Bonterra Congratulates Gold Fields on C$2.16 Billion Friendly Takeover of Osisko Mining

Rhea-AI Summary

Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) congratulates Gold Fields on its C$2.16 billion acquisition of Osisko Mining Inc. The all-cash transaction, approved by Osisko Mining shareholders on October 17, 2024, is expected to close around October 25, 2024. Upon closing, Gold Fields will become the Operator of the Phoenix JV project in the Urban-Barry camp near the Windfall gold deposit.

Under the existing earn-in and joint venture agreement, Gold Fields can acquire up to 70% interest in the Project by investing C$30 million in work expenditures over three years. Since November 2023, Osisko Mining has drilled 60,000 meters and invested over C$15 million, leading to a significant discovery at the Moss target with high-grade mineralization similar to the Windfall-Lynx Zone.

Bonterra's Executive Chairman, Cesar Gonzalez, expressed enthusiasm about partnering with Gold Fields, a global gold producer, and the potential for new discoveries near the future Windfall mine.

Positive

• Gold Fields' acquisition of Osisko Mining for C$2.16 billion may increase investment and development in the Urban-Barry camp
• Significant discovery at the Moss target with high-grade mineralization similar to the Windfall-Lynx Zone
• Gold Fields can acquire up to 70% interest in the Phoenix JV project by investing C$30 million over three years
• C$15 million already invested in the project with 60,000 meters drilled since November 2023

Negative

• None.

Val-d'Or, Quebec--(Newsfile Corp. - October 21, 2024) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") congratulates Gold Fields Limited, through a 100% owned Canadian subsidiary ("Gold Fields" or the "Operator"), for the acquisition of Osisko Mining Inc. ("Osisko Mining") in an all-cash transaction valued at approximately C$2.16 billion on a fully diluted basis (the "Transaction").

On October 17, 2024, the shareholders of Osisko Mining overwhelmingly approved the acquisition by Gold Fields via plan of arrangement. The Transaction is expected to close on or about October 25, 2024 (the "Closing"). Upon Closing, Gold Fields will assume the role of Operator of the Phoenix JV ("the Project"), located in the Urban-Barry camp near the Windfall gold deposit. Under the terms of the earn-in and joint venture agreement ("the Agreement"), Gold Fields can acquire up to a 70% interest in the Project by investing a total of C$30 million in work expenditures, with a minimum commitment of C$10 million per year over a three-year period. Since the signing of the Agreement in November 2023, Osisko Mining has drilled 60,000 meters and invested over C$15 million in the Project. This extensive drilling program has led to a significant discovery at the Moss target, revealing high-grade mineralization similar to the Windfall-Lynx Zone, which has been confirmed at depth (see release dated August 6, 2024).

Cesar Gonzalez, Executive Chairman commented: "The arrival of Gold Fields, a renowned global gold producer, opens a new chapter in the development of our Urban-Barry property and at the Windfall gold project. The recent discovery of Lynx-type mineralization demonstrates the potential for finding new deposits near the future Windfall mine. We look forward to continuing the earn-in and joint venture with our new partner Gold Fields and to the shared success that lies ahead."

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 August 2024, Gold Fields Ltd. announced the acquisition of Osisko Mining for C$2.16 billion. Gold Fields can earn a 70% interest in the joint venture by incurring C$30 million in work expenditures until November 2026. This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.

FOR ADDITIONAL INFORMATION

Marc-André Pelletier, President & CEO

ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the ability and timing of the parties to complete the Joint Venture (if at all), whether the work expenditures would be incurred as contemplated in the Agreement (or at all), the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in the Company's recent securities filings available at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227213

FAQ

What is the value of Gold Fields' acquisition of Osisko Mining?

Gold Fields is acquiring Osisko Mining in an all-cash transaction valued at approximately C$2.16 billion on a fully diluted basis.

When is the expected closing date for the Gold Fields-Osisko Mining transaction?

The transaction is expected to close on or about October 25, 2024.

What is the ticker symbol for Bonterra Resources Inc. on the OTCQX?

Bonterra Resources Inc. trades under the ticker symbol BONXF on the OTCQX.

How much can Gold Fields invest to acquire interest in the Phoenix JV project?

Gold Fields can acquire up to a 70% interest in the Project by investing a total of C$30 million in work expenditures over a three-year period.

What significant discovery has been made at the Moss target in the Phoenix JV project?

The extensive drilling program has led to a significant discovery at the Moss target, revealing high-grade mineralization similar to the Windfall-Lynx Zone, which has been confirmed at depth.