WILDING GOLD PROJECT

• The Wilding gold Project lies within central Newfoundland and covers 23,600 hectares in four separate blocks referred to as the Wilding, Noel Paul, Crystal Lake and Intersection blocks. Gold mineralization at Wilding was discovered in 2015 through logging activities no previous gold exploration had been completed in the area. Follow-up exploration programs in 2016 and 2017 led to discovery of several gold zones through trenching and drilling.

Wilding Lake Property

On December 17, 2020, the Company acquired Teton Opportunities Inc. (“Teton”), a private company incorporated under the laws of British Columbia, Canada who holds an option agreement with Altius Resources Inc. (“Altius”) for the Wilding Lake Project (“Wilding Lake”) located in the Province of Newfoundland, Canada. The total purchase price of $2,042,533 was effected by way of share exchange whereby Canterra issued 9,677,250 Canterra shares and 4,398,750 Canterra warrants in exchange for all the issued and outstanding securities held by Teton shareholders. In accordance with the terms of the Wilding Lake option agreement, the Company is required to: • Issue Altius 12,500,000 Teton shares and warrants to acquire a further 6,250,000 Teton shares (issued on December 16, 2020 by Teton prior to acquisition); • Complete a minimum financing for gross proceeds of $2,500,000 (completed by Canterra on December 17, 2020); • Incur cumulative exploration expenditures of at least $1,000,000 on the property before August 27, 2022; CANTERRA MINERALS CORPORATION MANAGEMENT’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - FORM 51-102F For the three months ended March 31, 2021 2 • and complete a transaction with a publicly listed company before December 31, 2020 (completed) The property is subject to a 2% Net Smelter Return (“NSR”) payable to Altius and 1.5% NSR the original property owners. The Company may buyback 1% of the NSR held by the original property owners by payment of $1,000,000. The Wilding Lake Project is comprised of the Wilding Lake, Noel Paul, Crystal Lake, East Alder and Intersection gold properties, totaling approximately 243 km2 , and includes 53 km of the Rogerson Lake structural corridor which runs for 200 kilometres diagonally across Newfoundland. The Rogerson Lake corridor hosts Marathon Gold’s Valentine Lake project as well as the Cape Ray gold deposit owned by Matador Mining. New gold discoveries on the Wilding Lake Project and continued success at Marathon Gold’s Valentine Lake project, directly southwest of Wilding Lake, indicate that the Rogerson Lake corridor is only recently emerging as a major area of gold endowment. Gold was first discovered at the Wilding Lake Project through forestry activity in 2016. Five zones of gold mineralization were identified by a previous operator through an initial 30 hole drill campaign in 2017, with highlights including: • 10.01 g/t Au over 5.3m in hole WL-17-24 • 40.85 g/t Au over 0.5m in hole WL-17-01 • 0.98 g/t Au over 17.0m in hole WL-17-12 • 1.44 g/t Au over 5.1m in hole WL-17-08 • 11.14 g/t Au over 0.5m in hole WL-17-03 • 0.54 g/t Au over 12.7m in hole WL-17-28 The 2017 initial drill hole program successfully demonstrated strong gold endowment at the Wilding Lake Project with gold mineralization in 27 of the 30 holes in a proximal and geologically similar setting to the Valentine Lake project to the southwest. Gold mineralization occurred in shear-related orogenic style quartz veins and quartz stockworks underneath shallow overburden in an area that has not been previously systematically explored for gold. Follow-up drilling is planned for the first quarter of 2021. On April 15, 2021, the Company entered into an option agreement with Sokoman Minerals Corp. (“Sokoman”) to acquire 100% of the East Alder gold project ("East Alder”) located immediately northeast of the Company’s Wilding Gold Project in central Newfoundland. The Company can acquire 100% of East Alder by issuing 750,000 common shares of the Company and work commitments totalling $600,000 over a 4-year period. Sokoman will retain a 1.0% net smelter return royalty on East Alder with Canterra having the right to buy-down 0.5% of the royalty for $1,000,000. On April 28, 2021, the Company announced initial drilling results from the first seven drill holes at the Red Ochre Complex, which is the westernmost zone of gold mineralization identified at Wilding Lake, with the remaining drill results announced on May 27, 2021. The later release included results from the Elm Zone and the previously untested Dogberry target. Planning is currently underway for a large summer program consisting of surface sample and drilling up to 5,000m