Overview

Con Mine Option Property

In November 2021, Gold Terra entered into an Option Agreement with Newmont to Purchase 100% of Miramar Northern Mining's Past Producing High-Grade Gold Con Mine at Yellowknife, NWT (see November 22 press release for full details). On September 9, 2024, Gold Terra announced a 2-year extension on the Option Agreement with Newmont to November 21st, 2027 to purchase 100% of the past producing Con Mine (see September 9 press release for full details).

The former Con Mine is a world-class gold deposit and part of the prolific Yellowknife mining camp where 6.1 M ounces of high-grade gold were recovered from the underground operation from both the Con Shear and Campbell Shear. The Con Mine Option Property has added to the Company’s large land holdings a key piece of ground with excellent potential along the Campbell Shear to add high-grade gold resources.

The Con Mine Option Property includes mineral leases and overlying surface rights; access to infrastructure, including the original C-1 shaft opening, and the deep Robertson shaft (1,950 metres) with a 2,000-ton-per-day capacity for future underground exploration and mining; surface infrastructure including a large 10,000-square-foot warehouse and dry storage; surface vehicles; and a $10 million water treatment plant recently built in 2015, buildings, storage facilities and roads as well as access to explore and potentially redevelop the remaining historic mineral reserves within the Con Mine Property. The Con mine reclamation is near completion.

The Con Mine Option Property is located beside the City of Yellowknife and adjacent to the Company's 100% owned Yellowknife Project in the Northwest Territories.

2026 UPDATED MINERAL RESOURCE ESTIMATE (MRE)

On May 15, 2026, announced the results of an updated, independent MRE prepared by SLR Consulting (Canada) Ltd (“SLR”) on the Yellorex, Zone 103N, and Crestaurum deposit, part of the YP.

The YP assets include the Yellorex and Zone 103N deposits of the Con Mine Option Property, considered as northern and southern extensions from the historical Con Mine, and the Crestaurum, Sam Otto, Walsh Lake Pickel zone (formerly Mispickel), and Barney deposits situated in the Northbelt – Walsh Lake area of the YP. The 2026 MRE is considered an initial phase of MRE updates for the YP.

The 2026 MRE is based on a gold price of US$2,600 per ounce. SLR started to work on the 2026 MRE in January 2026 and conducted a site visit to the Project on February 10 and 11, 2026.

This initial phase incorporates five new drill holes (1,523.2 metres) over Yellorex, a limited portion of the most recent 11,000 metre winter drilling program. The remaining results will be included in the second phase of an updated MRE, anticipated to be released in the fall.

In addition, the 2026 MRE includes first time disclosure of the newly re-evaluated historical Zone 103N, a distinct mineralized zone of the Con Mine Option Property, which was developed in the later years of the Con Mine’s operating life and includes underground development and drilling data. The Crestaurum deposit, located 20 kilometers north of town, has also been updated to consider higher metal prices and a revised approach.

The 2026 MRE is adding 595,000 Inferred ounces within 5.1 million tonnes grading 3.64 g/t from the Zone 103N, historically drilled from the Con Mine underground development in the northern extension of the CS structure. The CS northern extension can be followed for 1.6 kilometres on three (3) different levels (2600', 2900'and 3100') or approximately 600 metres to 900 metres below surface. Zone 103N has excellent potential to increase the number of ounces of the YP and will be the subject of surface drilling currently planned to start in June 2026.

In this first phase MRE update, Crestauraum was included but not the Northbelt-Walsh Lake deposits. The previous Technical Report for these deposits was prepared by SGS (refer to Gold Terra Oct 21, 2022, Technical Report). The second phase MRE update is currently planned to be released in Q4 2026 and will incorporate all recent surface drilling completed between January and April 2026, including 4,905 metres on the Walsh Lake zone.

Mineral Resource Estimate Highlights

The 2026 MRE, prepared by SLR, includes updates over the Yellorex and Crestaurum deposits, and includes an initial MRE for Zone 103N, the northern extension of the Con Mine within the CS.

Zone 103N MRE:

• Underground Inferred Mineral Resource of 5,083,000 tonnes averaging 3.64 g/t Au for 595,000 ounces of contained gold

All Updated Deposits (Yellorex, Zone 103N, Crestaurum) MRE:

• Total Indicated Mineral Resource of 729,000 tonnes averaging 4.39 g/t Au for 103,000 ounces of contained gold
• Total Inferred Mineral Resource of 7,534,000 tonnes averaging 3.69 g/t Au for 895,000 ounces of contained gold

Consolidated Mineral Resource Estimate

The MREs of Gold Terra, including the SLR updates of Yellorex and Crestaurum, as well as the initial MRE of Zone 103N, are combined with the SGS 2021* MREs of Sam Otto, Mispickel (currently referred to as Pickle) and Barney in the table below:

(* The October 21, 2022, technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022, was prepared by Dr. Allan Armitage, P.Geo. from SGS, an Independent Qualified Person as defined under NI 43-101. (see Gold Terra Oct 21, 2022, Technical Report).

Gold Terra Consolidated Mineral Resource – Effective date of April 30, 2026, and March 14, 2021:

Con Mine Option Agreement Highlights:

• The initial exploration agreement has been replaced and superseded by the option agreement to include all (100%) of MNML and the Con Mine property.
• Gold Terra has agreed to incur a minimum of $8 million in exploration expenditures over a period of four years, which will include all exploration expenditures incurred to date under the initial exploration agreement.
• Gold Terra and Newmont agreed that Gold Terra spent approximately $3.2 million in exploration expenditures to October 31, 2021.
• Gold Terra has also agreed to:
  • Complete a prefeasibility study (PFS) with a minimum of 1.5 million ounces in all mineral resource categories;
  • Obtain all necessary regulatory approvals for the purchase and transfer of MNML's assets and liabilities to Gold Terra; and
  • Post a cash bond to reflect the status of the Con mine reclamation plan at the time of closing.

The closing of the Con Mine Option Property will then be completed with Gold Terra making a final cash payment of $8 million.

Newmont will retain a 2% net smelter returns royalty (“NSR”) on minerals produced from the Con Mine property. The NSR may be reduced by 50% by the Company paying Newmont the sum of $10 million, for a period of two years following the announcement of commercial production.

After Gold Terra exercises its option, Newmont will have a period of two years to exercise its one time back-in right of a 51% participating interest in MNML and the Con mine property, which can be triggered by Gold Terra delineating a minimum of 5 million ounces of gold in the Measured and Indicated mineral resource categories supported by a National Instrument 43-101 Technical Report. To be eligible to exercise the back-in right, Newmont will:

• Reimburse Gold Terra three times (3x) the amount of all of the expenditures incurred on the Con mine property from September 4, 2020;
• Refund to Gold Terra the $8 million cash payment;
• Payment of US$30 per ounce of gold for 51% of the total ounces reported in the Technical Report; and
• Assume 51% of the environmental liability and its share of the posted bond.

If exercised, the back-in right is expected to be completed by a new joint venture led by Newmont. At such time, the 2% NSR would also be eliminated.

Con Mine History

Gold production at the Con mine started in 1938 after the discovery of a large group of veins associated with a wide shear zone. The mine was owned and operated by Cominco Ltd. from 1939 to 1986. The Campbell Shear was discovered in 1946 by Neil Campbell and brought into production in 1956, and all production after 1963 came from this very rich zone. In 1977, the Robertson shaft was sunk to access new reserves to a depth of 6,400 feet (1,950 metres) or more. In 1986, Cominco sold the Con mine to Nerco Minerals Co. Ltd., which subsequently modernized the underground operation with mechanized machinery. In 1993, Nerco sold the mine to MNML, which continued production and then closed the operation in 2003 at a time when the price of gold was at around US$370 per ounce, which was too low and not profitable to continue production. As such, historic unmined reserves remain in the mine property along with other unexplored high-potential areas.

Historical Mineral Resource and Mineral Reserve Estimation – Con Min

This mineral reserves and mineral resources presented in Table 1 are considered historical in nature. The 2002 mineral reserves and mineral resources were not prepared and disclosed in compliance with all current disclosure requirements for mineral resources or reserves set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016). A qualified person has not done sufficient work to classify the historical mineral reserves and mineral resources as current mineral reserves or mineral resources and Gold Terra is not treating the historical mineral reserves and mineral resources as current mineral reserves and mineral resources.

Subsequent to the December 31, 2002, historical mineral reserves and mineral resources on the Con Mine, Miramar Mining Corporation produced an additional 44,687 ounces of gold from 124,383 tonnes at a grade of 11.17 g/t before shutting down in 2003 (Miramar Mining Corporation Annual Report 2003, posted on SEDAR under Miramar’s profile).

Table 1 - Con Mine Historical Mineral Resources and Reserves as of December 31, 2002 (Miramar Mining Corporation Annual Report 2002):

Please see the October 21, 2022 technical report, titled "Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada" with an effective date of September 2, 2022 which can be found on the Company's website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.