Mr. Marc-Andre Pelletier reports

BONTERRA PROVIDES EXPLORATION UPDATES AT PHOENIX JV WITH GOLD FIELDS

Bonterra Resources Inc. has provided exploration updates being led by a 100-per-cent indirect subsidiary of Gold Fields Ltd. at the Phoenix joint venture. The project is under a definitive earn-in and joint venture agreement with Gold Fields. Under the joint venture agreement, Gold Fields has the right to acquire a 70-per-cent interest in the project by spending $30-million in work expenditures, with a minimum spending commitment of $10-million per year over a three-year period (see press release dated Nov. 28, 2023, for more details).

Marc-Andre Pelletier, president and chief executive officer, commented: "Progress at the Phoenix JV is well under way, with geophysical surveys, mapping and soil sampling currently in progress. These initiatives, combined with a 15,000-metre drill program scheduled to begin in August, offer promising potential for new discoveries at the Phoenix JV, particularly at the Gladiator NE/Titan targets, where near-surface economic values have been intercepted before. We look forward to continuing our collaboration with Gold Fields as we work to advance Quebec's newest emerging gold camp."

2025 exploration program updates

To date, over 65,000 metres have been drilled, with approximately $20-million invested in the project under the joint venture agreement. The current work includes two gravity surveys (one airborne and one ground base) as well as field activities such as soil sampling, prospecting and mapping of outcrops and review of historical trenches.

Gold Fields is currently preparing a 15,000-metre drill program, with final target selection subject to internal review and prioritization. Several promising targets have already been identified, based on historical gold showings, previous drill results and geophysical survey data.

Gold Fields intends to deploy three drill rigs, primarily focused along the Barry Shear zone at the Gladiator NE and Titan targets. The program will also explore additional areas, including Duke NE, Chanceux, the Tourmaline Ridge extension, Rouleau Till and Cominco. Some of these targets exhibit multiple mineralized indicators, several of which show economically significant values. Additionally, fieldwork, combined with a gravity airborne survey, is continuing. The 2025 exploration program will generate new targets once the results are analyzed later this year.

Gladiator NE and Titan targets

The Gladiator NE sector, including the Titan target, is crossed by the Barry deformation zone, host to the Gladiator deposit, which contains 390,000 ounces of measured and indicated mineral resources and 990,000 ounces of inferred mineral resources, as reported in the 2021 mineral resource estimate (MRE). Titan's previous drill hole BA-18-116 returned an intersection of 12.4 grams per tonne gold over 5.3 metres and drill hole BRS 17-11 returned 7.7 grams per tonne gold over 3.0 metres, including 23.2 grams per tonne gold over 1.0 metre (see Bonterra's press release dated Nov. 20, 2018, and Jan. 21, 2019), confirming the discovery potential along the Barry fault. The geological setting is similar to that of Gladiator deposit, with gabbroic sills and felsic intrusions associated with gold mineralization.

Qualified person

Donald Trudel, PGeo (OGQ No. 813), director, geology, for the company, has reviewed and approved the technical information contained in this press release. Mr. Trudel is a qualified person as defined by National Instrument 43-101, 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 an earn-in and joint venture agreement with Osisko Mining Inc. for the Urban-Barry properties, which include the Gladiator and Barry deposits. In October, 2024, Gold Fields, through a wholly owned Canadian subsidiary, completed the acquisition of Osisko Mining for $2.16-billion. Gold Fields is now the counterparty to the joint venture agreement and can continue to earn a 70-per-cent interest in the joint venture by incurring $30-million in work expenditures until November, 2026 (including expenditures incurred by Osisko Mining prior to October, 2024). This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step toward development.

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