Bonterra Resources Executes Earn-In Agreement with Osisko Mining

• Bonterra signs definitive agreement granting Osisko Mining option to earn 70% interest in Urban-Barry properties for $30M exploration expenditure
• Osisko to be operator during 3-year earn-in period and contribute proportional expenses after earning interest
• Bonterra to receive $5M upfront and retain 30% interest in Gladiator, Barry and Duke projects and 15% in Lac Barry JV
• Partnership allows significant exploration and development of high potential gold projects
• Bonterra also actively exploring 100%-owned Desmaraisville property near Bachelor Mill complex

About Bonterra Resources

Bonterra Resources is a Canadian gold junior explorer focused on the Urban-Barry gold camp in Quebec. With ownership of the only permitted mill in the region and over 38,000 hectares of highly prospective ground, Bonterra is strategically positioned to create value through both exploration and development.

Bonterra's partnership with Osisko Mining on the Gladiator, Barry, Duke and Lac Barry projects provides the opportunity for aggressive exploration spending over the next three years. At the same time, Bonterra is independently exploring its 100%-owned Desmaraisville property near the Bachelor Mill complex – the foundation for near-term production potential.

Partnership Enables Large Exploration Program on High Potential Properties

Under the definitive agreement announced November 28, 2023, Osisko Mining has the option to earn a 70% interest in Bonterra's Gladiator, Barry, Duke and Lac Barry joint venture properties. This would dilute Bonterra's interest to 30% in the first three projects and 15% in Lac Barry.

To earn its interest, Osisko must spend $30 million on exploration over three years, with a $10 million annual minimum expenditure guarantee. This allows for an aggressive drill program to unlock the potential of these strategic gold properties in Quebec's Eeyou Istchee James Bay region.

As operator during the earn-in period, Osisko's exploration expertise will be leveraged. The properties offer strong discovery potential in an established gold camp.

Once the earn-in phase is complete and interests transition to joint venture projects, each partner will contribute proportional expenditures on future exploration and development.

Upfront Payments Boost Financial Position

Under the terms of the definitive agreement, Bonterra receives $5 million in total upfront payments from Osisko. This includes the $1 million received upon signing the September 25, 2023 letter agreement.

Combined with existing revenue streams from the Bachelor mill and camp leases, this solidifies Bonterra's balance sheet to fund aggressive exploration at Desmaraisville and progress toward production decisions after Osisko's earn-in period.

100%-Owned Desmaraisville Exploration Advancing Rapidly

While the Osisko agreement unlocks the potential of the Urban-Barry package, Bonterra is also actively exploring at its 100%-owned Desmaraisville property.

Located near the company's Bachelor mill complex, Desmaraisville offers near-term resource growth and a path to bring the mill back online. Three drill rigs are currently completing a 15,000 meter drill program, following up on several high-grade historical intercepts.

The drill program and capital allocation are strengthened by the $5 million in payments from the Osisko agreement, providing flexibility in Bonterra's go-forward exploration plans.

Conclusion

The definitive earn-in agreement with Osisko Mining provides a clear path for Bonterra to accelerate exploration activities on its Strategic Urban Barry land package.

Supported by Osisko's exploration spending guarantees, Bonterra can focus additional capital allocation at its 100%-owned mill and properties while retaining significant exposure to the adjacent exploration upside over time.

For investors, Bonterra offers a robust exploration profile on strategic gold properties in Quebec, near-term high-grade drill results, long term production potential and exposure to exploration success through two complementary work programs with well-funded partners.

As results demonstrate resource growth and exploration progress on multiple fronts, Bonterra provides a leveraged investment opportunity in the Canadian gold sector.