Announcement • Sep 09

Canterra Minerals Corporation Reports Assay Results from Five Diamond Drill Holes At Buchans Project

Canterra Minerals Corporation announced assay results from five diamond drill holes totalling 1,229 metres completed during its Phase 2 drill program at the Buchans Project in central Newfoundland. Hole H-26-3568 returned 144.0m of 0.75% CuEq from 64.0m (0.26% Cu, 1.32% Zn, 0.73% Pb, 2.6 g/t Ag and 0.04 g/t Au), including 76.0m of 1.00% CuEq and 18.0m of 1.56% CuEq (0.38% Cu, 3.21% Zn, 1.85% Pb, 5.84 g/t Ag and 0.073 g/t Au) at the top of the interval. The vertical infill hole was drilled between historical holes H-0175, H-0022 and H-0072 (incomplete historical assays) and demonstrates continuity of mineralization through a broad interval of the Lundberg stockwork system. Hole H-26-3564 returned 5.0m of 0.39% CuEq from 77.0m, and 12.25m of 0.28% CuEq from 126.0m, including 9.0m of 0.32% CuEq. The hole filled a near-surface gap in the deposit and tested continuity of copper mineralization intersected in historical drilling. Two holes totalling 575 metres tested a previously undrilled, approximately 900-metre strike-length SkyTEM conductor at Horseshoe, 10.6 km southwest of the Lundberg Deposit, and returned no significant values. The geophysical response is attributed to pervasive chlorite alteration, a common and important alteration feature in VMS footwall alteration zones. The Company continues to target delivery of a Mineral Resource Estimate (“MRE”) for the Lundberg Deposit in Fourth Quarter 2026. This will be the first Lundberg MRE prepared under Canterra’s direction and the first to incorporate the Company’s 2024-2026 drilling. Phase 2 drilling is underway at Lemarchant, the largest of Canterra’s satellite deposits in the Buchans District. Drilling is focused on extensions and infill in and around the existing mineral resource areas, while a significant portion of the program is allocated to greenfields targets and underexplored prospects. These new target areas are being advanced through updated geophysical interpretation, ground truthing and an ongoing gravity survey. Results from the gravity survey are expected in Fourth Quarter 2026 and are expected to refine targets for current and upcoming drill programs. The summer program completed three holes totalling 654 metres at Lundberg, primarily designed to improve geological definition and test continuity within and immediately adjacent to the central stockwork system. H-26-3564 and H-26-3568 were infill holes, while H-26-3565 tested a down-dip extension of mineralization identified in historical drilling. Canterra also completed two diamond drill holes totalling 575 metres at the Horseshoe target, approximately 10.6 km southwest of the Lundberg Deposit. Hole H-26-3566 (319 metres) tested an approximately 900-metre strike-length, double-peaked early-time SkyTEM EM anomaly that had not previously been drill tested. Hole H-26-3567 (256 metres) was drilled as a scissor hole to test the associated resistivity low. Both holes intersected thick sequences of variably amygdaloidal basalt breccia and fragmental mafic volcanic rocks with weak chlorite and carbonate alteration. No significant sulphide mineralization was observed, and the response was explained by pervasive chlorite alteration, a common and important alteration feature in VMS footwall alteration zones. The Company is reviewing the geophysical response and drilling results before determining whether additional work is warranted at the target. An updated Mineral Resource Estimate for the Lundberg Deposit, the first to be prepared under Canterra’s direction, remains on track for delivery in Fourth Quarter 2026. Canterra is continuing to refine the Lundberg geological model and evaluate follow-up drilling priorities using the 2024-2026 drill dataset. The results reported in this release will also be used in planning subsequent work at Lundberg and across the broader Buchans district. Phase 2 drilling is underway at Lemarchant, the largest of the Company’s satellite deposits in the Buchans District, as part of the Company’s 6,000 m district exploration allocation. The current program combines extension and infill drilling in and around the existing mineral resource with a significant allocation of metres to greenfields targets and underexplored prospects elsewhere on the property. This approach is designed to test opportunities for resource growth around known mineralization while also advancing new discovery opportunities beyond the current resource footprint. In parallel, Canterra is advancing several new geophysical target areas at Lemarchant following updated interpretation of existing geophysical datasets and field ground truthing. A detailed gravity survey has been commissioned and is currently underway across priority areas of the property with results expected in Fourth Quarter 2026. The new gravity data will be integrated with updated geophysical interpretations, geological information and field observations to refine and prioritize drill targets within the current and subsequent Lemarchant drill programs. Core and rock samples, including standards, blanks and duplicates, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland, for preparation and analyses. All samples were acquired by saw-cut (NQ drill core) with one-half retained for reference and one-half submitted for analyses. Samples were submitted in sealed plastic bags delivered by Canterra personnel to Eastern's assay laboratory, an accredited assay lab conforming to ISO/IEC 17025 requirements. Samples were analyzed using the Au (Fire assay) 30 g + ICP-34 method utilizing a 200 mg subsample dissolved in four acids and analyzed by the ICP-OES analytical technique. Over-limits for Cu, Pb, Zn and Ag were analyzed using the atomic absorption method where a 0.200 g to 2.00 g sub-sample was digested with three acids. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014. Canterra also routinely submits representative pulps prepared by Eastern to ALS Geochemistry's laboratory in Moncton, New Brunswick, as additional independent check assays.

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