CANTERRA MINERALS CORP - CTMCF STOCK NEWS

Canterra Minerals has entered into an Option Agreement with Teck Resources , granting Teck the option to acquire a 100% interest in Canterra's Ring of Fire property in northeastern Ontario, Canada. The agreement, effective September 17, 2024, includes a 1.5% Net Smelter Royalty retained by Canterra.

Key terms of the agreement include:

• Gross proceeds of $275,000 to Canterra
• A 1.5% Net Smelter Returns royalty for Canterra, reducible to 0.5% if Teck pays an additional $2,000,000
• Payment schedule: $50,000 paid, $125,000 due after permit date, and $100,000 due 30 business days after drill program completion or 24 months from the effective date

This deal allows Canterra to focus on its projects in the Central Newfoundland Mining District while maintaining exposure to the Ring of Fire Project's potential success.

Canterra Minerals (TSXV: CTM) (OTCQB: CTMCF) announces a live virtual corporate update on September 18th, 2024, at 2:00 PM E.T., hosted by Red Cloud Financial Services. CEO Chris Pennimpede will present on Canterra's recent acquisition in central Newfoundland, including the past-producing Buchans Mine. The company now owns all 6 known deposits in the region and exploration ground adjacent to Calibre Mining's Valentine Mine.

Additionally, Canterra announces a management change. CFO Harry Chan is departing, and Sara Hills, a CPA, CA with over 20 years of experience, joins as the new CFO. Ms. Hills has been granted 200,000 incentive stock options at $0.05 per share, exercisable for five years.

Canterra Minerals (TSXV: CTM) (OTCQB: CTMCF) has initiated a 2,000-meter maiden drilling program at its Buchans Project in Newfoundland. The project includes the former Buchans mine, which produced approximately 16.2 million tonnes of high-grade ore over 60 years, and the undeveloped Lundberg deposit with an Indicated Mineral Resource of 16.79Mt. The drilling program aims to:

1. Expand the Lundberg open pit resource
2. Investigate high-grade mineralization near Lundberg
3. Test new targets at Two Level and Pumphouse for high-grade massive sulphides

The Buchans Project is strategically located with access to infrastructure and is 50 km north of Calibre Mining's Valentine Gold Mine. Canterra's CEO, Chris Pennimpede, expressed excitement about advancing Lundberg toward development under favorable critical mineral market conditions.

Canterra Minerals (TSXV: CTM) (OTCQB: CTMCF) has expanded its land position along the Valentine Lake Shear Zone (VLSZ) in Newfoundland. The company has staked an additional 3.6 km segment of the VLSZ, bringing its total coverage to approximately 60 km of strike along the gold-bearing structural corridor. This expansion is strategically significant as it's located less than 18 km northeast of Calibre Mining's Valentine gold mine, currently under construction.

The new claims comprise 47 claims covering 11.75 km² and are contiguous to Canterra's existing property. Previous drilling in the area has yielded promising results, including intercepts of 10.0 g/t Au over 5.35 m and 0.57 g/t Au over 42.0 m. The expanded land position strengthens Canterra's presence in an emerging gold mining district that has attracted major players like Calibre Mining, B2Gold, and Eldorado Gold.

Canterra Minerals (TSXV: CTM) (OTCQB: CTMCF) has announced high-grade copper exploration results and an expansion of its Victoria Project in Newfoundland. Key highlights include:

1. Grab samples returning up to 12.5% copper from newly acquired claims.
2. Expansion of the Victoria property by 1,095 hectares to a total of 1,275 hectares.
3. The project is located in an area with historic small-scale mining dating back to the early 1900s.
4. Previous drilling intersected up to 5.5% Cu over 20.58 m.
5. The company has entered into an option agreement to acquire a 100% interest in adjacent properties.

The Victoria Project is part of Canterra's growing portfolio in the Central Newfoundland Mining District, focusing on critical minerals and VMS deposits.

Canterra Minerals (TSXV: CTM) (OTCQB: CTMCF) has completed the sale of its Buffalo Hills Diamond Project in north central Alberta, Canada, to Star Diamond (TSX: DIAM) for an implied purchase price of $1.05 million. The transaction involves:

1. 17,500,000 common shares of Star Diamond as consideration
2. A 1% royalty interest in the Project
3. Half of the shares subject to a 12-month lock-up period
4. All shares subject to a four-month hold period

Canterra's CEO, Chris Pennimpede, expressed satisfaction with the deal, stating that the company will now focus on its advanced stage copper and gold exploration in central Newfoundland.

Canterra Minerals (TSXV: CTM) (OTCQB: CTMCF) has announced the start of summer field programs on its volcanic massive sulphide (VMS) projects in central Newfoundland. The company plans a 2,000 m drilling program at Buchans to explore for new high-grade massive sulfide mineralization and expand the Lundberg deposit. The program includes:

- Geological investigations and sampling of archived drill core from multiple deposits
- Follow-up work on recent results from Lemarchant, Long Lake, and Tulks East projects
- Focus on projects with potential for higher copper grades and metal inventory

Canterra is fully funded for this summer's exploration and has engaged qualified consultants for technical contributions. The company's Buchans Property hosts the undeveloped Lundberg deposit, with significant In-pit Indicated and Inferred Mineral Resources.

Canterra Minerals (TSXV:CTM) (OTCQB: CTMCF) has announced the sale of its Buffalo Hills Diamond Project in north central Alberta, Canada to Star Diamond (DIAM: TSX) for $1.13 million. The transaction involves Star Diamond acquiring a 100% interest in the project in exchange for 17,500,000 common shares of Star Diamond. Additionally, Canterra will receive a 1% royalty interest in the project.

The deal includes a 12-month lock-up period for half of the consideration shares and a customary four-month hold period for all shares. The agreement is subject to regulatory approvals, including from the TSX and TSXV. This sale allows Canterra to focus on its core copper and gold exploration activities in the central Newfoundland Mining District while maintaining exposure to the Buffalo Hills Project through its new equity stake in Star Diamond.

Canterra Minerals held its Annual General and Special Meeting on June 11, 2024, in Vancouver, with 44.17% of outstanding shares represented. Shareholders overwhelmingly approved all proposals, including the re-election of five directors and the addition of Joanne Kearney to the board. Kearney, who joined earlier in 2024 as a technical advisor, brings over 20 years of experience in Canada’s mining and capital markets. Shareholders also approved the appointment of Davidson & Company LLP as auditors and the new Omnibus Incentive Plan, allowing up to 10% of the company's shares for stock-based compensation. The plan requires final approval from the TSX Venture Exchange.