{"success":true,"data":{"pressRelease":{"id":"168540","rtpr_id":"nNFC5H0Rqd-20261014","ticker":"BTR","exchange":"","all_tickers":["BTR"],"title":"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","author":"Newsfile Corp","published_at":"2026-10-14T10:00:22.269Z","article_body":"Val-d'Or, Quebec--(Newsfile Corp. - October 14, 2026) - Bonterra Resources\nInc. (TSXV: BTR) (OTCQB: BONXF) (FSE: 9BR2) (\"Bonterra\" or the \"Company\") is\npleased to announce robust results from the independent preliminary economic\nassessment (\"PEA\") on the Barry open pit and underground project (the\n\"Project\") in the Urban-Barry Camp in northern Quebec. The PEA has been\nprepared by BBA Consultants (\"BBA\") in accordance with National Instrument\n43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"). The PEA\nis based on the recent mineral resources estimate that was prepared by P&E\nMining Consultants Inc. (see press release dated February 23, 2026). BBA has\nindependently reviewed and endorsed the mine engineering and cost estimates as\nused in the PEA. The Project is under a definitive earn-in and joint venture\nagreement (the \"JV Agreement\") with Gold Fields Limited (\"Gold Fields\"). Under\nthe JV Agreement, Gold Fields, through its affiliate Windfall Mining Group\nInc. (\"Windfall Mining\"), has the right to acquire a 70% interest in the\nProject by spending C$30 million in work expenditures, with a minimum spending\ncommitment of C$10 million per year over a three-year period (see press\nrelease dated November 28, 2023, for more details). The PEA and this news\nrelease have been prepared solely by Bonterra. Neither Gold Fields nor\nWindfall Mining has contributed, reviewed, verified, approved or endorsed this\nnews release, the PEA, its assumptions or the development scenario described\ntherein.\n\nPEA Highlights (100% Project Basis)\n* Long-term gold price per ounce (\"oz\"): US$3,500\n* Exchange rate: C$1.00 = US$0.74\n* After-tax net present value (\"NPV\") at a 5% discount rate: C$665 million\n* After-tax internal rate of return (\"IRR\"): 54%\n* Initial capital costs: C$119 million\n* Sustaining life of mine (\"LOM\") capital costs: C$354 million\n* Total mill feed: 8.4 million tonnes (\"Mt\") at 2.79 grams-per-tonne gold\n(\"g/t Au\")\n* LOM average annual payable gold: 87,097 oz\n* LOM Open pit strip ratio (waste: mined resource): 6.7:1\n* LOM total production: 696,772 oz (93.0% mill recovery)\n* LOM cash costs: C$2,411/oz (US$1,786/oz)\n* LOM all-in sustaining costs (\"AISC\"): C$3,017/oz (US$2,235oz)\nCesar Gonzalez, Executive Chairman and Interim CEO commented: \"Bonterra's PEA\ndemonstrates the potential economic viability and robustness of the Project in\na conceptual case based on a toll-milling operating model and on a 100%\nproject basis. The PEA outlines a project requiring modest upfront investment\nthat is expected to produce an average of 87,097 ounces of gold per year and\ngenerate average annual pre-tax net cash flow of more than C$131 million if\ncommercial production is achieved under the development scenario contemplated\nby the PEA. At a spot gold price of US$4,100 per ounce, the PEA estimates an\nafter-tax NPV of C$976 million and an after-tax IRR of 77%, highlighting the\nsignificant leverage of the Project to higher gold prices. The Project\nincludes the existing mining lease, established infrastructure, and an\nunderground ramp providing rapid access to the underground workings.\nImportantly, the PEA mine plan incorporates only approximately 40% of the\ncontained gold ounces in the February 2026 MRE, highlighting significant\npotential for resource conversion and mine plan expansion, particularly as the\nBarry deposit remains open at depth, with mineralization identified more than\n100 meters beyond the MRE boundary.\"\n\nOverview\n\nThe Project is located 110 kilometers (\"km\") east of Lebel-sur-Quévillon,\nwhich is 150 km to the city of Val d'Or, in the mining-friendly province of\nQuebec, within the Abitibi Greenstone Belt. Past production occurred in\n2006-2008 at Barry where over 600,000 tonnes were processed at the Bachelor\nMill, producing over 43,000 ounces of gold. In 2018, Bonterra constructed an\nunderground exploration ramp extending to 100 m below the surface. The PEA\nassumes the availability of certain existing infrastructure and the ability to\nobtain or maintain the approvals, mining lease, essential permits and\nthird-party arrangements required to implement the development scenario. No\nassurance is provided that those assumptions will be realized or that the\ndevelopment scenario will be approved or implemented.\n\nMine Plan and Production Overview\n\nBonterra's PEA mine plan contemplates eight years of mine operations, during\nwhich approximately 700,000 ounces of gold are expected to be produced. It\nalso contemplates mining using a combination of underground and open pit\nmethods (see Figure 1), with the extracted mineralized material processed at a\nnearby toll-milling facility. The open pit and underground mine plans were\nevaluated using Deswik(TM) algorithms to create optimal mineable shapes based\non economic and technical parameters such as mine dilution and recovery.\n\nOpen pit mine design consists of 10.0 m high benches with an overall slope\nangle of 45 degrees. Proposed production totals 4.9 Mt, along with 33.0 Mt of\noverburden and waste rock, leading to a LOM strip ratio of 6.7. The open pit\noperation has an average mined grade of 1.9 g/t Au, resulting in total\ncontained gold production of more than 302,000 ounces. The PEA contemplates\nunderground mining continuing throughout the open pit mining operations. The\nunderground mine plan comprises 3.4 Mt of mineralized material mined at an\naverage grade of 4.05 g/t Au, containing approximately 448,000 ounces of gold.\nThe contemplated underground mining methods consist of a combination of\nlong-hole mining and modified cut and fill operation. The metallurgical\ninformation presented in the PEA was based, among other sources, on historical\nproduction data from Barry open pit mineralized material processed at Bachelor\nMill.\n\n(https://images.newsfilecorp.com/files/1528/318781_42004efbc48ca92a_001full.jpg)\n\nFigure 1: Longitudinal section showing PEA Open pit and Underground Stoping\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1528/318781_42004efbc48ca92a_001full.jpg\n\nBase Case\n\nThe economic analysis was conducted using a 5% discount rate. On an after-tax\nbasis, the Project generates a net present value (\"NPV\") at a 5% discount rate\n(\"NPV₅%\") of C$665 million, an internal rate of return (\"IRR\") of 54%, and a\npayback period of 2.5 years. The life-of-mine (\"LOM\") cash cost and all-in\nsustaining cost (\"AISC\") are estimated at C$2,411/oz and C$3,017/oz,\nrespectively. A summary of the project economics is listed below:\n\nBase Case PEA Summary (100% Project Basis)\n\n Description                                    Unit            Value    \n Total Tonnes Mined (Open Pit and Underground)  Mt              8.4      \n Average Diluted Gold Grade                     g/t             2.79     \n Total Gold Contained                           oz              749,944  \n Overall Gold Recovery                          %               93.0     \n Total Gold Payable                             oz              696,772  \n Mine Life                                      years           7.2      \n Average Annual Gold Produced                   Au oz per year  87,097   \n Long Term Gold Price                           US$/oz          3,500    \n Exchange Rate                                  CAD: USD        0.74     \n Discount Rate                                  %               5        \n Total LOM Revenue                              C$M             3,292    \n Total Royalty Costs (including buyback)        C$M             66       \n Total LOM Operating Costs                      C$M             1,682    \n Total Initial Capital                          C$M             119      \n Cash Cost per ounce                            C$/oz           2,411    \n Total LOM Sustaining Costs                     C$M             354      \n All-in-Sustaining Capital (AISC)               C$/oz           3,017    \n Total LOM Pre-tax Cash Flow                    C$M             1,183    \n Average Annual Pre-tax Cash Flow               C$M             131      \n Total LOM After-tax Free Cash Flow             C$M             827      \n Average Annual After-tax Free Cash Flow        C$M             92       \n After-tax Summary                                                       \n After-tax NPV (5%)                             C$M             665      \n After-tax IRR                                  %               53.5     \n After-tax Payback                              years           2.5      \n\n \n\nCapital and Operating Costs\n\nThe initial capital cost for the Project is estimated at C$118.7 million,\nincluding a C$23.7 million contingency, equivalent 25% of the pre-contingency\ncapital cost estimate (\"CAPEX\"). Infrastructure costs account for C$42.4\nmillion of the initial capital cost, comprising C$41.8 million for power and\nelectrical infrastructure and C$0.6 million for the processing plant. General\nand civil costs are estimated at C$33.4 million, while the remaining C$19.2\nmillion comprises indirect costs. The initial capital estimate for processing\nis based on a toll-milling operating model.\n\nThe sustaining capital cost is estimated at C$354.3 million. Most of the\nunderground sustaining capital is associated with lateral and vertical\ndevelopment (C$210.8 million) and the construction of an electrical station\n(C$36.6 million). The remaining underground capital expenditures are related\nto infrastructure and mine services, including dewatering, ventilation, and\nconstruction. Site closure cost is estimated at C$7.3 million.\n\nThe total capital cost for the project is estimated at C$480.3 million as\nsummarized in the table below.\n\nBarry Capital Cost Summary (100% Project Basis)\n\n Capital Cost Description  CAPEX C$M  \n General and Civil         33.4       \n Infrastructures           42.4       \n Indirect Costs            19.2       \n Contingency               23.7       \n Initial CAPEX             118.7      \n Sustaining Capex          354.3      \n Site Closure Costs        7.3        \n Total                     480.3      \n\n \n\nProject Operating Cost Summary (100% Project Basis)\n\n Operating Cost Description  Unit         Cost          \n Mining - Open pit           C$/t milled  73.33         \n Mining - Underground        C$/t milled  199.28        \n Processing                  C$/t milled  44.56         \n Transport & Refining        C$/t milled  10.41         \n G&A                         C$/t milled  20.86         \n Total                       C$/t milled  200.95 ((1))  \n\n(1) Weighted average between OP and UG mining cost.\n\nCash Cost and All in Sustaining Costs Summary (100% Project Basis)\n\n Cash and AISC Costs  Unit    Cost   \n Cash Cost            C$/oz   2,411  \n AISC                 C$/oz   3,017  \n Cash Cost            US$/oz  1,786  \n AISC                 US$/oz  2,235  \n\n \n\nSensitivity Analysis\n\nA financial sensitivity analysis was conducted on the PEA, after-tax NPV and\nIRR of the Project, using the following variables: capital costs, CAD: USD\nexchange rate and the price of gold. The after-tax results for the Project IRR\nand NPV(5%) based on the sensitivity analysis are summarized below:\n\nNPV Sensitivity Results (after-tax) for Gold Price and Exchange Rate\nVariations\n(100% Project Basis)\n\n NPV@5% (C$ M)                                                    \n Gold Price     US$2,500  US$3,000  US$3,500  US$4,000  US$4,500  \n Exchange Rate                                                    \n 1.43           190       493       774       1,046     1,313     \n 1.41           163       469       747       1,016     1,279     \n 1.39           133       445       720       985       1,246     \n 1.37           102       421       692       955       1,212     \n 1.35           71        397       665       925       1,179     \n 1.33           39        373       638       895       1,145     \n 1.31           8         348       610       864       1,112     \n 1.29           (23)      324       583       833       1,078     \n 1.27           (54)      299       555       802       1,044     \n\n \n\nNPV Sensitivity Results (after-tax) for Capital and Operating Costs Variations\n(100% Project Basis)\n\n NPV@5% (C$ M)                                                         \n CAPEX  60%    70%    80%    90%    100%   110%   120%   130%   140%   \n OPEX                                                                  \n 60%    1,340  1,332  1,323  1,315  1,306  1,297  1,289  1,280  1,271  \n 70%    1,180  1,171  1,163  1,154  1,146  1,137  1,128  1,120  1,111  \n 80%    1,020  1,011  1,003  994    986    977    968    960    951    \n 90%    860    851    843    834    826    817    808    799    791    \n 100%   699    691    682    674    665    657    648    639    631    \n 110%   539    531    522    514    505    497    488    479    470    \n 120%   379    371    362    354    345    336    328    319    310    \n 130%   219    210    202    193    185    176    167    159    150    \n 140%   59     50     42     33     25     16     7      (1)    (10)   \n\n \n\nThe sensitivity analysis reveals that the price of gold has the most\nsignificant influence on both NPV and IRR. After the price of gold, the NPV\nand IRR were most impacted by the OPEX and to a lesser extent by variation in\ncapital costs and exchange rate.\n\nMineral Resources\n\nThe Company notes that mineral resources are not mineral reserves as they do\nnot have demonstrated economic viability. The Company further notes that a PEA\nis preliminary in nature and may include inferred mineral resources that are\nconsidered too speculative geologically to have economic consideration applied\nto them that would enable them to be categorized as mineral reserves, and\nthere is no certainty that the PEA will be realized. All figures are stated in\nCanadian dollars unless otherwise stated.\n\nPhoenix JV\n\nUnder the JV Agreement, Gold Fields has the right to acquire a 70% interest in\nthe Project by spending C$30 million in work expenditures, with a minimum\nspending commitment of C$10 million per year over a three-year period (see\npress release dated November 28, 2023).\n\nThis news release, including the PEA disclosed herein, has been prepared\nsolely by the Company and is based on information available to the Company as\nof the date hereof. Neither Gold Fields nor its affiliate Windfall Mining\nparticipated in the preparation of, or has verified, approved, or endorsed the\nPEA or the content of this news release, and no representation or warranty is\nmade by Gold Fields or Windfall Mining with respect thereto. References to the\nPhoenix Joint Venture are provided for contextual purposes only and should not\nbe construed as statements made by, or on behalf of, Gold Fields or Windfall\nMining.\n\nBonterra's PEA does not constitute an approved program, budget or development\ndecision under the JV Agreement. Nothing in this news release should be\ninterpreted as indicating that Gold Fields or Windfall Mining intends to\npursue, fund or implement the mine plan or development scenario described in\nthe PEA. If Gold Fields completes the earn-in, future exploration, evaluation\nand development activities will be determined in accordance with the\napplicable governance, operatorship and approval provisions of the JV\nAgreement.\n\nQUALIFIED PERSONS\n\nThe PEA production scenario is based on the Measured, Indicated and Inferred\nmineral resources from the 2026 MRE issued on February 23, 2026. The PEA was\nprepared by the following Qualified Persons as defined by NI 43-101: Gabriel\nMonty, P.Eng.; Vera Gella, P.Eng.; Benoit Ouellet, P.Eng.  Hugo Latulippe,\nP.Eng, of BBA Consultants; and Antoine Yassa, P.Geo. OGQ of P&E Mining\nConsultants Inc. as it relates to MREs, all each of whom are independent of\nthe Company in accordance with NI 43-101. They are not aware of any\nenvironmental, permitting, legal, title, taxation, socio-economic, marketing,\npolitical, or other relevant factors that could materially affect the results\nof the PEA. The Qualified Persons have reviewed, verified, and approved the\nscientific and technical data for which they have responsibility contained in\nthis news release pertaining to the PEA.\n\nThe full technical report, which is being prepared in accordance with NI\n43-101 - Standards of Disclosure for Mineral Projects will be available on\nSEDAR+ (www.sedarplus.com) under the Company's issuer profile within 45 days\nfrom this news release. The effective date of the PEA is October 8, 2026.\n\nAbout Bonterra Resources Inc.\n\nBonterra is a Canadian gold exploration company with a portfolio of advanced\nexploration assets anchored by a central milling facility in Quebec, Canada.\nThe Company's assets include the Gladiator, Barry((1)), Moroy, and\nBachelor((2)) gold deposits, which collectively hold 16.8 million tonnes\n(\"Mt\") at an average grade of 3.02 g/t Au for 1.63 million ounces (\"Moz\") of\nMeasured & Indicated Mineral Resources, plus 15.6 Mt at 4.32 g/t Au for 2.17\nMoz of Inferred Mineral Resources.\n\nIn November 2023, the Company entered into an earn-in and joint venture\nagreement with Osisko Mining Inc. (\"Osisko Mining\") for the Urban-Barry\nproperties (the \"JV Agreement\"), which include the Gladiator and Barry\ndeposits. In October 2024, Gold Fields Ltd, through a wholly owned Canadian\nsubsidiary Windfall Mining Group Inc., completed the acquisition of Osisko\nMining for C$2.16 billion. Windfall Mining Group Inc. is now the counterparty\nto the JV Agreement and can continue to earn a 70% interest in the joint\nventure by incurring C$30 million in work expenditures on or before November\n2026 (including expenditures incurred by Osisko Mining prior to October 2024).\nThis strategic transaction highlights Bonterra's dedication to advancing its\nexploration assets, marking a significant step towards development.\n\n1) See news release of the Company dated February 23, 2026, and titled\n\"Bonterra Reports Significant Mineral Resources Growth at Barry and Gladiator\nDeposits\" for further details.\n2) See news release of the Company dated April 1, 2026, and titled \"Bonterra\nReports Significant Mineral Resource Growth at Bachelor and Moroy, 100% owned\nDeposits and Provides Corporate Updates\" for further details.\n\nFOR ADDITIONAL INFORMATION\n\nCesar Gonzalez, Executive Chairman & Interim CEO\nir@btrgold.com\n\n2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9\n819-825-8678 | Website: www.btrgold.com\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nCautionary and Forward-Looking Statements\n\nThe reader is advised that the PEA summarized in this press release is\nintended to provide only an initial, high-level review of the Project\npotential and design options. The PEA mine plan and economic model include\nnumerous assumptions and the use of Inferred resources. Inferred resources are\nconsidered to be too speculative to be used in an economic analysis except as\nallowed for by Canadian Securities Administrators' National Instrument 43-101\nin PEA studies. There is no guarantee that Inferred resources can be converted\nto Indicated or Measured resources, and as such, there is no guarantee the\nProject economics described herein will be achieved.\n\nThis news release contains \"forward-looking information\" within the meaning of\nthe applicable Canadian securities legislation that is based on expectations,\nestimates, projections and interpretations as at the date of this news\nrelease. Any statement that implies predictions, expectations,\ninterpretations, opinions, plans, projections, objectives, assumptions, future\nevents or performance (often using words such as \"expects\" or \"does not\nexpect\", \"is expected\", \"interpreted\", \"in management's opinion\",\n\"anticipates\", or \"plans\", \"budget\", \"schedule\", \"intends\", \"forecasts\",\n\"estimates\", \"believes\", or variations of such words and phrases or statements\nthat certain actions, events or results \"may\", \"could\", \"should\", \"would\",\n\"might\" or \"will\" be taken, occur or be achieved) is not a statement of\nhistorical fact and may constitute forward-looking information and is intended\nto identify forward-looking information. This news release may contain\nforward-looking information relating to, among other things, the outlook for\nthe Barry, Gladiator, Moroy and Bachelor projects; updated mineral resources,\nBarry Open Pit PEA; the deposit remaining open laterally and at depth; and\nfuture drilling. These factors include, but are not limited to, risks\nassociated with the ability of exploration activities (including drilling\nresults) to accurately predict mineralization; the Company's ability to obtain\nrequired approvals; the results of exploration activities; risks associated\nwith mining operations; global economic conditions; metal prices; dilution;\nenvironmental risks; and community and non-governmental actions. Although the\nforward-looking information contained in this news release is based on\nassumptions that management believes are reasonable at the time of release,\nBonterra cannot assure shareholders and prospective purchasers of the\nCompany's securities that actual results will be consistent with the\nforward-looking information, as there may be other factors that cause results\nnot to be as anticipated, estimated or intended, and neither Bonterra nor any\nother person assumes responsibility for the accuracy or completeness of\nforward-looking information. All statements made, other than statements of\nhistorical fact, that address the Company's intentions and the events and\ndevelopments that the Company anticipates, are considered forward-looking\nstatements. Although the Company believes that the expectations expressed in\nsuch forward-looking statements are based on reasonable assumptions, such\nstatements are not guarantees of future performance, and actual results or\ndevelopments may differ from those in the forward-looking statements.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/318781","article_body_html":"","raw_payload":{"data":{"id":"nNFC5H0Rqd-20261014","title":"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","author":"Newsfile Corp","ticker":"BTR","created":"2026-10-14T10:00:22.269Z","tickers":["BTR"],"exchange":"","article_body":"Val-d'Or, Quebec--(Newsfile Corp. - October 14, 2026) - Bonterra Resources\nInc. (TSXV: BTR) (OTCQB: BONXF) (FSE: 9BR2) (\"Bonterra\" or the \"Company\") is\npleased to announce robust results from the independent preliminary economic\nassessment (\"PEA\") on the Barry open pit and underground project (the\n\"Project\") in the Urban-Barry Camp in northern Quebec. The PEA has been\nprepared by BBA Consultants (\"BBA\") in accordance with National Instrument\n43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"). The PEA\nis based on the recent mineral resources estimate that was prepared by P&E\nMining Consultants Inc. (see press release dated February 23, 2026). BBA has\nindependently reviewed and endorsed the mine engineering and cost estimates as\nused in the PEA. The Project is under a definitive earn-in and joint venture\nagreement (the \"JV Agreement\") with Gold Fields Limited (\"Gold Fields\"). Under\nthe JV Agreement, Gold Fields, through its affiliate Windfall Mining Group\nInc. (\"Windfall Mining\"), has the right to acquire a 70% interest in the\nProject by spending C$30 million in work expenditures, with a minimum spending\ncommitment of C$10 million per year over a three-year period (see press\nrelease dated November 28, 2023, for more details). The PEA and this news\nrelease have been prepared solely by Bonterra. Neither Gold Fields nor\nWindfall Mining has contributed, reviewed, verified, approved or endorsed this\nnews release, the PEA, its assumptions or the development scenario described\ntherein.\n\nPEA Highlights (100% Project Basis)\n* Long-term gold price per ounce (\"oz\"): US$3,500\n* Exchange rate: C$1.00 = US$0.74\n* After-tax net present value (\"NPV\") at a 5% discount rate: C$665 million\n* After-tax internal rate of return (\"IRR\"): 54%\n* Initial capital costs: C$119 million\n* Sustaining life of mine (\"LOM\") capital costs: C$354 million\n* Total mill feed: 8.4 million tonnes (\"Mt\") at 2.79 grams-per-tonne gold\n(\"g/t Au\")\n* LOM average annual payable gold: 87,097 oz\n* LOM Open pit strip ratio (waste: mined resource): 6.7:1\n* LOM total production: 696,772 oz (93.0% mill recovery)\n* LOM cash costs: C$2,411/oz (US$1,786/oz)\n* LOM all-in sustaining costs (\"AISC\"): C$3,017/oz (US$2,235oz)\nCesar Gonzalez, Executive Chairman and Interim CEO commented: \"Bonterra's PEA\ndemonstrates the potential economic viability and robustness of the Project in\na conceptual case based on a toll-milling operating model and on a 100%\nproject basis. The PEA outlines a project requiring modest upfront investment\nthat is expected to produce an average of 87,097 ounces of gold per year and\ngenerate average annual pre-tax net cash flow of more than C$131 million if\ncommercial production is achieved under the development scenario contemplated\nby the PEA. At a spot gold price of US$4,100 per ounce, the PEA estimates an\nafter-tax NPV of C$976 million and an after-tax IRR of 77%, highlighting the\nsignificant leverage of the Project to higher gold prices. The Project\nincludes the existing mining lease, established infrastructure, and an\nunderground ramp providing rapid access to the underground workings.\nImportantly, the PEA mine plan incorporates only approximately 40% of the\ncontained gold ounces in the February 2026 MRE, highlighting significant\npotential for resource conversion and mine plan expansion, particularly as the\nBarry deposit remains open at depth, with mineralization identified more than\n100 meters beyond the MRE boundary.\"\n\nOverview\n\nThe Project is located 110 kilometers (\"km\") east of Lebel-sur-Quévillon,\nwhich is 150 km to the city of Val d'Or, in the mining-friendly province of\nQuebec, within the Abitibi Greenstone Belt. Past production occurred in\n2006-2008 at Barry where over 600,000 tonnes were processed at the Bachelor\nMill, producing over 43,000 ounces of gold. In 2018, Bonterra constructed an\nunderground exploration ramp extending to 100 m below the surface. The PEA\nassumes the availability of certain existing infrastructure and the ability to\nobtain or maintain the approvals, mining lease, essential permits and\nthird-party arrangements required to implement the development scenario. No\nassurance is provided that those assumptions will be realized or that the\ndevelopment scenario will be approved or implemented.\n\nMine Plan and Production Overview\n\nBonterra's PEA mine plan contemplates eight years of mine operations, during\nwhich approximately 700,000 ounces of gold are expected to be produced. It\nalso contemplates mining using a combination of underground and open pit\nmethods (see Figure 1), with the extracted mineralized material processed at a\nnearby toll-milling facility. The open pit and underground mine plans were\nevaluated using Deswik(TM) algorithms to create optimal mineable shapes based\non economic and technical parameters such as mine dilution and recovery.\n\nOpen pit mine design consists of 10.0 m high benches with an overall slope\nangle of 45 degrees. Proposed production totals 4.9 Mt, along with 33.0 Mt of\noverburden and waste rock, leading to a LOM strip ratio of 6.7. The open pit\noperation has an average mined grade of 1.9 g/t Au, resulting in total\ncontained gold production of more than 302,000 ounces. The PEA contemplates\nunderground mining continuing throughout the open pit mining operations. The\nunderground mine plan comprises 3.4 Mt of mineralized material mined at an\naverage grade of 4.05 g/t Au, containing approximately 448,000 ounces of gold.\nThe contemplated underground mining methods consist of a combination of\nlong-hole mining and modified cut and fill operation. The metallurgical\ninformation presented in the PEA was based, among other sources, on historical\nproduction data from Barry open pit mineralized material processed at Bachelor\nMill.\n\n(https://images.newsfilecorp.com/files/1528/318781_42004efbc48ca92a_001full.jpg)\n\nFigure 1: Longitudinal section showing PEA Open pit and Underground Stoping\n\nTo view an enhanced version of this graphic, please visit:\nhttps://images.newsfilecorp.com/files/1528/318781_42004efbc48ca92a_001full.jpg\n\nBase Case\n\nThe economic analysis was conducted using a 5% discount rate. On an after-tax\nbasis, the Project generates a net present value (\"NPV\") at a 5% discount rate\n(\"NPV₅%\") of C$665 million, an internal rate of return (\"IRR\") of 54%, and a\npayback period of 2.5 years. The life-of-mine (\"LOM\") cash cost and all-in\nsustaining cost (\"AISC\") are estimated at C$2,411/oz and C$3,017/oz,\nrespectively. A summary of the project economics is listed below:\n\nBase Case PEA Summary (100% Project Basis)\n\n Description                                    Unit            Value    \n Total Tonnes Mined (Open Pit and Underground)  Mt              8.4      \n Average Diluted Gold Grade                     g/t             2.79     \n Total Gold Contained                           oz              749,944  \n Overall Gold Recovery                          %               93.0     \n Total Gold Payable                             oz              696,772  \n Mine Life                                      years           7.2      \n Average Annual Gold Produced                   Au oz per year  87,097   \n Long Term Gold Price                           US$/oz          3,500    \n Exchange Rate                                  CAD: USD        0.74     \n Discount Rate                                  %               5        \n Total LOM Revenue                              C$M             3,292    \n Total Royalty Costs (including buyback)        C$M             66       \n Total LOM Operating Costs                      C$M             1,682    \n Total Initial Capital                          C$M             119      \n Cash Cost per ounce                            C$/oz           2,411    \n Total LOM Sustaining Costs                     C$M             354      \n All-in-Sustaining Capital (AISC)               C$/oz           3,017    \n Total LOM Pre-tax Cash Flow                    C$M             1,183    \n Average Annual Pre-tax Cash Flow               C$M             131      \n Total LOM After-tax Free Cash Flow             C$M             827      \n Average Annual After-tax Free Cash Flow        C$M             92       \n After-tax Summary                                                       \n After-tax NPV (5%)                             C$M             665      \n After-tax IRR                                  %               53.5     \n After-tax Payback                              years           2.5      \n\n \n\nCapital and Operating Costs\n\nThe initial capital cost for the Project is estimated at C$118.7 million,\nincluding a C$23.7 million contingency, equivalent 25% of the pre-contingency\ncapital cost estimate (\"CAPEX\"). Infrastructure costs account for C$42.4\nmillion of the initial capital cost, comprising C$41.8 million for power and\nelectrical infrastructure and C$0.6 million for the processing plant. General\nand civil costs are estimated at C$33.4 million, while the remaining C$19.2\nmillion comprises indirect costs. The initial capital estimate for processing\nis based on a toll-milling operating model.\n\nThe sustaining capital cost is estimated at C$354.3 million. Most of the\nunderground sustaining capital is associated with lateral and vertical\ndevelopment (C$210.8 million) and the construction of an electrical station\n(C$36.6 million). The remaining underground capital expenditures are related\nto infrastructure and mine services, including dewatering, ventilation, and\nconstruction. Site closure cost is estimated at C$7.3 million.\n\nThe total capital cost for the project is estimated at C$480.3 million as\nsummarized in the table below.\n\nBarry Capital Cost Summary (100% Project Basis)\n\n Capital Cost Description  CAPEX C$M  \n General and Civil         33.4       \n Infrastructures           42.4       \n Indirect Costs            19.2       \n Contingency               23.7       \n Initial CAPEX             118.7      \n Sustaining Capex          354.3      \n Site Closure Costs        7.3        \n Total                     480.3      \n\n \n\nProject Operating Cost Summary (100% Project Basis)\n\n Operating Cost Description  Unit         Cost          \n Mining - Open pit           C$/t milled  73.33         \n Mining - Underground        C$/t milled  199.28        \n Processing                  C$/t milled  44.56         \n Transport & Refining        C$/t milled  10.41         \n G&A                         C$/t milled  20.86         \n Total                       C$/t milled  200.95 ((1))  \n\n(1) Weighted average between OP and UG mining cost.\n\nCash Cost and All in Sustaining Costs Summary (100% Project Basis)\n\n Cash and AISC Costs  Unit    Cost   \n Cash Cost            C$/oz   2,411  \n AISC                 C$/oz   3,017  \n Cash Cost            US$/oz  1,786  \n AISC                 US$/oz  2,235  \n\n \n\nSensitivity Analysis\n\nA financial sensitivity analysis was conducted on the PEA, after-tax NPV and\nIRR of the Project, using the following variables: capital costs, CAD: USD\nexchange rate and the price of gold. The after-tax results for the Project IRR\nand NPV(5%) based on the sensitivity analysis are summarized below:\n\nNPV Sensitivity Results (after-tax) for Gold Price and Exchange Rate\nVariations\n(100% Project Basis)\n\n NPV@5% (C$ M)                                                    \n Gold Price     US$2,500  US$3,000  US$3,500  US$4,000  US$4,500  \n Exchange Rate                                                    \n 1.43           190       493       774       1,046     1,313     \n 1.41           163       469       747       1,016     1,279     \n 1.39           133       445       720       985       1,246     \n 1.37           102       421       692       955       1,212     \n 1.35           71        397       665       925       1,179     \n 1.33           39        373       638       895       1,145     \n 1.31           8         348       610       864       1,112     \n 1.29           (23)      324       583       833       1,078     \n 1.27           (54)      299       555       802       1,044     \n\n \n\nNPV Sensitivity Results (after-tax) for Capital and Operating Costs Variations\n(100% Project Basis)\n\n NPV@5% (C$ M)                                                         \n CAPEX  60%    70%    80%    90%    100%   110%   120%   130%   140%   \n OPEX                                                                  \n 60%    1,340  1,332  1,323  1,315  1,306  1,297  1,289  1,280  1,271  \n 70%    1,180  1,171  1,163  1,154  1,146  1,137  1,128  1,120  1,111  \n 80%    1,020  1,011  1,003  994    986    977    968    960    951    \n 90%    860    851    843    834    826    817    808    799    791    \n 100%   699    691    682    674    665    657    648    639    631    \n 110%   539    531    522    514    505    497    488    479    470    \n 120%   379    371    362    354    345    336    328    319    310    \n 130%   219    210    202    193    185    176    167    159    150    \n 140%   59     50     42     33     25     16     7      (1)    (10)   \n\n \n\nThe sensitivity analysis reveals that the price of gold has the most\nsignificant influence on both NPV and IRR. After the price of gold, the NPV\nand IRR were most impacted by the OPEX and to a lesser extent by variation in\ncapital costs and exchange rate.\n\nMineral Resources\n\nThe Company notes that mineral resources are not mineral reserves as they do\nnot have demonstrated economic viability. The Company further notes that a PEA\nis preliminary in nature and may include inferred mineral resources that are\nconsidered too speculative geologically to have economic consideration applied\nto them that would enable them to be categorized as mineral reserves, and\nthere is no certainty that the PEA will be realized. All figures are stated in\nCanadian dollars unless otherwise stated.\n\nPhoenix JV\n\nUnder the JV Agreement, Gold Fields has the right to acquire a 70% interest in\nthe Project by spending C$30 million in work expenditures, with a minimum\nspending commitment of C$10 million per year over a three-year period (see\npress release dated November 28, 2023).\n\nThis news release, including the PEA disclosed herein, has been prepared\nsolely by the Company and is based on information available to the Company as\nof the date hereof. Neither Gold Fields nor its affiliate Windfall Mining\nparticipated in the preparation of, or has verified, approved, or endorsed the\nPEA or the content of this news release, and no representation or warranty is\nmade by Gold Fields or Windfall Mining with respect thereto. References to the\nPhoenix Joint Venture are provided for contextual purposes only and should not\nbe construed as statements made by, or on behalf of, Gold Fields or Windfall\nMining.\n\nBonterra's PEA does not constitute an approved program, budget or development\ndecision under the JV Agreement. Nothing in this news release should be\ninterpreted as indicating that Gold Fields or Windfall Mining intends to\npursue, fund or implement the mine plan or development scenario described in\nthe PEA. If Gold Fields completes the earn-in, future exploration, evaluation\nand development activities will be determined in accordance with the\napplicable governance, operatorship and approval provisions of the JV\nAgreement.\n\nQUALIFIED PERSONS\n\nThe PEA production scenario is based on the Measured, Indicated and Inferred\nmineral resources from the 2026 MRE issued on February 23, 2026. The PEA was\nprepared by the following Qualified Persons as defined by NI 43-101: Gabriel\nMonty, P.Eng.; Vera Gella, P.Eng.; Benoit Ouellet, P.Eng.  Hugo Latulippe,\nP.Eng, of BBA Consultants; and Antoine Yassa, P.Geo. OGQ of P&E Mining\nConsultants Inc. as it relates to MREs, all each of whom are independent of\nthe Company in accordance with NI 43-101. They are not aware of any\nenvironmental, permitting, legal, title, taxation, socio-economic, marketing,\npolitical, or other relevant factors that could materially affect the results\nof the PEA. The Qualified Persons have reviewed, verified, and approved the\nscientific and technical data for which they have responsibility contained in\nthis news release pertaining to the PEA.\n\nThe full technical report, which is being prepared in accordance with NI\n43-101 - Standards of Disclosure for Mineral Projects will be available on\nSEDAR+ (www.sedarplus.com) under the Company's issuer profile within 45 days\nfrom this news release. The effective date of the PEA is October 8, 2026.\n\nAbout Bonterra Resources Inc.\n\nBonterra is a Canadian gold exploration company with a portfolio of advanced\nexploration assets anchored by a central milling facility in Quebec, Canada.\nThe Company's assets include the Gladiator, Barry((1)), Moroy, and\nBachelor((2)) gold deposits, which collectively hold 16.8 million tonnes\n(\"Mt\") at an average grade of 3.02 g/t Au for 1.63 million ounces (\"Moz\") of\nMeasured & Indicated Mineral Resources, plus 15.6 Mt at 4.32 g/t Au for 2.17\nMoz of Inferred Mineral Resources.\n\nIn November 2023, the Company entered into an earn-in and joint venture\nagreement with Osisko Mining Inc. (\"Osisko Mining\") for the Urban-Barry\nproperties (the \"JV Agreement\"), which include the Gladiator and Barry\ndeposits. In October 2024, Gold Fields Ltd, through a wholly owned Canadian\nsubsidiary Windfall Mining Group Inc., completed the acquisition of Osisko\nMining for C$2.16 billion. Windfall Mining Group Inc. is now the counterparty\nto the JV Agreement and can continue to earn a 70% interest in the joint\nventure by incurring C$30 million in work expenditures on or before November\n2026 (including expenditures incurred by Osisko Mining prior to October 2024).\nThis strategic transaction highlights Bonterra's dedication to advancing its\nexploration assets, marking a significant step towards development.\n\n1) See news release of the Company dated February 23, 2026, and titled\n\"Bonterra Reports Significant Mineral Resources Growth at Barry and Gladiator\nDeposits\" for further details.\n2) See news release of the Company dated April 1, 2026, and titled \"Bonterra\nReports Significant Mineral Resource Growth at Bachelor and Moroy, 100% owned\nDeposits and Provides Corporate Updates\" for further details.\n\nFOR ADDITIONAL INFORMATION\n\nCesar Gonzalez, Executive Chairman & Interim CEO\nir@btrgold.com\n\n2872 Sullivan Road, Suite 2, Val d'Or, Quebec J9P 0B9\n819-825-8678 | Website: www.btrgold.com\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nCautionary and Forward-Looking Statements\n\nThe reader is advised that the PEA summarized in this press release is\nintended to provide only an initial, high-level review of the Project\npotential and design options. The PEA mine plan and economic model include\nnumerous assumptions and the use of Inferred resources. Inferred resources are\nconsidered to be too speculative to be used in an economic analysis except as\nallowed for by Canadian Securities Administrators' National Instrument 43-101\nin PEA studies. There is no guarantee that Inferred resources can be converted\nto Indicated or Measured resources, and as such, there is no guarantee the\nProject economics described herein will be achieved.\n\nThis news release contains \"forward-looking information\" within the meaning of\nthe applicable Canadian securities legislation that is based on expectations,\nestimates, projections and interpretations as at the date of this news\nrelease. Any statement that implies predictions, expectations,\ninterpretations, opinions, plans, projections, objectives, assumptions, future\nevents or performance (often using words such as \"expects\" or \"does not\nexpect\", \"is expected\", \"interpreted\", \"in management's opinion\",\n\"anticipates\", or \"plans\", \"budget\", \"schedule\", \"intends\", \"forecasts\",\n\"estimates\", \"believes\", or variations of such words and phrases or statements\nthat certain actions, events or results \"may\", \"could\", \"should\", \"would\",\n\"might\" or \"will\" be taken, occur or be achieved) is not a statement of\nhistorical fact and may constitute forward-looking information and is intended\nto identify forward-looking information. This news release may contain\nforward-looking information relating to, among other things, the outlook for\nthe Barry, Gladiator, Moroy and Bachelor projects; updated mineral resources,\nBarry Open Pit PEA; the deposit remaining open laterally and at depth; and\nfuture drilling. These factors include, but are not limited to, risks\nassociated with the ability of exploration activities (including drilling\nresults) to accurately predict mineralization; the Company's ability to obtain\nrequired approvals; the results of exploration activities; risks associated\nwith mining operations; global economic conditions; metal prices; dilution;\nenvironmental risks; and community and non-governmental actions. Although the\nforward-looking information contained in this news release is based on\nassumptions that management believes are reasonable at the time of release,\nBonterra cannot assure shareholders and prospective purchasers of the\nCompany's securities that actual results will be consistent with the\nforward-looking information, as there may be other factors that cause results\nnot to be as anticipated, estimated or intended, and neither Bonterra nor any\nother person assumes responsibility for the accuracy or completeness of\nforward-looking information. All statements made, other than statements of\nhistorical fact, that address the Company's intentions and the events and\ndevelopments that the Company anticipates, are considered forward-looking\nstatements. Although the Company believes that the expectations expressed in\nsuch forward-looking statements are based on reasonable assumptions, such\nstatements are not guarantees of future performance, and actual results or\ndevelopments may differ from those in the forward-looking statements.\n\n\nTo view the source version of this press release, please visit\nhttps://www.newsfilecorp.com/release/318781"},"type":"article","timestamp":"2026-10-14T10:00:22.331010347Z","server_sent_at_ms":1791972022331},"received_at":"2026-10-14T10:00:22.486Z","source_url":"https://www.newsfilecorp.com/release/318781"},"analysis":{"id":"156808","press_release_id":"168540","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["PEA is preliminary and includes inferred resources considered too speculative geologically to have economic considerations applied","Only ~40% of contained gold in the February 2026 MRE is incorporated in the mine plan","Gold Fields has not endorsed the PEA and no assurance it will fund or implement the development scenario","Base-case NPV highly sensitive to gold price; NPV turns negative below ~US$2,500/oz at weaker exchange rates"],"eventType":"operations_update","narrative":"Bonterra released an independent PEA for the Barry project showing an after-tax NPV of C$665 million and 54% IRR at a US$3,500/oz long-term gold price.\n\nThe base case contemplates roughly 700,000 ounces of gold over 7.2 years at 87,097 oz per year, with C$119 million initial capital and AISC of C$3,017/oz. At spot gold of US$4,100/oz, NPV rises to C$976 million with a 77% IRR.\n\nThe project sits under a JV with Gold Fields' Windfall Mining, which can earn 70% by spending C$30 million. Caveats: the PEA is preliminary, includes inferred resources, and only covers about 40% of contained gold in the February 2026 resource estimate.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Bonterra's Barry PEA delivers a C$665M NPV on modest initial capital, with major upside leverage to record gold prices."},"keyFigures":{"customDimensions":{"aisc_per_oz":"C$3,017/oz","lom_revenue":"C$3,292 million","total_capex":"C$480.3 million","after_tax_irr":"54%","initial_capex":"C$119 million","spot_case_irr":"77%","spot_case_npv":"C$976 million at US$4,100/oz gold","mine_life_years":7.2,"cash_cost_per_oz":"C$2,411/oz","sustaining_capex":"C$354 million","after_tax_npv_cad":"C$665 million","lom_production_oz":696772,"avg_annual_gold_oz":87097,"long_term_gold_price":"US$3,500/oz","avg_annual_pretax_cash_flow":"C$131 million"}},"quotedText":"At a spot gold price of US$4,100 per ounce, the PEA estimates an after-tax NPV of C$976 million and an after-tax IRR of 77%, highlighting the significant leverage of the Project to higher gold prices.","namedEntities":{"people":[{"name":"Cesar Gonzalez","role":"Executive Chairman and Interim CEO"},{"name":"Gabriel Monty","role":"Qualified Person, P.Eng."}],"products":["Barry open pit and underground project"],"companies":[{"name":"Bonterra Resources Inc.","ticker":"BTR","relationship":"filer"},{"name":"BBA Consultants","relationship":"PEA author/engineering consultant"},{"name":"P&E Mining Consultants Inc.","relationship":"mineral resource estimate preparer"},{"name":"Gold Fields Limited","relationship":"JV earn-in partner"},{"name":"Windfall Mining Group Inc.","relationship":"Gold Fields affiliate / JV counterparty"},{"name":"Osisko Mining Inc.","relationship":"former JV counterparty, acquired by Gold Fields"}],"dollarAmounts":[{"amount":"C$665 million","context":"after-tax NPV at 5% discount, base case"},{"amount":"C$119 million","context":"initial capital costs"},{"amount":"C$354 million","context":"sustaining LOM capital costs"},{"amount":"C$480.3 million","context":"total project capital cost"},{"amount":"C$30 million","context":"Gold Fields earn-in work expenditure commitment"},{"amount":"C$976 million","context":"after-tax NPV at US$4,100/oz spot gold"},{"amount":"C$131 million","context":"average annual pre-tax net cash flow"},{"amount":"C$2.16 billion","context":"Gold Fields' 2024 acquisition of Osisko Mining"}]},"materialImpact":{"score":3,"reasoning":"A positive PEA with C$665M after-tax NPV and 54% IRR is a material de-risking milestone for a small-cap gold developer, but it remains preliminary, uses inferred resources, and is not a production or financing decision."},"tickerRelevance":{"others":[],"primary":"BTR"},"globalImportance":30,"audienceRelevance":20,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap TSXV junior miner","eventGravity":"positive PEA milestone, preliminary not reserves","commodityTailwind":"high gold price environment boosts relevance","householdBrandBoost":0}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Bonterra released an independent PEA for the Barry project showing an after-tax NPV of C$665 million and 54% IRR at a US$3,500/oz long-term gold price.\n\nThe base case contemplates roughly 700,000 ounces of gold over 7.2 years at 87,097 oz per year, with C$119 million initial capital and AISC of C$3,017/oz. At spot gold of US$4,100/oz, NPV rises to C$976 million with a 77% IRR.\n\nThe project sits under a JV with Gold Fields' Windfall Mining, which can earn 70% by spending C$30 million. Caveats: the PEA is preliminary, includes inferred resources, and only covers about 40% of contained gold in the February 2026 resource estimate.","key_figures":{"customDimensions":{"aisc_per_oz":"C$3,017/oz","lom_revenue":"C$3,292 million","total_capex":"C$480.3 million","after_tax_irr":"54%","initial_capex":"C$119 million","spot_case_irr":"77%","spot_case_npv":"C$976 million at US$4,100/oz gold","mine_life_years":7.2,"cash_cost_per_oz":"C$2,411/oz","sustaining_capex":"C$354 million","after_tax_npv_cad":"C$665 million","lom_production_oz":696772,"avg_annual_gold_oz":87097,"long_term_gold_price":"US$3,500/oz","avg_annual_pretax_cash_flow":"C$131 million"}},"named_entities":{"people":[{"name":"Cesar Gonzalez","role":"Executive Chairman and Interim CEO"},{"name":"Gabriel Monty","role":"Qualified Person, P.Eng."}],"products":["Barry open pit and underground project"],"companies":[{"name":"Bonterra Resources Inc.","ticker":"BTR","relationship":"filer"},{"name":"BBA Consultants","relationship":"PEA author/engineering consultant"},{"name":"P&E Mining Consultants Inc.","relationship":"mineral resource estimate preparer"},{"name":"Gold Fields Limited","relationship":"JV earn-in partner"},{"name":"Windfall Mining Group Inc.","relationship":"Gold Fields affiliate / JV counterparty"},{"name":"Osisko Mining Inc.","relationship":"former JV counterparty, acquired by Gold Fields"}],"dollarAmounts":[{"amount":"C$665 million","context":"after-tax NPV at 5% discount, base case"},{"amount":"C$119 million","context":"initial capital costs"},{"amount":"C$354 million","context":"sustaining LOM capital costs"},{"amount":"C$480.3 million","context":"total project capital cost"},{"amount":"C$30 million","context":"Gold Fields earn-in work expenditure commitment"},{"amount":"C$976 million","context":"after-tax NPV at US$4,100/oz spot gold"},{"amount":"C$131 million","context":"average annual pre-tax net cash flow"},{"amount":"C$2.16 billion","context":"Gold Fields' 2024 acquisition of Osisko Mining"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-14T10:00:32.263Z","global_importance":30,"audience_relevance":20,"importance_components":{"tickerTier":"small-cap TSXV junior miner","eventGravity":"positive PEA milestone, preliminary not reserves","commodityTailwind":"high gold price environment boosts relevance","householdBrandBoost":0}},"durationMs":9755,"modelName":"glm-5.3-flashx"}}