Bonterra Announces the Inclusion of The Barry Mining Lease in The Phoenix JV with Gold Fields

• Bonterra Resources announced the inclusion of Mining Lease 886 (Barry Mining Lease) into the Phoenix Joint Venture with Gold Fields Limited on May 4, 2026.
• The inclusion was executed at no additional consideration to Bonterra, following an election by Gold Fields under the existing JV Agreement.
• The lease permits extraction of 1.2 million tonnes via open pit and/or underground methods.
• Infrastructure includes an underground exploration ramp to 100 meters below surface with validity until 2028 plus a 10-year renewal option.
• Mineral Resource Estimate (MRE) for the Barry Project indicates 457 koz Measured & Indicated Underground resources at 3.47 g/t Au and 962 koz Inferred at 3.41 g/t Au.
• Gold Fields retains the right to acquire a 70% interest by spending C$30 million in work expenditures, with a minimum commitment of C$10 million per year over three years.
• Operational updates include camp upgrades and an ongoing 2026 drilling campaign targeting deeper mineralization at the Barry deposit.

• The news is incremental to the February 2026 Mineral Resource Estimate update which already covered these resources; therefore, it does not constitute a material surprise in terms of resource volume.
• Inclusion of the lease formalizes tenure within the JV scope but does not alter the fundamental earn-in economics or cash flow profile significantly beyond what was priced into the February MRE release.
• The lack of additional consideration to Bonterra is positive for equity holders as it avoids dilution, but it also means no immediate cash inflow from this specific expansion.
• Progress toward Gold Fields' C$30 million earn-in commitment (target mid-2026) remains on track, reducing the risk of JV termination or renegotiation.
• The news supports the ongoing narrative of advancing the Phoenix JV but lacks the "new" catalyst required for a Material - Positive rating given prior MRE updates in February and April 2026.

• Company: Bonterra Resources Inc., focused on gold exploration in Quebec's Abitibi Greenstone Belt.
• Flagship Project: Phoenix Joint Venture (Urban-Barry Camp) with Gold Fields Limited covering ~22,500 hectares.
• Secondary Asset: Desmaraisville South Project (100% owned), featuring the Bachelor Mill complex and recent resource growth at Bachelor and Moroy deposits.
• Infrastructure: 800 tpd Bachelor Mill (expandable to 1,800 tpd) and new 3,400 tpd Windfall mill planned.
• Status: Exploration and development phase; targeting mining restart at Desmaraisville and JV production at Phoenix.