totora and Frontera deposit porphyries.

Commenting on the start of the drill program, Carl Hansen, chief executive officer of Aterra, noted: "Now that our geological team has completed relogging the majority of the historical drill core from the Totora project, we have gained a more fulsome understanding of the relationship between copper-gold grades and geology (lithologies, alteration and structure). Based upon our review, we have designed a drill program that prioritizes: (1) the confirmation of the historical drill results; and (2) increasing the size of the copper-gold porphyries. Our goal is to publish a resource estimate during the third quarter of 2026 integrating our phase I drill assay results with the significant historical drilling completed on the Totora project over the past 15 years."

At the Totora porphyry, a 2,500 m reverse circulation drill program is under way, adding to the 10,000 m of historical drilling, which outlined a copper-gold porphyry system along a strike length of over 800 m extending from surface to depths of up to 500 m downhole. Historical drill results from the Totora porphyry include 142 m grading 0.58 per cent copper equivalent (CuEq) (0.47 per cent copper (Cu) and 0.17 gram per tonne (g/t) gold (Au)) with a 72 m interval grading 0.83 per cent CuEq (0.64 per cent copper and 0.26 g/t gold) from drill hole DDHTP-02.

Upon completion of the Totora porphyry drilling, Aterra will undertake approximately 500 m of diamond drilling into the Frontera deposit to confirm historical drilling results in preparation for the updated resource estimate. The Frontera deposit hosts historical resources as detailed in the attached table.

For further information on the Totora copper-gold project, including the Frontera deposit and Totora, Clinton and Algarrobilla copper-gold porphyries, see Aterra's previous news releases dated Nov. 20, 2025, and Feb. 3, 2026.

Angie property

Considering Aterra's focus on its Totora copper-gold project, the Angie property option agreement has been terminated.

National Instrument 43-101 disclosure

Qualified person

As defined by NI 43-101 of the Canadian Securities Administrators, the qualified person for Aterra Metals is Francisco Bravo, a resident of Santiago, Chile. As Aterra's chief geologist, Mr. Bravo is considered not independent as the term is defined by NI 43-101. Mr. Bravo, a public registered person for reserves and resources, No. 515, in Chile, and registered in the Colegio de Geologos de Chile under No. 725, has reviewed and approved the technical information contained in this news release.

Copper equivalent estimation

Copper equivalent (CuEq) grades were estimated using a copper price of $4 (U.S.) per pound and a gold price of $3,500 (U.S.) per ounce ($112.53 (U.S.) per gram). CuEq grades are estimated using the following formula: CuEq per cent equals (((Au grade times 0.85 times 112.53) divided by 4.00 divided by 2,204.6)) times 100 plus (Cu grade times 0.85).

Regulatory requirements for disclosure of CuEq grade estimates require an estimation of metallurgical recoveries in the situation where no metallurgical testwork has been completed. Aterra estimates copper recoveries of 85 per cent and gold recoveries of 85 per cent. It is important to note the actual recoveries will likely vary from those used in the estimation of the CuEq grades.

Historical results

Aterra has not undertaken any independent investigation of any historical results from the Totora project nor has it verified the underlying technical basis for the historical resources and drilling results. The reader is cautioned against relying on the accuracy of the historical results presented; however, Aterra considers all historical results relevant as those results will be used as a guide to plan future exploration programs. Aterra considers the data to be reliable for these purposes.

About Aterra Metals Inc.

Aterra is a mineral exploration company focused on exploration opportunities in Chile. Aterra's team of successful exploration professionals are dedicated to the discovery of mineral deposits that can be progressed into economically viable development projects creating value for all stakeholders.

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