Bonterra Resources: A Promising Junior Gold Explorer with a New Strategic Partner

• Bonterra Resources has signed a deal with Osisko Mining to jointly develop the Urban Barry property. Osisko will earn a 70% interest by spending $30 million over 3 years.
• The deal provides Bonterra with $5 million upfront, eliminating the need for a recent financing. Bonterra now has over $5 million in cash.
• Osisko's extensive knowledge and experience in the region (2 million meters drilled) makes them an ideal partner to unlock the potential at Urban Barry.
• With the Osisko deal done, Bonterra is refocusing exploration efforts on its 100% owned Bachelor project near the mill. A 10,000 meter drill program is underway.
• Bonterra is optimistic the drilling at Bachelor could lead to new discoveries, as much of the ground is unexplored. Initial results are expected in the coming weeks.

About Bonterra Resources

Bonterra Resources is a Canadian junior gold exploration company focused on advancing its projects in the prolific Abitibi Greenstone Belt in Quebec. The company's main assets include the advanced Barry project, the Gladiator project, and the Bachelor project which hosts Bonterra's mill and infrastructure.

Bonterra recently entered into a strategic partnership with Osisko Mining to advance exploration at its Urban Barry property, which encompasses Barry, Gladiator and two joint venture projects. Under the agreement, Osisko can earn a 70% interest in Urban Barry by spending $30 million over 3 years. Bonterra retains a 30% interest and will remain the operator.

The partnership provides Bonterra with an initial $5 million cash payment, removes the need for near-term equity financings, and leverages Osisko's extensive technical expertise in the region. This allows Bonterra to focus exploration efforts at its 100% owned Bachelor project.

Interview with Marc-Andre Pelletier, President & CEO of Bonterra Resources Inc.

New Strategic Partnership to Unlock Value

In September 2022, Bonterra announced a binding letter agreement with Osisko Mining to advance the Urban Barry project. Osisko will earn a 70% interest in Urban Barry by spending $30 million over 3 years.

Key terms of the agreement:

• Initial $5 million cash payment to Bonterra
• $30 million exploration expenditures over 3 years
• Osisko has option to pay cash instead of spending
• Osisko will be the operator at Urban Barry
• Bonterra retains 30% project interest

The partnership provides several benefits for Bonterra:

• Non-dilutive financing through initial cash payment
• Removes need for near-term equity financings
• Leverages Osisko's extensive technical expertise in the region
• Increases potential for new discoveries with expanded exploration
• Potential infrastructure sharing synergies with Osisko

Back to Bachelor for Discovery Potential

With the Osisko partnership secured, Bonterra is turning its focus back to the 100% owned Bachelor project near its milling infrastructure. A 10,000 meter drill program is underway targeting new discoveries outside of the historical Bachelor mine area.

The initial focus is on the Opemiska corridor, a 200km long regional structure crossing the Bachelor property. Despite its scale and prospectivity, the corridor has seen limited exploration historically. Bonterra believes this represents an exciting new exploration target with genuine discovery potential through the drill bit.

Early results from the drill program are expected in Q4 2022 as assays are returned. Additional catalysts include closing the Osisko definitive agreement by end of October 2022.

Conclusion

With a renewed focus on discovery at Bachelor combined with Osisko's renewed exploration push at Urban Barry, Bonterra offers investors exposure to significant near-term exploration upside.

The strategic partnership de-risks Bonterra's financial position and provides extensive technical expertise to unlock the potential of Urban Barry.

As results from the expanded drilling programs begin to flow in Q4 2022, Bonterra represents a promising junior gold explorer leveraging both its own projects and strategic partners in one of the world's premier mining camps.

Update: Bonterra Announces Extension of Binding Letter Agreement for Joint Venture with Osisko Mining

In a news release on October 31, 2023, Bonterra Resources Inc. announced that it has extended the binding letter agreement with Osisko Mining Inc. relating to an exploration earn-in and joint venture on Bonterra's Urban-Barry property and adjoining Duke and Lac Barry properties.

The original binding letter agreement, announced on September 25, 2023, had an outside date of October 31, 2023 to enter into a definitive agreement. The companies have now agreed to extend this outside date to November 17, 2023 to allow more time to finalize the details of the definitive agreement.

All other terms of the original binding letter agreement remain unchanged. Under the agreement, Osisko will earn an initial 50% interest in the joint venture properties by incurring $4 million in exploration expenditures over the first four years.

Bonterra President and CEO Marc André Pelletier commented: "We are pleased with the progress made to date with Osisko and believe this partnership will unlock value at our Urban Barry camp. The extension provides both parties additional time to complete the definitive agreement while we maintain our focus on advancing the resource growth potential."

The company says it will provide further updates on the definitive agreement and joint venture plans once the final terms are completed.