Bonterra Announces the Inclusion of the Barry Mining Lease in the Phoenix JV with Gold Fields

Bonterra Resources Inc. has announced a significant expansion of its Phoenix Joint Venture with Gold Fields Limited through the inclusion of Mining Lease 886, covering the Barry deposit, at no additional consideration. This development represents another milestone in the strategic partnership that began with Gold Fields' acquisition of previous JV partner Osisko Mining in October 2024 for C$2.16 billion.

The Barry deposit represents substantial value addition to the joint venture, containing combined open pit and underground mineral resources of 7.794 million tonnes at 1.67 g/t Au for 417,000 ounces in the Measured and Indicated category for open pit operations, plus 4.092 million tonnes at 3.47 g/t Au for 457,000 ounces underground. Additionally, significant Inferred resources include 8.789 million tonnes at 3.41 g/t Au for 962,000 ounces underground. The deposit has been delineated over 1.4 kilometres along strike and 700 meters vertically, with expansion potential remaining.

Under the existing joint venture agreement, Gold Fields maintains the right to earn a 70% interest in the project by spending C$30 million in work expenditures over three years, with minimum annual commitments of C$10 million. The inclusion of the Barry Mining Lease, which permits extraction of 1.2 million tonnes through open pit and underground methods with existing infrastructure, significantly enhances the project's development potential without requiring additional investment from Gold Fields.

The timing of this announcement coincides with increased activity at the Barry site, including camp upgrades and the launch of a 2026 drilling campaign targeting deeper mineralization. This operational momentum, combined with Gold Fields' financial backing and technical expertise, positions the Phoenix JV as a significant development opportunity in Quebec's established Val-d'Or mining district. The strategic value is further amplified by Bonterra's broader portfolio, which collectively holds 1.63 million ounces in Measured & Indicated resources across multiple deposits anchored by a central milling facility.