Mr. Gerald Panneton reports

GOLD TERRA ANNOUNCES SONIC DRILL PROGRAM TO EVALUATE GOLD CONTENT IN CON MINE HISTORICAL TAILINGS, YELLOWKNIFE, NWT AND STOCK optIONS GRANT

Gold Terra Resource Corp. is planning a sonic drilling program on the former Con mine's historic tailings which is part of the Con mine option (CMO). The drilling is currently scheduled to start the first week of September. Under the purchase 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 valid until Nov. 21, 2027.

Chairman and chief executive officer Gerald Panneton commented: "The evaluation of the historic tailings is an important part of Gold Terra's strategy to seek and add potential additional ounces to its mineral resources on the CMO. The tailings represent a compelling exploration target, as the material originated from mined ore graded between 16 to 20 g/t Au over the course of the mine operation between 1938 and 2003. There is a possibility of finding a certain amount of gold in the historical tailing since previous recoveries were between 85 to 95 per cent. If the historical tailings contain some gold, it can benefit the potential restart of the operation by having a low-grade gold stockpile right at surface, that will not require crushing and possibly no regrinding. It would potentially provide access to an easy live stockpile to feed the future process plant for years at start-up."

Highlights of the drilling program

The Con mine historical tailing storage facility (TSF) is a high-priority exploration target. There are two important TSF's on the Con mine, the Upper Pud and the Middle Pud. The proposed sonic drill program is to start in the Upper Pud TSF and will consist of approximately 148 sonic drill holes spaced 40 metres by 40 metres with an average depth of 20 to 30 metres. The sonic drilling recovered tailings will be logged for grain size, sampled in one-metre intervals and processed at ALS labs. Geotechnical information is also to be recorded and logged during the program.

The objective of the drilling program is to evaluate the gold potential of the historic tailings as a potential source of additional gold ounces, complementing the company's underground and near-surface exploration targets. The program is designed to establish the tonnage and grade of the tailings and support metallurgical testing to assess potential gold recovery. The 40-metre-by-40-metre drill spacing is expected to provide a resource of Indicated category.

Upcoming activities

As previously announced, the company recently raised approximately $10.1-million, of which a total of $7.2-million is aimed at the continuing drilling programs and other activities as follows:

• Zone 103N drilling on the extension of the Campbell shear zone;
• Drilling of the Con mine historic tailings currently scheduled to start in September, 2026;
• Yellorex drilling and metallurgical sampling currently scheduled to start in September, 2026;
• A preliminary economic assessment (PEA) is currently anticipated by year-end 2026, and is anticipated to include all the winter drilling of 2026 and some of the current drilling.

Stock option grant

The company also announces that the board of directors have approved a grant of stock options under the company's stock option plan to its directors, officers, employees and consultants to purchase up to an aggregate total of 3.8 million common shares of the company at an exercise price of 20.5 cents per share.

The options are exercisable at a price of 20.5 cents per share for a period of five years and are subject to the policies of the TSX Venture Exchange and the company's stock option plan, which includes a vesting period beginning six months after issue for 25 per cent of the options, and 25 per cent every six months following.

Qualified person

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 Resource Corp.

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 historical 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 Campbell shear, where approximately 14 Moz (million ounces) of gold has been produced in the past (refer to Gold Terra Oct. 21, 2022, technical report) and most recently on the CMO 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 YCG and CMO properties lie on the 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 zones of gold mineralization and multiple potential targets that remain to be tested which reinforces the company's objective of seeking to re-establish Yellowknife as one of the premier gold mining districts in Canada.

We seek Safe Harbor.