Bonterra Congratulates Gold Fields on Securing Environmental Approval for the Windfall Project

Bonterra Resources (BONXF) congratulated Gold Fields and its subsidiary Windfall Mining on receiving environmental authorization to begin construction of the Windfall Project.

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Bonterra Resources (BONXF) congratulated Gold Fields and its subsidiary Windfall Mining on receiving environmental authorization to begin construction of the Windfall Project.

The Québec government issued the Certificate of Authorization for the project in the Eeyou Istchee James Bay region. The approval follows the June 2026 signing of the Uukiimau Impact Benefit Agreement with the Cree First Nation of Waswanipi, the Cree Nation Government and the Grand Council of the Crees.

Bonterra partners with Gold Fields on the Phoenix joint venture, adjacent to Windfall, through a definitive earn-in and joint venture agreement with Windfall Mining. The authorization concerns Windfall, not the Phoenix joint venture. Bonterra said it views the approval as a milestone for the broader Urban-Barry mining camp.

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Val-d'Or, Quebec--(Newsfile Corp. - November 2, 2026) - Bonterra Resources Inc. (TSXV: BTR) (OTCQX: BONXF) (FSE: 9BR2) ("Bonterra" or the "Company") congratulates Gold Fields Limited ("Gold Fields") and its wholly owned subsidiary, Windfall Mining Group Inc. ("Windfall Mining"), on receiving the Certificate of Authorization from the Québec government to begin construction of the Windfall Project in the Eeyou Istchee James Bay region of Québec.

This important regulatory milestone follows the signing of the Uukiimau Impact Benefit Agreement with the Cree First Nation of Waswanipi, the Cree Nation Government and the Grand Council of the Crees in June 2026, and represents a significant step towards the development of the Windfall Project.

Bonterra is partnered with Gold Fields on the Phoenix JV, which is adjacent to the Windfall Project, under a definitive earn-in and joint venture agreement (the "JV Agreement") with Windfall Mining (see press release dated November 28, 2023). The environmental approval represents an important milestone for the broader Urban-Barry camp and reinforces the region's potential to become a major gold mining district.

Cesar Gonzalez, Executive Chairman & Interim CEO of Bonterra, commented: "On behalf of Bonterra, I would like to congratulate Gold Fields and the entire Windfall team on this significant achievement. Securing environmental approval is a major milestone that brings the Windfall Project one step closer to construction and ultimately production. As partners with Gold Fields on the adjacent Phoenix JV, we are excited about what this means for the broader Urban-Barry camp and the long-term development potential of our assets."

Bonterra looks forward to the continued advancement of the Windfall Project and the Phoenix JV under the leadership of Gold Fields.

ABOUT BONTERRA

Bonterra is a Canadian gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Québec, Canada. The Company's assets include the Barry, Gladiator⁽¹⁾, Moroy, and Bachelor⁽²⁾ gold deposits, which collectively hold 16.8 million tonnes ("Mt") at an average grade of 3.02 g/t Au for 1.63 million ounces ("Moz") of Measured & Indicated Mineral Resources, plus 15.6 Mt at an average grade of 4.32 g/t Au for 2.17 Moz Au of Inferred Mineral Resources.

On October 14, 2026, Bonterra announced the results of a Preliminary Economic Assessment ("PEA") for the Barry Project, based on a toll-milling operating model and presented on a 100% project basis. The PEA outlines an after-tax net present value (discounted at 5%) of C$665 million and an internal rate of return of 54% at a long-term gold price of US$3,500 per ounce. Importantly, the PEA mine plan incorporates only approximately 40% of the contained gold ounces in the February 2026 Mineral Resource Estimate, highlighting significant potential for future resource conversion and mine plan expansion.⁽³⁾

In November 2023, the Company entered into an earn-in and joint venture agreement with Osisko Mining Inc. ("Osisko Mining") for the Urban-Barry properties (the "JV Agreement"), which include the Barry and Gladiator deposits. In October 2024, Gold Fields, through a wholly owned Canadian subsidiary, completed the acquisition of Osisko Mining for C$2.16 billion. Gold Fields is now the counterparty to the JV Agreement and can continue to earn a 70% interest in the joint venture by incurring C$30 million in work expenditures on or before November 2026 (including expenditures incurred by Osisko Mining prior to October 2024). This strategic transaction highlights Bonterra's dedication to advancing its exploration assets, marking a significant step towards development.

(1) See press release dated February 23, 2026 and titled "Bonterra Reports Significant Mineral Resources Growth at Barry and Gladiator Deposits" for further details.
(2) See press release dated April 1, 2026 and titled "Bonterra Reports Significant Mineral Resource Growth at Bachelor and Moroy, 100% owned Deposits and Provides Corporate Updates" for further details.
(3) See press release dated October 14, 2026 and titled "Bonterra Releases Robust Preliminary Economic Assessment for the Barry Project, Highlighted by After-Tax NPV of C$665 Million and IRR of 54% at US$3,500/oz Long-Term Gold Price" for further details. The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized.

FOR ADDITIONAL INFORMATION

Cesar Gonzaelez, Executive Chairman & Interim CEO
ir@btrgold.com

2872 Sullivan Road, Suite 2, Val d'Or, Québec 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.

Caution regarding forward-looking statements

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward-looking and are often identified by words such as "may", "will", "plan", "expect", "anticipate", "estimate", and "intend". Forward-looking statements in this news release include, without limitation, statements regarding the potential development and construction of the Windfall Project, the continued advancement of the Phoenix JV, and the potential significance of the Windfall Project for the broader Urban-Barry camp.

These statements are based on assumptions considered reasonable by management, including assumptions regarding exploration and development plans, budgets, schedules, regulatory approvals, and the continued advancement of work by Gold Fields. However, forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Such risks include, but are not limited to, changes to exploration or development plans, results that differ from expectations, operational or permitting challenges, the ability of the parties to complete the joint venture, the timing and completion of earn-in expenditures, the speculative nature of mineral exploration, commodity price fluctuations, and the availability of financing. Additional information regarding risks can be found in the Company's filings at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statement except as required by applicable securities laws. All forward-looking statements in this release are expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322155

FAQ

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Does the Windfall environmental approval announced by Bonterra cover the Phoenix joint venture?

The Certificate of Authorization covers the Windfall Project, allowing construction to begin. Bonterra's Phoenix joint venture with Gold Fields is adjacent to Windfall and is governed by a separate earn-in and joint venture agreement with Windfall Mining.