What you need to know: • MTT has commenced its Phase 1 2026 field programs at its Rocky Brook and Prospect Or’s Dream Projects, including soil sampling, large airborne geophysical surveys, prospecting, and trenching. • The program will follow up on targets generated from 2025 field work and machine learning, and advance new targets for future testing. • The program will follow up on targets generated from 2025 field work and machine learning, and advance new targets for future testingSince our last note, the Company has expanded the Rocky Brook Project by 5,770ha and acquired the Shellbird Gold Project in western Newfoundland, both via staking. • Since our late note, MTT has added the 30,650ha Shellbird Gold Project in western Newfoundland via staking and expanded the Rocky Brook Project, continuing its low-cost growth strategy. This morning, Magna Terra Minerals (MTT:TSXV, BRIOF:OTCPK) announced that it has commenced its summer exploration programs at the Rocky Brook and Prospect Or’s Dream Projects in the Bathurst Mining Camp of northern New Brunswick. Since our last note at the end of March (read it here), the Company has also acquired the Shellbird Gold Project in western Newfoundland and expanded the Rocky Brook Project via staking. Collectively, the continued activity reflects the same disciplined, low-cost strategy that we highlighted in our initiation back in October, in which the Company continues to execute on. We are maintaining our BUY rating and target price of $0.30/share on Magna Terra Minerals. Exploration Underway at Rocky Brook & Prospect Or’s Dream The Phase 1 2026 field program is designed to follow up on the geochemical, geophysical, and machine learning targets generated in 2025, while advancing new priority targets for testing in H2/26 and into 2027. At Rocky Brook, the program includes 2,500 soil samples, a 787-line km airborne magnetic and electromagnetic (EM) survey over the expanded Fournier Lake Gold Property, and prospecting/geological mapping to follow up on 2025 targets. Trench mapping and channel sampling will also be completed at the Fossil Hill Zone, which was exposed in late 2025. And at Prospect Or’s Dream, the program will include 1,000 soil samples over the newly discovered trend, a 1,042-line km airborne magnetic and electromagnetic survey, and first-pass prospecting and geological mapping.