What you need to know: • CTM reported assays from its eight-hole (2,386m) winter drill program at the Buchans Project, across the Lundberg deposit, the Two Level horizon, and the West Clementine target. • 0.57% CuEq over 57.2m successfully expands and upgrades the large near-surface resource at the Lundberg Deposit. • 4.34% CuEq over 1.65m supports higher grade upside at Two Level. • Phase 2 drilling is now commencing, and the Company is expecting a catalyst-rich 2026 with Wilding MAG results next up. • We recently initiated coverage on CTM; read our full initiation here. This morning, Canterra Minerals Corp. (CTM:TSXV, CTMCF:OTC) released assay results from its Phase 1 winter drill program at the Buchans Project, consisting of eight holes totalling 2,386m. Results support expanding and upgrading the large near-surface resource at the Lundberg Deposit and confirm high-grade potential in a sulphide lens at Two Level. The Company is now kicking off Phase 2 drilling, which is expected to further expand resources and test district-scale opportunities, setting the stage for an exciting 2026. We are maintaining our BUY rating and target price of $0.30/share on Canterra Minerals. At Lundberg, hole H-26-3561 returned 0.57% CuEq over 57.2m (0.25% Cu, 2.74 g/t Ag), including 1.32% CuEq over 11m, successfully infilled a gap in the northeastern resource area, and displayed potential to add near-surface tonnes to the resource with increased confidence. Recall, Lundberg’s current resource (17Mt) contributes the majority of CTM’s 26.7Mt consolidated MRE. Roughly 250m to the south, hole H-26-3562 was highlighted by a high-grade intercept of 2.14% CuEq over 3.1m (1.79% Cu), supporting lateral continuity of copper-rich mineralization, while displaying opportunity for higher-grade zones. Holes H-26-3559 and H-26-3560 returned broader intervals of 0.34% CuEq over 44.5m and 0.17% CuEq over 51.0m, including 0.51% CuEq over 22.0m and 0.49% CuEq over 12.0m. Lundberg remains open for expansion and grade enhancement, and CTM continues to grow and upgrade the near-surface opportunity, which is expected to anchor the district. At the Two Level horizon, hole H-26-3563 intersected 4.34% CuEq over 1.65m (0.63% Cu, 92.30 g/t Ag, 0.69 g/t Au) at 165.8m downhole, validating an opportunity for high grades within a semi-massive sulphide lens. In addition, the hole expanded on a prior intercept of 0.91% CuEq over 86m (reported in February), successfully extending stockwork mineralization at Lundberg below the current pit shell. Two Level remains partially open along strike and at depth. The winter program also included first-pass drilling at the West Clementine target to follow up on significant geophysical anomalies, with lateral extents ranging from ~500m to >1km. The Company drilled two deep holes (H-26-3556 & H-26-3557) totalling over 1,300m, which intersected weakly altered and mineralized volcanic rocks and a large fault structure, with no significant intercepts. The third hole (H-26-3558) was stopped short (334m) of its planned 700m target depth as a result of early spring thaw, leaving the target untested. Drill casing was left in place to finish drilling the third anomaly next winter.