Gold Terra Announces Closing of $3,782,717 Non-Brokered Private Placement

23 November 2022

VANCOUVER, BC / ACCESSWIRE / November 22, 2022 / Gold Terra Resource Corp. (TSX-V:YGT; Frankfurt:TX0; OTC QX:YGTFF) ("Gold Terra" or the "Company") is pleased to announce the closing of the non-brokered private placement (the "Offering") first announced on November 7, 2022 and then increased on November 16, 2022 for gross proceeds of $3,782,717 from the sale of 12,055,585 flow-through shares of the Company ("FT Share") at a price of $0.20 per FT Share and from the sale of 8,572,500 common shares of the Company ("Common Shares") at a price of $0.16 per Common Share.

The gross proceeds from the sale of the FT Shares will be used for expenditures which qualify as "Canadian exploration expenses" ("CEE") and "flow-through mining expenditures" both within the meaning of the Income Tax Act (Canada). The Company will renounce such CEE with an effective date of no later than December 31, 2022. The net proceeds from the sale of the Common Shares will be used for working capital and general corporate purposes.

Gerald Panneton, Chairman & CEO commented, "We are pleased to have completed a successful financing with the support of existing shareholders, and new shareholders. This financing allows the Company to have a substantial winter drilling program on the Con Mine Option Property from Newmont. The program will focus on the Campbell shear ore lenses identified south of the Con Mine and reported in our last updated September 2022 mineral resource estimate (see September 7, 2022 news release). The Campbell shear remains untested and open in many directions south of Con Mine which has previously produced 5.1 Moz at an average gold grade of 16 g/t."

Directors and officers of Gold Terra participated in the Offering and were issued an aggregate of 600,000 Common Shares. Such participation in the Offering constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("61-101"). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of the securities issued to related parties nor the consideration for such securities exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time.

Finder's fee of 7% cash totaling $144,872 was paid to certain finders. All securities are subject to a four month hold period expiring on March 22, 2023.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Gold Terra

Gold Terra's primary exploration focus is Con Mine Option Property which is adjacent to Yellowknife City Gold (YCG) project encompassing 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell shear, where 14 Moz of gold has been produced, and most recently on the Con Mine option property including the past producing Con Mine, which produced over 6 Moz at grade of 15 to 20 g/t (1938-2003).

The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.