Mr. Marc-Andre Pelletier reports

BONTERRA PROVIDES EXPLORATION UPDATE AND ENGAGES DR. MICHEL JEBRAK TO PROVIDE TECHNICAL ADVICE

Bonterra Resources Inc. has provided an update at its 100-per-cent-owned Desmaraisville project. The company has now completed the compilation and interpretation of the results from the 2023 15,000-metre drill program as well as the analysis of the two geophysical surveys completed in November and December, 2023. Several prospective geological, geophysical and drill targets have been identified and will be subject of fieldwork in the coming weeks. The purpose of the fieldwork is to prioritize drill targets in preparation for a 9,000-metre diamond drill program scheduled for later this year. Please refer to the press releases dated Dec. 4, 2023, Dec. 14, 2023, Feb. 5, 2024, and Feb. 27, 2024, for exploration updates on the Desmaraisville North and South projects and the surrounding area.

The company has retained the services of Dr. Michel Jebrak for technical support on the coming drilling campaign. Dr. Jebrak is a well-known professional geologist with a deep understanding of the Desmaraisville camp geology, gained from prior work in the region. He is an emeritus professor at University of Quebec's Department of Earth and Atmospheric Sciences. He is a former vice-president for research and creation at UQAM and holder of the UQAT-UQAM Mining Entrepreneurship Chair.

Marc-Andre Pelletier, president and chief executive officer, commented: "We are excited to commence fieldwork at our 100-per-cent-owned Desmaraisville project under the guidance of Dr. Michel Jebrak. Over the next few weeks, our focus will be on investigating multiple high-grade gold values and new types of mineralization, all within four kilometres from the Bachelor mill. Importantly, Dr. Jebrak's expertise promises to offer insights into the exploration potential of the property.

"At our Phoenix JV [joint venture], operated by Osisko Mining Inc., exploration efforts are progressing well, with approximately 35,000 metres drilled to date. Currently, two drill rigs are focused on regional targets while five are dedicated to the Moss target, bringing the total of operational rigs on the Phoenix JV to seven."

Highlights of the fieldwork

At the Desmaraisville South and North properties, the fieldwork is scheduled to commence late May, 2024. The field programs will consist to:

1. Evaluate several gold showings located within or at vicinity of the Opawica-Guercheville and the Wedding-Lamarck corridor of deformation, where previous exploration works have returned very high-grade gold intersections in drilling and channel sample with values of 234.0 grams per tonne gold over 0.4 metre and 582.0 grams per tonne gold over 0.53 metre, respectively;
2. Map and sample outcropping areas with potential near-surface gold-bearing structures on both properties;
3. Assess low-density circular features (Bouguer anomalies possibly corresponding to late felsic intrusions like the O'Brien syenite intrusion) interpreted from the high-resolution airborne gravity survey;
4. Evaluate OreVision 2-D IP (induced polarization) conductors and resistivity anomalies at the Desmaraisville South property;
5. Map and resample old gold-bearing trenches to better assess their gold potential.

Any positive results from these programs will help the company to better focus and prioritize its diamond drill targets. The proposed 9,000-metre drill program will commence later this year.

Brokered private placement updates

Following the closing of the brokered private placement for proceeds of $8,541,250 (see press release of May 3, 2024), the company paid a syndicate of agents led by Eight Capital, which acted as lead agent and sole bookrunner, and that included Cormark Securities Inc. cash commissions of $549,037 and issued to the agents compensation options and warrants to purchase an aggregate of 2,004,500 common shares of the company at a price of 25 cents per share exercisable for a period of four years from closing. The compensation options and warrants issued to the agents and the common shares issuable upon exercise such options and warrants are subject to a four-month hold period in Canada that expires Sept. 3, 2024.

Qualified person

Donald Trudel, PGeo (OGQ No. 813), director, geology, for the company, oversees all exploration activities on the Desmaraisville property and has compiled and approved the information contained in this press release. Mr. Trudel is a qualified person as defined by National Instrument 43-101 on standards of disclosure for mineral projects.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The company's assets include the Gladiator, Barry, Moroy and Bachelor gold deposits, which collectively hold 1.24 million ounces in measured and indicated categories and 1.78 million ounces in the inferred category.

In November, 2023, the company entered into a earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. Over the next three years, Osisko can earn a 70-per-cent interest by incurring $30-million in work expenditures. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step toward development.

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