Author: Anthony Cowe

Val-d’Or, QC – June 13, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce positive results from the independent preliminary economic assessment (“PEA”) on the Barry open pit project in the Urban-Barry Camp in northern Quebec. The PEA has been prepared by SLR Consulting (Canada) Ltd. (“SLR”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). AMC Mining Consultants (Canada) Limited (“AMC”) has reviewed and endorsed the mine engineering and cost estimates as used in the Barry open pit component of the PEA. The Company notes that mineral resources are not mineral reserves as they do not have demonstrated economic viability. the Company further notes that a PEA is preliminary in nature and may include inferred mineral resources that are considered too speculative geologically to have economic consideration applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. All figures are stated in Canadian dollars unless otherwise stated.

PEA Highlights

• Long-term gold price per ounce (“oz”): US$1,600
• Exchange rate: C$1.00 = US$0.75
• After-tax net present value (“NPV”) at a 5% discount rate: $48.3 million
• After-tax internal rate of return (“IRR”): 43%
• Initial capital costs: $22.1 million
• Sustaining life of mine (“LOM”) capital costs: $21.3 million
• Total mill feed: 2.0 million tonnes (“Mt”) at 2.36 grams-per-tonne gold (“g/t Au”)
• LOM average annual gold production: 30,000 oz
• LOM strip ratio (waste : mined resource): 5.4:1
• LOM total production: 145,050 oz (95.0% mill recovery)
• LOM cash costs: C$1,252/oz (US$939/oz)
• LOM all-in sustaining costs (“AISC”): C$1,420/oz (US$1,065/oz)

Marc-Andre Pelletier, President, CEO and Director of Bonterra commented: “The PEA on the Barry open pit project represents an important step towards a restart of production at the Barry open pit project by Bonterra. The PEA highlights a project that requires a modest upfront investment and is expected to generate average annual net pre-tax cash flow of over $20 million once in commercial production. The Company intends to use the cash flow from the Barry open pit to continue developing the underground portion of the deposit, which contains 0.5 million ounces of Measured and Indicated Mineral resources and 0.7 million ounces of Inferred Mineral resources, as stated in the 2021 mineral resource estimate (“2021 MRE”). It is also important to highlight that approximately $30 million of the total LOM capital is shared infrastructure and is expected to also benefit the development of the Barry and Gladiator underground deposits. Specifically, the upgrades to the Bachelor mill and tailings are expected to increase the throughput of the mill to 1,200 tonnes per day and establish a solid foundation for future expansion up to eight million tonnes of tailing storage capacity.”

The Company is also pleased to announce that it has started to undertake infill and definition drilling on the underground portion of the Barry deposit to better understand the potential of an underground mining scenario. A total of 41,500 metres (“m”) of drilling is planned for the Barry deposits this year.

Upon reviewing the results of the PEA, Bonterra’s board of directors has approved the commencement of a pre-feasibility study (“PFS”) on the Barry open pit project, which is expected to be completed by year end. In the meantime, the permitting process for the Bachelor mill and tailings expansion is ongoing. The Company expects to provide additional information on the permitting process in June with a COMEX permit expected by end of 2022 and provincial permits thereafter.

Overview

The Barry project is located 110 kilometers (“km”) east of Lebel-sur-Quévillon, which is 150 km to the city of Val d’Or, in the mining-friendly province of Quebec, within the Abitibi Greenstone Belt. Past production occurred in 2006-2008 at Barry where over 600,000 tonnes were processed at the Bachelor mill, producing over 43,000 ounces of gold.

The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The sub-vertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50 to 65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 km along strike and 700 m vertical and remains open for expansion.

Mineral Resources

The 2021 MRE was updated in June 2021 (see press release dated June 23, 2021) and a NI 43-101 technical report was produced by SLR. Combined Measured and Indicated Resources for the open pit portion of the deposit represents a total of 1.9 million tonnes at a grade of 2.68 g/t Au or 165,000 ounces of gold and 15,000 tonnes at a grade of 2.36 g/t Au or 1,000 ounces in the Inferred category.

Only the in-pit resource was considered in the PEA due to the higher quality of the resource. Most of the in-pit mineral resources are in the Measured category and require no additional diamond drilling information for conversion to mineral reserves.

Mining and Milling

Open pit mine design consists of 5.0 m high benches with final pit wall slope of 45 degrees. Proposed production totals 2.0 Mt, long with 10.8 Mt of overburden and waste rock, leading to a LOM strip ratio of 5.4. Production will be hauled to the mill via a 110 km forestry road using 40-tonne trucks. The mill upgrade includes the replacement of two ball mills by a tricone. Mill feed will then increase by 50% to 1,200 tonnes per day. The existing mill process with carbon-in-pulp extraction is suitable for the Barry material. No metallurgical testing was done during the PEA because the Barry material has been processed in the past with no issues. A 95% mill recovery was used in the PEA. The tailings material will be stored in the tailings management area (“TMA”) with spigot disposal. Initial raise of the TMA dams will provide a 2.9 Mt capacity. Subsequent raises can add up to 5.1 Mt of additional capacity (8 Mt of total capacity).

Base Case

The economic analysis was performed with a 5% discount rate. On a pre-tax basis, the NPV 5% is $57.3 million, the IRR is 49% and the payback period is 3.2 years. On an after-tax basis, the NPV 5% is $48.3 million, the IRR is 43% and the payback period is 3.4 years. The cash cost and AISC over the LOM are US$939/oz and US$1,065/oz, respectively. A summary of the project economics is listed below:

Capital and Operating Costs

The initial capital cost for the Barry open pit project is estimated to be $22.1 million, which includes a contingency of $1.7 million. Infrastructure costs represent $11.1 million of the initial capital cost and includes: $4.5 million for haulage road enhancement; $2.6 million for surface garages, $1.9 million for an emulsion plant and $2.1 million for other surface utilities. Mill and TMA upgrades are $3.5 million and $2.4 million, respectively. The $3.4 million remaining is composed of surface equipment and tools, owners, and indirect costs.

The sustaining capital cost is estimated at $27.8 million and includes site closure cost that total $6.5 million. TMA construction costs of $18.1 million will provide additional storage capacity of 2.9 Mt and will establish the foundation for future expansion at lower cost. Indirect cost represents $2.7 million of the other $3.2 million of sustaining capital.

The total capital cost for the project is estimated at $49.9 million as summarized in the table below.

The average operating cost is estimated at $81.27/tonne.

Sensitivity Analysis

A financial sensitivity analysis was conducted on the PEA, after-tax NPV and IRR of the project, using the following variables: capital costs, CAD:USD exchange rate and the price of gold. The after-tax results for the project IRR and NPV5% based on the sensitivity analysis are summarized below:

The sensitivity analysis reveals that the price of gold has the most significant influence on both NPV and IRR. After the price of gold, the NPV and IRR were most impacted by the exchange rate (CAD:USD) and to a lesser extent by variation in operating and capital costs.

QUALIFIED PERSONS

The PEA production scenario is based on the Measured, Indicated and Inferred mineral resources from the 2021 MRE issued on June 23, 2021, and prepared by Ms. Valerie Wilson, M.Sc., P.Geo., Consultant Geologist at SLR, based in Toronto, Ontario, Canada. Ms. Wilson is an Independent Qualified Person as defined by NI 43-101. Ms. Wilson has read and approved the contents of this news release as it relates to the disclosed MREs.

The full technical report, which is being prepared in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 days from this news release. The effective date of the PEA is June 1, 2022.

The PEA was prepared by the following Qualified Persons under NI 43-101, each of whom is independent of the Company under NI 43-101, who have reviewed, verified, and approved the scientific and technical data for which they have responsibility contained in this news release pertaining to the PEA.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has a portfolio of deposits, including, Barry, Gladiator, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre Pelletier, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

The reader is advised that the PEA summarized in this press release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred resources. Inferred resources are considered to be too speculative to be used in an economic analysis except as allowed for by Canadian Securities Administrators’ National Instrument 43-101 in PEA studies. There is no guarantee that Inferred resources can be converted to Indicated or Measured resources, and as such, there is no guarantee the project economics described herein will be achieved.

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “intends”, “forecasts”, “estimates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Barry, Gladiator, Moroy and Bachelor projects; updated mineral resources, Barry Open Pit PEA; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forwardlooking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.

Val-d’Or, QC – March 16, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce results from the ongoing expansion diamond drilling at its Gladiator project. The focus of this exploration campaign is on expanding the size and scope of the Gladiator gold deposit and supplementing the last updated mineral resource estimate (the “2021 MRE”, see press release dated June 23, 2021).

The ongoing expansion drilling program at Gladiator continues to effectively expand the size of the mineralized volume with recent results confirming the down plunge potential of the deposit, over 300 metres (“m”) from the existing mineral resource envelope.

Assays from 28 expansion diamond drill holes outside the 2021 MRE, have been received since the Company’s November 22, 2021 press release. The assay results included in this press release are highlighted by:

• North Dipper: 69.5 g/t Au over 2.2 m, including 305 g/t Au over 0.5 m in hole BA-22-01
• North Zone: 28.1 g/t Au over 2.9 m, including 162 g/t Au over 0.5 m in hole BA-21-60
• North Zone: 13.1 g/t Au over 1.5 m, including 37.7 g/t Au over 0.5 m in hole BA-21-53A

Marc-Andre Pelletier, CEO commented: “These recent drill results confirm the potential to add more resources at depth at Gladiator, extending the existing mineral resource by over 300 m down plunge. Recent drilling along strike and down dip to the east has extended the gold mineralization over 2,000 m along strike and 1,200 m below surface. The Gladiator deposit remains our flagship asset and demonstrates strong potential for continued growth. Bonterra is currently working on the design and the permitting of an exploration ramp at Gladiator (the “Ramp”) that will provide the Company with an enhanced drilling platform to explore the high-grade mineralization encountered at depth year around. This Ramp is essential to the development of the Gladiator project and the
construction work will start once all approvals received, anticipated in early 2023.”

The Company is currently drilling at a rate of approximately 6,000 m per month, which is balanced between expansion drilling at the Gladiator and Barry deposits and testing regional targets on the Urban-Barry land package. An exploration program is also planned at the Desmaraisville property near the Bachelor Mine Complex.

The recent drilling has intersected the down plunge extension of the North Zone with hole BA-21-60 intersecting 28.1 g/t Au over 2.9 m, including 162 g/t Au over 0.5 m, hole BA-21-53A intersecting 13.1 g/t Au over 1.5 m, including 37.7 g/t Au over 0.5 m and 18.6 g/t Au over 0.5 m. Results obtained from hole BA-22-01 intersected steeply North Dipping structures over 300 m down plunge from the last shape reported in 2021 MRE intersecting up to 69.5 g/t Au over 2.2 m, including 305 g/t Au over 0.5m (Figures 1 and 2).

Gladiator Deposit Geology

The Gladiator deposit consists of a set of shears hosted sub-vertical quartz veins oriented at 60 degrees azimuth and are spatially associated with felsic dykes. The zones named spatially from the north-northwest to the south-southeast are: The North Zone, Footwall Zone, and the Main Zone. These three zones include several sub-parallel veins interpreted as dislocated folds in sheared structures. The North Dippers Zones consist of secondary shears/fractures occurring in more brittle lithologies within gabbroic sills and a porphyritic felsic intrusive stock situated between the principal sub-vertical shears. They consist of shear/fracture filling quartz veins dipping 45 to 75 degrees to the north and oriented east west. The North Dippers include the Barbeau Zone, which is one of the most significant zones in size and continuity at the Gladiator deposit. The Rivage Zone is located just north of the North Zone and consists of sub-vertical narrow shear hosted quartz veins. The South Zone consists of a sub-vertical shear hosted veining trending 70 to 80 degrees azimuth that bounds and drags the southern extensions of the North Dipper Zones. The Titan Zone consists of three verticals strongly deformed shear hosted veins trending 90 degrees azimuth located about 2 km to the Northeast of the Gladiator deposit. The South Titan Zones correspond to veins belonging to the sheared corridor that carry the Titan Zone. All the deposit zones have a strong 45-to-50-degree plunge to the northeast and remain open at depth along the northeast plunge (Figures 1 and 2).

The following table shows the significant intersections of the drill holes presented in this press release.

Quality Control and Reporting Protocols

The Gladiator project’s drill core gold analyses in this release are performed at the Company’s Bachelor Mine analytical laboratory and at AGAT Laboratories, located in Val-d’Or, Quebec. The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are conducted by fire assay (A.A.) with atomic absorption finish. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor the Laboratory’s performance. The Company’s QA-QC program requires that at least 10% of samples from the Bachelor Mine analytical laboratory be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d’Or, Quebec. The verifications show a high degree of correlation with the Laboratory’s results.

Qualified Persons

Boris Artinian, P.Geo., (OGQ # 1546) Chief Geologist of the Company oversees all exploration activities on the Gladiator property and has compiled and approved the information contained in this press release. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”).

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly,
the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre Pelletier, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This press release contains “forward-looking information” that is based on Bonterra’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to Bonterra’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. This forward-looking information includes namely information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets, environmental and other judicial, regulatory, political, and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information.

Val-d’Or, QC – March 10, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has closed the brokered private placement previously announced on February 17, 2022 (the “Offering”).

Pursuant to the Offering, Bonterra issued (a) 6,405,000 common shares of the Company (the “Common Shares”) at a price of $1.21 per Common Share for gross proceeds of $7,750,050, and (b) 8,383,500 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “FT Shares”) at a price of $2.06 per FT Share for gross proceeds of $17,270,010, representing total aggregate gross proceeds of the Offering of $25,020,060.

Cormark Securities Inc. acted as lead agent on behalf of a syndicate of agents which included Desjardins Securities Inc. (collectively, the “Agents”). In connection with the Offering, the Agents received a cash fee equal to 6.0% of the gross proceeds from sale of the Common Shares and FT Shares under the Offering to subscribers other than those on the President’s List and a cash fee equal to 2.0% of the gross proceeds from the sale of the Common Shares to subscribers on the President’s List.

The gross proceeds from the issuance of the FT Shares will be used for “Canadian exploration expenses” that qualify as “flow-through mining expenditures”, as both terms are defined in subsection 127(9) of the Income Tax Act (Canada) (the “Qualifying Expenditures”), related to the Company’s projects in Québec which will be incurred on or before December 31, 2023 and renounced to the subscribers with an effective date no later than December 31, 2022 in an aggregate amount not less than the gross proceeds raised from the sale of FT Shares under the Offering. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec). If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Share subscriber
for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed. The net proceeds of the issuance of the Common Shares will be used for general working capital purposes.

Certain funds managed by Wexford Capital LP, an insider of the Company, acquired directly or indirectly a total of 2,985,220 Common Shares in the Offering on the same terms as other participants for an aggregate purchase price of $3,612,116. The direct or indirect participation in the Offering by an insider of the Company constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemptions from the formal valuation and minority approval requirements in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value (as determined under MI 61-101) of the related party transactions does not exceed 25% of the Company’s market capitalization.

A material change report in connection with the Offering will be filed less than 21 days before the closing of the Offering. The Company believes this shorter period is reasonable and necessary in the circumstances as the Company wished to complete the Offering in a timely manner.

The Common Shares and FT Shares issued in the Offering are subject to a statutory hold period of four months and one day from the date of issue in accordance with applicable securities laws. The Offering remains subject to final approval by the TSX Venture Exchange.

FOR ADDITIONAL INFORMATION:

Marc-André Pelletier, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the FT Shares, use of proceeds of the Offering, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Val-d’Or, QC – March 1, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to provide early exploration results from the regional drilling campaign on the Panache South property located in the Urban-Barry township. The recent drilling results confirm the existence of multiple high-grade gold mineralized veins with visible gold observed in hole UB-21-24 returning 23.1 g/t Au over 2.3 metres (“m”), and 30.6 g/t over 1.5 m.

Highlights:

• Hole UB-21-24: 23.1 g/t Au over 2.3 m, including 62.3 g/t Au over 0.8 m and 30.6 g/t Au over 1.5 m, including 91.4 g/t Au over 0.5 m (visible gold observed)
• Hole UB-21-26: 5.5 g/t Au over 1.5 m, including 16.2 g/t Au over 0.5 m

Marc-Andre Pelletier, CEO commented: “These high-grade drilling results, in combination with the historical results, demonstrate the potential of the Panache South property located in the prolific UrbanBarry camp. To date, the exploration program at Panache South has delineated multiple high-grade mineralized veins along three kilometers strike length. Bonterra intends to continue its regional exploration program in the Urban-Barry camp in 2022 with the objective to discover new mineralization
zones in addition to resource expansion and definition drilling at its more advanced deposits.’’

The recent exploration drilling targeted the expansion of existing gold mineralization interpreted to trend east-northeast to east-west from the historical drilling. Panache South historic values include 12.9 g/t Au over 0.5 m and 3.16 g/t Au over 0.4m. A system consisting of several sub-parallel mineralized veins was identified along a span of approximately three kilometres (See Figure 2).

Bonterra has drilled eight holes representing a total of 4,683 m at the Panache South property since September 2021. Partial assay results from four drill holes have been received thus far. Results from the remaining four holes are pending (See Figures 1, 2 & 3 and Table 1).

The Panache South property is dominated by large, interlocking massive to pillowed basaltic rocks and tuffaceous horizons with local gabbroic to dioritic and felsic intrusions. The western and southeastern areas are occupied by a large intrusive mass of granodioritic composition. The southeast contact between the mafic volcanics and the large intrusion is bound by a northeast trending reverse dextral fault. Mineralization at Panache South is hosted within a system of shear hosted quartz-calcite-chlorite veins trending northeast with minor sulfides which include pyrite, pyrrhotite, chalcopyrite and gold.

Quality Control and Reporting Protocols

The Panache South Property’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”). The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor the Laboratory’s performance. The Company’s QA-QC program requires that at least 10% of
samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d’Or, Quebec. The verifications show a high degree of correlation with the Laboratory’s results.

Qualified Person

Boris Artinian, P.Geo., (OGQ # 1546) Chief Geologist of the Company oversees all exploration activities on the Panache South property and has compiled and approved the information contained in this press release. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”).

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region. Bonterra is focused on graduating from advanced exploration to a development company over the next 24 months to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-André Pelletier, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking tatements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Val-d’Or, QC – February 17, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has entered into an agreement pursuant to which Cormark Securities Inc., as lead agent, on behalf of a syndicate of agents (collectively, the “Agents”), in connection with a “best efforts” private placement of: (i) 7,290,000 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) (the “FT Shares”) at a price of $2.06 per FT Share (the “FT Issue Price”) for gross proceeds of $15,017,400; and (ii) 8,270,000 common shares of the Company (the “HD Shares”) at a price of $1.21 per HD Share (the “HD Issue Price”) for gross proceeds of $10,006,700, for aggregate gross proceeds to the Company of approximately $25 million (collectively, the “Offering”).

The Agents will have the option exercisable, in whole or in part at any time up to 48 hours prior to the closing of the Offering, to offer for sale up to an additional 2,334,000 common shares of the Company which option will be exercisable for FT Shares at the FT Issue Price, HD Shares at the HD Issue Price, or some combination thereof.

The net proceeds from the issue of the HD Shares will be used for working capital and general corporate purposes. The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) related to the Company’s projects in Québec, on or before December 31, 2023, and to renounce all the Qualifying Expenditures in favour of the subscribers of the FT Shares effective December 31, 2022. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act (Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec). If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Share subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed.

The Offering is expected to close on or about 10 Mars 2022, or such other date as the Company and the Agents may agree and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the acceptance of the TSX Venture Exchange.

FOR ADDITIONAL INFORMATION

Marc-Andre Pelletier, President, CEO and Director
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the FT Shares, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as
required by applicable law.

Val-d’Or, QC – January 17, 2022 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that Marc-Andre Pelletier has officially taken over as President and Chief Executive Officer today as previously announced on November 11, 2021.

Marc-Andre Pelletier, President, CEO and Director of Bonterra stated: “I am very excited to take over as President and CEO of Bonterra and lead the Company as it transitions from advanced exploration to development and ultimately to a restart of production. I am ready to take on the challenges that lie ahead in collaboration with the team at Bonterra and look forward to communicating our progress in the near future.”

In addition, Bonterra is pleased to announce that Anik Gendron has joined the Board as an independent non-executive Director of the Company, effective immediately. Ms. Gendron is an attorney with vast experience in corporate and commercial law, securities laws, compliance and ESG issues. Known for her business acumen, she has advised many entrepreneurs at all stages of development and has served as general counsel and corporate secretary for several publicly traded companies, mainly in the mining sector. Ms. Gendron holds a B.Sc (economics) and LLB from the University of Montreal and has obtained the Certification in Ethics and Compliance from HEC in February 2021. Ms. Gendron replaces Jean Rainville who has resigned as a Director of the Company, effective immediately. The Board of Directors thanks Mr. Rainville for his service to Bonterra and wishes him well in his future endeavors.

Cesar Gonzalez, Executive Chairman of Bonterra commented: “The addition of Anik as an independent non-executive Director is an important step in enhancing our board diversity and skill sets. Her extensive experience in legal affairs and ESG will prove invaluable as Bonterra continues to mature as a public company.”

Lastly, in connection with the new appointment and as a normal course of business, Bonterra announces the grant of incentive stock options to acquire a total of 1,300,000 common shares of the Company to various officers and directors pursuant to the Company’s stock option plan and subject to any regulatory approval. Each stock option, vests immediately and is exercisable at a price of $1.32 per share for a period of five years from the grant date.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 85% through the permitting process to expand from 800 to 2,400 tonnes-per-day. Bonterra is focused on graduating from advanced exploration to a development company over the next 24 months to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Marc-Andre Pelletier, President, CEO and Director
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and
prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.

Val-d’Or, QC – October 21, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce that it has closed the brokered private placement previously announced on September 27, 2021 (the “Offering”).

Pursuant to the Offering, Bonterra issued 7,935,000 common shares (each a “Common Share”) of the Company that qualify as “flow-through shares” (the “FT Shares”) at a price of $1.47 per FT Share for gross proceeds of $11,664,450.

Cormark Securities Inc. acted as lead agent on behalf of a syndicate of agents which included Red Cloud Securities Inc. (collectively, the “Agents”). In connection with the Offering, the Agents received a cash fee equal to 6.0% of the gross proceeds from sales of the FT Shares under the Offering to subscribers other than those on the President’s List and a cash fee equal to 2.0% of the gross proceeds from the sale of the FT Shares to subscribers from the President’s List.

The gross proceeds from the issuance of the FT Shares will be used for “Canadian exploration expenses” that qualify as “flow-through mining expenditures”, as both terms are defined in subsection 127(9) of the Income Tax Act (Canada) (the “Qualifying Expenditures”), related to the Company’s projects in Québec which will be incurred on or before December 31, 2022 and renounced to the subscribers with an effective date no later than December 31, 2021 in an aggregate amount not less than the gross proceeds raised from the Offering. In addition, with respect to Québec resident subscribers who are eligible individuals under the Taxation Act
(Québec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining expenses or oil and gas exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec). If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each FT Share subscriber for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures as agreed.

The FT Shares issued in the Offering are subject to a statutory hold period of four months and one day from the date of issue in accordance with applicable securities laws. The Offering remains subject to final approval by the TSX Venture Exchange.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 75% through the permitting process to expand from 800 to 2,400 tonnes-per-day. Bonterra is focused on graduating from advanced exploration to a development company over the next 18-24 months to deliver shareholder value.

FOR ADDITIONAL INFORMATION:

Pascal Hamelin, President and Chief Executive Officer
Email: ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the future tax treatment of the FT Shares, use of proceeds of the Offering, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Val-d’Or, QC – September 2, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX:BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce updated assay results from the ongoing expansion diamond drilling program at its Gladiator project. The focus of this exploration campaign is on expanding the size and scope of the Gladiator gold deposit and supplementing the recently updated mineral resource estimate (the “2021 MRE”), see press release dated June 23, 2021). The ongoing expansion drilling program at Gladiator continues to effectively extend the size of the mineralization and recent data shows encouraging signs of a higher density of veining to the South of the existing Gladiator 2021 MRE.

The Company is currently drilling at a rate of approximately 10,000 m per month at its three main gold deposits to expand upon the recently released 2021 MRE. In addition, work on the Preliminary Economic Assessment (“PEA”), which would utilize the existing Bachelor Mill as a central processing facility is ongoing and is expected to be completed in Q4 2021.

Assays from nine expansion diamond drill holes outside the 2021 MRE, have been received since our August 4, 2021 press release. The assay results included in this press release are highlighted by:

• Main Zone: 6.6 g/t Au over 3.0 metres (“m”), in hole BA-21-16
• North Dipper: 11.8 g/t Au over 1.0 m in hole BA-21-16
• North Dipper: 32.6 g/t Au over 1.1 m in hole BA-21-17
• North Dipper: 3.7 g/t Au over 10.5 m, including 11.7 g/t Au over 3.0 m in hole BA-21-19
• North Dipper: 6.0 g/t Au over 3.1 m, including 18.3 g/t Au / 1.0 m in hole BA-21-19
• North Dipper: 5.7 g/t Au over 3.4 m, including 13.6 g/t Au over 1.2 m in hole BA-21-19
• North Dipper: 9.4 g/t Au over 3.3 m, including 61.7 g/t Au over 0.5 m in hole BA-21-30

Pascal Hamelin, CEO commented: “The Gladiator deposit is starting to demonstrate early signs of a higher number of occurrences of high-grade material from extension zones to the South of the existing 2021 MRE. The density of the North dipping structures, which are carrying gold mineralization, appears to be increasing to the South. For the remainder of 2021, we will continue to focus our Gladiator exploration efforts on this area of the deposit as we believe we are just beginning to scratch the surface of this highly mineralized zone.”

Hole BA-21-16 has intersected an eastern extension of the Main Zone returning 6.6 g/t Au over 3.0 m (Figure 2)

Hole BA-21-19 successfully intersected the up-dip extension of several North Dipper zones associated to the Main Zone Corridor (Figure 3). The best intersections returned 3.7 g/t Au over 10.5 m including 11.7 g/t Au over 3.0 m, 6.0 g/t Au over 3.1 m including 18.3 g/t Au over 1.0 m and 5.7 g/t Au over 3.4 m including 13.6 g/t Au over 1.2 m.

Results from hole BA-21-30 (9.4 g/t Au over 3.3 m including 61.7 g/t Au over 0.5 m) highlight the presence of a new high grade north dipping structure located south east of the gladiator deposit (Figure 1 and 4).

Gladiator Deposit Geology

The Gladiator deposit consists of a set of shear hosted sub-vertical quartz veins oriented at 60 degrees azimuth and are spatially associated with felsic dykes. The zones named spatially from the north-northwest to the south-southeast are: The North Zone, Footwall Zone and the Main Zone. These three zones include several sub-parallel veins interpreted as dislocated folds in sheared structures. The North Dippers Zones consist of secondary shears/fractures occurring in more brittle lithologies within gabbroic sills and a porphyritic felsic intrusive stock situated between the principal sub-vertical shears. They consist of shear/fracture filling quartz veins dipping 45 to 75 degrees to the north and oriented east-west. The North Dippers include the Barbeau Zone, which is one of the most significant zones in size and continuity at the Gladiator deposit. The Rivage Zone is located just north of the North Zone and consists of sub-vertical narrow shear hosted quartz veins. The South Zone consists of a sub-vertical shear hosted veining trending 70 to 80 degrees azimuth that bounds and drags the southern extensions of the North Dipper Zones. The Titan Zone consists of 3 verticals strongly deformed shear hosted veins trending 90 degrees azimuth located about 2 km to the North East of the Gladiator deposit. The South Titan Zones correspond to veins belonging to the sheared corridor that carry the Titan Zone. All the deposit zones have a strong 45 to 50 degree plunge to the northeast and remain open at depth along the northeast plunge (Figures 1 to 4).

The following table shows the significant intersections of the drill holes presented in this press release.

Quality Control and Reporting Protocols

The Gladiator project’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”). The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor the Laboratory’s performance. The Company’s QA-QC program requires that at least 10% of samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d’Or, Quebec. The verifications show a high degree of correlation with the Laboratory’s results.

Qualified Persons

Boris Artinian, P.Geo., Chief Geologist of the Company oversees all exploration activities on the Gladiator Project. Mr. Artinian is a qualified person as defined by National Instrument 43-101 (“NI-43-101”). Marc Ducharme, P.Geo. and Bonterra’s Exploration Manager, approved the information contained in this press release. Mr. Ducharme is a Qualified Person as defined by NI 43-101.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 75% through the permitting process to expand from 800 to 2,400 tonnes-per-day. Bonterra is focused on graduating from advanced exploration to a development company over the next 18-24 months to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Pascal Hamelin, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This press release contains “forward-looking information” that is based on Bonterra’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. This forward-looking information includes namely, information with respect to the planned exploration programs and the potential growth in mineral resources. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit and such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and
development; changes in economic conditions or financial markets, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information.

Val-d’Or, QC – August 16, 2021 – Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce the results from the ongoing drilling campaign at the Barry project. Recent drilling continues to expand the H series at depth in the SW sector and up-dip to the NW (Figure 1). The latest results encompass nine diamond drill holes designed to expand the 2021 mineral resource estimate (“MRE”) released in June (see press release dated June 23, 2021), and one hole (MB-21-353) that was included in the MRE. Drilling highlights include 11.3 grams-per-tonne gold (“g/t Au”) over 2.2 metres (“m”) in the H15 zone.

The Company is currently drilling at a rate of approximately 10,000 m per month at its three main gold deposits to expand upon the recently released MREs. In addition, work on the preliminary economic assessment (“PEA”), which would utilize the existing Bachelor Mill as a central processing facility is ongoing and is expected to be completed in Q4 2021.

Highlights include:

• 11.3 g/t Au over 2.2 m in hole MB-21-361
• 3.0 g/t Au over 7.0 m, including 6.5 g/t Au over 3.1 m in hole MB-21-353
• 3.0 g/t Au over 6.8 m, including 6.2 g/t Au over 2.0 m in hole MB-21-372
• 14.8 g/t over 0.4 m in hole MB-21-352

Pascal Hamelin, CEO commented: “Today’s drill results of the H series reinforce the expansion potential we see across the entire Barry project. More assay results are expected from Barry in the coming months as a backlog of pending results are returned from the laboratory and from the ongoing drilling campaign of expansion targets, which remain open in all directions.”

The Barry gold deposit is characterized by three dominant sets of structures, all dipping to the southeast. The sub-vertical shear zones and the H-Series shear zones dipping 25 to 40 degrees are hosted within intermediate to mafic volcanics and tuffs with local felsic intrusions. Contact zones dip at 50-65 degrees along the lower and upper contacts of the D1, D2 and D3 felsic intrusions with mafic volcanics. Gold mineralization is associated with disseminated sulfides within shear zones and veins with local visible gold. The Barry deposit has been delineated over 1.4 kilometres along strike and 700 m vertical and remains open for expansion.

The Barry drilling campaign is currently focused on the expansion of key gold mineralized zones around the MRE. Drilling results presented here targeted the expansion of “H-Series” and “Contact” zones in the west sector at depth and up-dip in the footwall of the D2 intrusive. These results confirm the potential to continue expanding these zones, with success along the H15 and D2 HW zones (Table 1; Figures 1 and 2). These zones remain open across the Barry deposit. Two new H series zones were also identified in the NW sector nearer to surface in the FW of the D2 intrusive in hole MB-21-352, outlining the remaining potential within the deposit’s footprint (Table 1; Figure 1). Drilling also targeted the NE of the deposit but assays are still pending (Table 1; Figure 1).

Several zones were renamed by SLR Consulting (Canada) Ltd. during the completion of the Barry 2021 Resource Estimate in order to facilitate the estimation process. An equivalence table for relevant zones is presented below in Table 2. Names used in the text of this press release are based on Bonterra’s preresource estimation nomenclature for continuity.

Quality Control and Reporting Protocols

The Barry project’s drill core gold analyses are performed at the Company’s Bachelor Mine analytical laboratory (the “Laboratory”). The Company employs a rigorous QA-QC analysis program that meets industry standards. The analyses are carried out by fire assay (A.A.) with atomic absorption finish. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor the Laboratory’s performance. The Company’s QA-QC program requires that at least 10% of samples be analyzed by an independent laboratory. These verification samples are sent to ALS Minerals laboratory facility located in Val-d’Or, Quebec. The verifications show a high degree of correlation with the Laboratory’s results.

Qualified Person

Marc Ducharme, P.Geo. and Bonterra’s Exploration Manager, has compiled and approved the information contained in this press release. Mr. Ducharme is a qualified person as defined by NI 43-101.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 75% through the permitting process to expand from 800 to 2,400 tonnes-per-day. Bonterra is focused on graduating from advanced exploration to a development company over the next 18-24 months to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Pascal Hamelin, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities; risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.

Val-d’Or, QC – August 9, 2021: Bonterra Resources Inc. (TSX-V: BTR, OTCQX: BONXF, FSE: 9BR2) (“Bonterra” or the “Company”) is pleased to announce it has filed a technical report prepared in accordance with National Instrument NI 43‐101 on standards of disclosure for mineral projects (“NI 43-101”). The technical report titled “Technical Report on the Gladiator, Barry, and Moroy Deposits, and Bachelor Mine, Northwestern Québec, Canada Report for NI 43-101”, was prepared by SLR Consulting (Canada) Ltd. (“SLR”) has an effective date of August 5, 2021 and supports the disclosure made by the Company in its June 23, 2021 press release (the “Press Release”) announcing mineral resource estimates for its gold deposits at Gladiator, Barry on the Urban Barry Property, east of Lebelsur-Quévillon, Québec and for its Moroy gold deposit and Bachelor mine in Desmaraisville, Québec. There are no material differences in the technical report from the information disclosed in the Press Release. The technical report is available for review under the Company’s profile on SEDAR (www.SEDAR.com).

Qualified Persons Statement

The NI 43-101 technical report was prepared by Ms. Valerie Wilson, M.Sc., P.Geo., Principal Geologist, and Marie Christine Gosselin, Geologist, P. Geo., both SLR employees and Independent Qualified Persons as defined by NI 43-101. Ms. Wilson, the lead author of the technical report, has read and approved the contents of this news release as it relates to the mineral resource estimate in the NI 43-101 technical report.

Marc Ducharme, B.Sc., P.Geo. and Bonterra’s Exploration Manager, has reviewed and approved the information contained in this news release. Mr. Ducharme is a Qualified Person as defined by NI 43- 101.

About Bonterra Resources Inc.

Bonterra is a Canadian gold exploration company with a large portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company has four main assets, Gladiator, Barry, Moroy, and Bachelor that collectively have a total of 1.24 million ounces in Measured and Indicated categories, and 1.78 million ounces in Inferred category. Importantly, the Company owns the only permitted and operational gold mill in the region that is currently estimated at 75% through the permitting process to expand from 800 to 2,400 tonnes-per-day. Bonterra is focused on graduating from advanced exploration to a development company over the next 18-24 months to deliver shareholder value.

FOR ADDITIONAL INFORMATION

Pascal Hamelin, President & CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d’Or, Quebec J9P 0B9
819-825-8678 | Website: www.btrgold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that implies predictions, expectations, interpretations, opinions, plans, projections, objectives, assumptions, future events or performance (often using words such as “expects” or “does not expect”, “is expected”, “interpreted”, “in management’s opinion”, “anticipates”, or “plans”, “budget”, “schedule”, “forecasts”, statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved) is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This news release may contain forward-looking information relating to, among other things, the outlook for the Gladiator, Barry, and Moroy projects; updated mineral resources; the deposit remaining open laterally and at depth; and future drilling. These factors include, but are not limited to, risks associated with the ability of exploration activities (including drilling results) to accurately predict mineralization; the Company’s ability to obtain required approvals; the results of exploration activities;
risks associated with mining operations; global economic conditions; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based on assumptions that management believes are reasonable at the time of release, Bonterra cannot assure shareholders and prospective purchasers of the Company’s securities that actual results will be consistent with the forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Bonterra nor any other person assumes responsibility for the accuracy or completeness of forward-looking information. All statements made, other than statements of historical fact, that address the Company’s intentions and the events and developments that the Company anticipates, are considered forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ from those in the forward-looking statements.