Canterra Minerals Extends Lundberg Deposit with 86m of 0.91% CuEq at Buchans Project, Newfoundland

The 2025 results confirm depth continuity of the Lundberg system and support potential resource expansion within one of the world’s highest-grade historic Volcanogenic Massive Sulphide (VMS) camps. With a fully funded winter 2026 drill program now underway, the Company is advancing step-out and discovery drilling designed to generate successive catalysts throughout the year.

2025 Drill Program Highlights:

• Lundberg Deposit Extended at Depth: An extension of hole H-25-3542 returned 86.0 metres grading 0.91% CuEq, extending the known Lundberg resource mineralization 75-100 metres below the previously defined resource limit (Figures 1 & 2).

• High-Grade Sub-Intervals Within Extended Lundberg Broad Stockwork: (H-25-3542; Figure 2), including:

  • 6.0 m at 3.43% CuEq and

  • 22.0 m at 1.21% CuEq.

• Two Level Horizon Confirmed: The upper portion of H-25-3542 intersected 4.45 m grading 7.73% CuEq (previously released), reinforcing the strength of mineralization within stacked horizons (Figure 2).

• Step-Out Success Demonstrates Lateral Continuity: Hole H-25-3553, drilled 50 m north of H-25-3542, intersected 7.0 m of stockwork grading 0.47% CuEq, confirming continuation of the system down dip (Figure 2).

• Clementine Extension: A 50 m step-out hole (H-25-3552) intersected 3.45 m grading 1.09% CuEq, supporting down-plunge continuity (Figure 1).

• Priority 3DIP Targets: Drilling north of the Sandfill prospect intersected mineralization associated with a 1.5 km-long 3DIP chargeability anomaly that remains largely untested and a priority target for 2026 (Figure 3).

• Strategic Land Expansion at Nu Target: Following identification of potential Buchans mine trend stratigraphy, Canterra staked an additional 13.5 km² (1,350 hectares), expanding the project to 106 km² and opening a new southwest structural trend for follow-up drilling (Figure 1).

• 2026 Winter Drill Program Underway: A significant 2026 drill program has commenced to test high-conviction targets across the property.

Chris Pennimpede, President and CEO of Canterra commented: “The extension of Lundberg confirms that mineralization remains open at depth within this world-renowned, high-grade mining camp. Importantly, these results validate our 3DIP targeting approach and provide clear vectors for follow-up drilling. With our fully funded 2026 program underway, we are prioritizing capital toward high-conviction targets that can meaningfully expand resources or lead to new discoveries, all while maintaining a disciplined approach to exploration spending.”

Figure 1. Buchans Project plan view and Lundberg mineralization projected to surface. Inferred Buchans Ore Horizon projected to surface, a key marker unit for Buchans Massive Sulphide mineralization.

Exploration Discussion

Lundberg Deposit: Depth Expansion Within a Proven System

Hole H-25-3542 was originally drilled to test the Two Level horizon, returning 4.45 m grading 7.73% CuEq. Because the hole ended in mineralized stockwork during initial drilling (see news release dated November 19, 2025), the Company elected to extend it. The extension successfully intersected a broad 86.0 m interval averaging 0.91% CuEq, confirming continuity beyond the previously defined limits. Higher-grade sub-intervals of 6.0 m at 3.43% CuEq and 22.0 m at 1.21% CuEq were also drilled, highlighting the significant thickness and grade continuity of the system.

Step-out drilling continues to support lateral continuity. Hole H-25-3553, collared 50 m north of H-25-3542, intersected additional stockwork mineralization further extending the footprint of the system, including 7.0 m grading 0.47% CuEq. To the west, hole H-25-3554 (a 50 m step-out) returned 0.85 m at 0.58% CuEq within the Two Level horizon.

These results demonstrate that Lundberg remains an expandable system within the broader Buchans camp.

Clementine, Nu target and Sandfill Prospects

• Clementine: Drilling confirmed continued mineralization down plunge. Hole H-25-3552 was drilled 50 m south of H-25-3546 and intersected 3.45 m grading 1.09% CuEq, confirming mineralization down-plunge. Hole H-25-3547 was targeting a broad chargeability anomaly south of the main Clementine zone; the hole was lost in the fault zone before reaching target depth. Additional 3DIP anomalies remain to be tested in the current winter campaign.

• Sandfill: Hole H-25-3555 intersected 1.0 m grading 0.45% CuEq, mineralization coincident with a large, 1.5 km-long chargeability anomaly and associated alteration footprint, including a broad zone of Na₂O depletion that appears to broaden to ~200 m thickness in adjacent historical drill holes, a key VMS pathfinder. The majority of this 1.5 km anomaly remains untested and is a high-priority target for 2026 drilling.

• Nu Target: Integration of VRIFY’s DORA targeting and 3DIP survey led to identification of Buchans stratigraphy along a newly defined southwest trend, prompting a 13.5 km² property expansion.

Collectively, these targets provide multiple exploration vectors across the project and support a systematic, capital-efficient exploration strategy.

Next Steps

The fully funded 2026 winter program has now commenced focusing on:

1. Testing depth and lateral continuity of the Two Level–Lundberg system.
2. Following up on high-priority 3DIP anomalies at West Clementine and Sandfill.
3. Initial groundwork on the newly acquired southern claims to explore extensions of the Buchans group rocks.

Located within a historic mining district with established infrastructure, Buchans enables cost-efficient drilling relative to remote exploration environments, allowing greater metres per dollar deployed. Results from the winter campaign are expected to provide a steady cadence of exploration catalysts throughout 2026.

Figure 2. Cross section looking west at Lundberg-Two Level. H-25 -3542 extended stockwork mineralization 75-100 m beyond the current resource (pit shell) and 40 m beyond previously modeled mineralization (2019 grade model). Two Level horizon remains open for limited expansion at depth and on strike.

Figure 3. Sandfill target area showing location of hole H-25-3555 and deep 3DIP anomaly trend defined by increased chargeability (coloured shells are Chargeability of >16 mV/V from Canterra’s 2025 3DIP surveys. Historic drill collars are shown.

Figure 4. Map of Canterra’s Central Newfoundland Mining District properties.

Clarification of Investor Relations Agreement

Further to the Company’s news release dated February 4, 2026, the Company confirms that the consulting agreement entered into between the Company and Grignan Holdings Ltd. dba Peterson Capital, has a term ending December 31, 2026, and that the Company will pay the total fee of $85,000 plus $5,000 in pre-approved expenses upfront.

Newfoundland and Labrador Junior Exploration Assistance

Canterra would like to acknowledge financial support it may receive from the government of Newfoundland and Labrador’s Junior Exploration Assistance Program related to completion of its 2025 and 2026 exploration programs at Buchans.

About Canterra Minerals
Canterra is a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. The Company’s projects include seven mineral deposits located in close proximity to the world-renowned, past producing Buchans Mine and Teck Resources’ Duck Pond Mine, which collectively produced copper, zinc, lead, silver and gold. Several of Canterra’s deposits support current and historical Mineral Resource Estimates prepared in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Mineral Reserves. Canterra’s gold projects are located on trend of Equinox Gold’s Valentine mine currently under construction and cover a ~55 km extension of the same structural corridor that hosts mineralization within Equinox Gold’s mine project. Past drilling by Canterra and others within the Company’s gold projects intersected multiple occurrences of orogenic-style gold mineralization within a large land position that remains underexplored.

ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
President & CEO

Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (604) 687-6644
Email: info@canterraminerals.com