Canterra Intersects 18.75 m of 5.35% CuEq, including 5.15 m of 8.83% CuEq, at the Lemarchant Deposit - Demonstrating High-Grade Potential Beyond Lundberg in Newfoundland's Buchans District

Canterra Minerals Corporation (CTM) has announced assay results from the first seven holes of its 2026 drill program at the Lemarchant Deposit, a key satellite asset within its Buchans District. The results highlight high-grade polymetallic mineralization, with the most significant intercept coming from hole LM-26-172, which returned 18.75 meters at 5.35% copper equivalent (CuEq). This interval included a high-grade core of 5.15 meters at 8.83% CuEq, demonstrating the potential for significant scale and grade in the district.

The results confirm the continuity of massive sulphide mineralization and highlight prospective horizons open along strike and at depth. This supports the company's strategy to expand the district's resource base beyond the recently updated Lundberg Deposit. Chris Pennimpede, President and CEO, stated, “With a significantly expanded resource at Lundberg and now high-grade results from Lemarchant, we are beginning to demonstrate the broader opportunity across our consolidated Buchans District.” He added, “Nearly 19 metres exceeding 5% copper equivalent, including more than 5 metres approaching 9% copper equivalent, reinforces why we believe Lemarchant could become an important contributor to the broader Buchans District opportunity.”

The reported results cover seven of the 14 planned holes, totaling 2,064 meters drilled of the 5,240-meter program. Assays are pending for the remaining seven holes (LM-26-177 to LM-26-183), which include step-outs at the Northwest Zone and tests of deeper geophysical targets.

In hole LM-26-172, located in the Main Zone Infill, Canterra intersected 18.75 meters at 5.35% CuEq from 238.00 meters, with a vertical depth of approximately 180 meters. The grade breakdown for this interval included 0.61% copper, 6.00% zinc, 1.45% lead, 77.2 grams per tonne silver, and 1.72 grams per tonne gold. The high-grade core of 5.15 meters at 8.83% CuEq from 240.85 meters graded 1.03% copper, 7.89% zinc, 2.65% lead, 165.4 grams per tonne silver, and 2.98 grams per tonne gold. A secondary interval of 9.00 meters at 0.66% CuEq was also intersected from 275.00 meters to 284.00 meters.

Hole LM-26-176, targeting the Lemarchant Horizon, intersected 13.10 meters at 1.21% CuEq from 190.90 meters, with a vertical depth of approximately 142 meters. This included a high-grade core of 2.10 meters at 3.86% CuEq from 190.90 meters to 193.00 meters, grading 0.61% copper, 3.61% zinc, 0.44% lead, 26.2 grams per tonne silver, and 1.72 grams per tonne gold. Geologically, this interval comprises semi-massive sulphide underlain by strongly altered felsic breccia with stockwork sulphides.

Other holes returned the following intercepts: * LM-26-171: 3.00 meters at 1.03% CuEq from 61.00 meters. * LM-26-173: 6.00 meters at 0.32% CuEq from 153.00 meters, including 1.00 meter at 0.53% CuEq. * LM-26-175: 22.00 meters at 0.21% CuEq from 144.60 meters, including 1.00 meter at 1.03% CuEq from 144.60 meters and 1.00 meter at 0.60% CuEq from 165.60 meters. * LM-26-174 & LM-11-049EXT: Returned no significant assays.

Canterra provided estimated true thickness factors for the intercepts: approximately 80% for LM-26-172, 90% for LM-26-171, 90-95% for LM-26-173 and LM-26-175, and 85-90% for LM-26-176. The company noted that the historical 2018 resource estimate used a 4.0% zinc equivalent cut-off, but no specific cutoff grade is disclosed for the current drill intercepts in this release.

Assays were performed by Eastern Analytical Ltd. in Springdale, NL, an ISO/IEC 17025 accredited laboratory. Methods included 30-gram gold fire assay with atomic absorption finish, four-acid ICP-OES multi-element analysis (ICP-34), and over-limit copper, lead, zinc, and silver analysis by atomic absorption. Quality assurance and quality control involved 23 control samples inserted among 201 core samples, representing approximately 10% of the sample stream. These included certified reference materials, blanks, and field duplicates, with results deemed within accepted limits by the Qualified Person.

The CuEq calculation was based on metal prices of $4.97 per pound for copper, $1.35 per pound for zinc, $0.95 per pound for lead, $42.30 per ounce for silver, and $3,285 per ounce for gold. Metallurgical recoveries used were 79.50% for copper, 91.46% for zinc, 82.42% for lead, 68.22% for silver, and 84.23% for gold.

Lemarchant hosts a 2018 historical resource of 2.42 million tonnes Indicated at 4.89% CuEq and 0.56 million tonnes Inferred at 3.66% CuEq. Canterra notes that a Qualified Person has not done sufficient work to classify this as current resources.