Acquisition Date

2022 / May / 02

Terms

2.0% NSR

Operator

Canterra Minerals Corporation

The Long Lake property is located in central Newfoundland, Canada, in an area well known for volcanogenic massive sulphide (VMS) mineralization. The Long Lake property is readily accessible by seasonally maintained logging roads from Millertown and Buchans, Newfoundland.

First discovered in 1994, the Long Lake deposit was found bya drilling program that tested a number of coincident soil geochemical and geophysical anomalies. The deposit consists of a barite-rich, high-grade massive sulphide horizon within a mixed sequence of felsic and mafic tuffs and flows, and interbedded fine-grained sedimentary rocks.

A historical Mineral Resource Estimate was prepared for the property dated March 13, 2012. It contained Indicated Mineral Resources of 480,000 t grading 7.8% zinc, 1.6% lead, 1.0% copper, 49 g/t silver, and 0.6 g/t gold plus additional Inferred Resources of 78,000 tonnes grading 5.8% zinc, 1.2% lead, 0.7% copper, 34 g/t silver, and 0.5 g/t gold (7.0% zinc-equivalent cut-off ). Long Lake has excellent potential to host additional massive sulphide zones as it is located in a prolific volcanic belt and mineral resources could be expanded by further exploration. These “resources” are historical in nature and should not be relied upon. They have not been verified to determine their relevance or reliability. They are included here for illustrative purposes only and should not be disclosed out of context. The author did not review the database, key assumptions, parameters, or methods used for this estimate.

Agreement terms are subject to the closing of the Transactions as defined in the Company's press release dated May 2, 2022.

See press release for more details.

Long-Lake