Canterra Minerals Stakes Prospective Critical Minerals Property in the Ring of Fire, Ontario

Vancouver, July 17, 2023 - Canterra Minerals Corp. (TSXV: CTM) (OTCQB: CTMCF) ("Canterra" or the "Company") is pleased to announce the staking of prospective Ni-Cu-PGE mineral claims in the prolific Ring of Fire region in Ontario, Canada. This is an opportunistic acquisition that leverages the Company's extensive exploration database in the region and is consistent with the Company's broader critical mineral exploration strategy focused on underexplored and prospective regions of Canada.

Highlights:

• The Ring of Fire Project (the "Project") is located in the Ontario Ring of Fire region, in close proximity and similar geological setting to Eagles Nest which is one of the largest undeveloped, high-grade nickel-copper-platinum-palladium deposits in the world, located in the Ring of Fire region of Northern Ontario, and is 20 km from the proposed Ring of Fire Northern Road Link.

• This acquisition resulted from the Company's strategic shift to critical minerals exploration and was facilitated through the re-evaluation of historic data from the Company's predecessors' (Diamondex Resources Ltd.) drilling, geophysical and geological datasets in the Ring of Fire. These datasets included several highly anomalous drill ready targets identified by previous operators of the historic projects.

• The Ring of Fire Region is host to several world class deposits and is currently in the process of a major infrastructure push from all levels of government.

Figure 1: Location of Canterra Newly Staked Claims

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Christopher Pennimpede, CEO stated: "This staking is a result of leveraging Canterra's extensive critical mineral databases that it possesses for Newfoundland and Ontario. Reinterpreting this data has identified the opportunity to stake this highly prospective Ni-Cu-PGE and VMS ground in the world class Ring of Fire region. As stated in our previous news release, Canterra will continue to utilize its wealth of knowledge to identify these critical mineral opportunities and execute on them. We look forward to partnering with parties to explore this nickel-rich region in conjunction with a significant infrastructure investment from multiple levels of government."

Ring of Fire Project Overview

The Company's 100%-owned Ring of Fire Project comprises 3,011 hectares acquired through staking, 40 km SW of the Ni-PGE Eagles Nest Deposit. The Project is located in an area considered to be highly prospective for metal deposits, particularly nickel and platinum group elements, but remains underexplored due to a lack of bedrock exposure in the James Bay Lowland Region, allowing for an excellent opportunity for high grade critical mineral discoveries ahead of infrastructure development. This area has not been drilled previously and contains several high priority drill targets and VTEM anomalies.

The Company's predecessors, Diamondex Resources Ltd. ("Diamondex") previously held more than 160,000 hectares in the James Bay Lowlands Region of Ontario, and Canterra's historical database of Diamondex exploration includes:

• Over 12,500 line km of heli-airborne VTEM
• Seven diamond drill holes (1,700 metres) with Borehole Pulse EM
• 12 Surface Pulse EM survey lines
• Over 70 ranked geophysical VTEM anomalies

Figure 2: Area of Canterra's Ontario Data

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The newly staked claims contain several of the top anomalous geophysical targets located in geology that is analogous to the host rocks for the Eagles Nest Deposit. Mafic to ultramafic intrusive rocks are host to many magmatic nickel sulphide deposits and the staking targeted this geological rock type containing known EM anomalies. These datasets also identify other prospective targets in the region, some of which remain available for acquisition, that may be acquired in the future.

Figure 3: Canterra Minerals newly staked claims with geology and geophysical targets

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Technical information disclosed in this news release has been reviewed and approved by Chris Pennimpede, P.Geo., CEO for Canterra Minerals Corp., and a Qualified Person as defined by National Instrument 43-101.

About Canterra Minerals

Canterra Minerals is a diversified minerals exploration company with a focus on critical minerals (zinc and copper) in central Newfoundland. Canterra's critical metals projects include four deposits which host compliant resources with considerable exploration potential. The deposits are located in close proximity to Teck Resources' past producing Duck Pond mine and the past producing Buchans Mine. The deposits host a combined complaint resource of 4.1 million tonnes of Indicated Resources and 1.2 million tonnes of Inferred Resources. See the NI 43-101 Technical Report "Lemarchant and South Tally Project, Technical Report and Updated Mineral Resource Estimate" effective September 20, 2018. In addition, Canterra holds exploration stage gold properties that cover 80 km of strike length of the regional gold bearing Rogerson Lake structural corridor which hosts Marathon Gold Corporation's feasibility stage Valentine Lake Gold Project. The gold projects have been subject to four drilling campaigns, demonstrating many gold occurrences and warranting further exploration. In Alberta, Canada, Canterra also holds a 50% interest and is operator of the Buffalo Hills diamond project, with Star Diamond Corporation holding the remaining interest. The Buffalo Hills diamond project has been subject to considerable exploration expenditures, including a bulk sample, which has identified 38 kimberlites.

ON BEHALF OF THE BOARD OF Canterra Minerals Corp.

Chris Pennimpede
President & CEO
Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (604) 687-6644
Email: info@canterraminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company's public filings under its respective SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

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