Bonterra talks 2026 exploration program at Phoenix JV

Executive Summary

• Bonterra Resources announced the start of its 2026 exploration program at the Phoenix Joint Venture (JV) with Gold Fields, led by Gold Fields' subsidiary.
• The program focuses on deep drilling at the Barry deposit to test mineralization at depth (750–850m) and along the eastern down-plunge, alongside camp upgrades.
• Gold Fields is committing $4 million for the 2026 phase, with a total earn-in commitment of $30 million to acquire a 70% interest, aiming for completion by mid-2026.

Key Details

• JV Structure & Earn-In Terms: Gold Fields holds the right to acquire a 70% interest in the Phoenix JV by spending $30 million in work expenditures. This includes a minimum commitment of $10 million per year over three years.
• Current JV Status: Over 79,000 metres have been drilled and approximately $25 million invested to date under the agreement.
• 2026 Program Scope:
  • Gold Fields is preparing an 8,000-metre drill program.
  • Two drill rigs have been mobilized at the Barry deep drilling target.
  • Drilling targets include the down-plunge extension of mineralization at depth (750–850m vertical depth) and the eastern down-plunge extension.
  • The 2026 budget is approximately $4 million.
• Infrastructure Updates: Plans are underway to upgrade and expand the Barry camp accommodation capacity in collaboration with Gold Fields.
• Barry Deposit Geology & History:
  • Delineated over 1.4 km along strike and 700 m vertically; remains open for expansion.
  • Historical production (2008–2010) yielded ~44,000 ounces of gold.
  • Bonterra constructed an underground exploration ramp to 100m below surface in 2018.
  • Current mining lease covers 1.2 million tonnes, permitting open pit and underground extraction.
• Resource & Drill Results (Historical Support):
  • 2021 Mineral Resource Estimate: 0.7 million ounces measured/indicated and 0.7 million ounces inferred.
  • MB-21-416: 10.8 g/t Au over 5.1 m, including 23.1 g/t Au over 1.4 m.
  • MB-22-420: 12.1 g/t Au over 6.1 m, including 73.5 g/t Au over 0.5 m.
  • MB-21-417: 7.1 g/t Au over 7.6 m, including 20.1 g/t Au over 1.4 m and 13.2 g/t Au over 1.4 m.
• Corporate Context: Gold Fields completed the acquisition of Osisko Mining in October 2024 for $2.16 billion, becoming the counterparty to the JV agreement originally signed with Osisko in November 2023.

Notable Quotes

• Marc-Andre Pelletier, President and CEO: "The 2026 exploration program proposed by Gold Fields, particularly the deep drilling at the Barry deposit, aimed at testing mineralization at depth and along the eastern down plunge, represents an important next step for the Phoenix JV. Together with the planned Barry camp upgrades, these initiatives highlight a commitment to unlocking the full potential of the assets within the JV. With a valid mining lease, historical production and existing underground infrastructure, Barry is well positioned to drive continued progress with our partner, Gold Fields. We look forward to building on this momentum as Gold Fields progresses toward completing its earn-in by mid-2026."