Acquisition Date

2022 / May / 02

Terms

2.0% NSR

Operator

Canterra Minerals Corporation

The Tulks South property is located approximately 38 km south-southwest of the town of Buchans and 49 km southwest of Millertown in central Newfoundland, Canada. Tulks South is situated within the Buchans- Victoria Lake area, which is host to numerous polymetallic (zinc-lead-copper-gold-silver) volcanogenic massive sulphide (VMS) deposits, including the historic Buchans District polymetallic deposits and the Duck Pond copper-zinc mine. The property covers 17,635 ha in one contiguous area consisting of 414 claims comprised of two contiguous licenses and one mineral concession.

The earliest recorded exploration work at Tulks South was undertaken in the 1870s leading to the identification of massive sulphide deposits on the property.

The Boomerang and Domino deposits are within the Tulks South property and historic Mineral Resource Estimates were announced in August 2007 that included: Boomerang deposit: Indicated Mineral Resources of 1.36 Mt grading 7.1% zinc, 3.0% lead, 0.5% copper, 110 g/t silver, and 1.7 g/t gold; and Inferred Resources of 0.28 Mt grading 6.7% zinc, 2.9% lead, 0.4% copper, 96.5 g/t silver, and 1.3 g/t gold (1.0% zinc cut-off grade); and

Domino deposit: Inferred Mineral Resources of 0.41 Mt grading 6.3% zinc, 2.8% lead, 0.4% copper, 94 g/t silver, and 0.6 g/t gold (1.0% zinc cut-off grade).

There is excellent potential for further resource expansion at the Tulks South property.

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.